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16
Presenters: Chris Schelling, Director of Private Equity Peter Teneriello, Analyst StepStone Group

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Page 1: Board Presentation • Private Equity Recommendation, June ... · Board Presentation • Private Equity Recommendation, June 20-21, 2019 Author: TMRS Subject: Board Presentation Private

Presenters Chris Schelling Director of Private EquityPeter Teneriello AnalystStepStone Group

2

I Executive SummaryII Due Diligence Process ReviewIII Portfolio Construction IV Manager Selection amp Recommendation V Requested Board ActionNames used in this presentation may be a shortened version of the full legal name that is used for ease of communication purposes throughout this document The formal recommendations to the Board on the last page of this presentation reflect the full legal names of the investments

Section I

3

4

Summary of Recommendation

Recommended ManagerFund Strategy Classification Target ReturnRecommended

Amount

Northlane Capital Partners II LP (ldquoNorthlane IIrdquo) Buy-Out 20 Net IRR $60 million

Total Approximate Recommended InvestmentsCommitments $60 million

Manager RecommendationExecutive Summary

Section II

5

$52500

$88130

$124558

$156255

$186019

$205151 $214646 $219075

$226354 $236280

$500 $525 $525 $525 $550 $600 $625 $650 $650 $650 0

2

4

6

8

10

12

14

16

$-

$200

$400

$600

$800

$1000

$1200

$1400

$1600

$1800

$2000

$2200

$2400

$2600

2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E

o

f Tot

al P

lan

Valu

e

Valu

e in

US$

(Mill

ions

)2018 Staff Pacing Model

Private Equity NAV Annual Commitment PE of Plan Target of Plan

6

Annual pacing plans are developed in the context of multiple year investment horizons This is necessary because private capital investments

deploy and return capital over time rather than all at once

Chart1

2018 Staff Pacing Model

Private Equity NAV2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E52588131245578999999999715625542699999994186018632509999912051510547362998821464569185201885219074631792781292263543339258428223628039733620235Annual Commitment2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E500525525525550600625650650650PE of Plan 2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E1902923909023305E-230228659416296488E-240383332851056143E-247977055046536397E-254181684662894122E-256769838241507123E-256510611085906756E-254941634339036198E-254133496602978719E-253940914226060045E-2Target of Plan2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E005005005005005005005005005005

Value in US$ (Millions)

of Total Plan Value

1H 2015

Staff Pacing Model

Actual PE NAV20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E173922548952499999999998792985124999999931149798563124999914940274122531248173865029053970281880958571046371619589592210062406199639993921189582017771932829145Annual Commitment20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E317450450450450475475475500550600Actual of Plan

20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E73525024479141545E-489865597013107194E-318425082900150446E-228247625410545363E-238843643082067419E-247968098221891305E-25316653738100563E-255062328145578938E-254917658487389574E-253693868450405698E-252150314794368831E-2Target of Plan005005005005005005005005005005005

Value in US$ (Millions)

of Total Plan Value

Sheet1

Beginning NAV200920102011201220132014201520162017201820192020202114609962163056759999999991799249399999999918571294000000002204905989999999982246863399999999823727477999999999236518112345999982509331849293549726568401491208642280726295918652292960068808931612931146271535344968Ending NAV16305675999999999179924939999999991857129400000000220490598999999998224686339999999982372747799999999923651811234599998250933184929354972656840149120864228072629591865229296006880893161293114627153534496832701965863980753

1H 2017

Staff Pacing Model

Actual PE NAV20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E173922548952499999999998792985124999999931149798563124999914940274122531248173865029053970281880958571046371619589592210062406199639993921189582017771932829145Annual Commitment20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E317450450450450475475475500550600Actual of Plan

20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E73525024479141545E-489865597013107194E-318425082900150446E-228247625410545363E-238843643082067419E-247968098221891305E-25316653738100563E-255062328145578938E-254917658487389574E-253693868450405698E-252150314794368831E-2Target of Plan005005005005005005005005005005005

Value in US$ (Millions)

of Total Plan Value

2017 Staff Pacing Model

Actual PE NAV20172018E2019E2020E2021E2022E2023E2024E2025E27155504674999999999789631658749999997124513982918751517179511252187517659833599336671193241161272670212000314832063005720110978894296213Annual Commitment20172018E2019E2020E2021E2022E2023E2024E2025E447500525550575600635660675PE of Plan 20172018E2019E2020E2021E2022E2023E2024E2025E93527162492679731E-319113454861111111E-229925099742922009E-239972283512193223E-246832189616434469E-252415624213890809E-255149357149883012E-254891592632390636E-253064899662175077E-2Original Model16863309104688414E-227534205729166664E-238388039634248125E-247962233556161804E-253668533933747355E-255828169086240366E-255907002943792104E-254784162191872952E-253241001206111943E-2Target of Plan20172018E2019E2020E2021E2022E2023E2024E2025E005005005005005005005005005

Value in US$ (Millions)

of Total Plan Value

1H 2018

2017 Staff Pacing Model

Actual PE NAV20172018E2019E2020E2021E2022E2023E2024E2025E27155504674999999999789631658749999997124513982918751517179511252187517659833599336671193241161272670212000314832063005720110978894296213Annual Commitment20172018E2019E2020E2021E2022E2023E2024E2025E447500525550575600635660675PE of Plan 20172018E2019E2020E2021E2022E2023E2024E2025E93527162492679731E-319113454861111111E-229925099742922009E-239972283512193223E-246832189616434469E-252415624213890809E-255149357149883012E-254891592632390636E-253064899662175077E-2Original Model16863309104688414E-227534205729166664E-238388039634248125E-247962233556161804E-253668533933747355E-255828169086240366E-255907002943792104E-254784162191872952E-253241001206111943E-2Target of Plan20172018E2019E2020E2021E2022E2023E2024E2025E005005005005005005005005005

Value in US$ (Millions)

of Total Plan Value

2018 Staff Pacing Model

Private Equity NAV2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E52588131245578999999999715625542699999994186018632509999912051510547362998821464569185201885219074631792781292263543339258428223628039733620235Annual Commitment2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E500525525525550600625650650650PE of Plan 2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E1902923909023305E-230228659416296488E-240383332851056143E-247977055046536397E-254181684662894122E-256769838241507123E-256510611085906756E-254941634339036198E-254133496602978719E-253940914226060045E-2Target of Plan2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E005005005005005005005005005005

Value in US$ (Millions)

of Total Plan Value

Sheet2

2018 Staff Pacing Model

Private Equity NAV20172018E2019E2020E2021E2022E2023E2024E2025E27155258813124557899999999971562554269999999418601863250999991205151054736299882146456918520188521907463179278129Annual Commitment20172018E2019E2020E2021E2022E2023E2024E2025E447500525525525550600625650PE of Plan 20172018E2019E2020E2021E2022E2023E2024E2025E93527162492679731E-31902923909023305E-230228659416296488E-240383332851056143E-247977055046536397E-254181684662894122E-256769838241507123E-256510611085906756E-254941634339036198E-2Original Model16863309104688414E-228742673406901599E-239438181279987182E-248438361820181644E-25338395107128014E-254786718290128177E-254208738161829868E-252560002282510392E-250603617044044313E-2Target of Plan20172018E2019E2020E2021E2022E2023E2024E2025E005005005005005005005005005005

Value in US$ (Millions)

of Total Plan Value

0

10

20

30

40

50

60

70

80

90

100

Beg Year Q1 Q2 Q3 End Year

o

f Pa

cing

Pla

n Ut

ilize

d

2019 Private Equity Pacing Plan Progress

Buy-out GrowthVenture Special Situations Unallocated

7

MarchSearchlight III ($50mm)

February PSG IV ($50mm)

FGN 2018 Partner ($33mm)Reverence II ($50mm)

Arcline I ($50mm)

Search processes are approved in annual amounts Progress will be made throughout the year as opposed to all at once

The 2019 Private Equity search process has

culminated in ~$368 million of

closed andor recommended

investments in line with the $525 mm

primary pacing model goal for the

year2018

HIG SPF ($75mm)

JuneNorthlane II ($60mm)

Chart1

2019 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629

of Pacing Plan Utilized

Instructions

Assumptions

Charts

Private Equity Geographic Diversification by Commitment

USA International077994934432700325022005065567299681

Private Equity Strategy Diversification by Commitment

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009

Private Equity Manager Diversification by Commitment

CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000

Private Equity Geographic Diversification by NAV

Geography

USA International082172551941443706017827448058556272

Private Equity Strategy Diversification by NAV

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444

Private Equity Manager Diversification by NAV

NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010

Portfolio

Manager

Fund

2019 Pacing

2019 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629

of Pacing Plan Utilized

2018 Pacing

2018 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977

of Pacing Plan Utilized

Strategy

Geography

Year

Section III

8

526

266

208

Private Equity Strategy Diversification by Commitment

Buy-out (40 to75)

GrowthVenture(10 to 40)

Special Situations(5 to 35)

9

Synthesize AnalysisDiversification Analysis

Strategy considerations

2015 Overweight special situations early for J-Curve mitigation efficiency of capital deployment and tactical opportunities

2016 Focus on growth opportunity set and continue to add buy-out exposure

2017 Round out buy-out portfolio and opportunistically add to growth and credit

2018 Steady state on pacing selectively adding new relationships and European exposure

2019 Steady state on pacing selectively adding new relationships and Venture and European exposure

Chart3

Private Equity Strategy Diversification by Commitment

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009

Instructions

Assumptions

Charts

Private Equity Geographic Diversification by Commitment

USA International077994934432700325022005065567299681

Private Equity Strategy Diversification by Commitment

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009

Private Equity Manager Diversification by Commitment

CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000

Private Equity Geographic Diversification by NAV

Geography

USA International082172551941443706017827448058556272

Private Equity Strategy Diversification by NAV

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444

Private Equity Manager Diversification by NAV

NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010

Portfolio

Manager

Fund

2019 Pacing

2019 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629

of Pacing Plan Utilized

2018 Pacing

2018 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977

of Pacing Plan Utilized

Strategy

Geography

Year

10

Synthesize AnalysisDiversification Analysis

The overall goal remains identifying top quartile performers to partner with

Position sizing considerations

Continue to reduce the unallocated portion of the private equity portfolio while sensibly balancing the trade-off between diversification and concentration

Areas of focus are enhancing manager diversification and building strategic relationships where possibleappropriate

Private Equity Manager Diversification by Commitment BO 1 BO 2

BO 3 BO 4BO 5 BO 6BO 7 BO 8BO 9 BO 10BO 11 BO 12BO 13 BO 14BO 15 BO 16BO 17 GE 1GE 2 GE 3GE 4 GE 5GE 6 SS 1SS 2 SS 3SS 4 SS 5SS 6

Chart2

Private Equity Manager Diversification by Commitment

CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000

Instructions

Assumptions

Charts

Private Equity Geographic Diversification by Commitment

USA International077994934432700325022005065567299681

Private Equity Strategy Diversification by Commitment

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009

Private Equity Manager Diversification by Commitment

CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000

Private Equity Geographic Diversification by NAV

Geography

USA International082172551941443706017827448058556272

Private Equity Strategy Diversification by NAV

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444

Private Equity Manager Diversification by NAV

NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010

Portfolio

Manager

Fund

2019 Pacing

2019 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629

of Pacing Plan Utilized

2018 Pacing

2018 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977

of Pacing Plan Utilized

Strategy

Geography

Year

11

Synthesize AnalysisDiversification Analysis

TMRS is focused on taking a measured approach to global geographic diversification

The Target Portfolio keeps a conservative stance on international exposure

780

220

Private Equity Geographic Diversification by Commitment

USA

International

Chart1

Private Equity Geographic Diversification by Commitment

USA International077994934432700325022005065567299681

Instructions

Assumptions

Charts

Private Equity Geographic Diversification by Commitment

USA International077994934432700325022005065567299681

Private Equity Strategy Diversification by Commitment

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009

Private Equity Manager Diversification by Commitment

CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000

Private Equity Geographic Diversification by NAV

Geography

USA International082172551941443706017827448058556272

Private Equity Strategy Diversification by NAV

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444

Private Equity Manager Diversification by NAV

NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010

Portfolio

Manager

Fund

2019 Pacing

2019 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629

of Pacing Plan Utilized

2018 Pacing

2018 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977

of Pacing Plan Utilized

Strategy

Geography

Year

Section IV

12

13

Top Candidate Characteristics ndash Northlane II $60 million Recommendation

Northlane Capital Partners

Date of First TMRS Meeting5102018

Dates of Subsequent Meetings892018312019

5162019

Dates of Diligence AdvancementlsquoBrsquo Rating ndash 312019

lsquoArsquo Rating ndash 5162019

Reference ChecksYes

Date of Consultant IDD ReportSeptember 2018

Date of Consultant Board MemoJune 2019

Legal Negotiation InitiatedMay 2019

Comparable Strategies Reviewed18 (Business Services Buy-Out)

16 (Healthcare Buy-Out)

Northlane Capital Partners LLC (ldquoNorthlanerdquo)is a Washington DC-based buyout firmfounded in 2017 that focuses on acquiringlower-middle market companies in thebusiness services and healthcare sectorsThese target companies will be profitablemarket leaders within their niches typicallygenerating up to $30 million of EBITDA whileproviding critical outsourced services to theircustomers Northlane Capital Partners II LP(Northlane II) is targeting $375 million tobuild a portfolio of 10 to 12 businessesrequiring equity investments of up to $75million continuing to employ the prior fundrsquosstrategy that was developed during thefoundersrsquo tenure at American Capital

Section V

14

15

Approval of Recommendation

TMRS Staff and StepStone Group recommend that the Board of Trusteesapprove the selection of the following fund

Recommendations

bull Northlane Capital Partners II LP $60 million

16

  • Private EquityRecommendation June 20-21 2019
  • Agenda
  • Executive Summary
  • Slide Number 4
  • Due diligence process review
  • Due Diligence ProcessesAs part of Multi-year time periods
  • Due Diligence ProcessesAs part of Annual Search Processes
  • Portfolio construction
  • Private Equity Portfolio StatisticsStrategy Diversification
  • Private Equity Portfolio StatisticsManager Implementation
  • Private Equity Portfolio StatisticsGeographic Diversification
  • Manager selection and recommendation
  • Slide Number 13
  • Requested board action
  • Slide Number 15
  • DISCLOSURES TMRS periodically discloses public information that is not excepted from disclosure under Section 5520225(b) of the Texas Public Information Act Information provided by a manager a Managing General Partner (GP) any of its Associates or other data provider to TMRS or a TMRS service provider and contained in these materials (i) may have been independently produced or modified by TMRS or the TMRS service provider (ii) has not been reviewed or approved by the manager Managing GP or any of its Associates and (iii) may not reflect the historical performance or asset value reflected in the managerrsquos Managing GPrsquos or any of its Associatesrsquo records and therefore should not be used for comparative purposes
Year of Commit Commitments of Commitments to Date of Target PE Allocation
2015 317000000 1390 2298
2016 394750000 1731 2862
2017 436750000 1915 3166
2018 481600000 2112 3491 ltltltTakes into account $75 mm of HIG SPF
Total 1630100000 7149 11817
CHECK CHECK CHECK
Geography of Commitments to Date of NAV to Date of Target PE Allocation
USA 780 822 1289
International 220 178 364
Un-Allocated -653
Total 1000 1000 1000
Strategy Commitments NAV of Commitments to Date of NAV to Date of Target PE Allocation
BO Buy-out (40 to 75) 1200350000 214575006 526 385 870
GE GrowthVenture (10 to 40) 606000000 214251758 266 385 439
SS Special Situations (5 to 35) 473750000 127909154 208 230 343
Un-Allocated -653
Total 2280100000 556735918 1000 1000 1000
Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1216 60 0
GrowthVenture 0 55 0 40 75
Special Situations 0 75 0 0 0
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1766 2366 2366
GrowthVenture 0 55 55 95 170
Special Situations 0 75 75 75 75
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Beg Year Q1 Q2 Q3 End Year
Buy-out 750 1500 600 00 00
GrowthVenture 00 833 00 00 00
Special Situations 00 00 650 00 00
Unallocated 4500 2167 917 917 917
Target 525 525 525 525 525
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 75 2250 2850 2850 2850
GrowthVenture 0 833 833 833 833
Special Situations 0 00 650 650 650
Unallocated 450 2167 917 917 917
Target 525 525 525 525 525
Short Name Commitments of Commitments to Date of Target PE Allocation
BO 01 58000000 254 420
BO 02 57000000 250 413
BO 03 55000000 241 399
BO 04 50000000 219 362
BO 05 50000000 219 362
BO 06 50000000 219 362
BO 07 50000000 219 362
BO 08 47000000 206 341
BO 09 45000000 197 326
BO 10 40000000 175 290
BO 11 35000000 154 254
BO 12 20000000 088 145
BO 13 14250000 062 103
BO 14 12500000 055 091
BO 15 46600000 204 338
BO 16 300000000 1316 2175
BO 17 60000000 263 435
BO 18 50000000 219 362
BO 19 50000000 219 362
BO 20 50000000 219 362
GE 01 70000000 307 507
GE 02 60000000 263 435
GE 03 125000000 548 906
GE 04 46000000 202 333
GE 05 45000000 197 326
GE 06 40000000 175 290
GE 07 30000000 132 217
GE 08 40000000 175 290
GE 09 50000000 219 362
GE 10 100000000 439 725
SS 01 75000000 329 544
SS 02 75000000 329 544
SS 03 65000000 285 471
SS 04 60000000 263 435
SS 05 50000000 219 362
SS 06 25000000 110 181
SS 07 105000000 461 761
SS 08 18750000 082 136
UA -6529
Total 2220100000 9737 9565
CHECK CHECK CHECK
Manager Strategy Commitment Portfolio Benchmark NAV Short Name Strategy (Abbrev) of Commitments to Date of Target PE Allocation
HIG SPF Buy-out $300000000 Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years $18727000 BO 1 BO 132 217
Tritium Buy-out $110000000 $58988138 BO 2 BO 48 80
Searchlight Buy-out $97000000 $33454296 BO 3 BO 43 70
Marlin Buy-out $71250000 $14717073 BO 4 BO 31 52
Altaris Buy-out $62500000 $15328169 BO 5 BO 27 45
Northlane Buy-out $60000000 BO 6 BO 26 43
Capital Partners Buy-out $58000000 $12317286 BO 7 BO 25 42
Providence Buy-out $55000000 $0 BO 8 BO 24 40
Dunes Point Buy-out $50000000 $0 BO 9 BO 22 36
GTCR Buy-out $50000000 $4985798 BO 10 BO 22 36
Reverence Buy-out $50000000 $0 BO 11 BO 22 36
Arcline Buy-out $50000000 $0 BO 12 BO 22 36
CapVest Buy-out $46600000 $0 BO 13 BO 20 34
One Rock Buy-out $45000000 $13180746 BO 14 BO 20 33
Incline Buy-out $40000000 $11611636 BO 15 BO 18 29
Kainos Buy-out $35000000 $19539188 BO 16 BO 15 25
Harvest Buy-out $20000000 $11725676 BO 17 BO 09 14
PSG Venture Growth $180000000 $82125840 GE 1 GE 79 130
Foundry Venture Growth $175000000 $30834484 GE 2 GE 77 127
Updata Venture Growth $125000000 $46209141 GE 3 GE 55 91
Main Post Venture Growth $40000000 $0 GE 4 GE 18 29
FTV Venture Growth $46000000 $31248971 GE 5 GE 20 33
Mercato Venture Growth $40000000 $23833321 GE 6 GE 18 29
TSSP Special Situations $150000000 $49206694 SS 1 SS 66 109
BlackstoneGSO Special Situations $93750000 $37091463 SS 2 SS 41 68
BlackstoneBAAM Special Situations $65000000 SS 3 SS 29 47
Carlyle Special Situations $65000000 $24236270 SS 4 SS 29 47
HIG Special Situations $60000000 $17374728 SS 5 SS 26 43
LightBay Special Situations $40000000 $0 SS 6 SS 18 29
Total $2280100000 $556735918 10000 16529
CHECK
Altaris
Arcline
BlackstoneGSO
Capital Partners
CapVest
Carlyle
Dunes Point
Foundry
FTV
GTCR
HIG
Harvest
Incline
Kainos
LightBay
Main Post
Marlin
Mercato
One Rock
Providence
Reverence
Searchlight
Tritium
TSSP
Updata
Manager Fund Firm Age Year of Commitment Year Founded Fund Type Year of Commitment Vintage Year Report Name Short Name Fund Size LPAC Seat Approved ($) Commitment ($) State Street NAV ($) US Fund Div ( of Fund) Intl Fund Div ( of Fund) US Fund Div ( of Total Commits) Intl Fund Div ( of Total Commits) US Fund Div ( of Total NAV Intl Fund Div ( of Total NAV
Carlyle Carlyle Energy Mezzanine Opportunities Fund II 5 2010 2 SS 2015 2015 Special Situations Manager 3 SS 03 2819243965 Voting 65000000 65000000 2423627012 75 25 2 1 3 1
HIG HIG Bayside Loan Opportunity Fund IV 22 1993 4 SS 2015 2015 Special Situations Manager 4 SS 04 1100000000 60000000 60000000 1737472771 75 25 2 1 2 1
Harvest Harvest Partners VII 34 1981 7 BO 2015 2016 Buy-out Manager 12 BO 12 2200000000 50000000 20000000 1172567574 80 20 1 0 2 0
Searchlight Searchlight Capital II 5 2010 2 BO 2015 2015 Buy-out Manager 8 BO 08 1939000000 50000000 47000000 3345429620 60 40 1 1 4 2
Tritium Tritium I 2 2013 1 BO 2015 2014 Buy-out Manager 4 BO 04 309000000 Voting 50000000 50000000 5898813765 85 15 2 0 9 2
TSSP TSSP Adjacent Opportunities Partners (B) 6 2009 3 SS 2015 2014 Special Situations Manager 1 SS 01 3500000000 75000000 75000000 4920669401 60 40 2 1 5 4
BlackstoneGSO GSO Capital Opportunities Fund III 11 2005 3 SS 2016 2016 Special Situations Manager 2 SS 02 6000000000 75000000 75000000 32285251 80 20 3 1 5 1
BlackstoneGSO GSO COF III - Co-Investment 11 2005 3 SS 2016 2016 Special Situations Manager 8 SS 08 2000000000 18750000 18750000 4806212 80 20 1 0 1 0
Foundry Foundry Group Next Fund 9 2007 4 GE 2016 2016 GrowthVenture Manager 7 GE 07 500000000 35000000 30000000 2644022252 100 0 1 0 5 0
FTV FTV V 18 1998 5 GE 2016 2017 GrowthVenture Manager 4 GE 04 867000000 Voting 50000000 46000000 3124897116 75 25 2 1 4 1
Incline Incline Equity Partners IV 5 2011 4 BO 2016 2017 Buy-out Manager 10 BO 10 601000000 50000000 40000000 1161163584 80 20 1 0 2 0
Kainos Kainos Capital Partners II 4 2012 2 BO 2016 2016 Buy-out Manager 11 BO 11 895000000 Observer 50000000 35000000 1953918849 75 25 1 0 3 1
Mercato Mercato Partners Growth III 9 2007 3 GE 2016 2015 GrowthVenture Manager 6 GE 06 246000000 Voting 40000000 40000000 2383332060 100 0 2 0 4 0
PSG Providence Strategic Growth II 3 2013 2 GE 2016 2016 GrowthVenture Manager 2 GE 02 640000000 Voting 60000000 60000000 6665235799 100 0 3 0 12 0
Updata Updata Partners V 18 1998 5 GE 2016 2014 GrowthVenture Manager 3 GE 03 280000000 Voting 50000000 50000000 4620914142 90 10 2 0 7 1
Altaris Altaris Constellation IV 14 2003 4 BO 2017 2018 Buy-out Manager 14 BO 14 240000000 12500000 12500000 4140390 75 25 0 0 1 0
Altaris Altaris Health Partners IV 14 2003 4 BO 2017 2018 Buy-out Manager 5 BO 05 1000000000 50000000 50000000 11187778 75 25 2 1 2 1
Capital Partners Capital Partners II 13 2004 2 BO 2017 2018 Buy-out Manager 1 BO 01 500000000 Voting 70000000 58000000 12317286 100 0 3 0 2 0
Dunes Point Dunes Point Capital Fund II 4 2013 2 BO 2017 2018 Buy-out Manager 7 BO 07 535000000 Voting 50000000 50000000 - 0 80 20 2 0 0 0
GTCR GTCR XII 37 1980 12 BO 2017 2018 Buy-out Manager 6 BO 06 5250000000 75000000 50000000 498579807 75 25 2 1 1 0
LightBay LightBay Investment Partners I 0 2017 1 SS 2017 2018 Special Situations Manager 7 SS 07 615000000 Voting 50000000 40000000 - 0 80 20 1 0 0 0
Marlin Marlin Equity V 12 2005 5 BO 2017 2018 Buy-out Manager 2 BO 02 2500000000 60000000 57000000 946658473 80 20 2 0 1 0
Marlin Marlin Heritage II 12 2005 2 BO 2017 2017 Buy-out Manager 13 BO 13 750000000 15000000 14250000 525048862 75 25 0 0 1 0
One Rock One Rock Capital Partners II 7 2010 2 BO 2017 2017 Buy-out Manager 9 BO 09 964000000 50000000 45000000 1318074623 90 10 2 0 2 0
PSG Providence Strategic Growth III 4 2013 3 GE 2017 2018 GrowthVenture Manager 1 GE 01 1322000000 Voting 70000000 70000000 1547348223 100 0 3 0 3 0
CapVest CapVest Equity Partners IV 19 1999 4 BO 2018 2018 Buy-out Manager 15 BO 15 1001750000 53000000 46600000 - 0 0 100 0 2 0 0
Foundry Foundry Group Next 2018 11 2007 5 GE 2018 2018 GrowthVenture Manager 5 GE 05 750000000 45000000 45000000 439426166 90 10 2 0 1 0
HIG SPF HIG Strategic Partners Fund 25 1993 NA BO 2018 2018 Buy-out Manager 16 BO 16 1115000000 300000000 300000000 1872700007 60 40 8 5 2 1
Main Post Main Post II 4 2014 2 GE 2018 2019 GrowthVenture Manager 8 GE 08 700000000 Voting 50000000 40000000 - 0 100 0 2 0 0 0
Providence Providence Equity Partners VIII 29 1989 8 BO 2018 2017 Buy-out Manager 3 BO 03 5000000000 55000000 55000000 - 0 60 40 1 1 0 0
Tritium Tritium II 5 2013 2 BO 2018 2019 Buy-out Manager 17 BO 17 450000000 Voting 60000000 60000000 - 0 85 15 2 0 0 0
TSSP TPG Opportunities Partners IV 9 2009 4 SS 2018 2018 Special Situations Manager 6 SS 06 3000000000 50000000 25000000 - 0 60 40 1 0 0 0
TSSP TSSP Adjacent Opportunities Partners (D) 9 2009 4 SS 2018 2018 Special Situations Manager 5 SS 05 3000000000 50000000 50000000 - 0 60 40 1 1 0 0
Updata Updata Partners VI 20 1998 6 GE 2018 2014 GrowthVenture Manager 3 GE 03 300000000 Voting 75000000 75000000 - 0 90 10 3 0 0 0
PSG Providence Strategic Growth IV 6 2013 4 GE 2019 GE 09 2000000000 Voting 50000000 50000000 - 0 100 0 2 0 0 0
Foundry FGN 2018 Partner Fund 12 2007 6 GE 2019 GE 10 200000000 100000000 100000000 - 0 90 10 4 0 0 0
Reverence Reverence Capital Partners II 6 2013 2 BO 2019 BO 18 1000000000 Voting 50000000 50000000 - 0 90 10 2 0 0 0
Arcline Arcline Capital Partners 1 2018 1 BO 2019 BO 19 1500000000 50000000 50000000 - 0 90 10 2 0 0 0
Searchlight Searchlight Capital III 9 2010 3 BO 2019 2015 Buy-out Manager 8 BO 20 2750000000 50000000 50000000 - 0 60 40 1 1 0 0
Northlane Northlane Capital Partners II 5 2014 2 BO 2019 BO 21 375000000 Voting 60000000 60000000 - 0 100 0 3 0 0 0
BlackstoneBAAM Blackstone Strategic Capital Holdings II 29 1990 2 SS 2019 SS 07 4000000000 Voting 65000000 65000000 - 0 80 20 2 1 0 0
6000000000
5250000000
5000000000
3500000000
3000000000
3000000000
2800000000
2500000000
2200000000
2000000000
2000000000
1500000000
1500000000
1322000000
1115000000
1100000000
1001750000
1000000000
1000000000
964000000
895000000
867000000
750000000
750000000
700000000
640000000
615000000
601000000
535000000
500000000
500000000
450000000
309000000
300000000
280000000
246000000
240000000
200000000
Assumptions
TMRS (AUM) $ 27589122062 ltltltlt As of 12312018
PE Target () 500
PE Target ($) $ 1379456103
PE Commitments ($) $ 2280100000
PE NAV ($) $ 556735918 ltltltlt As of 12312018
PE NAV () 202
Un-Allocated () -6529
Instructions by Sheet Name
Notes Light blue-filled cells are hard-coded (not formula-driven)
The green-colored tabs are the only ones to be updated right now
The red-colored tab does not need to be updated (still under construction)
Portfolio
1) Input new Fund commitment into the next open row
2) Confirm and input the details for the row of the new Fund in columns A through G
3) Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I
4) Copy paste the formulas used in columns J and K for the row of the new Fund
Manager
1) If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated
2) Input the name of the Manager for the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Manager
4) Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option
Fund
1) Insert a row above the one beginning with UA (Un-Allocated)
2) Input the Short Name of the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Fund
4) Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option
Year of Commit Commitments of Commitments to Date of Target PE Allocation
2015 317000000 1390 2298
2016 394750000 1731 2862
2017 436750000 1915 3166
2018 481600000 2112 3491 ltltltTakes into account $75 mm of HIG SPF
Total 1630100000 7149 11817
CHECK CHECK CHECK
Geography of Commitments to Date of NAV to Date of Target PE Allocation
USA 780 822 1289
International 220 178 364
Un-Allocated -653
Total 1000 1000 1000
Strategy Commitments NAV of Commitments to Date of NAV to Date of Target PE Allocation
BO Buy-out (40 to 75) 1200350000 214575006 526 385 870
GE GrowthVenture (10 to 40) 606000000 214251758 266 385 439
SS Special Situations (5 to 35) 473750000 127909154 208 230 343
Un-Allocated -653
Total 2280100000 556735918 1000 1000 1000
Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1216 60 0
GrowthVenture 0 55 0 40 75
Special Situations 0 75 0 0 0
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1766 2366 2366
GrowthVenture 0 55 55 95 170
Special Situations 0 75 75 75 75
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Beg Year Q1 Q2 Q3 End Year
Buy-out 750 1500 600 00 00
GrowthVenture 00 833 00 00 00
Special Situations 00 00 650 00 00
Unallocated 4500 2167 917 917 917
Target 525 525 525 525 525
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 75 2250 2850 2850 2850
GrowthVenture 0 833 833 833 833
Special Situations 0 00 650 650 650
Unallocated 450 2167 917 917 917
Target 525 525 525 525 525
Short Name Commitments of Commitments to Date of Target PE Allocation
BO 01 58000000 254 420
BO 02 57000000 250 413
BO 03 55000000 241 399
BO 04 50000000 219 362
BO 05 50000000 219 362
BO 06 50000000 219 362
BO 07 50000000 219 362
BO 08 47000000 206 341
BO 09 45000000 197 326
BO 10 40000000 175 290
BO 11 35000000 154 254
BO 12 20000000 088 145
BO 13 14250000 062 103
BO 14 12500000 055 091
BO 15 46600000 204 338
BO 16 300000000 1316 2175
BO 17 60000000 263 435
BO 18 50000000 219 362
BO 19 50000000 219 362
BO 20 50000000 219 362
GE 01 70000000 307 507
GE 02 60000000 263 435
GE 03 125000000 548 906
GE 04 46000000 202 333
GE 05 45000000 197 326
GE 06 40000000 175 290
GE 07 30000000 132 217
GE 08 40000000 175 290
GE 09 50000000 219 362
GE 10 100000000 439 725
SS 01 75000000 329 544
SS 02 75000000 329 544
SS 03 65000000 285 471
SS 04 60000000 263 435
SS 05 50000000 219 362
SS 06 25000000 110 181
SS 07 105000000 461 761
SS 08 18750000 082 136
UA -6529
Total 2220100000 9737 9565
CHECK CHECK CHECK
Manager Strategy Commitment Portfolio Benchmark NAV Short Name Strategy (Abbrev) of Commitments to Date of Target PE Allocation
HIG SPF Buy-out $300000000 Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years $18727000 BO 1 BO 132 217
Tritium Buy-out $110000000 $58988138 BO 2 BO 48 80
Searchlight Buy-out $97000000 $33454296 BO 3 BO 43 70
Marlin Buy-out $71250000 $14717073 BO 4 BO 31 52
Altaris Buy-out $62500000 $15328169 BO 5 BO 27 45
Northlane Buy-out $60000000 BO 6 BO 26 43
Capital Partners Buy-out $58000000 $12317286 BO 7 BO 25 42
Providence Buy-out $55000000 $0 BO 8 BO 24 40
Dunes Point Buy-out $50000000 $0 BO 9 BO 22 36
GTCR Buy-out $50000000 $4985798 BO 10 BO 22 36
Reverence Buy-out $50000000 $0 BO 11 BO 22 36
Arcline Buy-out $50000000 $0 BO 12 BO 22 36
CapVest Buy-out $46600000 $0 BO 13 BO 20 34
One Rock Buy-out $45000000 $13180746 BO 14 BO 20 33
Incline Buy-out $40000000 $11611636 BO 15 BO 18 29
Kainos Buy-out $35000000 $19539188 BO 16 BO 15 25
Harvest Buy-out $20000000 $11725676 BO 17 BO 09 14
PSG Venture Growth $180000000 $82125840 GE 1 GE 79 130
Foundry Venture Growth $175000000 $30834484 GE 2 GE 77 127
Updata Venture Growth $125000000 $46209141 GE 3 GE 55 91
Main Post Venture Growth $40000000 $0 GE 4 GE 18 29
FTV Venture Growth $46000000 $31248971 GE 5 GE 20 33
Mercato Venture Growth $40000000 $23833321 GE 6 GE 18 29
TSSP Special Situations $150000000 $49206694 SS 1 SS 66 109
BlackstoneGSO Special Situations $93750000 $37091463 SS 2 SS 41 68
BlackstoneBAAM Special Situations $65000000 SS 3 SS 29 47
Carlyle Special Situations $65000000 $24236270 SS 4 SS 29 47
HIG Special Situations $60000000 $17374728 SS 5 SS 26 43
LightBay Special Situations $40000000 $0 SS 6 SS 18 29
Total $2280100000 $556735918 10000 16529
CHECK
Altaris
Arcline
BlackstoneGSO
Capital Partners
CapVest
Carlyle
Dunes Point
Foundry
FTV
GTCR
HIG
Harvest
Incline
Kainos
LightBay
Main Post
Marlin
Mercato
One Rock
Providence
Reverence
Searchlight
Tritium
TSSP
Updata
Manager Fund Firm Age Year of Commitment Year Founded Fund Type Year of Commitment Vintage Year Report Name Short Name Fund Size LPAC Seat Approved ($) Commitment ($) State Street NAV ($) US Fund Div ( of Fund) Intl Fund Div ( of Fund) US Fund Div ( of Total Commits) Intl Fund Div ( of Total Commits) US Fund Div ( of Total NAV Intl Fund Div ( of Total NAV
Carlyle Carlyle Energy Mezzanine Opportunities Fund II 5 2010 2 SS 2015 2015 Special Situations Manager 3 SS 03 2819243965 Voting 65000000 65000000 2423627012 75 25 2 1 3 1
HIG HIG Bayside Loan Opportunity Fund IV 22 1993 4 SS 2015 2015 Special Situations Manager 4 SS 04 1100000000 60000000 60000000 1737472771 75 25 2 1 2 1
Harvest Harvest Partners VII 34 1981 7 BO 2015 2016 Buy-out Manager 12 BO 12 2200000000 50000000 20000000 1172567574 80 20 1 0 2 0
Searchlight Searchlight Capital II 5 2010 2 BO 2015 2015 Buy-out Manager 8 BO 08 1939000000 50000000 47000000 3345429620 60 40 1 1 4 2
Tritium Tritium I 2 2013 1 BO 2015 2014 Buy-out Manager 4 BO 04 309000000 Voting 50000000 50000000 5898813765 85 15 2 0 9 2
TSSP TSSP Adjacent Opportunities Partners (B) 6 2009 3 SS 2015 2014 Special Situations Manager 1 SS 01 3500000000 75000000 75000000 4920669401 60 40 2 1 5 4
BlackstoneGSO GSO Capital Opportunities Fund III 11 2005 3 SS 2016 2016 Special Situations Manager 2 SS 02 6000000000 75000000 75000000 32285251 80 20 3 1 5 1
BlackstoneGSO GSO COF III - Co-Investment 11 2005 3 SS 2016 2016 Special Situations Manager 8 SS 08 2000000000 18750000 18750000 4806212 80 20 1 0 1 0
Foundry Foundry Group Next Fund 9 2007 4 GE 2016 2016 GrowthVenture Manager 7 GE 07 500000000 35000000 30000000 2644022252 100 0 1 0 5 0
FTV FTV V 18 1998 5 GE 2016 2017 GrowthVenture Manager 4 GE 04 867000000 Voting 50000000 46000000 3124897116 75 25 2 1 4 1
Incline Incline Equity Partners IV 5 2011 4 BO 2016 2017 Buy-out Manager 10 BO 10 601000000 50000000 40000000 1161163584 80 20 1 0 2 0
Kainos Kainos Capital Partners II 4 2012 2 BO 2016 2016 Buy-out Manager 11 BO 11 895000000 Observer 50000000 35000000 1953918849 75 25 1 0 3 1
Mercato Mercato Partners Growth III 9 2007 3 GE 2016 2015 GrowthVenture Manager 6 GE 06 246000000 Voting 40000000 40000000 2383332060 100 0 2 0 4 0
PSG Providence Strategic Growth II 3 2013 2 GE 2016 2016 GrowthVenture Manager 2 GE 02 640000000 Voting 60000000 60000000 6665235799 100 0 3 0 12 0
Updata Updata Partners V 18 1998 5 GE 2016 2014 GrowthVenture Manager 3 GE 03 280000000 Voting 50000000 50000000 4620914142 90 10 2 0 7 1
Altaris Altaris Constellation IV 14 2003 4 BO 2017 2018 Buy-out Manager 14 BO 14 240000000 12500000 12500000 4140390 75 25 0 0 1 0
Altaris Altaris Health Partners IV 14 2003 4 BO 2017 2018 Buy-out Manager 5 BO 05 1000000000 50000000 50000000 11187778 75 25 2 1 2 1
Capital Partners Capital Partners II 13 2004 2 BO 2017 2018 Buy-out Manager 1 BO 01 500000000 Voting 70000000 58000000 12317286 100 0 3 0 2 0
Dunes Point Dunes Point Capital Fund II 4 2013 2 BO 2017 2018 Buy-out Manager 7 BO 07 535000000 Voting 50000000 50000000 - 0 80 20 2 0 0 0
GTCR GTCR XII 37 1980 12 BO 2017 2018 Buy-out Manager 6 BO 06 5250000000 75000000 50000000 498579807 75 25 2 1 1 0
LightBay LightBay Investment Partners I 0 2017 1 SS 2017 2018 Special Situations Manager 7 SS 07 615000000 Voting 50000000 40000000 - 0 80 20 1 0 0 0
Marlin Marlin Equity V 12 2005 5 BO 2017 2018 Buy-out Manager 2 BO 02 2500000000 60000000 57000000 946658473 80 20 2 0 1 0
Marlin Marlin Heritage II 12 2005 2 BO 2017 2017 Buy-out Manager 13 BO 13 750000000 15000000 14250000 525048862 75 25 0 0 1 0
One Rock One Rock Capital Partners II 7 2010 2 BO 2017 2017 Buy-out Manager 9 BO 09 964000000 50000000 45000000 1318074623 90 10 2 0 2 0
PSG Providence Strategic Growth III 4 2013 3 GE 2017 2018 GrowthVenture Manager 1 GE 01 1322000000 Voting 70000000 70000000 1547348223 100 0 3 0 3 0
CapVest CapVest Equity Partners IV 19 1999 4 BO 2018 2018 Buy-out Manager 15 BO 15 1001750000 53000000 46600000 - 0 0 100 0 2 0 0
Foundry Foundry Group Next 2018 11 2007 5 GE 2018 2018 GrowthVenture Manager 5 GE 05 750000000 45000000 45000000 439426166 90 10 2 0 1 0
HIG SPF HIG Strategic Partners Fund 25 1993 NA BO 2018 2018 Buy-out Manager 16 BO 16 1115000000 300000000 300000000 1872700007 60 40 8 5 2 1
Main Post Main Post II 4 2014 2 GE 2018 2019 GrowthVenture Manager 8 GE 08 700000000 Voting 50000000 40000000 - 0 100 0 2 0 0 0
Providence Providence Equity Partners VIII 29 1989 8 BO 2018 2017 Buy-out Manager 3 BO 03 5000000000 55000000 55000000 - 0 60 40 1 1 0 0
Tritium Tritium II 5 2013 2 BO 2018 2019 Buy-out Manager 17 BO 17 450000000 Voting 60000000 60000000 - 0 85 15 2 0 0 0
TSSP TPG Opportunities Partners IV 9 2009 4 SS 2018 2018 Special Situations Manager 6 SS 06 3000000000 50000000 25000000 - 0 60 40 1 0 0 0
TSSP TSSP Adjacent Opportunities Partners (D) 9 2009 4 SS 2018 2018 Special Situations Manager 5 SS 05 3000000000 50000000 50000000 - 0 60 40 1 1 0 0
Updata Updata Partners VI 20 1998 6 GE 2018 2014 GrowthVenture Manager 3 GE 03 300000000 Voting 75000000 75000000 - 0 90 10 3 0 0 0
PSG Providence Strategic Growth IV 6 2013 4 GE 2019 GE 09 2000000000 Voting 50000000 50000000 - 0 100 0 2 0 0 0
Foundry FGN 2018 Partner Fund 12 2007 6 GE 2019 GE 10 200000000 100000000 100000000 - 0 90 10 4 0 0 0
Reverence Reverence Capital Partners II 6 2013 2 BO 2019 BO 18 1000000000 Voting 50000000 50000000 - 0 90 10 2 0 0 0
Arcline Arcline Capital Partners 1 2018 1 BO 2019 BO 19 1500000000 50000000 50000000 - 0 90 10 2 0 0 0
Searchlight Searchlight Capital III 9 2010 3 BO 2019 2015 Buy-out Manager 8 BO 20 2750000000 50000000 50000000 - 0 60 40 1 1 0 0
Northlane Northlane Capital Partners II 5 2014 2 BO 2019 BO 21 375000000 Voting 60000000 60000000 - 0 100 0 3 0 0 0
BlackstoneBAAM Blackstone Strategic Capital Holdings II 29 1990 2 SS 2019 SS 07 4000000000 Voting 65000000 65000000 - 0 80 20 2 1 0 0
6000000000
5250000000
5000000000
3500000000
3000000000
3000000000
2800000000
2500000000
2200000000
2000000000
2000000000
1500000000
1500000000
1322000000
1115000000
1100000000
1001750000
1000000000
1000000000
964000000
895000000
867000000
750000000
750000000
700000000
640000000
615000000
601000000
535000000
500000000
500000000
450000000
309000000
300000000
280000000
246000000
240000000
200000000
Assumptions
TMRS (AUM) $ 27589122062 ltltltlt As of 12312018
PE Target () 500
PE Target ($) $ 1379456103
PE Commitments ($) $ 2280100000
PE NAV ($) $ 556735918 ltltltlt As of 12312018
PE NAV () 202
Un-Allocated () -6529
Instructions by Sheet Name
Notes Light blue-filled cells are hard-coded (not formula-driven)
The green-colored tabs are the only ones to be updated right now
The red-colored tab does not need to be updated (still under construction)
Portfolio
1) Input new Fund commitment into the next open row
2) Confirm and input the details for the row of the new Fund in columns A through G
3) Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I
4) Copy paste the formulas used in columns J and K for the row of the new Fund
Manager
1) If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated
2) Input the name of the Manager for the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Manager
4) Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option
Fund
1) Insert a row above the one beginning with UA (Un-Allocated)
2) Input the Short Name of the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Fund
4) Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option
Year of Commit Commitments of Commitments to Date of Target PE Allocation
2015 317000000 1390 2298
2016 394750000 1731 2862
2017 436750000 1915 3166
2018 481600000 2112 3491 ltltltTakes into account $75 mm of HIG SPF
Total 1630100000 7149 11817
CHECK CHECK CHECK
Geography of Commitments to Date of NAV to Date of Target PE Allocation
USA 780 822 1289
International 220 178 364
Un-Allocated -653
Total 1000 1000 1000
Strategy Commitments NAV of Commitments to Date of NAV to Date of Target PE Allocation
BO Buy-out (40 to 75) 1200350000 214575006 526 385 870
GE GrowthVenture (10 to 40) 606000000 214251758 266 385 439
SS Special Situations (5 to 35) 473750000 127909154 208 230 343
Un-Allocated -653
Total 2280100000 556735918 1000 1000 1000
Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1216 60 0
GrowthVenture 0 55 0 40 75
Special Situations 0 75 0 0 0
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1766 2366 2366
GrowthVenture 0 55 55 95 170
Special Situations 0 75 75 75 75
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Beg Year Q1 Q2 Q3 End Year
Buy-out 750 1500 600 00 00
GrowthVenture 00 833 00 00 00
Special Situations 00 00 650 00 00
Unallocated 4500 2167 917 917 917
Target 525 525 525 525 525
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 75 2250 2850 2850 2850
GrowthVenture 0 833 833 833 833
Special Situations 0 00 650 650 650
Unallocated 450 2167 917 917 917
Target 525 525 525 525 525
Short Name Commitments of Commitments to Date of Target PE Allocation
BO 01 58000000 254 420
BO 02 57000000 250 413
BO 03 55000000 241 399
BO 04 50000000 219 362
BO 05 50000000 219 362
BO 06 50000000 219 362
BO 07 50000000 219 362
BO 08 47000000 206 341
BO 09 45000000 197 326
BO 10 40000000 175 290
BO 11 35000000 154 254
BO 12 20000000 088 145
BO 13 14250000 062 103
BO 14 12500000 055 091
BO 15 46600000 204 338
BO 16 300000000 1316 2175
BO 17 60000000 263 435
BO 18 50000000 219 362
BO 19 50000000 219 362
BO 20 50000000 219 362
GE 01 70000000 307 507
GE 02 60000000 263 435
GE 03 125000000 548 906
GE 04 46000000 202 333
GE 05 45000000 197 326
GE 06 40000000 175 290
GE 07 30000000 132 217
GE 08 40000000 175 290
GE 09 50000000 219 362
GE 10 100000000 439 725
SS 01 75000000 329 544
SS 02 75000000 329 544
SS 03 65000000 285 471
SS 04 60000000 263 435
SS 05 50000000 219 362
SS 06 25000000 110 181
SS 07 105000000 461 761
SS 08 18750000 082 136
UA -6529
Total 2220100000 9737 9565
CHECK CHECK CHECK
Manager Strategy Commitment Portfolio Benchmark NAV Short Name Strategy (Abbrev) of Commitments to Date of Target PE Allocation
HIG SPF Buy-out $300000000 Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years $18727000 BO 1 BO 132 217
Tritium Buy-out $110000000 $58988138 BO 2 BO 48 80
Searchlight Buy-out $97000000 $33454296 BO 3 BO 43 70
Marlin Buy-out $71250000 $14717073 BO 4 BO 31 52
Altaris Buy-out $62500000 $15328169 BO 5 BO 27 45
Northlane Buy-out $60000000 BO 6 BO 26 43
Capital Partners Buy-out $58000000 $12317286 BO 7 BO 25 42
Providence Buy-out $55000000 $0 BO 8 BO 24 40
Dunes Point Buy-out $50000000 $0 BO 9 BO 22 36
GTCR Buy-out $50000000 $4985798 BO 10 BO 22 36
Reverence Buy-out $50000000 $0 BO 11 BO 22 36
Arcline Buy-out $50000000 $0 BO 12 BO 22 36
CapVest Buy-out $46600000 $0 BO 13 BO 20 34
One Rock Buy-out $45000000 $13180746 BO 14 BO 20 33
Incline Buy-out $40000000 $11611636 BO 15 BO 18 29
Kainos Buy-out $35000000 $19539188 BO 16 BO 15 25
Harvest Buy-out $20000000 $11725676 BO 17 BO 09 14
PSG Venture Growth $180000000 $82125840 GE 1 GE 79 130
Foundry Venture Growth $175000000 $30834484 GE 2 GE 77 127
Updata Venture Growth $125000000 $46209141 GE 3 GE 55 91
Main Post Venture Growth $40000000 $0 GE 4 GE 18 29
FTV Venture Growth $46000000 $31248971 GE 5 GE 20 33
Mercato Venture Growth $40000000 $23833321 GE 6 GE 18 29
TSSP Special Situations $150000000 $49206694 SS 1 SS 66 109
BlackstoneGSO Special Situations $93750000 $37091463 SS 2 SS 41 68
BlackstoneBAAM Special Situations $65000000 SS 3 SS 29 47
Carlyle Special Situations $65000000 $24236270 SS 4 SS 29 47
HIG Special Situations $60000000 $17374728 SS 5 SS 26 43
LightBay Special Situations $40000000 $0 SS 6 SS 18 29
Total $2280100000 $556735918 10000 16529
CHECK
Altaris
Arcline
BlackstoneGSO
Capital Partners
CapVest
Carlyle
Dunes Point
Foundry
FTV
GTCR
HIG
Harvest
Incline
Kainos
LightBay
Main Post
Marlin
Mercato
One Rock
Providence
Reverence
Searchlight
Tritium
TSSP
Updata
Manager Fund Firm Age Year of Commitment Year Founded Fund Type Year of Commitment Vintage Year Report Name Short Name Fund Size LPAC Seat Approved ($) Commitment ($) State Street NAV ($) US Fund Div ( of Fund) Intl Fund Div ( of Fund) US Fund Div ( of Total Commits) Intl Fund Div ( of Total Commits) US Fund Div ( of Total NAV Intl Fund Div ( of Total NAV
Carlyle Carlyle Energy Mezzanine Opportunities Fund II 5 2010 2 SS 2015 2015 Special Situations Manager 3 SS 03 2819243965 Voting 65000000 65000000 2423627012 75 25 2 1 3 1
HIG HIG Bayside Loan Opportunity Fund IV 22 1993 4 SS 2015 2015 Special Situations Manager 4 SS 04 1100000000 60000000 60000000 1737472771 75 25 2 1 2 1
Harvest Harvest Partners VII 34 1981 7 BO 2015 2016 Buy-out Manager 12 BO 12 2200000000 50000000 20000000 1172567574 80 20 1 0 2 0
Searchlight Searchlight Capital II 5 2010 2 BO 2015 2015 Buy-out Manager 8 BO 08 1939000000 50000000 47000000 3345429620 60 40 1 1 4 2
Tritium Tritium I 2 2013 1 BO 2015 2014 Buy-out Manager 4 BO 04 309000000 Voting 50000000 50000000 5898813765 85 15 2 0 9 2
TSSP TSSP Adjacent Opportunities Partners (B) 6 2009 3 SS 2015 2014 Special Situations Manager 1 SS 01 3500000000 75000000 75000000 4920669401 60 40 2 1 5 4
BlackstoneGSO GSO Capital Opportunities Fund III 11 2005 3 SS 2016 2016 Special Situations Manager 2 SS 02 6000000000 75000000 75000000 32285251 80 20 3 1 5 1
BlackstoneGSO GSO COF III - Co-Investment 11 2005 3 SS 2016 2016 Special Situations Manager 8 SS 08 2000000000 18750000 18750000 4806212 80 20 1 0 1 0
Foundry Foundry Group Next Fund 9 2007 4 GE 2016 2016 GrowthVenture Manager 7 GE 07 500000000 35000000 30000000 2644022252 100 0 1 0 5 0
FTV FTV V 18 1998 5 GE 2016 2017 GrowthVenture Manager 4 GE 04 867000000 Voting 50000000 46000000 3124897116 75 25 2 1 4 1
Incline Incline Equity Partners IV 5 2011 4 BO 2016 2017 Buy-out Manager 10 BO 10 601000000 50000000 40000000 1161163584 80 20 1 0 2 0
Kainos Kainos Capital Partners II 4 2012 2 BO 2016 2016 Buy-out Manager 11 BO 11 895000000 Observer 50000000 35000000 1953918849 75 25 1 0 3 1
Mercato Mercato Partners Growth III 9 2007 3 GE 2016 2015 GrowthVenture Manager 6 GE 06 246000000 Voting 40000000 40000000 2383332060 100 0 2 0 4 0
PSG Providence Strategic Growth II 3 2013 2 GE 2016 2016 GrowthVenture Manager 2 GE 02 640000000 Voting 60000000 60000000 6665235799 100 0 3 0 12 0
Updata Updata Partners V 18 1998 5 GE 2016 2014 GrowthVenture Manager 3 GE 03 280000000 Voting 50000000 50000000 4620914142 90 10 2 0 7 1
Altaris Altaris Constellation IV 14 2003 4 BO 2017 2018 Buy-out Manager 14 BO 14 240000000 12500000 12500000 4140390 75 25 0 0 1 0
Altaris Altaris Health Partners IV 14 2003 4 BO 2017 2018 Buy-out Manager 5 BO 05 1000000000 50000000 50000000 11187778 75 25 2 1 2 1
Capital Partners Capital Partners II 13 2004 2 BO 2017 2018 Buy-out Manager 1 BO 01 500000000 Voting 70000000 58000000 12317286 100 0 3 0 2 0
Dunes Point Dunes Point Capital Fund II 4 2013 2 BO 2017 2018 Buy-out Manager 7 BO 07 535000000 Voting 50000000 50000000 - 0 80 20 2 0 0 0
GTCR GTCR XII 37 1980 12 BO 2017 2018 Buy-out Manager 6 BO 06 5250000000 75000000 50000000 498579807 75 25 2 1 1 0
LightBay LightBay Investment Partners I 0 2017 1 SS 2017 2018 Special Situations Manager 7 SS 07 615000000 Voting 50000000 40000000 - 0 80 20 1 0 0 0
Marlin Marlin Equity V 12 2005 5 BO 2017 2018 Buy-out Manager 2 BO 02 2500000000 60000000 57000000 946658473 80 20 2 0 1 0
Marlin Marlin Heritage II 12 2005 2 BO 2017 2017 Buy-out Manager 13 BO 13 750000000 15000000 14250000 525048862 75 25 0 0 1 0
One Rock One Rock Capital Partners II 7 2010 2 BO 2017 2017 Buy-out Manager 9 BO 09 964000000 50000000 45000000 1318074623 90 10 2 0 2 0
PSG Providence Strategic Growth III 4 2013 3 GE 2017 2018 GrowthVenture Manager 1 GE 01 1322000000 Voting 70000000 70000000 1547348223 100 0 3 0 3 0
CapVest CapVest Equity Partners IV 19 1999 4 BO 2018 2018 Buy-out Manager 15 BO 15 1001750000 53000000 46600000 - 0 0 100 0 2 0 0
Foundry Foundry Group Next 2018 11 2007 5 GE 2018 2018 GrowthVenture Manager 5 GE 05 750000000 45000000 45000000 439426166 90 10 2 0 1 0
HIG SPF HIG Strategic Partners Fund 25 1993 NA BO 2018 2018 Buy-out Manager 16 BO 16 1115000000 300000000 300000000 1872700007 60 40 8 5 2 1
Main Post Main Post II 4 2014 2 GE 2018 2019 GrowthVenture Manager 8 GE 08 700000000 Voting 50000000 40000000 - 0 100 0 2 0 0 0
Providence Providence Equity Partners VIII 29 1989 8 BO 2018 2017 Buy-out Manager 3 BO 03 5000000000 55000000 55000000 - 0 60 40 1 1 0 0
Tritium Tritium II 5 2013 2 BO 2018 2019 Buy-out Manager 17 BO 17 450000000 Voting 60000000 60000000 - 0 85 15 2 0 0 0
TSSP TPG Opportunities Partners IV 9 2009 4 SS 2018 2018 Special Situations Manager 6 SS 06 3000000000 50000000 25000000 - 0 60 40 1 0 0 0
TSSP TSSP Adjacent Opportunities Partners (D) 9 2009 4 SS 2018 2018 Special Situations Manager 5 SS 05 3000000000 50000000 50000000 - 0 60 40 1 1 0 0
Updata Updata Partners VI 20 1998 6 GE 2018 2014 GrowthVenture Manager 3 GE 03 300000000 Voting 75000000 75000000 - 0 90 10 3 0 0 0
PSG Providence Strategic Growth IV 6 2013 4 GE 2019 GE 09 2000000000 Voting 50000000 50000000 - 0 100 0 2 0 0 0
Foundry FGN 2018 Partner Fund 12 2007 6 GE 2019 GE 10 200000000 100000000 100000000 - 0 90 10 4 0 0 0
Reverence Reverence Capital Partners II 6 2013 2 BO 2019 BO 18 1000000000 Voting 50000000 50000000 - 0 90 10 2 0 0 0
Arcline Arcline Capital Partners 1 2018 1 BO 2019 BO 19 1500000000 50000000 50000000 - 0 90 10 2 0 0 0
Searchlight Searchlight Capital III 9 2010 3 BO 2019 2015 Buy-out Manager 8 BO 20 2750000000 50000000 50000000 - 0 60 40 1 1 0 0
Northlane Northlane Capital Partners II 5 2014 2 BO 2019 BO 21 375000000 Voting 60000000 60000000 - 0 100 0 3 0 0 0
BlackstoneBAAM Blackstone Strategic Capital Holdings II 29 1990 2 SS 2019 SS 07 4000000000 Voting 65000000 65000000 - 0 80 20 2 1 0 0
6000000000
5250000000
5000000000
3500000000
3000000000
3000000000
2800000000
2500000000
2200000000
2000000000
2000000000
1500000000
1500000000
1322000000
1115000000
1100000000
1001750000
1000000000
1000000000
964000000
895000000
867000000
750000000
750000000
700000000
640000000
615000000
601000000
535000000
500000000
500000000
450000000
309000000
300000000
280000000
246000000
240000000
200000000
Assumptions
TMRS (AUM) $ 27589122062 ltltltlt As of 12312018
PE Target () 500
PE Target ($) $ 1379456103
PE Commitments ($) $ 2280100000
PE NAV ($) $ 556735918 ltltltlt As of 12312018
PE NAV () 202
Un-Allocated () -6529
Instructions by Sheet Name
Notes Light blue-filled cells are hard-coded (not formula-driven)
The green-colored tabs are the only ones to be updated right now
The red-colored tab does not need to be updated (still under construction)
Portfolio
1) Input new Fund commitment into the next open row
2) Confirm and input the details for the row of the new Fund in columns A through G
3) Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I
4) Copy paste the formulas used in columns J and K for the row of the new Fund
Manager
1) If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated
2) Input the name of the Manager for the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Manager
4) Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option
Fund
1) Insert a row above the one beginning with UA (Un-Allocated)
2) Input the Short Name of the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Fund
4) Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option
Year of Commit Commitments of Commitments to Date of Target PE Allocation
2015 317000000 1390 2298
2016 394750000 1731 2862
2017 436750000 1915 3166
2018 481600000 2112 3491 ltltltTakes into account $75 mm of HIG SPF
Total 1630100000 7149 11817
CHECK CHECK CHECK
Geography of Commitments to Date of NAV to Date of Target PE Allocation
USA 780 822 1289
International 220 178 364
Un-Allocated -653
Total 1000 1000 1000
Strategy Commitments NAV of Commitments to Date of NAV to Date of Target PE Allocation
BO Buy-out (40 to 75) 1200350000 214575006 526 385 870
GE GrowthVenture (10 to 40) 606000000 214251758 266 385 439
SS Special Situations (5 to 35) 473750000 127909154 208 230 343
Un-Allocated -653
Total 2280100000 556735918 1000 1000 1000
Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1216 60 0
GrowthVenture 0 55 0 40 75
Special Situations 0 75 0 0 0
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1766 2366 2366
GrowthVenture 0 55 55 95 170
Special Situations 0 75 75 75 75
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Beg Year Q1 Q2 Q3 End Year
Buy-out 750 1500 600 00 00
GrowthVenture 00 833 00 00 00
Special Situations 00 00 650 00 00
Unallocated 4500 2167 917 917 917
Target 525 525 525 525 525
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 75 2250 2850 2850 2850
GrowthVenture 0 833 833 833 833
Special Situations 0 00 650 650 650
Unallocated 450 2167 917 917 917
Target 525 525 525 525 525
Short Name Commitments of Commitments to Date of Target PE Allocation
BO 01 58000000 254 420
BO 02 57000000 250 413
BO 03 55000000 241 399
BO 04 50000000 219 362
BO 05 50000000 219 362
BO 06 50000000 219 362
BO 07 50000000 219 362
BO 08 47000000 206 341
BO 09 45000000 197 326
BO 10 40000000 175 290
BO 11 35000000 154 254
BO 12 20000000 088 145
BO 13 14250000 062 103
BO 14 12500000 055 091
BO 15 46600000 204 338
BO 16 300000000 1316 2175
BO 17 60000000 263 435
BO 18 50000000 219 362
BO 19 50000000 219 362
BO 20 50000000 219 362
GE 01 70000000 307 507
GE 02 60000000 263 435
GE 03 125000000 548 906
GE 04 46000000 202 333
GE 05 45000000 197 326
GE 06 40000000 175 290
GE 07 30000000 132 217
GE 08 40000000 175 290
GE 09 50000000 219 362
GE 10 100000000 439 725
SS 01 75000000 329 544
SS 02 75000000 329 544
SS 03 65000000 285 471
SS 04 60000000 263 435
SS 05 50000000 219 362
SS 06 25000000 110 181
SS 07 105000000 461 761
SS 08 18750000 082 136
UA -6529
Total 2220100000 9737 9565
CHECK CHECK CHECK
Manager Strategy Commitment Portfolio Benchmark NAV Short Name Strategy (Abbrev) of Commitments to Date of Target PE Allocation
HIG SPF Buy-out $300000000 Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years $18727000 BO 1 BO 132 217
Tritium Buy-out $110000000 $58988138 BO 2 BO 48 80
Searchlight Buy-out $97000000 $33454296 BO 3 BO 43 70
Marlin Buy-out $71250000 $14717073 BO 4 BO 31 52
Altaris Buy-out $62500000 $15328169 BO 5 BO 27 45
Northlane Buy-out $60000000 BO 6 BO 26 43
Capital Partners Buy-out $58000000 $12317286 BO 7 BO 25 42
Providence Buy-out $55000000 $0 BO 8 BO 24 40
Dunes Point Buy-out $50000000 $0 BO 9 BO 22 36
GTCR Buy-out $50000000 $4985798 BO 10 BO 22 36
Reverence Buy-out $50000000 $0 BO 11 BO 22 36
Arcline Buy-out $50000000 $0 BO 12 BO 22 36
CapVest Buy-out $46600000 $0 BO 13 BO 20 34
One Rock Buy-out $45000000 $13180746 BO 14 BO 20 33
Incline Buy-out $40000000 $11611636 BO 15 BO 18 29
Kainos Buy-out $35000000 $19539188 BO 16 BO 15 25
Harvest Buy-out $20000000 $11725676 BO 17 BO 09 14
PSG Venture Growth $180000000 $82125840 GE 1 GE 79 130
Foundry Venture Growth $175000000 $30834484 GE 2 GE 77 127
Updata Venture Growth $125000000 $46209141 GE 3 GE 55 91
Main Post Venture Growth $40000000 $0 GE 4 GE 18 29
FTV Venture Growth $46000000 $31248971 GE 5 GE 20 33
Mercato Venture Growth $40000000 $23833321 GE 6 GE 18 29
TSSP Special Situations $150000000 $49206694 SS 1 SS 66 109
BlackstoneGSO Special Situations $93750000 $37091463 SS 2 SS 41 68
BlackstoneBAAM Special Situations $65000000 SS 3 SS 29 47
Carlyle Special Situations $65000000 $24236270 SS 4 SS 29 47
HIG Special Situations $60000000 $17374728 SS 5 SS 26 43
LightBay Special Situations $40000000 $0 SS 6 SS 18 29
Total $2280100000 $556735918 10000 16529
CHECK
Altaris
Arcline
BlackstoneGSO
Capital Partners
CapVest
Carlyle
Dunes Point
Foundry
FTV
GTCR
HIG
Harvest
Incline
Kainos
LightBay
Main Post
Marlin
Mercato
One Rock
Providence
Reverence
Searchlight
Tritium
TSSP
Updata
Manager Fund Firm Age Year of Commitment Year Founded Fund Type Year of Commitment Vintage Year Report Name Short Name Fund Size LPAC Seat Approved ($) Commitment ($) State Street NAV ($) US Fund Div ( of Fund) Intl Fund Div ( of Fund) US Fund Div ( of Total Commits) Intl Fund Div ( of Total Commits) US Fund Div ( of Total NAV Intl Fund Div ( of Total NAV
Carlyle Carlyle Energy Mezzanine Opportunities Fund II 5 2010 2 SS 2015 2015 Special Situations Manager 3 SS 03 2819243965 Voting 65000000 65000000 2423627012 75 25 2 1 3 1
HIG HIG Bayside Loan Opportunity Fund IV 22 1993 4 SS 2015 2015 Special Situations Manager 4 SS 04 1100000000 60000000 60000000 1737472771 75 25 2 1 2 1
Harvest Harvest Partners VII 34 1981 7 BO 2015 2016 Buy-out Manager 12 BO 12 2200000000 50000000 20000000 1172567574 80 20 1 0 2 0
Searchlight Searchlight Capital II 5 2010 2 BO 2015 2015 Buy-out Manager 8 BO 08 1939000000 50000000 47000000 3345429620 60 40 1 1 4 2
Tritium Tritium I 2 2013 1 BO 2015 2014 Buy-out Manager 4 BO 04 309000000 Voting 50000000 50000000 5898813765 85 15 2 0 9 2
TSSP TSSP Adjacent Opportunities Partners (B) 6 2009 3 SS 2015 2014 Special Situations Manager 1 SS 01 3500000000 75000000 75000000 4920669401 60 40 2 1 5 4
BlackstoneGSO GSO Capital Opportunities Fund III 11 2005 3 SS 2016 2016 Special Situations Manager 2 SS 02 6000000000 75000000 75000000 32285251 80 20 3 1 5 1
BlackstoneGSO GSO COF III - Co-Investment 11 2005 3 SS 2016 2016 Special Situations Manager 8 SS 08 2000000000 18750000 18750000 4806212 80 20 1 0 1 0
Foundry Foundry Group Next Fund 9 2007 4 GE 2016 2016 GrowthVenture Manager 7 GE 07 500000000 35000000 30000000 2644022252 100 0 1 0 5 0
FTV FTV V 18 1998 5 GE 2016 2017 GrowthVenture Manager 4 GE 04 867000000 Voting 50000000 46000000 3124897116 75 25 2 1 4 1
Incline Incline Equity Partners IV 5 2011 4 BO 2016 2017 Buy-out Manager 10 BO 10 601000000 50000000 40000000 1161163584 80 20 1 0 2 0
Kainos Kainos Capital Partners II 4 2012 2 BO 2016 2016 Buy-out Manager 11 BO 11 895000000 Observer 50000000 35000000 1953918849 75 25 1 0 3 1
Mercato Mercato Partners Growth III 9 2007 3 GE 2016 2015 GrowthVenture Manager 6 GE 06 246000000 Voting 40000000 40000000 2383332060 100 0 2 0 4 0
PSG Providence Strategic Growth II 3 2013 2 GE 2016 2016 GrowthVenture Manager 2 GE 02 640000000 Voting 60000000 60000000 6665235799 100 0 3 0 12 0
Updata Updata Partners V 18 1998 5 GE 2016 2014 GrowthVenture Manager 3 GE 03 280000000 Voting 50000000 50000000 4620914142 90 10 2 0 7 1
Altaris Altaris Constellation IV 14 2003 4 BO 2017 2018 Buy-out Manager 14 BO 14 240000000 12500000 12500000 4140390 75 25 0 0 1 0
Altaris Altaris Health Partners IV 14 2003 4 BO 2017 2018 Buy-out Manager 5 BO 05 1000000000 50000000 50000000 11187778 75 25 2 1 2 1
Capital Partners Capital Partners II 13 2004 2 BO 2017 2018 Buy-out Manager 1 BO 01 500000000 Voting 70000000 58000000 12317286 100 0 3 0 2 0
Dunes Point Dunes Point Capital Fund II 4 2013 2 BO 2017 2018 Buy-out Manager 7 BO 07 535000000 Voting 50000000 50000000 - 0 80 20 2 0 0 0
GTCR GTCR XII 37 1980 12 BO 2017 2018 Buy-out Manager 6 BO 06 5250000000 75000000 50000000 498579807 75 25 2 1 1 0
LightBay LightBay Investment Partners I 0 2017 1 SS 2017 2018 Special Situations Manager 7 SS 07 615000000 Voting 50000000 40000000 - 0 80 20 1 0 0 0
Marlin Marlin Equity V 12 2005 5 BO 2017 2018 Buy-out Manager 2 BO 02 2500000000 60000000 57000000 946658473 80 20 2 0 1 0
Marlin Marlin Heritage II 12 2005 2 BO 2017 2017 Buy-out Manager 13 BO 13 750000000 15000000 14250000 525048862 75 25 0 0 1 0
One Rock One Rock Capital Partners II 7 2010 2 BO 2017 2017 Buy-out Manager 9 BO 09 964000000 50000000 45000000 1318074623 90 10 2 0 2 0
PSG Providence Strategic Growth III 4 2013 3 GE 2017 2018 GrowthVenture Manager 1 GE 01 1322000000 Voting 70000000 70000000 1547348223 100 0 3 0 3 0
CapVest CapVest Equity Partners IV 19 1999 4 BO 2018 2018 Buy-out Manager 15 BO 15 1001750000 53000000 46600000 - 0 0 100 0 2 0 0
Foundry Foundry Group Next 2018 11 2007 5 GE 2018 2018 GrowthVenture Manager 5 GE 05 750000000 45000000 45000000 439426166 90 10 2 0 1 0
HIG SPF HIG Strategic Partners Fund 25 1993 NA BO 2018 2018 Buy-out Manager 16 BO 16 1115000000 300000000 300000000 1872700007 60 40 8 5 2 1
Main Post Main Post II 4 2014 2 GE 2018 2019 GrowthVenture Manager 8 GE 08 700000000 Voting 50000000 40000000 - 0 100 0 2 0 0 0
Providence Providence Equity Partners VIII 29 1989 8 BO 2018 2017 Buy-out Manager 3 BO 03 5000000000 55000000 55000000 - 0 60 40 1 1 0 0
Tritium Tritium II 5 2013 2 BO 2018 2019 Buy-out Manager 17 BO 17 450000000 Voting 60000000 60000000 - 0 85 15 2 0 0 0
TSSP TPG Opportunities Partners IV 9 2009 4 SS 2018 2018 Special Situations Manager 6 SS 06 3000000000 50000000 25000000 - 0 60 40 1 0 0 0
TSSP TSSP Adjacent Opportunities Partners (D) 9 2009 4 SS 2018 2018 Special Situations Manager 5 SS 05 3000000000 50000000 50000000 - 0 60 40 1 1 0 0
Updata Updata Partners VI 20 1998 6 GE 2018 2014 GrowthVenture Manager 3 GE 03 300000000 Voting 75000000 75000000 - 0 90 10 3 0 0 0
PSG Providence Strategic Growth IV 6 2013 4 GE 2019 GE 09 2000000000 Voting 50000000 50000000 - 0 100 0 2 0 0 0
Foundry FGN 2018 Partner Fund 12 2007 6 GE 2019 GE 10 200000000 100000000 100000000 - 0 90 10 4 0 0 0
Reverence Reverence Capital Partners II 6 2013 2 BO 2019 BO 18 1000000000 Voting 50000000 50000000 - 0 90 10 2 0 0 0
Arcline Arcline Capital Partners 1 2018 1 BO 2019 BO 19 1500000000 50000000 50000000 - 0 90 10 2 0 0 0
Searchlight Searchlight Capital III 9 2010 3 BO 2019 2015 Buy-out Manager 8 BO 20 2750000000 50000000 50000000 - 0 60 40 1 1 0 0
Northlane Northlane Capital Partners II 5 2014 2 BO 2019 BO 21 375000000 Voting 60000000 60000000 - 0 100 0 3 0 0 0
BlackstoneBAAM Blackstone Strategic Capital Holdings II 29 1990 2 SS 2019 SS 07 4000000000 Voting 65000000 65000000 - 0 80 20 2 1 0 0
6000000000
5250000000
5000000000
3500000000
3000000000
3000000000
2800000000
2500000000
2200000000
2000000000
2000000000
1500000000
1500000000
1322000000
1115000000
1100000000
1001750000
1000000000
1000000000
964000000
895000000
867000000
750000000
750000000
700000000
640000000
615000000
601000000
535000000
500000000
500000000
450000000
309000000
300000000
280000000
246000000
240000000
200000000
Assumptions
TMRS (AUM) $ 27589122062 ltltltlt As of 12312018
PE Target () 500
PE Target ($) $ 1379456103
PE Commitments ($) $ 2280100000
PE NAV ($) $ 556735918 ltltltlt As of 12312018
PE NAV () 202
Un-Allocated () -6529
Instructions by Sheet Name
Notes Light blue-filled cells are hard-coded (not formula-driven)
The green-colored tabs are the only ones to be updated right now
The red-colored tab does not need to be updated (still under construction)
Portfolio
1) Input new Fund commitment into the next open row
2) Confirm and input the details for the row of the new Fund in columns A through G
3) Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I
4) Copy paste the formulas used in columns J and K for the row of the new Fund
Manager
1) If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated
2) Input the name of the Manager for the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Manager
4) Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option
Fund
1) Insert a row above the one beginning with UA (Un-Allocated)
2) Input the Short Name of the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Fund
4) Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option
2017 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E
TMRS $ 2902900 $ 2919823 $ 3087217 $ 3267756 $ 3452622 $ 3642195 $ 3836795 $ 4036443 $ 4241598
Target PE NAV $ 145145 $ 145991 $ 154361 $ 163388 $ 172631 $ 182110 $ 191840 $ 201822 $ 212080
Distributions $ (2500) $ (7500) $ (12500) $ (20000) ($317) $ (39500) $ (55875) $ (70000) $ (78750)
Actual PE NAV $ 27150 $ 50000 $ 85155 $ 121441 $ 153869 $ 185360 $ 207001 $ 219790 $ 227778
Original Model $ 48953 $ 79299 $ 114980 $ 149403 $ 173865 18809585710464 19589592210062 19963999392119 20177719328292
Annual Commitment $317 $395 $447 $500 $525 $550 $575 $600 $635 $660 $675
308 342 340 337 333 329 331 327 318
Minus
PE of Plan 094 171 276 372 446 509 540 545 537
Plus 169 272 372 457 504 516 511 495 476
Target of Plan 5 5 5 5 5 5 5 5 5 5
PE 1270 (27816) (26088) (33449) (40730) (48008) (55583) (63050) (70395) (78032) (86213) (93803)
2017 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E
TMRS $ 2902900 $ 2758912 $ 2915445 $ 3084389 $ 3256878 $ 3433238 $ 3613733 $ 3798325 $ 3987407 $ 4181410 $ 4380356
Target PE NAV $ 145145 $ 137946 $ 145772 $ 154219 $ 162844 $ 171662 $ 180687 $ 189916 $ 199370 $ 209070 $ 219018
Distributions $ (2500) $ (7500) $ (12500) $ (20000) ($317) $ (39500) $ (55875) $ (70000) $ (78750) $ (78750) $ (78750)
Private Equity NAV $ 27150 $ 52500 $ 88130 $ 124558 $ 156255 $ 186019 $ 205151 $ 214646 $ 219075 $ 226354 $ 236280
Original Model $ 48953 $ 79299 $ 114980 $ 149403 $ 173865 18809585710464 19589592210062 19963999392119 20177719328292
Annual Commitment $317 $395 $447 $500 $525 $525 $525 $550 $600 $625 $650 $650 $650
308 362 360 340 322 320 332 329 326 311 297
Minus
PE of Plan 094 190 302 404 480 542 568 565 549 541 539
Plus 169 287 394 484 534 548 542 526 506
Target of Plan 5 5 5 5 5 5 5 5 5 5 5 5
PE 1300 (27816) (26088) (33449) (40730) (48008) (55583) (63050) (70395) (78032) (86213) (93803)
2017 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E
TMRS $ 2902900 $ 2880000 $ 2995200 $ 3115008 $ 3239608 $ 3369193 $ 3503960 $ 3644119 $ 3789884
Target PE NAV $ 145145 $ 144000 $ 149760 $ 155750 $ 161980 $ 168460 $ 175198 $ 182206 $ 189494
Distributions $ (2500) $ (7500) $ (12500) $ (20000) ($317) $ (39500) $ (55875) $ (70000) $ (78750)
Actual PE NAV $ 27150 $ 55047 $ 89632 $ 124514 $ 151718 $ 176598 $ 193241 $ 200031 $ 201110
Original Model $ 48953 $ 79299 $ 114980 $ 149403 $ 173865 18809585710464 19589592210062 19963999392119 20177719328292
Annual Commitment $317 $395 $447 $500 $525 $550 $575 $600 $635 $660 $675
308 347 351 353 355 356 362 362 356
Minus
PE of Plan 094 191 299 400 468 524 551 549 531
Plus 169 275 384 480 537 558 559 548 532
Target of Plan 5 5 5 5 5 5 5 5 5
PE 1050
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Beginning NAV 14609962 16305676 17992494 18571294 20490599 22468634 23727478 236518112346 250933184929355 265684014912086 280726295918652 296006880893161 31146271535345
Costs (other cash flow) 18114 4981 -3285 -16664 10734 8346
Actual Income 610171 494700 424402 341039 293242 304804
Actual Capital Gains 873137 1001628 10363 1522241 1681646 98054 16609
Actual Cash flow 194292 185509 14732 72689 -7587 -34846 -92276
Candace cash flow estimate -15499 -218716 -289139 -366844 -452463 -546679
Estimated Income 471582 534601 613836 704314 805849 896763
Estimated Capital Gains (Actuarial Return - Income) 1124916 1159198 1179531 1190588 1192197 1205610
Ending NAV 16305676 17992494 18571294 20490599 22468634 23727478 23651811 25093318 265684014912086 280726295918652 296006880893161 31146271535345 327019658639808
Yield 418 303 236 184 143 136 135 20 21 23 25 27 29
Allocation
Core 318 250 193 163 133 99
Liquid credit 66 80 100 110 125 149
Direct Lending 00 10 20 30 40 50
US Equity 267 250 230 205 185 175
Intl Equity 162 167 175 175 175 175
Real Return 41 65 75 90 100 100
Real Estate 62 75 85 95 100 100
HF 81 90 100 100 100 100
PE 00 10 20 30 40 50
Cash 03 03 02 02 02 02
1000 1000 1000 1000 1000 1000
Yield
Core 18 18 18 18 18 18
Liquid credit 45 45 45 45 45 45
Direct Lending 80 80 80 80 80 80
US Equity 20 20 20 20 20 20
Intl Equity 16 16 16 16 16 16
Real Return 05 15 25 35 45 50
Real Estate 50 50 50 50 50 50
HF 00 00 00 00 00 00
PE 00 00 00 00 00 00
Cash 03 03 03 03 03 03
SUMMED
Yield 0572400 05 03 03 02 02
Core 03 04 05 05 06 07
Liquid credit 00 01 02 02 03 04
Direct Lending 05 05 05 04 04 04
US Equity 03 03 03 03 03 03
Intl Equity 00 01 02 03 05 05
Real Return 03 04 04 05 05 05
Real Estate 00 00 00 00 00 00
HF 00 00 00 00 00 00
PE 00 00 00 00 00 00
Cash 00 00 00 00 00 00
TOTAL 20 21 23 25 27 29
2015 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E
TMRS $ 2365181 $ 2503739 $ 2656840 $ 2807263 $ 2960069 $ 3114627 $ 3270197 $ 3416053 $ 3567084 $ 3718115 $ 3869146
Target PE NAV $ 117986 $ 125187 $ 132842 $ 140363 $ 148003 $ 155731 $ 163510 $ 170803 $ 178354 $ 185906 $ 193457
Distributions $ - 0 $ (500) $ (2500) $ (7500) $ (12500) $ (20000) ($317) $ (45000) $ (56250) $ (63000) $ (67500)
Actual PE NAV $ 1739 $ 22500 $ 48953 $ 79299 $ 114980 $ 149403 $ 173865 $ 188096 $ 195896 $ 199640 $ 201777
Annual Commitment $317 $450 $450 $450 $450 $475 $475 $475 $500 $550 $600
Minus
Actual of Plan 007 090 184 282 388 480 532 551 549 537 522
Plus
Target of Plan 5 5 5 5 5 5 5 5 5 5 5
PE 1050
Page 2: Board Presentation • Private Equity Recommendation, June ... · Board Presentation • Private Equity Recommendation, June 20-21, 2019 Author: TMRS Subject: Board Presentation Private

2

I Executive SummaryII Due Diligence Process ReviewIII Portfolio Construction IV Manager Selection amp Recommendation V Requested Board ActionNames used in this presentation may be a shortened version of the full legal name that is used for ease of communication purposes throughout this document The formal recommendations to the Board on the last page of this presentation reflect the full legal names of the investments

Section I

3

4

Summary of Recommendation

Recommended ManagerFund Strategy Classification Target ReturnRecommended

Amount

Northlane Capital Partners II LP (ldquoNorthlane IIrdquo) Buy-Out 20 Net IRR $60 million

Total Approximate Recommended InvestmentsCommitments $60 million

Manager RecommendationExecutive Summary

Section II

5

$52500

$88130

$124558

$156255

$186019

$205151 $214646 $219075

$226354 $236280

$500 $525 $525 $525 $550 $600 $625 $650 $650 $650 0

2

4

6

8

10

12

14

16

$-

$200

$400

$600

$800

$1000

$1200

$1400

$1600

$1800

$2000

$2200

$2400

$2600

2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E

o

f Tot

al P

lan

Valu

e

Valu

e in

US$

(Mill

ions

)2018 Staff Pacing Model

Private Equity NAV Annual Commitment PE of Plan Target of Plan

6

Annual pacing plans are developed in the context of multiple year investment horizons This is necessary because private capital investments

deploy and return capital over time rather than all at once

Chart1

2018 Staff Pacing Model

Private Equity NAV2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E52588131245578999999999715625542699999994186018632509999912051510547362998821464569185201885219074631792781292263543339258428223628039733620235Annual Commitment2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E500525525525550600625650650650PE of Plan 2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E1902923909023305E-230228659416296488E-240383332851056143E-247977055046536397E-254181684662894122E-256769838241507123E-256510611085906756E-254941634339036198E-254133496602978719E-253940914226060045E-2Target of Plan2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E005005005005005005005005005005

Value in US$ (Millions)

of Total Plan Value

1H 2015

Staff Pacing Model

Actual PE NAV20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E173922548952499999999998792985124999999931149798563124999914940274122531248173865029053970281880958571046371619589592210062406199639993921189582017771932829145Annual Commitment20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E317450450450450475475475500550600Actual of Plan

20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E73525024479141545E-489865597013107194E-318425082900150446E-228247625410545363E-238843643082067419E-247968098221891305E-25316653738100563E-255062328145578938E-254917658487389574E-253693868450405698E-252150314794368831E-2Target of Plan005005005005005005005005005005005

Value in US$ (Millions)

of Total Plan Value

Sheet1

Beginning NAV200920102011201220132014201520162017201820192020202114609962163056759999999991799249399999999918571294000000002204905989999999982246863399999999823727477999999999236518112345999982509331849293549726568401491208642280726295918652292960068808931612931146271535344968Ending NAV16305675999999999179924939999999991857129400000000220490598999999998224686339999999982372747799999999923651811234599998250933184929354972656840149120864228072629591865229296006880893161293114627153534496832701965863980753

1H 2017

Staff Pacing Model

Actual PE NAV20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E173922548952499999999998792985124999999931149798563124999914940274122531248173865029053970281880958571046371619589592210062406199639993921189582017771932829145Annual Commitment20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E317450450450450475475475500550600Actual of Plan

20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E73525024479141545E-489865597013107194E-318425082900150446E-228247625410545363E-238843643082067419E-247968098221891305E-25316653738100563E-255062328145578938E-254917658487389574E-253693868450405698E-252150314794368831E-2Target of Plan005005005005005005005005005005005

Value in US$ (Millions)

of Total Plan Value

2017 Staff Pacing Model

Actual PE NAV20172018E2019E2020E2021E2022E2023E2024E2025E27155504674999999999789631658749999997124513982918751517179511252187517659833599336671193241161272670212000314832063005720110978894296213Annual Commitment20172018E2019E2020E2021E2022E2023E2024E2025E447500525550575600635660675PE of Plan 20172018E2019E2020E2021E2022E2023E2024E2025E93527162492679731E-319113454861111111E-229925099742922009E-239972283512193223E-246832189616434469E-252415624213890809E-255149357149883012E-254891592632390636E-253064899662175077E-2Original Model16863309104688414E-227534205729166664E-238388039634248125E-247962233556161804E-253668533933747355E-255828169086240366E-255907002943792104E-254784162191872952E-253241001206111943E-2Target of Plan20172018E2019E2020E2021E2022E2023E2024E2025E005005005005005005005005005

Value in US$ (Millions)

of Total Plan Value

1H 2018

2017 Staff Pacing Model

Actual PE NAV20172018E2019E2020E2021E2022E2023E2024E2025E27155504674999999999789631658749999997124513982918751517179511252187517659833599336671193241161272670212000314832063005720110978894296213Annual Commitment20172018E2019E2020E2021E2022E2023E2024E2025E447500525550575600635660675PE of Plan 20172018E2019E2020E2021E2022E2023E2024E2025E93527162492679731E-319113454861111111E-229925099742922009E-239972283512193223E-246832189616434469E-252415624213890809E-255149357149883012E-254891592632390636E-253064899662175077E-2Original Model16863309104688414E-227534205729166664E-238388039634248125E-247962233556161804E-253668533933747355E-255828169086240366E-255907002943792104E-254784162191872952E-253241001206111943E-2Target of Plan20172018E2019E2020E2021E2022E2023E2024E2025E005005005005005005005005005

Value in US$ (Millions)

of Total Plan Value

2018 Staff Pacing Model

Private Equity NAV2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E52588131245578999999999715625542699999994186018632509999912051510547362998821464569185201885219074631792781292263543339258428223628039733620235Annual Commitment2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E500525525525550600625650650650PE of Plan 2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E1902923909023305E-230228659416296488E-240383332851056143E-247977055046536397E-254181684662894122E-256769838241507123E-256510611085906756E-254941634339036198E-254133496602978719E-253940914226060045E-2Target of Plan2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E005005005005005005005005005005

Value in US$ (Millions)

of Total Plan Value

Sheet2

2018 Staff Pacing Model

Private Equity NAV20172018E2019E2020E2021E2022E2023E2024E2025E27155258813124557899999999971562554269999999418601863250999991205151054736299882146456918520188521907463179278129Annual Commitment20172018E2019E2020E2021E2022E2023E2024E2025E447500525525525550600625650PE of Plan 20172018E2019E2020E2021E2022E2023E2024E2025E93527162492679731E-31902923909023305E-230228659416296488E-240383332851056143E-247977055046536397E-254181684662894122E-256769838241507123E-256510611085906756E-254941634339036198E-2Original Model16863309104688414E-228742673406901599E-239438181279987182E-248438361820181644E-25338395107128014E-254786718290128177E-254208738161829868E-252560002282510392E-250603617044044313E-2Target of Plan20172018E2019E2020E2021E2022E2023E2024E2025E005005005005005005005005005005

Value in US$ (Millions)

of Total Plan Value

0

10

20

30

40

50

60

70

80

90

100

Beg Year Q1 Q2 Q3 End Year

o

f Pa

cing

Pla

n Ut

ilize

d

2019 Private Equity Pacing Plan Progress

Buy-out GrowthVenture Special Situations Unallocated

7

MarchSearchlight III ($50mm)

February PSG IV ($50mm)

FGN 2018 Partner ($33mm)Reverence II ($50mm)

Arcline I ($50mm)

Search processes are approved in annual amounts Progress will be made throughout the year as opposed to all at once

The 2019 Private Equity search process has

culminated in ~$368 million of

closed andor recommended

investments in line with the $525 mm

primary pacing model goal for the

year2018

HIG SPF ($75mm)

JuneNorthlane II ($60mm)

Chart1

2019 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629

of Pacing Plan Utilized

Instructions

Assumptions

Charts

Private Equity Geographic Diversification by Commitment

USA International077994934432700325022005065567299681

Private Equity Strategy Diversification by Commitment

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009

Private Equity Manager Diversification by Commitment

CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000

Private Equity Geographic Diversification by NAV

Geography

USA International082172551941443706017827448058556272

Private Equity Strategy Diversification by NAV

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444

Private Equity Manager Diversification by NAV

NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010

Portfolio

Manager

Fund

2019 Pacing

2019 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629

of Pacing Plan Utilized

2018 Pacing

2018 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977

of Pacing Plan Utilized

Strategy

Geography

Year

Section III

8

526

266

208

Private Equity Strategy Diversification by Commitment

Buy-out (40 to75)

GrowthVenture(10 to 40)

Special Situations(5 to 35)

9

Synthesize AnalysisDiversification Analysis

Strategy considerations

2015 Overweight special situations early for J-Curve mitigation efficiency of capital deployment and tactical opportunities

2016 Focus on growth opportunity set and continue to add buy-out exposure

2017 Round out buy-out portfolio and opportunistically add to growth and credit

2018 Steady state on pacing selectively adding new relationships and European exposure

2019 Steady state on pacing selectively adding new relationships and Venture and European exposure

Chart3

Private Equity Strategy Diversification by Commitment

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009

Instructions

Assumptions

Charts

Private Equity Geographic Diversification by Commitment

USA International077994934432700325022005065567299681

Private Equity Strategy Diversification by Commitment

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009

Private Equity Manager Diversification by Commitment

CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000

Private Equity Geographic Diversification by NAV

Geography

USA International082172551941443706017827448058556272

Private Equity Strategy Diversification by NAV

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444

Private Equity Manager Diversification by NAV

NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010

Portfolio

Manager

Fund

2019 Pacing

2019 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629

of Pacing Plan Utilized

2018 Pacing

2018 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977

of Pacing Plan Utilized

Strategy

Geography

Year

10

Synthesize AnalysisDiversification Analysis

The overall goal remains identifying top quartile performers to partner with

Position sizing considerations

Continue to reduce the unallocated portion of the private equity portfolio while sensibly balancing the trade-off between diversification and concentration

Areas of focus are enhancing manager diversification and building strategic relationships where possibleappropriate

Private Equity Manager Diversification by Commitment BO 1 BO 2

BO 3 BO 4BO 5 BO 6BO 7 BO 8BO 9 BO 10BO 11 BO 12BO 13 BO 14BO 15 BO 16BO 17 GE 1GE 2 GE 3GE 4 GE 5GE 6 SS 1SS 2 SS 3SS 4 SS 5SS 6

Chart2

Private Equity Manager Diversification by Commitment

CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000

Instructions

Assumptions

Charts

Private Equity Geographic Diversification by Commitment

USA International077994934432700325022005065567299681

Private Equity Strategy Diversification by Commitment

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009

Private Equity Manager Diversification by Commitment

CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000

Private Equity Geographic Diversification by NAV

Geography

USA International082172551941443706017827448058556272

Private Equity Strategy Diversification by NAV

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444

Private Equity Manager Diversification by NAV

NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010

Portfolio

Manager

Fund

2019 Pacing

2019 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629

of Pacing Plan Utilized

2018 Pacing

2018 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977

of Pacing Plan Utilized

Strategy

Geography

Year

11

Synthesize AnalysisDiversification Analysis

TMRS is focused on taking a measured approach to global geographic diversification

The Target Portfolio keeps a conservative stance on international exposure

780

220

Private Equity Geographic Diversification by Commitment

USA

International

Chart1

Private Equity Geographic Diversification by Commitment

USA International077994934432700325022005065567299681

Instructions

Assumptions

Charts

Private Equity Geographic Diversification by Commitment

USA International077994934432700325022005065567299681

Private Equity Strategy Diversification by Commitment

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009

Private Equity Manager Diversification by Commitment

CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000

Private Equity Geographic Diversification by NAV

Geography

USA International082172551941443706017827448058556272

Private Equity Strategy Diversification by NAV

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444

Private Equity Manager Diversification by NAV

NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010

Portfolio

Manager

Fund

2019 Pacing

2019 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629

of Pacing Plan Utilized

2018 Pacing

2018 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977

of Pacing Plan Utilized

Strategy

Geography

Year

Section IV

12

13

Top Candidate Characteristics ndash Northlane II $60 million Recommendation

Northlane Capital Partners

Date of First TMRS Meeting5102018

Dates of Subsequent Meetings892018312019

5162019

Dates of Diligence AdvancementlsquoBrsquo Rating ndash 312019

lsquoArsquo Rating ndash 5162019

Reference ChecksYes

Date of Consultant IDD ReportSeptember 2018

Date of Consultant Board MemoJune 2019

Legal Negotiation InitiatedMay 2019

Comparable Strategies Reviewed18 (Business Services Buy-Out)

16 (Healthcare Buy-Out)

Northlane Capital Partners LLC (ldquoNorthlanerdquo)is a Washington DC-based buyout firmfounded in 2017 that focuses on acquiringlower-middle market companies in thebusiness services and healthcare sectorsThese target companies will be profitablemarket leaders within their niches typicallygenerating up to $30 million of EBITDA whileproviding critical outsourced services to theircustomers Northlane Capital Partners II LP(Northlane II) is targeting $375 million tobuild a portfolio of 10 to 12 businessesrequiring equity investments of up to $75million continuing to employ the prior fundrsquosstrategy that was developed during thefoundersrsquo tenure at American Capital

Section V

14

15

Approval of Recommendation

TMRS Staff and StepStone Group recommend that the Board of Trusteesapprove the selection of the following fund

Recommendations

bull Northlane Capital Partners II LP $60 million

16

  • Private EquityRecommendation June 20-21 2019
  • Agenda
  • Executive Summary
  • Slide Number 4
  • Due diligence process review
  • Due Diligence ProcessesAs part of Multi-year time periods
  • Due Diligence ProcessesAs part of Annual Search Processes
  • Portfolio construction
  • Private Equity Portfolio StatisticsStrategy Diversification
  • Private Equity Portfolio StatisticsManager Implementation
  • Private Equity Portfolio StatisticsGeographic Diversification
  • Manager selection and recommendation
  • Slide Number 13
  • Requested board action
  • Slide Number 15
  • DISCLOSURES TMRS periodically discloses public information that is not excepted from disclosure under Section 5520225(b) of the Texas Public Information Act Information provided by a manager a Managing General Partner (GP) any of its Associates or other data provider to TMRS or a TMRS service provider and contained in these materials (i) may have been independently produced or modified by TMRS or the TMRS service provider (ii) has not been reviewed or approved by the manager Managing GP or any of its Associates and (iii) may not reflect the historical performance or asset value reflected in the managerrsquos Managing GPrsquos or any of its Associatesrsquo records and therefore should not be used for comparative purposes
Year of Commit Commitments of Commitments to Date of Target PE Allocation
2015 317000000 1390 2298
2016 394750000 1731 2862
2017 436750000 1915 3166
2018 481600000 2112 3491 ltltltTakes into account $75 mm of HIG SPF
Total 1630100000 7149 11817
CHECK CHECK CHECK
Geography of Commitments to Date of NAV to Date of Target PE Allocation
USA 780 822 1289
International 220 178 364
Un-Allocated -653
Total 1000 1000 1000
Strategy Commitments NAV of Commitments to Date of NAV to Date of Target PE Allocation
BO Buy-out (40 to 75) 1200350000 214575006 526 385 870
GE GrowthVenture (10 to 40) 606000000 214251758 266 385 439
SS Special Situations (5 to 35) 473750000 127909154 208 230 343
Un-Allocated -653
Total 2280100000 556735918 1000 1000 1000
Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1216 60 0
GrowthVenture 0 55 0 40 75
Special Situations 0 75 0 0 0
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1766 2366 2366
GrowthVenture 0 55 55 95 170
Special Situations 0 75 75 75 75
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Beg Year Q1 Q2 Q3 End Year
Buy-out 750 1500 600 00 00
GrowthVenture 00 833 00 00 00
Special Situations 00 00 650 00 00
Unallocated 4500 2167 917 917 917
Target 525 525 525 525 525
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 75 2250 2850 2850 2850
GrowthVenture 0 833 833 833 833
Special Situations 0 00 650 650 650
Unallocated 450 2167 917 917 917
Target 525 525 525 525 525
Short Name Commitments of Commitments to Date of Target PE Allocation
BO 01 58000000 254 420
BO 02 57000000 250 413
BO 03 55000000 241 399
BO 04 50000000 219 362
BO 05 50000000 219 362
BO 06 50000000 219 362
BO 07 50000000 219 362
BO 08 47000000 206 341
BO 09 45000000 197 326
BO 10 40000000 175 290
BO 11 35000000 154 254
BO 12 20000000 088 145
BO 13 14250000 062 103
BO 14 12500000 055 091
BO 15 46600000 204 338
BO 16 300000000 1316 2175
BO 17 60000000 263 435
BO 18 50000000 219 362
BO 19 50000000 219 362
BO 20 50000000 219 362
GE 01 70000000 307 507
GE 02 60000000 263 435
GE 03 125000000 548 906
GE 04 46000000 202 333
GE 05 45000000 197 326
GE 06 40000000 175 290
GE 07 30000000 132 217
GE 08 40000000 175 290
GE 09 50000000 219 362
GE 10 100000000 439 725
SS 01 75000000 329 544
SS 02 75000000 329 544
SS 03 65000000 285 471
SS 04 60000000 263 435
SS 05 50000000 219 362
SS 06 25000000 110 181
SS 07 105000000 461 761
SS 08 18750000 082 136
UA -6529
Total 2220100000 9737 9565
CHECK CHECK CHECK
Manager Strategy Commitment Portfolio Benchmark NAV Short Name Strategy (Abbrev) of Commitments to Date of Target PE Allocation
HIG SPF Buy-out $300000000 Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years $18727000 BO 1 BO 132 217
Tritium Buy-out $110000000 $58988138 BO 2 BO 48 80
Searchlight Buy-out $97000000 $33454296 BO 3 BO 43 70
Marlin Buy-out $71250000 $14717073 BO 4 BO 31 52
Altaris Buy-out $62500000 $15328169 BO 5 BO 27 45
Northlane Buy-out $60000000 BO 6 BO 26 43
Capital Partners Buy-out $58000000 $12317286 BO 7 BO 25 42
Providence Buy-out $55000000 $0 BO 8 BO 24 40
Dunes Point Buy-out $50000000 $0 BO 9 BO 22 36
GTCR Buy-out $50000000 $4985798 BO 10 BO 22 36
Reverence Buy-out $50000000 $0 BO 11 BO 22 36
Arcline Buy-out $50000000 $0 BO 12 BO 22 36
CapVest Buy-out $46600000 $0 BO 13 BO 20 34
One Rock Buy-out $45000000 $13180746 BO 14 BO 20 33
Incline Buy-out $40000000 $11611636 BO 15 BO 18 29
Kainos Buy-out $35000000 $19539188 BO 16 BO 15 25
Harvest Buy-out $20000000 $11725676 BO 17 BO 09 14
PSG Venture Growth $180000000 $82125840 GE 1 GE 79 130
Foundry Venture Growth $175000000 $30834484 GE 2 GE 77 127
Updata Venture Growth $125000000 $46209141 GE 3 GE 55 91
Main Post Venture Growth $40000000 $0 GE 4 GE 18 29
FTV Venture Growth $46000000 $31248971 GE 5 GE 20 33
Mercato Venture Growth $40000000 $23833321 GE 6 GE 18 29
TSSP Special Situations $150000000 $49206694 SS 1 SS 66 109
BlackstoneGSO Special Situations $93750000 $37091463 SS 2 SS 41 68
BlackstoneBAAM Special Situations $65000000 SS 3 SS 29 47
Carlyle Special Situations $65000000 $24236270 SS 4 SS 29 47
HIG Special Situations $60000000 $17374728 SS 5 SS 26 43
LightBay Special Situations $40000000 $0 SS 6 SS 18 29
Total $2280100000 $556735918 10000 16529
CHECK
Altaris
Arcline
BlackstoneGSO
Capital Partners
CapVest
Carlyle
Dunes Point
Foundry
FTV
GTCR
HIG
Harvest
Incline
Kainos
LightBay
Main Post
Marlin
Mercato
One Rock
Providence
Reverence
Searchlight
Tritium
TSSP
Updata
Manager Fund Firm Age Year of Commitment Year Founded Fund Type Year of Commitment Vintage Year Report Name Short Name Fund Size LPAC Seat Approved ($) Commitment ($) State Street NAV ($) US Fund Div ( of Fund) Intl Fund Div ( of Fund) US Fund Div ( of Total Commits) Intl Fund Div ( of Total Commits) US Fund Div ( of Total NAV Intl Fund Div ( of Total NAV
Carlyle Carlyle Energy Mezzanine Opportunities Fund II 5 2010 2 SS 2015 2015 Special Situations Manager 3 SS 03 2819243965 Voting 65000000 65000000 2423627012 75 25 2 1 3 1
HIG HIG Bayside Loan Opportunity Fund IV 22 1993 4 SS 2015 2015 Special Situations Manager 4 SS 04 1100000000 60000000 60000000 1737472771 75 25 2 1 2 1
Harvest Harvest Partners VII 34 1981 7 BO 2015 2016 Buy-out Manager 12 BO 12 2200000000 50000000 20000000 1172567574 80 20 1 0 2 0
Searchlight Searchlight Capital II 5 2010 2 BO 2015 2015 Buy-out Manager 8 BO 08 1939000000 50000000 47000000 3345429620 60 40 1 1 4 2
Tritium Tritium I 2 2013 1 BO 2015 2014 Buy-out Manager 4 BO 04 309000000 Voting 50000000 50000000 5898813765 85 15 2 0 9 2
TSSP TSSP Adjacent Opportunities Partners (B) 6 2009 3 SS 2015 2014 Special Situations Manager 1 SS 01 3500000000 75000000 75000000 4920669401 60 40 2 1 5 4
BlackstoneGSO GSO Capital Opportunities Fund III 11 2005 3 SS 2016 2016 Special Situations Manager 2 SS 02 6000000000 75000000 75000000 32285251 80 20 3 1 5 1
BlackstoneGSO GSO COF III - Co-Investment 11 2005 3 SS 2016 2016 Special Situations Manager 8 SS 08 2000000000 18750000 18750000 4806212 80 20 1 0 1 0
Foundry Foundry Group Next Fund 9 2007 4 GE 2016 2016 GrowthVenture Manager 7 GE 07 500000000 35000000 30000000 2644022252 100 0 1 0 5 0
FTV FTV V 18 1998 5 GE 2016 2017 GrowthVenture Manager 4 GE 04 867000000 Voting 50000000 46000000 3124897116 75 25 2 1 4 1
Incline Incline Equity Partners IV 5 2011 4 BO 2016 2017 Buy-out Manager 10 BO 10 601000000 50000000 40000000 1161163584 80 20 1 0 2 0
Kainos Kainos Capital Partners II 4 2012 2 BO 2016 2016 Buy-out Manager 11 BO 11 895000000 Observer 50000000 35000000 1953918849 75 25 1 0 3 1
Mercato Mercato Partners Growth III 9 2007 3 GE 2016 2015 GrowthVenture Manager 6 GE 06 246000000 Voting 40000000 40000000 2383332060 100 0 2 0 4 0
PSG Providence Strategic Growth II 3 2013 2 GE 2016 2016 GrowthVenture Manager 2 GE 02 640000000 Voting 60000000 60000000 6665235799 100 0 3 0 12 0
Updata Updata Partners V 18 1998 5 GE 2016 2014 GrowthVenture Manager 3 GE 03 280000000 Voting 50000000 50000000 4620914142 90 10 2 0 7 1
Altaris Altaris Constellation IV 14 2003 4 BO 2017 2018 Buy-out Manager 14 BO 14 240000000 12500000 12500000 4140390 75 25 0 0 1 0
Altaris Altaris Health Partners IV 14 2003 4 BO 2017 2018 Buy-out Manager 5 BO 05 1000000000 50000000 50000000 11187778 75 25 2 1 2 1
Capital Partners Capital Partners II 13 2004 2 BO 2017 2018 Buy-out Manager 1 BO 01 500000000 Voting 70000000 58000000 12317286 100 0 3 0 2 0
Dunes Point Dunes Point Capital Fund II 4 2013 2 BO 2017 2018 Buy-out Manager 7 BO 07 535000000 Voting 50000000 50000000 - 0 80 20 2 0 0 0
GTCR GTCR XII 37 1980 12 BO 2017 2018 Buy-out Manager 6 BO 06 5250000000 75000000 50000000 498579807 75 25 2 1 1 0
LightBay LightBay Investment Partners I 0 2017 1 SS 2017 2018 Special Situations Manager 7 SS 07 615000000 Voting 50000000 40000000 - 0 80 20 1 0 0 0
Marlin Marlin Equity V 12 2005 5 BO 2017 2018 Buy-out Manager 2 BO 02 2500000000 60000000 57000000 946658473 80 20 2 0 1 0
Marlin Marlin Heritage II 12 2005 2 BO 2017 2017 Buy-out Manager 13 BO 13 750000000 15000000 14250000 525048862 75 25 0 0 1 0
One Rock One Rock Capital Partners II 7 2010 2 BO 2017 2017 Buy-out Manager 9 BO 09 964000000 50000000 45000000 1318074623 90 10 2 0 2 0
PSG Providence Strategic Growth III 4 2013 3 GE 2017 2018 GrowthVenture Manager 1 GE 01 1322000000 Voting 70000000 70000000 1547348223 100 0 3 0 3 0
CapVest CapVest Equity Partners IV 19 1999 4 BO 2018 2018 Buy-out Manager 15 BO 15 1001750000 53000000 46600000 - 0 0 100 0 2 0 0
Foundry Foundry Group Next 2018 11 2007 5 GE 2018 2018 GrowthVenture Manager 5 GE 05 750000000 45000000 45000000 439426166 90 10 2 0 1 0
HIG SPF HIG Strategic Partners Fund 25 1993 NA BO 2018 2018 Buy-out Manager 16 BO 16 1115000000 300000000 300000000 1872700007 60 40 8 5 2 1
Main Post Main Post II 4 2014 2 GE 2018 2019 GrowthVenture Manager 8 GE 08 700000000 Voting 50000000 40000000 - 0 100 0 2 0 0 0
Providence Providence Equity Partners VIII 29 1989 8 BO 2018 2017 Buy-out Manager 3 BO 03 5000000000 55000000 55000000 - 0 60 40 1 1 0 0
Tritium Tritium II 5 2013 2 BO 2018 2019 Buy-out Manager 17 BO 17 450000000 Voting 60000000 60000000 - 0 85 15 2 0 0 0
TSSP TPG Opportunities Partners IV 9 2009 4 SS 2018 2018 Special Situations Manager 6 SS 06 3000000000 50000000 25000000 - 0 60 40 1 0 0 0
TSSP TSSP Adjacent Opportunities Partners (D) 9 2009 4 SS 2018 2018 Special Situations Manager 5 SS 05 3000000000 50000000 50000000 - 0 60 40 1 1 0 0
Updata Updata Partners VI 20 1998 6 GE 2018 2014 GrowthVenture Manager 3 GE 03 300000000 Voting 75000000 75000000 - 0 90 10 3 0 0 0
PSG Providence Strategic Growth IV 6 2013 4 GE 2019 GE 09 2000000000 Voting 50000000 50000000 - 0 100 0 2 0 0 0
Foundry FGN 2018 Partner Fund 12 2007 6 GE 2019 GE 10 200000000 100000000 100000000 - 0 90 10 4 0 0 0
Reverence Reverence Capital Partners II 6 2013 2 BO 2019 BO 18 1000000000 Voting 50000000 50000000 - 0 90 10 2 0 0 0
Arcline Arcline Capital Partners 1 2018 1 BO 2019 BO 19 1500000000 50000000 50000000 - 0 90 10 2 0 0 0
Searchlight Searchlight Capital III 9 2010 3 BO 2019 2015 Buy-out Manager 8 BO 20 2750000000 50000000 50000000 - 0 60 40 1 1 0 0
Northlane Northlane Capital Partners II 5 2014 2 BO 2019 BO 21 375000000 Voting 60000000 60000000 - 0 100 0 3 0 0 0
BlackstoneBAAM Blackstone Strategic Capital Holdings II 29 1990 2 SS 2019 SS 07 4000000000 Voting 65000000 65000000 - 0 80 20 2 1 0 0
6000000000
5250000000
5000000000
3500000000
3000000000
3000000000
2800000000
2500000000
2200000000
2000000000
2000000000
1500000000
1500000000
1322000000
1115000000
1100000000
1001750000
1000000000
1000000000
964000000
895000000
867000000
750000000
750000000
700000000
640000000
615000000
601000000
535000000
500000000
500000000
450000000
309000000
300000000
280000000
246000000
240000000
200000000
Assumptions
TMRS (AUM) $ 27589122062 ltltltlt As of 12312018
PE Target () 500
PE Target ($) $ 1379456103
PE Commitments ($) $ 2280100000
PE NAV ($) $ 556735918 ltltltlt As of 12312018
PE NAV () 202
Un-Allocated () -6529
Instructions by Sheet Name
Notes Light blue-filled cells are hard-coded (not formula-driven)
The green-colored tabs are the only ones to be updated right now
The red-colored tab does not need to be updated (still under construction)
Portfolio
1) Input new Fund commitment into the next open row
2) Confirm and input the details for the row of the new Fund in columns A through G
3) Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I
4) Copy paste the formulas used in columns J and K for the row of the new Fund
Manager
1) If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated
2) Input the name of the Manager for the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Manager
4) Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option
Fund
1) Insert a row above the one beginning with UA (Un-Allocated)
2) Input the Short Name of the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Fund
4) Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option
Year of Commit Commitments of Commitments to Date of Target PE Allocation
2015 317000000 1390 2298
2016 394750000 1731 2862
2017 436750000 1915 3166
2018 481600000 2112 3491 ltltltTakes into account $75 mm of HIG SPF
Total 1630100000 7149 11817
CHECK CHECK CHECK
Geography of Commitments to Date of NAV to Date of Target PE Allocation
USA 780 822 1289
International 220 178 364
Un-Allocated -653
Total 1000 1000 1000
Strategy Commitments NAV of Commitments to Date of NAV to Date of Target PE Allocation
BO Buy-out (40 to 75) 1200350000 214575006 526 385 870
GE GrowthVenture (10 to 40) 606000000 214251758 266 385 439
SS Special Situations (5 to 35) 473750000 127909154 208 230 343
Un-Allocated -653
Total 2280100000 556735918 1000 1000 1000
Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1216 60 0
GrowthVenture 0 55 0 40 75
Special Situations 0 75 0 0 0
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1766 2366 2366
GrowthVenture 0 55 55 95 170
Special Situations 0 75 75 75 75
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Beg Year Q1 Q2 Q3 End Year
Buy-out 750 1500 600 00 00
GrowthVenture 00 833 00 00 00
Special Situations 00 00 650 00 00
Unallocated 4500 2167 917 917 917
Target 525 525 525 525 525
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 75 2250 2850 2850 2850
GrowthVenture 0 833 833 833 833
Special Situations 0 00 650 650 650
Unallocated 450 2167 917 917 917
Target 525 525 525 525 525
Short Name Commitments of Commitments to Date of Target PE Allocation
BO 01 58000000 254 420
BO 02 57000000 250 413
BO 03 55000000 241 399
BO 04 50000000 219 362
BO 05 50000000 219 362
BO 06 50000000 219 362
BO 07 50000000 219 362
BO 08 47000000 206 341
BO 09 45000000 197 326
BO 10 40000000 175 290
BO 11 35000000 154 254
BO 12 20000000 088 145
BO 13 14250000 062 103
BO 14 12500000 055 091
BO 15 46600000 204 338
BO 16 300000000 1316 2175
BO 17 60000000 263 435
BO 18 50000000 219 362
BO 19 50000000 219 362
BO 20 50000000 219 362
GE 01 70000000 307 507
GE 02 60000000 263 435
GE 03 125000000 548 906
GE 04 46000000 202 333
GE 05 45000000 197 326
GE 06 40000000 175 290
GE 07 30000000 132 217
GE 08 40000000 175 290
GE 09 50000000 219 362
GE 10 100000000 439 725
SS 01 75000000 329 544
SS 02 75000000 329 544
SS 03 65000000 285 471
SS 04 60000000 263 435
SS 05 50000000 219 362
SS 06 25000000 110 181
SS 07 105000000 461 761
SS 08 18750000 082 136
UA -6529
Total 2220100000 9737 9565
CHECK CHECK CHECK
Manager Strategy Commitment Portfolio Benchmark NAV Short Name Strategy (Abbrev) of Commitments to Date of Target PE Allocation
HIG SPF Buy-out $300000000 Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years $18727000 BO 1 BO 132 217
Tritium Buy-out $110000000 $58988138 BO 2 BO 48 80
Searchlight Buy-out $97000000 $33454296 BO 3 BO 43 70
Marlin Buy-out $71250000 $14717073 BO 4 BO 31 52
Altaris Buy-out $62500000 $15328169 BO 5 BO 27 45
Northlane Buy-out $60000000 BO 6 BO 26 43
Capital Partners Buy-out $58000000 $12317286 BO 7 BO 25 42
Providence Buy-out $55000000 $0 BO 8 BO 24 40
Dunes Point Buy-out $50000000 $0 BO 9 BO 22 36
GTCR Buy-out $50000000 $4985798 BO 10 BO 22 36
Reverence Buy-out $50000000 $0 BO 11 BO 22 36
Arcline Buy-out $50000000 $0 BO 12 BO 22 36
CapVest Buy-out $46600000 $0 BO 13 BO 20 34
One Rock Buy-out $45000000 $13180746 BO 14 BO 20 33
Incline Buy-out $40000000 $11611636 BO 15 BO 18 29
Kainos Buy-out $35000000 $19539188 BO 16 BO 15 25
Harvest Buy-out $20000000 $11725676 BO 17 BO 09 14
PSG Venture Growth $180000000 $82125840 GE 1 GE 79 130
Foundry Venture Growth $175000000 $30834484 GE 2 GE 77 127
Updata Venture Growth $125000000 $46209141 GE 3 GE 55 91
Main Post Venture Growth $40000000 $0 GE 4 GE 18 29
FTV Venture Growth $46000000 $31248971 GE 5 GE 20 33
Mercato Venture Growth $40000000 $23833321 GE 6 GE 18 29
TSSP Special Situations $150000000 $49206694 SS 1 SS 66 109
BlackstoneGSO Special Situations $93750000 $37091463 SS 2 SS 41 68
BlackstoneBAAM Special Situations $65000000 SS 3 SS 29 47
Carlyle Special Situations $65000000 $24236270 SS 4 SS 29 47
HIG Special Situations $60000000 $17374728 SS 5 SS 26 43
LightBay Special Situations $40000000 $0 SS 6 SS 18 29
Total $2280100000 $556735918 10000 16529
CHECK
Altaris
Arcline
BlackstoneGSO
Capital Partners
CapVest
Carlyle
Dunes Point
Foundry
FTV
GTCR
HIG
Harvest
Incline
Kainos
LightBay
Main Post
Marlin
Mercato
One Rock
Providence
Reverence
Searchlight
Tritium
TSSP
Updata
Manager Fund Firm Age Year of Commitment Year Founded Fund Type Year of Commitment Vintage Year Report Name Short Name Fund Size LPAC Seat Approved ($) Commitment ($) State Street NAV ($) US Fund Div ( of Fund) Intl Fund Div ( of Fund) US Fund Div ( of Total Commits) Intl Fund Div ( of Total Commits) US Fund Div ( of Total NAV Intl Fund Div ( of Total NAV
Carlyle Carlyle Energy Mezzanine Opportunities Fund II 5 2010 2 SS 2015 2015 Special Situations Manager 3 SS 03 2819243965 Voting 65000000 65000000 2423627012 75 25 2 1 3 1
HIG HIG Bayside Loan Opportunity Fund IV 22 1993 4 SS 2015 2015 Special Situations Manager 4 SS 04 1100000000 60000000 60000000 1737472771 75 25 2 1 2 1
Harvest Harvest Partners VII 34 1981 7 BO 2015 2016 Buy-out Manager 12 BO 12 2200000000 50000000 20000000 1172567574 80 20 1 0 2 0
Searchlight Searchlight Capital II 5 2010 2 BO 2015 2015 Buy-out Manager 8 BO 08 1939000000 50000000 47000000 3345429620 60 40 1 1 4 2
Tritium Tritium I 2 2013 1 BO 2015 2014 Buy-out Manager 4 BO 04 309000000 Voting 50000000 50000000 5898813765 85 15 2 0 9 2
TSSP TSSP Adjacent Opportunities Partners (B) 6 2009 3 SS 2015 2014 Special Situations Manager 1 SS 01 3500000000 75000000 75000000 4920669401 60 40 2 1 5 4
BlackstoneGSO GSO Capital Opportunities Fund III 11 2005 3 SS 2016 2016 Special Situations Manager 2 SS 02 6000000000 75000000 75000000 32285251 80 20 3 1 5 1
BlackstoneGSO GSO COF III - Co-Investment 11 2005 3 SS 2016 2016 Special Situations Manager 8 SS 08 2000000000 18750000 18750000 4806212 80 20 1 0 1 0
Foundry Foundry Group Next Fund 9 2007 4 GE 2016 2016 GrowthVenture Manager 7 GE 07 500000000 35000000 30000000 2644022252 100 0 1 0 5 0
FTV FTV V 18 1998 5 GE 2016 2017 GrowthVenture Manager 4 GE 04 867000000 Voting 50000000 46000000 3124897116 75 25 2 1 4 1
Incline Incline Equity Partners IV 5 2011 4 BO 2016 2017 Buy-out Manager 10 BO 10 601000000 50000000 40000000 1161163584 80 20 1 0 2 0
Kainos Kainos Capital Partners II 4 2012 2 BO 2016 2016 Buy-out Manager 11 BO 11 895000000 Observer 50000000 35000000 1953918849 75 25 1 0 3 1
Mercato Mercato Partners Growth III 9 2007 3 GE 2016 2015 GrowthVenture Manager 6 GE 06 246000000 Voting 40000000 40000000 2383332060 100 0 2 0 4 0
PSG Providence Strategic Growth II 3 2013 2 GE 2016 2016 GrowthVenture Manager 2 GE 02 640000000 Voting 60000000 60000000 6665235799 100 0 3 0 12 0
Updata Updata Partners V 18 1998 5 GE 2016 2014 GrowthVenture Manager 3 GE 03 280000000 Voting 50000000 50000000 4620914142 90 10 2 0 7 1
Altaris Altaris Constellation IV 14 2003 4 BO 2017 2018 Buy-out Manager 14 BO 14 240000000 12500000 12500000 4140390 75 25 0 0 1 0
Altaris Altaris Health Partners IV 14 2003 4 BO 2017 2018 Buy-out Manager 5 BO 05 1000000000 50000000 50000000 11187778 75 25 2 1 2 1
Capital Partners Capital Partners II 13 2004 2 BO 2017 2018 Buy-out Manager 1 BO 01 500000000 Voting 70000000 58000000 12317286 100 0 3 0 2 0
Dunes Point Dunes Point Capital Fund II 4 2013 2 BO 2017 2018 Buy-out Manager 7 BO 07 535000000 Voting 50000000 50000000 - 0 80 20 2 0 0 0
GTCR GTCR XII 37 1980 12 BO 2017 2018 Buy-out Manager 6 BO 06 5250000000 75000000 50000000 498579807 75 25 2 1 1 0
LightBay LightBay Investment Partners I 0 2017 1 SS 2017 2018 Special Situations Manager 7 SS 07 615000000 Voting 50000000 40000000 - 0 80 20 1 0 0 0
Marlin Marlin Equity V 12 2005 5 BO 2017 2018 Buy-out Manager 2 BO 02 2500000000 60000000 57000000 946658473 80 20 2 0 1 0
Marlin Marlin Heritage II 12 2005 2 BO 2017 2017 Buy-out Manager 13 BO 13 750000000 15000000 14250000 525048862 75 25 0 0 1 0
One Rock One Rock Capital Partners II 7 2010 2 BO 2017 2017 Buy-out Manager 9 BO 09 964000000 50000000 45000000 1318074623 90 10 2 0 2 0
PSG Providence Strategic Growth III 4 2013 3 GE 2017 2018 GrowthVenture Manager 1 GE 01 1322000000 Voting 70000000 70000000 1547348223 100 0 3 0 3 0
CapVest CapVest Equity Partners IV 19 1999 4 BO 2018 2018 Buy-out Manager 15 BO 15 1001750000 53000000 46600000 - 0 0 100 0 2 0 0
Foundry Foundry Group Next 2018 11 2007 5 GE 2018 2018 GrowthVenture Manager 5 GE 05 750000000 45000000 45000000 439426166 90 10 2 0 1 0
HIG SPF HIG Strategic Partners Fund 25 1993 NA BO 2018 2018 Buy-out Manager 16 BO 16 1115000000 300000000 300000000 1872700007 60 40 8 5 2 1
Main Post Main Post II 4 2014 2 GE 2018 2019 GrowthVenture Manager 8 GE 08 700000000 Voting 50000000 40000000 - 0 100 0 2 0 0 0
Providence Providence Equity Partners VIII 29 1989 8 BO 2018 2017 Buy-out Manager 3 BO 03 5000000000 55000000 55000000 - 0 60 40 1 1 0 0
Tritium Tritium II 5 2013 2 BO 2018 2019 Buy-out Manager 17 BO 17 450000000 Voting 60000000 60000000 - 0 85 15 2 0 0 0
TSSP TPG Opportunities Partners IV 9 2009 4 SS 2018 2018 Special Situations Manager 6 SS 06 3000000000 50000000 25000000 - 0 60 40 1 0 0 0
TSSP TSSP Adjacent Opportunities Partners (D) 9 2009 4 SS 2018 2018 Special Situations Manager 5 SS 05 3000000000 50000000 50000000 - 0 60 40 1 1 0 0
Updata Updata Partners VI 20 1998 6 GE 2018 2014 GrowthVenture Manager 3 GE 03 300000000 Voting 75000000 75000000 - 0 90 10 3 0 0 0
PSG Providence Strategic Growth IV 6 2013 4 GE 2019 GE 09 2000000000 Voting 50000000 50000000 - 0 100 0 2 0 0 0
Foundry FGN 2018 Partner Fund 12 2007 6 GE 2019 GE 10 200000000 100000000 100000000 - 0 90 10 4 0 0 0
Reverence Reverence Capital Partners II 6 2013 2 BO 2019 BO 18 1000000000 Voting 50000000 50000000 - 0 90 10 2 0 0 0
Arcline Arcline Capital Partners 1 2018 1 BO 2019 BO 19 1500000000 50000000 50000000 - 0 90 10 2 0 0 0
Searchlight Searchlight Capital III 9 2010 3 BO 2019 2015 Buy-out Manager 8 BO 20 2750000000 50000000 50000000 - 0 60 40 1 1 0 0
Northlane Northlane Capital Partners II 5 2014 2 BO 2019 BO 21 375000000 Voting 60000000 60000000 - 0 100 0 3 0 0 0
BlackstoneBAAM Blackstone Strategic Capital Holdings II 29 1990 2 SS 2019 SS 07 4000000000 Voting 65000000 65000000 - 0 80 20 2 1 0 0
6000000000
5250000000
5000000000
3500000000
3000000000
3000000000
2800000000
2500000000
2200000000
2000000000
2000000000
1500000000
1500000000
1322000000
1115000000
1100000000
1001750000
1000000000
1000000000
964000000
895000000
867000000
750000000
750000000
700000000
640000000
615000000
601000000
535000000
500000000
500000000
450000000
309000000
300000000
280000000
246000000
240000000
200000000
Assumptions
TMRS (AUM) $ 27589122062 ltltltlt As of 12312018
PE Target () 500
PE Target ($) $ 1379456103
PE Commitments ($) $ 2280100000
PE NAV ($) $ 556735918 ltltltlt As of 12312018
PE NAV () 202
Un-Allocated () -6529
Instructions by Sheet Name
Notes Light blue-filled cells are hard-coded (not formula-driven)
The green-colored tabs are the only ones to be updated right now
The red-colored tab does not need to be updated (still under construction)
Portfolio
1) Input new Fund commitment into the next open row
2) Confirm and input the details for the row of the new Fund in columns A through G
3) Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I
4) Copy paste the formulas used in columns J and K for the row of the new Fund
Manager
1) If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated
2) Input the name of the Manager for the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Manager
4) Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option
Fund
1) Insert a row above the one beginning with UA (Un-Allocated)
2) Input the Short Name of the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Fund
4) Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option
Year of Commit Commitments of Commitments to Date of Target PE Allocation
2015 317000000 1390 2298
2016 394750000 1731 2862
2017 436750000 1915 3166
2018 481600000 2112 3491 ltltltTakes into account $75 mm of HIG SPF
Total 1630100000 7149 11817
CHECK CHECK CHECK
Geography of Commitments to Date of NAV to Date of Target PE Allocation
USA 780 822 1289
International 220 178 364
Un-Allocated -653
Total 1000 1000 1000
Strategy Commitments NAV of Commitments to Date of NAV to Date of Target PE Allocation
BO Buy-out (40 to 75) 1200350000 214575006 526 385 870
GE GrowthVenture (10 to 40) 606000000 214251758 266 385 439
SS Special Situations (5 to 35) 473750000 127909154 208 230 343
Un-Allocated -653
Total 2280100000 556735918 1000 1000 1000
Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1216 60 0
GrowthVenture 0 55 0 40 75
Special Situations 0 75 0 0 0
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1766 2366 2366
GrowthVenture 0 55 55 95 170
Special Situations 0 75 75 75 75
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Beg Year Q1 Q2 Q3 End Year
Buy-out 750 1500 600 00 00
GrowthVenture 00 833 00 00 00
Special Situations 00 00 650 00 00
Unallocated 4500 2167 917 917 917
Target 525 525 525 525 525
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 75 2250 2850 2850 2850
GrowthVenture 0 833 833 833 833
Special Situations 0 00 650 650 650
Unallocated 450 2167 917 917 917
Target 525 525 525 525 525
Short Name Commitments of Commitments to Date of Target PE Allocation
BO 01 58000000 254 420
BO 02 57000000 250 413
BO 03 55000000 241 399
BO 04 50000000 219 362
BO 05 50000000 219 362
BO 06 50000000 219 362
BO 07 50000000 219 362
BO 08 47000000 206 341
BO 09 45000000 197 326
BO 10 40000000 175 290
BO 11 35000000 154 254
BO 12 20000000 088 145
BO 13 14250000 062 103
BO 14 12500000 055 091
BO 15 46600000 204 338
BO 16 300000000 1316 2175
BO 17 60000000 263 435
BO 18 50000000 219 362
BO 19 50000000 219 362
BO 20 50000000 219 362
GE 01 70000000 307 507
GE 02 60000000 263 435
GE 03 125000000 548 906
GE 04 46000000 202 333
GE 05 45000000 197 326
GE 06 40000000 175 290
GE 07 30000000 132 217
GE 08 40000000 175 290
GE 09 50000000 219 362
GE 10 100000000 439 725
SS 01 75000000 329 544
SS 02 75000000 329 544
SS 03 65000000 285 471
SS 04 60000000 263 435
SS 05 50000000 219 362
SS 06 25000000 110 181
SS 07 105000000 461 761
SS 08 18750000 082 136
UA -6529
Total 2220100000 9737 9565
CHECK CHECK CHECK
Manager Strategy Commitment Portfolio Benchmark NAV Short Name Strategy (Abbrev) of Commitments to Date of Target PE Allocation
HIG SPF Buy-out $300000000 Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years $18727000 BO 1 BO 132 217
Tritium Buy-out $110000000 $58988138 BO 2 BO 48 80
Searchlight Buy-out $97000000 $33454296 BO 3 BO 43 70
Marlin Buy-out $71250000 $14717073 BO 4 BO 31 52
Altaris Buy-out $62500000 $15328169 BO 5 BO 27 45
Northlane Buy-out $60000000 BO 6 BO 26 43
Capital Partners Buy-out $58000000 $12317286 BO 7 BO 25 42
Providence Buy-out $55000000 $0 BO 8 BO 24 40
Dunes Point Buy-out $50000000 $0 BO 9 BO 22 36
GTCR Buy-out $50000000 $4985798 BO 10 BO 22 36
Reverence Buy-out $50000000 $0 BO 11 BO 22 36
Arcline Buy-out $50000000 $0 BO 12 BO 22 36
CapVest Buy-out $46600000 $0 BO 13 BO 20 34
One Rock Buy-out $45000000 $13180746 BO 14 BO 20 33
Incline Buy-out $40000000 $11611636 BO 15 BO 18 29
Kainos Buy-out $35000000 $19539188 BO 16 BO 15 25
Harvest Buy-out $20000000 $11725676 BO 17 BO 09 14
PSG Venture Growth $180000000 $82125840 GE 1 GE 79 130
Foundry Venture Growth $175000000 $30834484 GE 2 GE 77 127
Updata Venture Growth $125000000 $46209141 GE 3 GE 55 91
Main Post Venture Growth $40000000 $0 GE 4 GE 18 29
FTV Venture Growth $46000000 $31248971 GE 5 GE 20 33
Mercato Venture Growth $40000000 $23833321 GE 6 GE 18 29
TSSP Special Situations $150000000 $49206694 SS 1 SS 66 109
BlackstoneGSO Special Situations $93750000 $37091463 SS 2 SS 41 68
BlackstoneBAAM Special Situations $65000000 SS 3 SS 29 47
Carlyle Special Situations $65000000 $24236270 SS 4 SS 29 47
HIG Special Situations $60000000 $17374728 SS 5 SS 26 43
LightBay Special Situations $40000000 $0 SS 6 SS 18 29
Total $2280100000 $556735918 10000 16529
CHECK
Altaris
Arcline
BlackstoneGSO
Capital Partners
CapVest
Carlyle
Dunes Point
Foundry
FTV
GTCR
HIG
Harvest
Incline
Kainos
LightBay
Main Post
Marlin
Mercato
One Rock
Providence
Reverence
Searchlight
Tritium
TSSP
Updata
Manager Fund Firm Age Year of Commitment Year Founded Fund Type Year of Commitment Vintage Year Report Name Short Name Fund Size LPAC Seat Approved ($) Commitment ($) State Street NAV ($) US Fund Div ( of Fund) Intl Fund Div ( of Fund) US Fund Div ( of Total Commits) Intl Fund Div ( of Total Commits) US Fund Div ( of Total NAV Intl Fund Div ( of Total NAV
Carlyle Carlyle Energy Mezzanine Opportunities Fund II 5 2010 2 SS 2015 2015 Special Situations Manager 3 SS 03 2819243965 Voting 65000000 65000000 2423627012 75 25 2 1 3 1
HIG HIG Bayside Loan Opportunity Fund IV 22 1993 4 SS 2015 2015 Special Situations Manager 4 SS 04 1100000000 60000000 60000000 1737472771 75 25 2 1 2 1
Harvest Harvest Partners VII 34 1981 7 BO 2015 2016 Buy-out Manager 12 BO 12 2200000000 50000000 20000000 1172567574 80 20 1 0 2 0
Searchlight Searchlight Capital II 5 2010 2 BO 2015 2015 Buy-out Manager 8 BO 08 1939000000 50000000 47000000 3345429620 60 40 1 1 4 2
Tritium Tritium I 2 2013 1 BO 2015 2014 Buy-out Manager 4 BO 04 309000000 Voting 50000000 50000000 5898813765 85 15 2 0 9 2
TSSP TSSP Adjacent Opportunities Partners (B) 6 2009 3 SS 2015 2014 Special Situations Manager 1 SS 01 3500000000 75000000 75000000 4920669401 60 40 2 1 5 4
BlackstoneGSO GSO Capital Opportunities Fund III 11 2005 3 SS 2016 2016 Special Situations Manager 2 SS 02 6000000000 75000000 75000000 32285251 80 20 3 1 5 1
BlackstoneGSO GSO COF III - Co-Investment 11 2005 3 SS 2016 2016 Special Situations Manager 8 SS 08 2000000000 18750000 18750000 4806212 80 20 1 0 1 0
Foundry Foundry Group Next Fund 9 2007 4 GE 2016 2016 GrowthVenture Manager 7 GE 07 500000000 35000000 30000000 2644022252 100 0 1 0 5 0
FTV FTV V 18 1998 5 GE 2016 2017 GrowthVenture Manager 4 GE 04 867000000 Voting 50000000 46000000 3124897116 75 25 2 1 4 1
Incline Incline Equity Partners IV 5 2011 4 BO 2016 2017 Buy-out Manager 10 BO 10 601000000 50000000 40000000 1161163584 80 20 1 0 2 0
Kainos Kainos Capital Partners II 4 2012 2 BO 2016 2016 Buy-out Manager 11 BO 11 895000000 Observer 50000000 35000000 1953918849 75 25 1 0 3 1
Mercato Mercato Partners Growth III 9 2007 3 GE 2016 2015 GrowthVenture Manager 6 GE 06 246000000 Voting 40000000 40000000 2383332060 100 0 2 0 4 0
PSG Providence Strategic Growth II 3 2013 2 GE 2016 2016 GrowthVenture Manager 2 GE 02 640000000 Voting 60000000 60000000 6665235799 100 0 3 0 12 0
Updata Updata Partners V 18 1998 5 GE 2016 2014 GrowthVenture Manager 3 GE 03 280000000 Voting 50000000 50000000 4620914142 90 10 2 0 7 1
Altaris Altaris Constellation IV 14 2003 4 BO 2017 2018 Buy-out Manager 14 BO 14 240000000 12500000 12500000 4140390 75 25 0 0 1 0
Altaris Altaris Health Partners IV 14 2003 4 BO 2017 2018 Buy-out Manager 5 BO 05 1000000000 50000000 50000000 11187778 75 25 2 1 2 1
Capital Partners Capital Partners II 13 2004 2 BO 2017 2018 Buy-out Manager 1 BO 01 500000000 Voting 70000000 58000000 12317286 100 0 3 0 2 0
Dunes Point Dunes Point Capital Fund II 4 2013 2 BO 2017 2018 Buy-out Manager 7 BO 07 535000000 Voting 50000000 50000000 - 0 80 20 2 0 0 0
GTCR GTCR XII 37 1980 12 BO 2017 2018 Buy-out Manager 6 BO 06 5250000000 75000000 50000000 498579807 75 25 2 1 1 0
LightBay LightBay Investment Partners I 0 2017 1 SS 2017 2018 Special Situations Manager 7 SS 07 615000000 Voting 50000000 40000000 - 0 80 20 1 0 0 0
Marlin Marlin Equity V 12 2005 5 BO 2017 2018 Buy-out Manager 2 BO 02 2500000000 60000000 57000000 946658473 80 20 2 0 1 0
Marlin Marlin Heritage II 12 2005 2 BO 2017 2017 Buy-out Manager 13 BO 13 750000000 15000000 14250000 525048862 75 25 0 0 1 0
One Rock One Rock Capital Partners II 7 2010 2 BO 2017 2017 Buy-out Manager 9 BO 09 964000000 50000000 45000000 1318074623 90 10 2 0 2 0
PSG Providence Strategic Growth III 4 2013 3 GE 2017 2018 GrowthVenture Manager 1 GE 01 1322000000 Voting 70000000 70000000 1547348223 100 0 3 0 3 0
CapVest CapVest Equity Partners IV 19 1999 4 BO 2018 2018 Buy-out Manager 15 BO 15 1001750000 53000000 46600000 - 0 0 100 0 2 0 0
Foundry Foundry Group Next 2018 11 2007 5 GE 2018 2018 GrowthVenture Manager 5 GE 05 750000000 45000000 45000000 439426166 90 10 2 0 1 0
HIG SPF HIG Strategic Partners Fund 25 1993 NA BO 2018 2018 Buy-out Manager 16 BO 16 1115000000 300000000 300000000 1872700007 60 40 8 5 2 1
Main Post Main Post II 4 2014 2 GE 2018 2019 GrowthVenture Manager 8 GE 08 700000000 Voting 50000000 40000000 - 0 100 0 2 0 0 0
Providence Providence Equity Partners VIII 29 1989 8 BO 2018 2017 Buy-out Manager 3 BO 03 5000000000 55000000 55000000 - 0 60 40 1 1 0 0
Tritium Tritium II 5 2013 2 BO 2018 2019 Buy-out Manager 17 BO 17 450000000 Voting 60000000 60000000 - 0 85 15 2 0 0 0
TSSP TPG Opportunities Partners IV 9 2009 4 SS 2018 2018 Special Situations Manager 6 SS 06 3000000000 50000000 25000000 - 0 60 40 1 0 0 0
TSSP TSSP Adjacent Opportunities Partners (D) 9 2009 4 SS 2018 2018 Special Situations Manager 5 SS 05 3000000000 50000000 50000000 - 0 60 40 1 1 0 0
Updata Updata Partners VI 20 1998 6 GE 2018 2014 GrowthVenture Manager 3 GE 03 300000000 Voting 75000000 75000000 - 0 90 10 3 0 0 0
PSG Providence Strategic Growth IV 6 2013 4 GE 2019 GE 09 2000000000 Voting 50000000 50000000 - 0 100 0 2 0 0 0
Foundry FGN 2018 Partner Fund 12 2007 6 GE 2019 GE 10 200000000 100000000 100000000 - 0 90 10 4 0 0 0
Reverence Reverence Capital Partners II 6 2013 2 BO 2019 BO 18 1000000000 Voting 50000000 50000000 - 0 90 10 2 0 0 0
Arcline Arcline Capital Partners 1 2018 1 BO 2019 BO 19 1500000000 50000000 50000000 - 0 90 10 2 0 0 0
Searchlight Searchlight Capital III 9 2010 3 BO 2019 2015 Buy-out Manager 8 BO 20 2750000000 50000000 50000000 - 0 60 40 1 1 0 0
Northlane Northlane Capital Partners II 5 2014 2 BO 2019 BO 21 375000000 Voting 60000000 60000000 - 0 100 0 3 0 0 0
BlackstoneBAAM Blackstone Strategic Capital Holdings II 29 1990 2 SS 2019 SS 07 4000000000 Voting 65000000 65000000 - 0 80 20 2 1 0 0
6000000000
5250000000
5000000000
3500000000
3000000000
3000000000
2800000000
2500000000
2200000000
2000000000
2000000000
1500000000
1500000000
1322000000
1115000000
1100000000
1001750000
1000000000
1000000000
964000000
895000000
867000000
750000000
750000000
700000000
640000000
615000000
601000000
535000000
500000000
500000000
450000000
309000000
300000000
280000000
246000000
240000000
200000000
Assumptions
TMRS (AUM) $ 27589122062 ltltltlt As of 12312018
PE Target () 500
PE Target ($) $ 1379456103
PE Commitments ($) $ 2280100000
PE NAV ($) $ 556735918 ltltltlt As of 12312018
PE NAV () 202
Un-Allocated () -6529
Instructions by Sheet Name
Notes Light blue-filled cells are hard-coded (not formula-driven)
The green-colored tabs are the only ones to be updated right now
The red-colored tab does not need to be updated (still under construction)
Portfolio
1) Input new Fund commitment into the next open row
2) Confirm and input the details for the row of the new Fund in columns A through G
3) Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I
4) Copy paste the formulas used in columns J and K for the row of the new Fund
Manager
1) If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated
2) Input the name of the Manager for the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Manager
4) Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option
Fund
1) Insert a row above the one beginning with UA (Un-Allocated)
2) Input the Short Name of the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Fund
4) Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option
Year of Commit Commitments of Commitments to Date of Target PE Allocation
2015 317000000 1390 2298
2016 394750000 1731 2862
2017 436750000 1915 3166
2018 481600000 2112 3491 ltltltTakes into account $75 mm of HIG SPF
Total 1630100000 7149 11817
CHECK CHECK CHECK
Geography of Commitments to Date of NAV to Date of Target PE Allocation
USA 780 822 1289
International 220 178 364
Un-Allocated -653
Total 1000 1000 1000
Strategy Commitments NAV of Commitments to Date of NAV to Date of Target PE Allocation
BO Buy-out (40 to 75) 1200350000 214575006 526 385 870
GE GrowthVenture (10 to 40) 606000000 214251758 266 385 439
SS Special Situations (5 to 35) 473750000 127909154 208 230 343
Un-Allocated -653
Total 2280100000 556735918 1000 1000 1000
Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1216 60 0
GrowthVenture 0 55 0 40 75
Special Situations 0 75 0 0 0
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1766 2366 2366
GrowthVenture 0 55 55 95 170
Special Situations 0 75 75 75 75
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Beg Year Q1 Q2 Q3 End Year
Buy-out 750 1500 600 00 00
GrowthVenture 00 833 00 00 00
Special Situations 00 00 650 00 00
Unallocated 4500 2167 917 917 917
Target 525 525 525 525 525
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 75 2250 2850 2850 2850
GrowthVenture 0 833 833 833 833
Special Situations 0 00 650 650 650
Unallocated 450 2167 917 917 917
Target 525 525 525 525 525
Short Name Commitments of Commitments to Date of Target PE Allocation
BO 01 58000000 254 420
BO 02 57000000 250 413
BO 03 55000000 241 399
BO 04 50000000 219 362
BO 05 50000000 219 362
BO 06 50000000 219 362
BO 07 50000000 219 362
BO 08 47000000 206 341
BO 09 45000000 197 326
BO 10 40000000 175 290
BO 11 35000000 154 254
BO 12 20000000 088 145
BO 13 14250000 062 103
BO 14 12500000 055 091
BO 15 46600000 204 338
BO 16 300000000 1316 2175
BO 17 60000000 263 435
BO 18 50000000 219 362
BO 19 50000000 219 362
BO 20 50000000 219 362
GE 01 70000000 307 507
GE 02 60000000 263 435
GE 03 125000000 548 906
GE 04 46000000 202 333
GE 05 45000000 197 326
GE 06 40000000 175 290
GE 07 30000000 132 217
GE 08 40000000 175 290
GE 09 50000000 219 362
GE 10 100000000 439 725
SS 01 75000000 329 544
SS 02 75000000 329 544
SS 03 65000000 285 471
SS 04 60000000 263 435
SS 05 50000000 219 362
SS 06 25000000 110 181
SS 07 105000000 461 761
SS 08 18750000 082 136
UA -6529
Total 2220100000 9737 9565
CHECK CHECK CHECK
Manager Strategy Commitment Portfolio Benchmark NAV Short Name Strategy (Abbrev) of Commitments to Date of Target PE Allocation
HIG SPF Buy-out $300000000 Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years $18727000 BO 1 BO 132 217
Tritium Buy-out $110000000 $58988138 BO 2 BO 48 80
Searchlight Buy-out $97000000 $33454296 BO 3 BO 43 70
Marlin Buy-out $71250000 $14717073 BO 4 BO 31 52
Altaris Buy-out $62500000 $15328169 BO 5 BO 27 45
Northlane Buy-out $60000000 BO 6 BO 26 43
Capital Partners Buy-out $58000000 $12317286 BO 7 BO 25 42
Providence Buy-out $55000000 $0 BO 8 BO 24 40
Dunes Point Buy-out $50000000 $0 BO 9 BO 22 36
GTCR Buy-out $50000000 $4985798 BO 10 BO 22 36
Reverence Buy-out $50000000 $0 BO 11 BO 22 36
Arcline Buy-out $50000000 $0 BO 12 BO 22 36
CapVest Buy-out $46600000 $0 BO 13 BO 20 34
One Rock Buy-out $45000000 $13180746 BO 14 BO 20 33
Incline Buy-out $40000000 $11611636 BO 15 BO 18 29
Kainos Buy-out $35000000 $19539188 BO 16 BO 15 25
Harvest Buy-out $20000000 $11725676 BO 17 BO 09 14
PSG Venture Growth $180000000 $82125840 GE 1 GE 79 130
Foundry Venture Growth $175000000 $30834484 GE 2 GE 77 127
Updata Venture Growth $125000000 $46209141 GE 3 GE 55 91
Main Post Venture Growth $40000000 $0 GE 4 GE 18 29
FTV Venture Growth $46000000 $31248971 GE 5 GE 20 33
Mercato Venture Growth $40000000 $23833321 GE 6 GE 18 29
TSSP Special Situations $150000000 $49206694 SS 1 SS 66 109
BlackstoneGSO Special Situations $93750000 $37091463 SS 2 SS 41 68
BlackstoneBAAM Special Situations $65000000 SS 3 SS 29 47
Carlyle Special Situations $65000000 $24236270 SS 4 SS 29 47
HIG Special Situations $60000000 $17374728 SS 5 SS 26 43
LightBay Special Situations $40000000 $0 SS 6 SS 18 29
Total $2280100000 $556735918 10000 16529
CHECK
Altaris
Arcline
BlackstoneGSO
Capital Partners
CapVest
Carlyle
Dunes Point
Foundry
FTV
GTCR
HIG
Harvest
Incline
Kainos
LightBay
Main Post
Marlin
Mercato
One Rock
Providence
Reverence
Searchlight
Tritium
TSSP
Updata
Manager Fund Firm Age Year of Commitment Year Founded Fund Type Year of Commitment Vintage Year Report Name Short Name Fund Size LPAC Seat Approved ($) Commitment ($) State Street NAV ($) US Fund Div ( of Fund) Intl Fund Div ( of Fund) US Fund Div ( of Total Commits) Intl Fund Div ( of Total Commits) US Fund Div ( of Total NAV Intl Fund Div ( of Total NAV
Carlyle Carlyle Energy Mezzanine Opportunities Fund II 5 2010 2 SS 2015 2015 Special Situations Manager 3 SS 03 2819243965 Voting 65000000 65000000 2423627012 75 25 2 1 3 1
HIG HIG Bayside Loan Opportunity Fund IV 22 1993 4 SS 2015 2015 Special Situations Manager 4 SS 04 1100000000 60000000 60000000 1737472771 75 25 2 1 2 1
Harvest Harvest Partners VII 34 1981 7 BO 2015 2016 Buy-out Manager 12 BO 12 2200000000 50000000 20000000 1172567574 80 20 1 0 2 0
Searchlight Searchlight Capital II 5 2010 2 BO 2015 2015 Buy-out Manager 8 BO 08 1939000000 50000000 47000000 3345429620 60 40 1 1 4 2
Tritium Tritium I 2 2013 1 BO 2015 2014 Buy-out Manager 4 BO 04 309000000 Voting 50000000 50000000 5898813765 85 15 2 0 9 2
TSSP TSSP Adjacent Opportunities Partners (B) 6 2009 3 SS 2015 2014 Special Situations Manager 1 SS 01 3500000000 75000000 75000000 4920669401 60 40 2 1 5 4
BlackstoneGSO GSO Capital Opportunities Fund III 11 2005 3 SS 2016 2016 Special Situations Manager 2 SS 02 6000000000 75000000 75000000 32285251 80 20 3 1 5 1
BlackstoneGSO GSO COF III - Co-Investment 11 2005 3 SS 2016 2016 Special Situations Manager 8 SS 08 2000000000 18750000 18750000 4806212 80 20 1 0 1 0
Foundry Foundry Group Next Fund 9 2007 4 GE 2016 2016 GrowthVenture Manager 7 GE 07 500000000 35000000 30000000 2644022252 100 0 1 0 5 0
FTV FTV V 18 1998 5 GE 2016 2017 GrowthVenture Manager 4 GE 04 867000000 Voting 50000000 46000000 3124897116 75 25 2 1 4 1
Incline Incline Equity Partners IV 5 2011 4 BO 2016 2017 Buy-out Manager 10 BO 10 601000000 50000000 40000000 1161163584 80 20 1 0 2 0
Kainos Kainos Capital Partners II 4 2012 2 BO 2016 2016 Buy-out Manager 11 BO 11 895000000 Observer 50000000 35000000 1953918849 75 25 1 0 3 1
Mercato Mercato Partners Growth III 9 2007 3 GE 2016 2015 GrowthVenture Manager 6 GE 06 246000000 Voting 40000000 40000000 2383332060 100 0 2 0 4 0
PSG Providence Strategic Growth II 3 2013 2 GE 2016 2016 GrowthVenture Manager 2 GE 02 640000000 Voting 60000000 60000000 6665235799 100 0 3 0 12 0
Updata Updata Partners V 18 1998 5 GE 2016 2014 GrowthVenture Manager 3 GE 03 280000000 Voting 50000000 50000000 4620914142 90 10 2 0 7 1
Altaris Altaris Constellation IV 14 2003 4 BO 2017 2018 Buy-out Manager 14 BO 14 240000000 12500000 12500000 4140390 75 25 0 0 1 0
Altaris Altaris Health Partners IV 14 2003 4 BO 2017 2018 Buy-out Manager 5 BO 05 1000000000 50000000 50000000 11187778 75 25 2 1 2 1
Capital Partners Capital Partners II 13 2004 2 BO 2017 2018 Buy-out Manager 1 BO 01 500000000 Voting 70000000 58000000 12317286 100 0 3 0 2 0
Dunes Point Dunes Point Capital Fund II 4 2013 2 BO 2017 2018 Buy-out Manager 7 BO 07 535000000 Voting 50000000 50000000 - 0 80 20 2 0 0 0
GTCR GTCR XII 37 1980 12 BO 2017 2018 Buy-out Manager 6 BO 06 5250000000 75000000 50000000 498579807 75 25 2 1 1 0
LightBay LightBay Investment Partners I 0 2017 1 SS 2017 2018 Special Situations Manager 7 SS 07 615000000 Voting 50000000 40000000 - 0 80 20 1 0 0 0
Marlin Marlin Equity V 12 2005 5 BO 2017 2018 Buy-out Manager 2 BO 02 2500000000 60000000 57000000 946658473 80 20 2 0 1 0
Marlin Marlin Heritage II 12 2005 2 BO 2017 2017 Buy-out Manager 13 BO 13 750000000 15000000 14250000 525048862 75 25 0 0 1 0
One Rock One Rock Capital Partners II 7 2010 2 BO 2017 2017 Buy-out Manager 9 BO 09 964000000 50000000 45000000 1318074623 90 10 2 0 2 0
PSG Providence Strategic Growth III 4 2013 3 GE 2017 2018 GrowthVenture Manager 1 GE 01 1322000000 Voting 70000000 70000000 1547348223 100 0 3 0 3 0
CapVest CapVest Equity Partners IV 19 1999 4 BO 2018 2018 Buy-out Manager 15 BO 15 1001750000 53000000 46600000 - 0 0 100 0 2 0 0
Foundry Foundry Group Next 2018 11 2007 5 GE 2018 2018 GrowthVenture Manager 5 GE 05 750000000 45000000 45000000 439426166 90 10 2 0 1 0
HIG SPF HIG Strategic Partners Fund 25 1993 NA BO 2018 2018 Buy-out Manager 16 BO 16 1115000000 300000000 300000000 1872700007 60 40 8 5 2 1
Main Post Main Post II 4 2014 2 GE 2018 2019 GrowthVenture Manager 8 GE 08 700000000 Voting 50000000 40000000 - 0 100 0 2 0 0 0
Providence Providence Equity Partners VIII 29 1989 8 BO 2018 2017 Buy-out Manager 3 BO 03 5000000000 55000000 55000000 - 0 60 40 1 1 0 0
Tritium Tritium II 5 2013 2 BO 2018 2019 Buy-out Manager 17 BO 17 450000000 Voting 60000000 60000000 - 0 85 15 2 0 0 0
TSSP TPG Opportunities Partners IV 9 2009 4 SS 2018 2018 Special Situations Manager 6 SS 06 3000000000 50000000 25000000 - 0 60 40 1 0 0 0
TSSP TSSP Adjacent Opportunities Partners (D) 9 2009 4 SS 2018 2018 Special Situations Manager 5 SS 05 3000000000 50000000 50000000 - 0 60 40 1 1 0 0
Updata Updata Partners VI 20 1998 6 GE 2018 2014 GrowthVenture Manager 3 GE 03 300000000 Voting 75000000 75000000 - 0 90 10 3 0 0 0
PSG Providence Strategic Growth IV 6 2013 4 GE 2019 GE 09 2000000000 Voting 50000000 50000000 - 0 100 0 2 0 0 0
Foundry FGN 2018 Partner Fund 12 2007 6 GE 2019 GE 10 200000000 100000000 100000000 - 0 90 10 4 0 0 0
Reverence Reverence Capital Partners II 6 2013 2 BO 2019 BO 18 1000000000 Voting 50000000 50000000 - 0 90 10 2 0 0 0
Arcline Arcline Capital Partners 1 2018 1 BO 2019 BO 19 1500000000 50000000 50000000 - 0 90 10 2 0 0 0
Searchlight Searchlight Capital III 9 2010 3 BO 2019 2015 Buy-out Manager 8 BO 20 2750000000 50000000 50000000 - 0 60 40 1 1 0 0
Northlane Northlane Capital Partners II 5 2014 2 BO 2019 BO 21 375000000 Voting 60000000 60000000 - 0 100 0 3 0 0 0
BlackstoneBAAM Blackstone Strategic Capital Holdings II 29 1990 2 SS 2019 SS 07 4000000000 Voting 65000000 65000000 - 0 80 20 2 1 0 0
6000000000
5250000000
5000000000
3500000000
3000000000
3000000000
2800000000
2500000000
2200000000
2000000000
2000000000
1500000000
1500000000
1322000000
1115000000
1100000000
1001750000
1000000000
1000000000
964000000
895000000
867000000
750000000
750000000
700000000
640000000
615000000
601000000
535000000
500000000
500000000
450000000
309000000
300000000
280000000
246000000
240000000
200000000
Assumptions
TMRS (AUM) $ 27589122062 ltltltlt As of 12312018
PE Target () 500
PE Target ($) $ 1379456103
PE Commitments ($) $ 2280100000
PE NAV ($) $ 556735918 ltltltlt As of 12312018
PE NAV () 202
Un-Allocated () -6529
Instructions by Sheet Name
Notes Light blue-filled cells are hard-coded (not formula-driven)
The green-colored tabs are the only ones to be updated right now
The red-colored tab does not need to be updated (still under construction)
Portfolio
1) Input new Fund commitment into the next open row
2) Confirm and input the details for the row of the new Fund in columns A through G
3) Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I
4) Copy paste the formulas used in columns J and K for the row of the new Fund
Manager
1) If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated
2) Input the name of the Manager for the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Manager
4) Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option
Fund
1) Insert a row above the one beginning with UA (Un-Allocated)
2) Input the Short Name of the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Fund
4) Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option
2017 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E
TMRS $ 2902900 $ 2919823 $ 3087217 $ 3267756 $ 3452622 $ 3642195 $ 3836795 $ 4036443 $ 4241598
Target PE NAV $ 145145 $ 145991 $ 154361 $ 163388 $ 172631 $ 182110 $ 191840 $ 201822 $ 212080
Distributions $ (2500) $ (7500) $ (12500) $ (20000) ($317) $ (39500) $ (55875) $ (70000) $ (78750)
Actual PE NAV $ 27150 $ 50000 $ 85155 $ 121441 $ 153869 $ 185360 $ 207001 $ 219790 $ 227778
Original Model $ 48953 $ 79299 $ 114980 $ 149403 $ 173865 18809585710464 19589592210062 19963999392119 20177719328292
Annual Commitment $317 $395 $447 $500 $525 $550 $575 $600 $635 $660 $675
308 342 340 337 333 329 331 327 318
Minus
PE of Plan 094 171 276 372 446 509 540 545 537
Plus 169 272 372 457 504 516 511 495 476
Target of Plan 5 5 5 5 5 5 5 5 5 5
PE 1270 (27816) (26088) (33449) (40730) (48008) (55583) (63050) (70395) (78032) (86213) (93803)
2017 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E
TMRS $ 2902900 $ 2758912 $ 2915445 $ 3084389 $ 3256878 $ 3433238 $ 3613733 $ 3798325 $ 3987407 $ 4181410 $ 4380356
Target PE NAV $ 145145 $ 137946 $ 145772 $ 154219 $ 162844 $ 171662 $ 180687 $ 189916 $ 199370 $ 209070 $ 219018
Distributions $ (2500) $ (7500) $ (12500) $ (20000) ($317) $ (39500) $ (55875) $ (70000) $ (78750) $ (78750) $ (78750)
Private Equity NAV $ 27150 $ 52500 $ 88130 $ 124558 $ 156255 $ 186019 $ 205151 $ 214646 $ 219075 $ 226354 $ 236280
Original Model $ 48953 $ 79299 $ 114980 $ 149403 $ 173865 18809585710464 19589592210062 19963999392119 20177719328292
Annual Commitment $317 $395 $447 $500 $525 $525 $525 $550 $600 $625 $650 $650 $650
308 362 360 340 322 320 332 329 326 311 297
Minus
PE of Plan 094 190 302 404 480 542 568 565 549 541 539
Plus 169 287 394 484 534 548 542 526 506
Target of Plan 5 5 5 5 5 5 5 5 5 5 5 5
PE 1300 (27816) (26088) (33449) (40730) (48008) (55583) (63050) (70395) (78032) (86213) (93803)
2017 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E
TMRS $ 2902900 $ 2880000 $ 2995200 $ 3115008 $ 3239608 $ 3369193 $ 3503960 $ 3644119 $ 3789884
Target PE NAV $ 145145 $ 144000 $ 149760 $ 155750 $ 161980 $ 168460 $ 175198 $ 182206 $ 189494
Distributions $ (2500) $ (7500) $ (12500) $ (20000) ($317) $ (39500) $ (55875) $ (70000) $ (78750)
Actual PE NAV $ 27150 $ 55047 $ 89632 $ 124514 $ 151718 $ 176598 $ 193241 $ 200031 $ 201110
Original Model $ 48953 $ 79299 $ 114980 $ 149403 $ 173865 18809585710464 19589592210062 19963999392119 20177719328292
Annual Commitment $317 $395 $447 $500 $525 $550 $575 $600 $635 $660 $675
308 347 351 353 355 356 362 362 356
Minus
PE of Plan 094 191 299 400 468 524 551 549 531
Plus 169 275 384 480 537 558 559 548 532
Target of Plan 5 5 5 5 5 5 5 5 5
PE 1050
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Beginning NAV 14609962 16305676 17992494 18571294 20490599 22468634 23727478 236518112346 250933184929355 265684014912086 280726295918652 296006880893161 31146271535345
Costs (other cash flow) 18114 4981 -3285 -16664 10734 8346
Actual Income 610171 494700 424402 341039 293242 304804
Actual Capital Gains 873137 1001628 10363 1522241 1681646 98054 16609
Actual Cash flow 194292 185509 14732 72689 -7587 -34846 -92276
Candace cash flow estimate -15499 -218716 -289139 -366844 -452463 -546679
Estimated Income 471582 534601 613836 704314 805849 896763
Estimated Capital Gains (Actuarial Return - Income) 1124916 1159198 1179531 1190588 1192197 1205610
Ending NAV 16305676 17992494 18571294 20490599 22468634 23727478 23651811 25093318 265684014912086 280726295918652 296006880893161 31146271535345 327019658639808
Yield 418 303 236 184 143 136 135 20 21 23 25 27 29
Allocation
Core 318 250 193 163 133 99
Liquid credit 66 80 100 110 125 149
Direct Lending 00 10 20 30 40 50
US Equity 267 250 230 205 185 175
Intl Equity 162 167 175 175 175 175
Real Return 41 65 75 90 100 100
Real Estate 62 75 85 95 100 100
HF 81 90 100 100 100 100
PE 00 10 20 30 40 50
Cash 03 03 02 02 02 02
1000 1000 1000 1000 1000 1000
Yield
Core 18 18 18 18 18 18
Liquid credit 45 45 45 45 45 45
Direct Lending 80 80 80 80 80 80
US Equity 20 20 20 20 20 20
Intl Equity 16 16 16 16 16 16
Real Return 05 15 25 35 45 50
Real Estate 50 50 50 50 50 50
HF 00 00 00 00 00 00
PE 00 00 00 00 00 00
Cash 03 03 03 03 03 03
SUMMED
Yield 0572400 05 03 03 02 02
Core 03 04 05 05 06 07
Liquid credit 00 01 02 02 03 04
Direct Lending 05 05 05 04 04 04
US Equity 03 03 03 03 03 03
Intl Equity 00 01 02 03 05 05
Real Return 03 04 04 05 05 05
Real Estate 00 00 00 00 00 00
HF 00 00 00 00 00 00
PE 00 00 00 00 00 00
Cash 00 00 00 00 00 00
TOTAL 20 21 23 25 27 29
2015 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E
TMRS $ 2365181 $ 2503739 $ 2656840 $ 2807263 $ 2960069 $ 3114627 $ 3270197 $ 3416053 $ 3567084 $ 3718115 $ 3869146
Target PE NAV $ 117986 $ 125187 $ 132842 $ 140363 $ 148003 $ 155731 $ 163510 $ 170803 $ 178354 $ 185906 $ 193457
Distributions $ - 0 $ (500) $ (2500) $ (7500) $ (12500) $ (20000) ($317) $ (45000) $ (56250) $ (63000) $ (67500)
Actual PE NAV $ 1739 $ 22500 $ 48953 $ 79299 $ 114980 $ 149403 $ 173865 $ 188096 $ 195896 $ 199640 $ 201777
Annual Commitment $317 $450 $450 $450 $450 $475 $475 $475 $500 $550 $600
Minus
Actual of Plan 007 090 184 282 388 480 532 551 549 537 522
Plus
Target of Plan 5 5 5 5 5 5 5 5 5 5 5
PE 1050
Page 3: Board Presentation • Private Equity Recommendation, June ... · Board Presentation • Private Equity Recommendation, June 20-21, 2019 Author: TMRS Subject: Board Presentation Private

Section I

3

4

Summary of Recommendation

Recommended ManagerFund Strategy Classification Target ReturnRecommended

Amount

Northlane Capital Partners II LP (ldquoNorthlane IIrdquo) Buy-Out 20 Net IRR $60 million

Total Approximate Recommended InvestmentsCommitments $60 million

Manager RecommendationExecutive Summary

Section II

5

$52500

$88130

$124558

$156255

$186019

$205151 $214646 $219075

$226354 $236280

$500 $525 $525 $525 $550 $600 $625 $650 $650 $650 0

2

4

6

8

10

12

14

16

$-

$200

$400

$600

$800

$1000

$1200

$1400

$1600

$1800

$2000

$2200

$2400

$2600

2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E

o

f Tot

al P

lan

Valu

e

Valu

e in

US$

(Mill

ions

)2018 Staff Pacing Model

Private Equity NAV Annual Commitment PE of Plan Target of Plan

6

Annual pacing plans are developed in the context of multiple year investment horizons This is necessary because private capital investments

deploy and return capital over time rather than all at once

Chart1

2018 Staff Pacing Model

Private Equity NAV2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E52588131245578999999999715625542699999994186018632509999912051510547362998821464569185201885219074631792781292263543339258428223628039733620235Annual Commitment2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E500525525525550600625650650650PE of Plan 2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E1902923909023305E-230228659416296488E-240383332851056143E-247977055046536397E-254181684662894122E-256769838241507123E-256510611085906756E-254941634339036198E-254133496602978719E-253940914226060045E-2Target of Plan2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E005005005005005005005005005005

Value in US$ (Millions)

of Total Plan Value

1H 2015

Staff Pacing Model

Actual PE NAV20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E173922548952499999999998792985124999999931149798563124999914940274122531248173865029053970281880958571046371619589592210062406199639993921189582017771932829145Annual Commitment20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E317450450450450475475475500550600Actual of Plan

20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E73525024479141545E-489865597013107194E-318425082900150446E-228247625410545363E-238843643082067419E-247968098221891305E-25316653738100563E-255062328145578938E-254917658487389574E-253693868450405698E-252150314794368831E-2Target of Plan005005005005005005005005005005005

Value in US$ (Millions)

of Total Plan Value

Sheet1

Beginning NAV200920102011201220132014201520162017201820192020202114609962163056759999999991799249399999999918571294000000002204905989999999982246863399999999823727477999999999236518112345999982509331849293549726568401491208642280726295918652292960068808931612931146271535344968Ending NAV16305675999999999179924939999999991857129400000000220490598999999998224686339999999982372747799999999923651811234599998250933184929354972656840149120864228072629591865229296006880893161293114627153534496832701965863980753

1H 2017

Staff Pacing Model

Actual PE NAV20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E173922548952499999999998792985124999999931149798563124999914940274122531248173865029053970281880958571046371619589592210062406199639993921189582017771932829145Annual Commitment20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E317450450450450475475475500550600Actual of Plan

20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E73525024479141545E-489865597013107194E-318425082900150446E-228247625410545363E-238843643082067419E-247968098221891305E-25316653738100563E-255062328145578938E-254917658487389574E-253693868450405698E-252150314794368831E-2Target of Plan005005005005005005005005005005005

Value in US$ (Millions)

of Total Plan Value

2017 Staff Pacing Model

Actual PE NAV20172018E2019E2020E2021E2022E2023E2024E2025E27155504674999999999789631658749999997124513982918751517179511252187517659833599336671193241161272670212000314832063005720110978894296213Annual Commitment20172018E2019E2020E2021E2022E2023E2024E2025E447500525550575600635660675PE of Plan 20172018E2019E2020E2021E2022E2023E2024E2025E93527162492679731E-319113454861111111E-229925099742922009E-239972283512193223E-246832189616434469E-252415624213890809E-255149357149883012E-254891592632390636E-253064899662175077E-2Original Model16863309104688414E-227534205729166664E-238388039634248125E-247962233556161804E-253668533933747355E-255828169086240366E-255907002943792104E-254784162191872952E-253241001206111943E-2Target of Plan20172018E2019E2020E2021E2022E2023E2024E2025E005005005005005005005005005

Value in US$ (Millions)

of Total Plan Value

1H 2018

2017 Staff Pacing Model

Actual PE NAV20172018E2019E2020E2021E2022E2023E2024E2025E27155504674999999999789631658749999997124513982918751517179511252187517659833599336671193241161272670212000314832063005720110978894296213Annual Commitment20172018E2019E2020E2021E2022E2023E2024E2025E447500525550575600635660675PE of Plan 20172018E2019E2020E2021E2022E2023E2024E2025E93527162492679731E-319113454861111111E-229925099742922009E-239972283512193223E-246832189616434469E-252415624213890809E-255149357149883012E-254891592632390636E-253064899662175077E-2Original Model16863309104688414E-227534205729166664E-238388039634248125E-247962233556161804E-253668533933747355E-255828169086240366E-255907002943792104E-254784162191872952E-253241001206111943E-2Target of Plan20172018E2019E2020E2021E2022E2023E2024E2025E005005005005005005005005005

Value in US$ (Millions)

of Total Plan Value

2018 Staff Pacing Model

Private Equity NAV2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E52588131245578999999999715625542699999994186018632509999912051510547362998821464569185201885219074631792781292263543339258428223628039733620235Annual Commitment2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E500525525525550600625650650650PE of Plan 2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E1902923909023305E-230228659416296488E-240383332851056143E-247977055046536397E-254181684662894122E-256769838241507123E-256510611085906756E-254941634339036198E-254133496602978719E-253940914226060045E-2Target of Plan2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E005005005005005005005005005005

Value in US$ (Millions)

of Total Plan Value

Sheet2

2018 Staff Pacing Model

Private Equity NAV20172018E2019E2020E2021E2022E2023E2024E2025E27155258813124557899999999971562554269999999418601863250999991205151054736299882146456918520188521907463179278129Annual Commitment20172018E2019E2020E2021E2022E2023E2024E2025E447500525525525550600625650PE of Plan 20172018E2019E2020E2021E2022E2023E2024E2025E93527162492679731E-31902923909023305E-230228659416296488E-240383332851056143E-247977055046536397E-254181684662894122E-256769838241507123E-256510611085906756E-254941634339036198E-2Original Model16863309104688414E-228742673406901599E-239438181279987182E-248438361820181644E-25338395107128014E-254786718290128177E-254208738161829868E-252560002282510392E-250603617044044313E-2Target of Plan20172018E2019E2020E2021E2022E2023E2024E2025E005005005005005005005005005005

Value in US$ (Millions)

of Total Plan Value

0

10

20

30

40

50

60

70

80

90

100

Beg Year Q1 Q2 Q3 End Year

o

f Pa

cing

Pla

n Ut

ilize

d

2019 Private Equity Pacing Plan Progress

Buy-out GrowthVenture Special Situations Unallocated

7

MarchSearchlight III ($50mm)

February PSG IV ($50mm)

FGN 2018 Partner ($33mm)Reverence II ($50mm)

Arcline I ($50mm)

Search processes are approved in annual amounts Progress will be made throughout the year as opposed to all at once

The 2019 Private Equity search process has

culminated in ~$368 million of

closed andor recommended

investments in line with the $525 mm

primary pacing model goal for the

year2018

HIG SPF ($75mm)

JuneNorthlane II ($60mm)

Chart1

2019 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629

of Pacing Plan Utilized

Instructions

Assumptions

Charts

Private Equity Geographic Diversification by Commitment

USA International077994934432700325022005065567299681

Private Equity Strategy Diversification by Commitment

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009

Private Equity Manager Diversification by Commitment

CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000

Private Equity Geographic Diversification by NAV

Geography

USA International082172551941443706017827448058556272

Private Equity Strategy Diversification by NAV

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444

Private Equity Manager Diversification by NAV

NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010

Portfolio

Manager

Fund

2019 Pacing

2019 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629

of Pacing Plan Utilized

2018 Pacing

2018 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977

of Pacing Plan Utilized

Strategy

Geography

Year

Section III

8

526

266

208

Private Equity Strategy Diversification by Commitment

Buy-out (40 to75)

GrowthVenture(10 to 40)

Special Situations(5 to 35)

9

Synthesize AnalysisDiversification Analysis

Strategy considerations

2015 Overweight special situations early for J-Curve mitigation efficiency of capital deployment and tactical opportunities

2016 Focus on growth opportunity set and continue to add buy-out exposure

2017 Round out buy-out portfolio and opportunistically add to growth and credit

2018 Steady state on pacing selectively adding new relationships and European exposure

2019 Steady state on pacing selectively adding new relationships and Venture and European exposure

Chart3

Private Equity Strategy Diversification by Commitment

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009

Instructions

Assumptions

Charts

Private Equity Geographic Diversification by Commitment

USA International077994934432700325022005065567299681

Private Equity Strategy Diversification by Commitment

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009

Private Equity Manager Diversification by Commitment

CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000

Private Equity Geographic Diversification by NAV

Geography

USA International082172551941443706017827448058556272

Private Equity Strategy Diversification by NAV

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444

Private Equity Manager Diversification by NAV

NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010

Portfolio

Manager

Fund

2019 Pacing

2019 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629

of Pacing Plan Utilized

2018 Pacing

2018 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977

of Pacing Plan Utilized

Strategy

Geography

Year

10

Synthesize AnalysisDiversification Analysis

The overall goal remains identifying top quartile performers to partner with

Position sizing considerations

Continue to reduce the unallocated portion of the private equity portfolio while sensibly balancing the trade-off between diversification and concentration

Areas of focus are enhancing manager diversification and building strategic relationships where possibleappropriate

Private Equity Manager Diversification by Commitment BO 1 BO 2

BO 3 BO 4BO 5 BO 6BO 7 BO 8BO 9 BO 10BO 11 BO 12BO 13 BO 14BO 15 BO 16BO 17 GE 1GE 2 GE 3GE 4 GE 5GE 6 SS 1SS 2 SS 3SS 4 SS 5SS 6

Chart2

Private Equity Manager Diversification by Commitment

CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000

Instructions

Assumptions

Charts

Private Equity Geographic Diversification by Commitment

USA International077994934432700325022005065567299681

Private Equity Strategy Diversification by Commitment

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009

Private Equity Manager Diversification by Commitment

CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000

Private Equity Geographic Diversification by NAV

Geography

USA International082172551941443706017827448058556272

Private Equity Strategy Diversification by NAV

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444

Private Equity Manager Diversification by NAV

NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010

Portfolio

Manager

Fund

2019 Pacing

2019 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629

of Pacing Plan Utilized

2018 Pacing

2018 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977

of Pacing Plan Utilized

Strategy

Geography

Year

11

Synthesize AnalysisDiversification Analysis

TMRS is focused on taking a measured approach to global geographic diversification

The Target Portfolio keeps a conservative stance on international exposure

780

220

Private Equity Geographic Diversification by Commitment

USA

International

Chart1

Private Equity Geographic Diversification by Commitment

USA International077994934432700325022005065567299681

Instructions

Assumptions

Charts

Private Equity Geographic Diversification by Commitment

USA International077994934432700325022005065567299681

Private Equity Strategy Diversification by Commitment

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009

Private Equity Manager Diversification by Commitment

CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000

Private Equity Geographic Diversification by NAV

Geography

USA International082172551941443706017827448058556272

Private Equity Strategy Diversification by NAV

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444

Private Equity Manager Diversification by NAV

NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010

Portfolio

Manager

Fund

2019 Pacing

2019 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629

of Pacing Plan Utilized

2018 Pacing

2018 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977

of Pacing Plan Utilized

Strategy

Geography

Year

Section IV

12

13

Top Candidate Characteristics ndash Northlane II $60 million Recommendation

Northlane Capital Partners

Date of First TMRS Meeting5102018

Dates of Subsequent Meetings892018312019

5162019

Dates of Diligence AdvancementlsquoBrsquo Rating ndash 312019

lsquoArsquo Rating ndash 5162019

Reference ChecksYes

Date of Consultant IDD ReportSeptember 2018

Date of Consultant Board MemoJune 2019

Legal Negotiation InitiatedMay 2019

Comparable Strategies Reviewed18 (Business Services Buy-Out)

16 (Healthcare Buy-Out)

Northlane Capital Partners LLC (ldquoNorthlanerdquo)is a Washington DC-based buyout firmfounded in 2017 that focuses on acquiringlower-middle market companies in thebusiness services and healthcare sectorsThese target companies will be profitablemarket leaders within their niches typicallygenerating up to $30 million of EBITDA whileproviding critical outsourced services to theircustomers Northlane Capital Partners II LP(Northlane II) is targeting $375 million tobuild a portfolio of 10 to 12 businessesrequiring equity investments of up to $75million continuing to employ the prior fundrsquosstrategy that was developed during thefoundersrsquo tenure at American Capital

Section V

14

15

Approval of Recommendation

TMRS Staff and StepStone Group recommend that the Board of Trusteesapprove the selection of the following fund

Recommendations

bull Northlane Capital Partners II LP $60 million

16

  • Private EquityRecommendation June 20-21 2019
  • Agenda
  • Executive Summary
  • Slide Number 4
  • Due diligence process review
  • Due Diligence ProcessesAs part of Multi-year time periods
  • Due Diligence ProcessesAs part of Annual Search Processes
  • Portfolio construction
  • Private Equity Portfolio StatisticsStrategy Diversification
  • Private Equity Portfolio StatisticsManager Implementation
  • Private Equity Portfolio StatisticsGeographic Diversification
  • Manager selection and recommendation
  • Slide Number 13
  • Requested board action
  • Slide Number 15
  • DISCLOSURES TMRS periodically discloses public information that is not excepted from disclosure under Section 5520225(b) of the Texas Public Information Act Information provided by a manager a Managing General Partner (GP) any of its Associates or other data provider to TMRS or a TMRS service provider and contained in these materials (i) may have been independently produced or modified by TMRS or the TMRS service provider (ii) has not been reviewed or approved by the manager Managing GP or any of its Associates and (iii) may not reflect the historical performance or asset value reflected in the managerrsquos Managing GPrsquos or any of its Associatesrsquo records and therefore should not be used for comparative purposes
Year of Commit Commitments of Commitments to Date of Target PE Allocation
2015 317000000 1390 2298
2016 394750000 1731 2862
2017 436750000 1915 3166
2018 481600000 2112 3491 ltltltTakes into account $75 mm of HIG SPF
Total 1630100000 7149 11817
CHECK CHECK CHECK
Geography of Commitments to Date of NAV to Date of Target PE Allocation
USA 780 822 1289
International 220 178 364
Un-Allocated -653
Total 1000 1000 1000
Strategy Commitments NAV of Commitments to Date of NAV to Date of Target PE Allocation
BO Buy-out (40 to 75) 1200350000 214575006 526 385 870
GE GrowthVenture (10 to 40) 606000000 214251758 266 385 439
SS Special Situations (5 to 35) 473750000 127909154 208 230 343
Un-Allocated -653
Total 2280100000 556735918 1000 1000 1000
Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1216 60 0
GrowthVenture 0 55 0 40 75
Special Situations 0 75 0 0 0
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1766 2366 2366
GrowthVenture 0 55 55 95 170
Special Situations 0 75 75 75 75
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Beg Year Q1 Q2 Q3 End Year
Buy-out 750 1500 600 00 00
GrowthVenture 00 833 00 00 00
Special Situations 00 00 650 00 00
Unallocated 4500 2167 917 917 917
Target 525 525 525 525 525
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 75 2250 2850 2850 2850
GrowthVenture 0 833 833 833 833
Special Situations 0 00 650 650 650
Unallocated 450 2167 917 917 917
Target 525 525 525 525 525
Short Name Commitments of Commitments to Date of Target PE Allocation
BO 01 58000000 254 420
BO 02 57000000 250 413
BO 03 55000000 241 399
BO 04 50000000 219 362
BO 05 50000000 219 362
BO 06 50000000 219 362
BO 07 50000000 219 362
BO 08 47000000 206 341
BO 09 45000000 197 326
BO 10 40000000 175 290
BO 11 35000000 154 254
BO 12 20000000 088 145
BO 13 14250000 062 103
BO 14 12500000 055 091
BO 15 46600000 204 338
BO 16 300000000 1316 2175
BO 17 60000000 263 435
BO 18 50000000 219 362
BO 19 50000000 219 362
BO 20 50000000 219 362
GE 01 70000000 307 507
GE 02 60000000 263 435
GE 03 125000000 548 906
GE 04 46000000 202 333
GE 05 45000000 197 326
GE 06 40000000 175 290
GE 07 30000000 132 217
GE 08 40000000 175 290
GE 09 50000000 219 362
GE 10 100000000 439 725
SS 01 75000000 329 544
SS 02 75000000 329 544
SS 03 65000000 285 471
SS 04 60000000 263 435
SS 05 50000000 219 362
SS 06 25000000 110 181
SS 07 105000000 461 761
SS 08 18750000 082 136
UA -6529
Total 2220100000 9737 9565
CHECK CHECK CHECK
Manager Strategy Commitment Portfolio Benchmark NAV Short Name Strategy (Abbrev) of Commitments to Date of Target PE Allocation
HIG SPF Buy-out $300000000 Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years $18727000 BO 1 BO 132 217
Tritium Buy-out $110000000 $58988138 BO 2 BO 48 80
Searchlight Buy-out $97000000 $33454296 BO 3 BO 43 70
Marlin Buy-out $71250000 $14717073 BO 4 BO 31 52
Altaris Buy-out $62500000 $15328169 BO 5 BO 27 45
Northlane Buy-out $60000000 BO 6 BO 26 43
Capital Partners Buy-out $58000000 $12317286 BO 7 BO 25 42
Providence Buy-out $55000000 $0 BO 8 BO 24 40
Dunes Point Buy-out $50000000 $0 BO 9 BO 22 36
GTCR Buy-out $50000000 $4985798 BO 10 BO 22 36
Reverence Buy-out $50000000 $0 BO 11 BO 22 36
Arcline Buy-out $50000000 $0 BO 12 BO 22 36
CapVest Buy-out $46600000 $0 BO 13 BO 20 34
One Rock Buy-out $45000000 $13180746 BO 14 BO 20 33
Incline Buy-out $40000000 $11611636 BO 15 BO 18 29
Kainos Buy-out $35000000 $19539188 BO 16 BO 15 25
Harvest Buy-out $20000000 $11725676 BO 17 BO 09 14
PSG Venture Growth $180000000 $82125840 GE 1 GE 79 130
Foundry Venture Growth $175000000 $30834484 GE 2 GE 77 127
Updata Venture Growth $125000000 $46209141 GE 3 GE 55 91
Main Post Venture Growth $40000000 $0 GE 4 GE 18 29
FTV Venture Growth $46000000 $31248971 GE 5 GE 20 33
Mercato Venture Growth $40000000 $23833321 GE 6 GE 18 29
TSSP Special Situations $150000000 $49206694 SS 1 SS 66 109
BlackstoneGSO Special Situations $93750000 $37091463 SS 2 SS 41 68
BlackstoneBAAM Special Situations $65000000 SS 3 SS 29 47
Carlyle Special Situations $65000000 $24236270 SS 4 SS 29 47
HIG Special Situations $60000000 $17374728 SS 5 SS 26 43
LightBay Special Situations $40000000 $0 SS 6 SS 18 29
Total $2280100000 $556735918 10000 16529
CHECK
Altaris
Arcline
BlackstoneGSO
Capital Partners
CapVest
Carlyle
Dunes Point
Foundry
FTV
GTCR
HIG
Harvest
Incline
Kainos
LightBay
Main Post
Marlin
Mercato
One Rock
Providence
Reverence
Searchlight
Tritium
TSSP
Updata
Manager Fund Firm Age Year of Commitment Year Founded Fund Type Year of Commitment Vintage Year Report Name Short Name Fund Size LPAC Seat Approved ($) Commitment ($) State Street NAV ($) US Fund Div ( of Fund) Intl Fund Div ( of Fund) US Fund Div ( of Total Commits) Intl Fund Div ( of Total Commits) US Fund Div ( of Total NAV Intl Fund Div ( of Total NAV
Carlyle Carlyle Energy Mezzanine Opportunities Fund II 5 2010 2 SS 2015 2015 Special Situations Manager 3 SS 03 2819243965 Voting 65000000 65000000 2423627012 75 25 2 1 3 1
HIG HIG Bayside Loan Opportunity Fund IV 22 1993 4 SS 2015 2015 Special Situations Manager 4 SS 04 1100000000 60000000 60000000 1737472771 75 25 2 1 2 1
Harvest Harvest Partners VII 34 1981 7 BO 2015 2016 Buy-out Manager 12 BO 12 2200000000 50000000 20000000 1172567574 80 20 1 0 2 0
Searchlight Searchlight Capital II 5 2010 2 BO 2015 2015 Buy-out Manager 8 BO 08 1939000000 50000000 47000000 3345429620 60 40 1 1 4 2
Tritium Tritium I 2 2013 1 BO 2015 2014 Buy-out Manager 4 BO 04 309000000 Voting 50000000 50000000 5898813765 85 15 2 0 9 2
TSSP TSSP Adjacent Opportunities Partners (B) 6 2009 3 SS 2015 2014 Special Situations Manager 1 SS 01 3500000000 75000000 75000000 4920669401 60 40 2 1 5 4
BlackstoneGSO GSO Capital Opportunities Fund III 11 2005 3 SS 2016 2016 Special Situations Manager 2 SS 02 6000000000 75000000 75000000 32285251 80 20 3 1 5 1
BlackstoneGSO GSO COF III - Co-Investment 11 2005 3 SS 2016 2016 Special Situations Manager 8 SS 08 2000000000 18750000 18750000 4806212 80 20 1 0 1 0
Foundry Foundry Group Next Fund 9 2007 4 GE 2016 2016 GrowthVenture Manager 7 GE 07 500000000 35000000 30000000 2644022252 100 0 1 0 5 0
FTV FTV V 18 1998 5 GE 2016 2017 GrowthVenture Manager 4 GE 04 867000000 Voting 50000000 46000000 3124897116 75 25 2 1 4 1
Incline Incline Equity Partners IV 5 2011 4 BO 2016 2017 Buy-out Manager 10 BO 10 601000000 50000000 40000000 1161163584 80 20 1 0 2 0
Kainos Kainos Capital Partners II 4 2012 2 BO 2016 2016 Buy-out Manager 11 BO 11 895000000 Observer 50000000 35000000 1953918849 75 25 1 0 3 1
Mercato Mercato Partners Growth III 9 2007 3 GE 2016 2015 GrowthVenture Manager 6 GE 06 246000000 Voting 40000000 40000000 2383332060 100 0 2 0 4 0
PSG Providence Strategic Growth II 3 2013 2 GE 2016 2016 GrowthVenture Manager 2 GE 02 640000000 Voting 60000000 60000000 6665235799 100 0 3 0 12 0
Updata Updata Partners V 18 1998 5 GE 2016 2014 GrowthVenture Manager 3 GE 03 280000000 Voting 50000000 50000000 4620914142 90 10 2 0 7 1
Altaris Altaris Constellation IV 14 2003 4 BO 2017 2018 Buy-out Manager 14 BO 14 240000000 12500000 12500000 4140390 75 25 0 0 1 0
Altaris Altaris Health Partners IV 14 2003 4 BO 2017 2018 Buy-out Manager 5 BO 05 1000000000 50000000 50000000 11187778 75 25 2 1 2 1
Capital Partners Capital Partners II 13 2004 2 BO 2017 2018 Buy-out Manager 1 BO 01 500000000 Voting 70000000 58000000 12317286 100 0 3 0 2 0
Dunes Point Dunes Point Capital Fund II 4 2013 2 BO 2017 2018 Buy-out Manager 7 BO 07 535000000 Voting 50000000 50000000 - 0 80 20 2 0 0 0
GTCR GTCR XII 37 1980 12 BO 2017 2018 Buy-out Manager 6 BO 06 5250000000 75000000 50000000 498579807 75 25 2 1 1 0
LightBay LightBay Investment Partners I 0 2017 1 SS 2017 2018 Special Situations Manager 7 SS 07 615000000 Voting 50000000 40000000 - 0 80 20 1 0 0 0
Marlin Marlin Equity V 12 2005 5 BO 2017 2018 Buy-out Manager 2 BO 02 2500000000 60000000 57000000 946658473 80 20 2 0 1 0
Marlin Marlin Heritage II 12 2005 2 BO 2017 2017 Buy-out Manager 13 BO 13 750000000 15000000 14250000 525048862 75 25 0 0 1 0
One Rock One Rock Capital Partners II 7 2010 2 BO 2017 2017 Buy-out Manager 9 BO 09 964000000 50000000 45000000 1318074623 90 10 2 0 2 0
PSG Providence Strategic Growth III 4 2013 3 GE 2017 2018 GrowthVenture Manager 1 GE 01 1322000000 Voting 70000000 70000000 1547348223 100 0 3 0 3 0
CapVest CapVest Equity Partners IV 19 1999 4 BO 2018 2018 Buy-out Manager 15 BO 15 1001750000 53000000 46600000 - 0 0 100 0 2 0 0
Foundry Foundry Group Next 2018 11 2007 5 GE 2018 2018 GrowthVenture Manager 5 GE 05 750000000 45000000 45000000 439426166 90 10 2 0 1 0
HIG SPF HIG Strategic Partners Fund 25 1993 NA BO 2018 2018 Buy-out Manager 16 BO 16 1115000000 300000000 300000000 1872700007 60 40 8 5 2 1
Main Post Main Post II 4 2014 2 GE 2018 2019 GrowthVenture Manager 8 GE 08 700000000 Voting 50000000 40000000 - 0 100 0 2 0 0 0
Providence Providence Equity Partners VIII 29 1989 8 BO 2018 2017 Buy-out Manager 3 BO 03 5000000000 55000000 55000000 - 0 60 40 1 1 0 0
Tritium Tritium II 5 2013 2 BO 2018 2019 Buy-out Manager 17 BO 17 450000000 Voting 60000000 60000000 - 0 85 15 2 0 0 0
TSSP TPG Opportunities Partners IV 9 2009 4 SS 2018 2018 Special Situations Manager 6 SS 06 3000000000 50000000 25000000 - 0 60 40 1 0 0 0
TSSP TSSP Adjacent Opportunities Partners (D) 9 2009 4 SS 2018 2018 Special Situations Manager 5 SS 05 3000000000 50000000 50000000 - 0 60 40 1 1 0 0
Updata Updata Partners VI 20 1998 6 GE 2018 2014 GrowthVenture Manager 3 GE 03 300000000 Voting 75000000 75000000 - 0 90 10 3 0 0 0
PSG Providence Strategic Growth IV 6 2013 4 GE 2019 GE 09 2000000000 Voting 50000000 50000000 - 0 100 0 2 0 0 0
Foundry FGN 2018 Partner Fund 12 2007 6 GE 2019 GE 10 200000000 100000000 100000000 - 0 90 10 4 0 0 0
Reverence Reverence Capital Partners II 6 2013 2 BO 2019 BO 18 1000000000 Voting 50000000 50000000 - 0 90 10 2 0 0 0
Arcline Arcline Capital Partners 1 2018 1 BO 2019 BO 19 1500000000 50000000 50000000 - 0 90 10 2 0 0 0
Searchlight Searchlight Capital III 9 2010 3 BO 2019 2015 Buy-out Manager 8 BO 20 2750000000 50000000 50000000 - 0 60 40 1 1 0 0
Northlane Northlane Capital Partners II 5 2014 2 BO 2019 BO 21 375000000 Voting 60000000 60000000 - 0 100 0 3 0 0 0
BlackstoneBAAM Blackstone Strategic Capital Holdings II 29 1990 2 SS 2019 SS 07 4000000000 Voting 65000000 65000000 - 0 80 20 2 1 0 0
6000000000
5250000000
5000000000
3500000000
3000000000
3000000000
2800000000
2500000000
2200000000
2000000000
2000000000
1500000000
1500000000
1322000000
1115000000
1100000000
1001750000
1000000000
1000000000
964000000
895000000
867000000
750000000
750000000
700000000
640000000
615000000
601000000
535000000
500000000
500000000
450000000
309000000
300000000
280000000
246000000
240000000
200000000
Assumptions
TMRS (AUM) $ 27589122062 ltltltlt As of 12312018
PE Target () 500
PE Target ($) $ 1379456103
PE Commitments ($) $ 2280100000
PE NAV ($) $ 556735918 ltltltlt As of 12312018
PE NAV () 202
Un-Allocated () -6529
Instructions by Sheet Name
Notes Light blue-filled cells are hard-coded (not formula-driven)
The green-colored tabs are the only ones to be updated right now
The red-colored tab does not need to be updated (still under construction)
Portfolio
1) Input new Fund commitment into the next open row
2) Confirm and input the details for the row of the new Fund in columns A through G
3) Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I
4) Copy paste the formulas used in columns J and K for the row of the new Fund
Manager
1) If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated
2) Input the name of the Manager for the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Manager
4) Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option
Fund
1) Insert a row above the one beginning with UA (Un-Allocated)
2) Input the Short Name of the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Fund
4) Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option
Year of Commit Commitments of Commitments to Date of Target PE Allocation
2015 317000000 1390 2298
2016 394750000 1731 2862
2017 436750000 1915 3166
2018 481600000 2112 3491 ltltltTakes into account $75 mm of HIG SPF
Total 1630100000 7149 11817
CHECK CHECK CHECK
Geography of Commitments to Date of NAV to Date of Target PE Allocation
USA 780 822 1289
International 220 178 364
Un-Allocated -653
Total 1000 1000 1000
Strategy Commitments NAV of Commitments to Date of NAV to Date of Target PE Allocation
BO Buy-out (40 to 75) 1200350000 214575006 526 385 870
GE GrowthVenture (10 to 40) 606000000 214251758 266 385 439
SS Special Situations (5 to 35) 473750000 127909154 208 230 343
Un-Allocated -653
Total 2280100000 556735918 1000 1000 1000
Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1216 60 0
GrowthVenture 0 55 0 40 75
Special Situations 0 75 0 0 0
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1766 2366 2366
GrowthVenture 0 55 55 95 170
Special Situations 0 75 75 75 75
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Beg Year Q1 Q2 Q3 End Year
Buy-out 750 1500 600 00 00
GrowthVenture 00 833 00 00 00
Special Situations 00 00 650 00 00
Unallocated 4500 2167 917 917 917
Target 525 525 525 525 525
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 75 2250 2850 2850 2850
GrowthVenture 0 833 833 833 833
Special Situations 0 00 650 650 650
Unallocated 450 2167 917 917 917
Target 525 525 525 525 525
Short Name Commitments of Commitments to Date of Target PE Allocation
BO 01 58000000 254 420
BO 02 57000000 250 413
BO 03 55000000 241 399
BO 04 50000000 219 362
BO 05 50000000 219 362
BO 06 50000000 219 362
BO 07 50000000 219 362
BO 08 47000000 206 341
BO 09 45000000 197 326
BO 10 40000000 175 290
BO 11 35000000 154 254
BO 12 20000000 088 145
BO 13 14250000 062 103
BO 14 12500000 055 091
BO 15 46600000 204 338
BO 16 300000000 1316 2175
BO 17 60000000 263 435
BO 18 50000000 219 362
BO 19 50000000 219 362
BO 20 50000000 219 362
GE 01 70000000 307 507
GE 02 60000000 263 435
GE 03 125000000 548 906
GE 04 46000000 202 333
GE 05 45000000 197 326
GE 06 40000000 175 290
GE 07 30000000 132 217
GE 08 40000000 175 290
GE 09 50000000 219 362
GE 10 100000000 439 725
SS 01 75000000 329 544
SS 02 75000000 329 544
SS 03 65000000 285 471
SS 04 60000000 263 435
SS 05 50000000 219 362
SS 06 25000000 110 181
SS 07 105000000 461 761
SS 08 18750000 082 136
UA -6529
Total 2220100000 9737 9565
CHECK CHECK CHECK
Manager Strategy Commitment Portfolio Benchmark NAV Short Name Strategy (Abbrev) of Commitments to Date of Target PE Allocation
HIG SPF Buy-out $300000000 Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years $18727000 BO 1 BO 132 217
Tritium Buy-out $110000000 $58988138 BO 2 BO 48 80
Searchlight Buy-out $97000000 $33454296 BO 3 BO 43 70
Marlin Buy-out $71250000 $14717073 BO 4 BO 31 52
Altaris Buy-out $62500000 $15328169 BO 5 BO 27 45
Northlane Buy-out $60000000 BO 6 BO 26 43
Capital Partners Buy-out $58000000 $12317286 BO 7 BO 25 42
Providence Buy-out $55000000 $0 BO 8 BO 24 40
Dunes Point Buy-out $50000000 $0 BO 9 BO 22 36
GTCR Buy-out $50000000 $4985798 BO 10 BO 22 36
Reverence Buy-out $50000000 $0 BO 11 BO 22 36
Arcline Buy-out $50000000 $0 BO 12 BO 22 36
CapVest Buy-out $46600000 $0 BO 13 BO 20 34
One Rock Buy-out $45000000 $13180746 BO 14 BO 20 33
Incline Buy-out $40000000 $11611636 BO 15 BO 18 29
Kainos Buy-out $35000000 $19539188 BO 16 BO 15 25
Harvest Buy-out $20000000 $11725676 BO 17 BO 09 14
PSG Venture Growth $180000000 $82125840 GE 1 GE 79 130
Foundry Venture Growth $175000000 $30834484 GE 2 GE 77 127
Updata Venture Growth $125000000 $46209141 GE 3 GE 55 91
Main Post Venture Growth $40000000 $0 GE 4 GE 18 29
FTV Venture Growth $46000000 $31248971 GE 5 GE 20 33
Mercato Venture Growth $40000000 $23833321 GE 6 GE 18 29
TSSP Special Situations $150000000 $49206694 SS 1 SS 66 109
BlackstoneGSO Special Situations $93750000 $37091463 SS 2 SS 41 68
BlackstoneBAAM Special Situations $65000000 SS 3 SS 29 47
Carlyle Special Situations $65000000 $24236270 SS 4 SS 29 47
HIG Special Situations $60000000 $17374728 SS 5 SS 26 43
LightBay Special Situations $40000000 $0 SS 6 SS 18 29
Total $2280100000 $556735918 10000 16529
CHECK
Altaris
Arcline
BlackstoneGSO
Capital Partners
CapVest
Carlyle
Dunes Point
Foundry
FTV
GTCR
HIG
Harvest
Incline
Kainos
LightBay
Main Post
Marlin
Mercato
One Rock
Providence
Reverence
Searchlight
Tritium
TSSP
Updata
Manager Fund Firm Age Year of Commitment Year Founded Fund Type Year of Commitment Vintage Year Report Name Short Name Fund Size LPAC Seat Approved ($) Commitment ($) State Street NAV ($) US Fund Div ( of Fund) Intl Fund Div ( of Fund) US Fund Div ( of Total Commits) Intl Fund Div ( of Total Commits) US Fund Div ( of Total NAV Intl Fund Div ( of Total NAV
Carlyle Carlyle Energy Mezzanine Opportunities Fund II 5 2010 2 SS 2015 2015 Special Situations Manager 3 SS 03 2819243965 Voting 65000000 65000000 2423627012 75 25 2 1 3 1
HIG HIG Bayside Loan Opportunity Fund IV 22 1993 4 SS 2015 2015 Special Situations Manager 4 SS 04 1100000000 60000000 60000000 1737472771 75 25 2 1 2 1
Harvest Harvest Partners VII 34 1981 7 BO 2015 2016 Buy-out Manager 12 BO 12 2200000000 50000000 20000000 1172567574 80 20 1 0 2 0
Searchlight Searchlight Capital II 5 2010 2 BO 2015 2015 Buy-out Manager 8 BO 08 1939000000 50000000 47000000 3345429620 60 40 1 1 4 2
Tritium Tritium I 2 2013 1 BO 2015 2014 Buy-out Manager 4 BO 04 309000000 Voting 50000000 50000000 5898813765 85 15 2 0 9 2
TSSP TSSP Adjacent Opportunities Partners (B) 6 2009 3 SS 2015 2014 Special Situations Manager 1 SS 01 3500000000 75000000 75000000 4920669401 60 40 2 1 5 4
BlackstoneGSO GSO Capital Opportunities Fund III 11 2005 3 SS 2016 2016 Special Situations Manager 2 SS 02 6000000000 75000000 75000000 32285251 80 20 3 1 5 1
BlackstoneGSO GSO COF III - Co-Investment 11 2005 3 SS 2016 2016 Special Situations Manager 8 SS 08 2000000000 18750000 18750000 4806212 80 20 1 0 1 0
Foundry Foundry Group Next Fund 9 2007 4 GE 2016 2016 GrowthVenture Manager 7 GE 07 500000000 35000000 30000000 2644022252 100 0 1 0 5 0
FTV FTV V 18 1998 5 GE 2016 2017 GrowthVenture Manager 4 GE 04 867000000 Voting 50000000 46000000 3124897116 75 25 2 1 4 1
Incline Incline Equity Partners IV 5 2011 4 BO 2016 2017 Buy-out Manager 10 BO 10 601000000 50000000 40000000 1161163584 80 20 1 0 2 0
Kainos Kainos Capital Partners II 4 2012 2 BO 2016 2016 Buy-out Manager 11 BO 11 895000000 Observer 50000000 35000000 1953918849 75 25 1 0 3 1
Mercato Mercato Partners Growth III 9 2007 3 GE 2016 2015 GrowthVenture Manager 6 GE 06 246000000 Voting 40000000 40000000 2383332060 100 0 2 0 4 0
PSG Providence Strategic Growth II 3 2013 2 GE 2016 2016 GrowthVenture Manager 2 GE 02 640000000 Voting 60000000 60000000 6665235799 100 0 3 0 12 0
Updata Updata Partners V 18 1998 5 GE 2016 2014 GrowthVenture Manager 3 GE 03 280000000 Voting 50000000 50000000 4620914142 90 10 2 0 7 1
Altaris Altaris Constellation IV 14 2003 4 BO 2017 2018 Buy-out Manager 14 BO 14 240000000 12500000 12500000 4140390 75 25 0 0 1 0
Altaris Altaris Health Partners IV 14 2003 4 BO 2017 2018 Buy-out Manager 5 BO 05 1000000000 50000000 50000000 11187778 75 25 2 1 2 1
Capital Partners Capital Partners II 13 2004 2 BO 2017 2018 Buy-out Manager 1 BO 01 500000000 Voting 70000000 58000000 12317286 100 0 3 0 2 0
Dunes Point Dunes Point Capital Fund II 4 2013 2 BO 2017 2018 Buy-out Manager 7 BO 07 535000000 Voting 50000000 50000000 - 0 80 20 2 0 0 0
GTCR GTCR XII 37 1980 12 BO 2017 2018 Buy-out Manager 6 BO 06 5250000000 75000000 50000000 498579807 75 25 2 1 1 0
LightBay LightBay Investment Partners I 0 2017 1 SS 2017 2018 Special Situations Manager 7 SS 07 615000000 Voting 50000000 40000000 - 0 80 20 1 0 0 0
Marlin Marlin Equity V 12 2005 5 BO 2017 2018 Buy-out Manager 2 BO 02 2500000000 60000000 57000000 946658473 80 20 2 0 1 0
Marlin Marlin Heritage II 12 2005 2 BO 2017 2017 Buy-out Manager 13 BO 13 750000000 15000000 14250000 525048862 75 25 0 0 1 0
One Rock One Rock Capital Partners II 7 2010 2 BO 2017 2017 Buy-out Manager 9 BO 09 964000000 50000000 45000000 1318074623 90 10 2 0 2 0
PSG Providence Strategic Growth III 4 2013 3 GE 2017 2018 GrowthVenture Manager 1 GE 01 1322000000 Voting 70000000 70000000 1547348223 100 0 3 0 3 0
CapVest CapVest Equity Partners IV 19 1999 4 BO 2018 2018 Buy-out Manager 15 BO 15 1001750000 53000000 46600000 - 0 0 100 0 2 0 0
Foundry Foundry Group Next 2018 11 2007 5 GE 2018 2018 GrowthVenture Manager 5 GE 05 750000000 45000000 45000000 439426166 90 10 2 0 1 0
HIG SPF HIG Strategic Partners Fund 25 1993 NA BO 2018 2018 Buy-out Manager 16 BO 16 1115000000 300000000 300000000 1872700007 60 40 8 5 2 1
Main Post Main Post II 4 2014 2 GE 2018 2019 GrowthVenture Manager 8 GE 08 700000000 Voting 50000000 40000000 - 0 100 0 2 0 0 0
Providence Providence Equity Partners VIII 29 1989 8 BO 2018 2017 Buy-out Manager 3 BO 03 5000000000 55000000 55000000 - 0 60 40 1 1 0 0
Tritium Tritium II 5 2013 2 BO 2018 2019 Buy-out Manager 17 BO 17 450000000 Voting 60000000 60000000 - 0 85 15 2 0 0 0
TSSP TPG Opportunities Partners IV 9 2009 4 SS 2018 2018 Special Situations Manager 6 SS 06 3000000000 50000000 25000000 - 0 60 40 1 0 0 0
TSSP TSSP Adjacent Opportunities Partners (D) 9 2009 4 SS 2018 2018 Special Situations Manager 5 SS 05 3000000000 50000000 50000000 - 0 60 40 1 1 0 0
Updata Updata Partners VI 20 1998 6 GE 2018 2014 GrowthVenture Manager 3 GE 03 300000000 Voting 75000000 75000000 - 0 90 10 3 0 0 0
PSG Providence Strategic Growth IV 6 2013 4 GE 2019 GE 09 2000000000 Voting 50000000 50000000 - 0 100 0 2 0 0 0
Foundry FGN 2018 Partner Fund 12 2007 6 GE 2019 GE 10 200000000 100000000 100000000 - 0 90 10 4 0 0 0
Reverence Reverence Capital Partners II 6 2013 2 BO 2019 BO 18 1000000000 Voting 50000000 50000000 - 0 90 10 2 0 0 0
Arcline Arcline Capital Partners 1 2018 1 BO 2019 BO 19 1500000000 50000000 50000000 - 0 90 10 2 0 0 0
Searchlight Searchlight Capital III 9 2010 3 BO 2019 2015 Buy-out Manager 8 BO 20 2750000000 50000000 50000000 - 0 60 40 1 1 0 0
Northlane Northlane Capital Partners II 5 2014 2 BO 2019 BO 21 375000000 Voting 60000000 60000000 - 0 100 0 3 0 0 0
BlackstoneBAAM Blackstone Strategic Capital Holdings II 29 1990 2 SS 2019 SS 07 4000000000 Voting 65000000 65000000 - 0 80 20 2 1 0 0
6000000000
5250000000
5000000000
3500000000
3000000000
3000000000
2800000000
2500000000
2200000000
2000000000
2000000000
1500000000
1500000000
1322000000
1115000000
1100000000
1001750000
1000000000
1000000000
964000000
895000000
867000000
750000000
750000000
700000000
640000000
615000000
601000000
535000000
500000000
500000000
450000000
309000000
300000000
280000000
246000000
240000000
200000000
Assumptions
TMRS (AUM) $ 27589122062 ltltltlt As of 12312018
PE Target () 500
PE Target ($) $ 1379456103
PE Commitments ($) $ 2280100000
PE NAV ($) $ 556735918 ltltltlt As of 12312018
PE NAV () 202
Un-Allocated () -6529
Instructions by Sheet Name
Notes Light blue-filled cells are hard-coded (not formula-driven)
The green-colored tabs are the only ones to be updated right now
The red-colored tab does not need to be updated (still under construction)
Portfolio
1) Input new Fund commitment into the next open row
2) Confirm and input the details for the row of the new Fund in columns A through G
3) Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I
4) Copy paste the formulas used in columns J and K for the row of the new Fund
Manager
1) If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated
2) Input the name of the Manager for the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Manager
4) Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option
Fund
1) Insert a row above the one beginning with UA (Un-Allocated)
2) Input the Short Name of the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Fund
4) Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option
Year of Commit Commitments of Commitments to Date of Target PE Allocation
2015 317000000 1390 2298
2016 394750000 1731 2862
2017 436750000 1915 3166
2018 481600000 2112 3491 ltltltTakes into account $75 mm of HIG SPF
Total 1630100000 7149 11817
CHECK CHECK CHECK
Geography of Commitments to Date of NAV to Date of Target PE Allocation
USA 780 822 1289
International 220 178 364
Un-Allocated -653
Total 1000 1000 1000
Strategy Commitments NAV of Commitments to Date of NAV to Date of Target PE Allocation
BO Buy-out (40 to 75) 1200350000 214575006 526 385 870
GE GrowthVenture (10 to 40) 606000000 214251758 266 385 439
SS Special Situations (5 to 35) 473750000 127909154 208 230 343
Un-Allocated -653
Total 2280100000 556735918 1000 1000 1000
Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1216 60 0
GrowthVenture 0 55 0 40 75
Special Situations 0 75 0 0 0
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1766 2366 2366
GrowthVenture 0 55 55 95 170
Special Situations 0 75 75 75 75
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Beg Year Q1 Q2 Q3 End Year
Buy-out 750 1500 600 00 00
GrowthVenture 00 833 00 00 00
Special Situations 00 00 650 00 00
Unallocated 4500 2167 917 917 917
Target 525 525 525 525 525
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 75 2250 2850 2850 2850
GrowthVenture 0 833 833 833 833
Special Situations 0 00 650 650 650
Unallocated 450 2167 917 917 917
Target 525 525 525 525 525
Short Name Commitments of Commitments to Date of Target PE Allocation
BO 01 58000000 254 420
BO 02 57000000 250 413
BO 03 55000000 241 399
BO 04 50000000 219 362
BO 05 50000000 219 362
BO 06 50000000 219 362
BO 07 50000000 219 362
BO 08 47000000 206 341
BO 09 45000000 197 326
BO 10 40000000 175 290
BO 11 35000000 154 254
BO 12 20000000 088 145
BO 13 14250000 062 103
BO 14 12500000 055 091
BO 15 46600000 204 338
BO 16 300000000 1316 2175
BO 17 60000000 263 435
BO 18 50000000 219 362
BO 19 50000000 219 362
BO 20 50000000 219 362
GE 01 70000000 307 507
GE 02 60000000 263 435
GE 03 125000000 548 906
GE 04 46000000 202 333
GE 05 45000000 197 326
GE 06 40000000 175 290
GE 07 30000000 132 217
GE 08 40000000 175 290
GE 09 50000000 219 362
GE 10 100000000 439 725
SS 01 75000000 329 544
SS 02 75000000 329 544
SS 03 65000000 285 471
SS 04 60000000 263 435
SS 05 50000000 219 362
SS 06 25000000 110 181
SS 07 105000000 461 761
SS 08 18750000 082 136
UA -6529
Total 2220100000 9737 9565
CHECK CHECK CHECK
Manager Strategy Commitment Portfolio Benchmark NAV Short Name Strategy (Abbrev) of Commitments to Date of Target PE Allocation
HIG SPF Buy-out $300000000 Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years $18727000 BO 1 BO 132 217
Tritium Buy-out $110000000 $58988138 BO 2 BO 48 80
Searchlight Buy-out $97000000 $33454296 BO 3 BO 43 70
Marlin Buy-out $71250000 $14717073 BO 4 BO 31 52
Altaris Buy-out $62500000 $15328169 BO 5 BO 27 45
Northlane Buy-out $60000000 BO 6 BO 26 43
Capital Partners Buy-out $58000000 $12317286 BO 7 BO 25 42
Providence Buy-out $55000000 $0 BO 8 BO 24 40
Dunes Point Buy-out $50000000 $0 BO 9 BO 22 36
GTCR Buy-out $50000000 $4985798 BO 10 BO 22 36
Reverence Buy-out $50000000 $0 BO 11 BO 22 36
Arcline Buy-out $50000000 $0 BO 12 BO 22 36
CapVest Buy-out $46600000 $0 BO 13 BO 20 34
One Rock Buy-out $45000000 $13180746 BO 14 BO 20 33
Incline Buy-out $40000000 $11611636 BO 15 BO 18 29
Kainos Buy-out $35000000 $19539188 BO 16 BO 15 25
Harvest Buy-out $20000000 $11725676 BO 17 BO 09 14
PSG Venture Growth $180000000 $82125840 GE 1 GE 79 130
Foundry Venture Growth $175000000 $30834484 GE 2 GE 77 127
Updata Venture Growth $125000000 $46209141 GE 3 GE 55 91
Main Post Venture Growth $40000000 $0 GE 4 GE 18 29
FTV Venture Growth $46000000 $31248971 GE 5 GE 20 33
Mercato Venture Growth $40000000 $23833321 GE 6 GE 18 29
TSSP Special Situations $150000000 $49206694 SS 1 SS 66 109
BlackstoneGSO Special Situations $93750000 $37091463 SS 2 SS 41 68
BlackstoneBAAM Special Situations $65000000 SS 3 SS 29 47
Carlyle Special Situations $65000000 $24236270 SS 4 SS 29 47
HIG Special Situations $60000000 $17374728 SS 5 SS 26 43
LightBay Special Situations $40000000 $0 SS 6 SS 18 29
Total $2280100000 $556735918 10000 16529
CHECK
Altaris
Arcline
BlackstoneGSO
Capital Partners
CapVest
Carlyle
Dunes Point
Foundry
FTV
GTCR
HIG
Harvest
Incline
Kainos
LightBay
Main Post
Marlin
Mercato
One Rock
Providence
Reverence
Searchlight
Tritium
TSSP
Updata
Manager Fund Firm Age Year of Commitment Year Founded Fund Type Year of Commitment Vintage Year Report Name Short Name Fund Size LPAC Seat Approved ($) Commitment ($) State Street NAV ($) US Fund Div ( of Fund) Intl Fund Div ( of Fund) US Fund Div ( of Total Commits) Intl Fund Div ( of Total Commits) US Fund Div ( of Total NAV Intl Fund Div ( of Total NAV
Carlyle Carlyle Energy Mezzanine Opportunities Fund II 5 2010 2 SS 2015 2015 Special Situations Manager 3 SS 03 2819243965 Voting 65000000 65000000 2423627012 75 25 2 1 3 1
HIG HIG Bayside Loan Opportunity Fund IV 22 1993 4 SS 2015 2015 Special Situations Manager 4 SS 04 1100000000 60000000 60000000 1737472771 75 25 2 1 2 1
Harvest Harvest Partners VII 34 1981 7 BO 2015 2016 Buy-out Manager 12 BO 12 2200000000 50000000 20000000 1172567574 80 20 1 0 2 0
Searchlight Searchlight Capital II 5 2010 2 BO 2015 2015 Buy-out Manager 8 BO 08 1939000000 50000000 47000000 3345429620 60 40 1 1 4 2
Tritium Tritium I 2 2013 1 BO 2015 2014 Buy-out Manager 4 BO 04 309000000 Voting 50000000 50000000 5898813765 85 15 2 0 9 2
TSSP TSSP Adjacent Opportunities Partners (B) 6 2009 3 SS 2015 2014 Special Situations Manager 1 SS 01 3500000000 75000000 75000000 4920669401 60 40 2 1 5 4
BlackstoneGSO GSO Capital Opportunities Fund III 11 2005 3 SS 2016 2016 Special Situations Manager 2 SS 02 6000000000 75000000 75000000 32285251 80 20 3 1 5 1
BlackstoneGSO GSO COF III - Co-Investment 11 2005 3 SS 2016 2016 Special Situations Manager 8 SS 08 2000000000 18750000 18750000 4806212 80 20 1 0 1 0
Foundry Foundry Group Next Fund 9 2007 4 GE 2016 2016 GrowthVenture Manager 7 GE 07 500000000 35000000 30000000 2644022252 100 0 1 0 5 0
FTV FTV V 18 1998 5 GE 2016 2017 GrowthVenture Manager 4 GE 04 867000000 Voting 50000000 46000000 3124897116 75 25 2 1 4 1
Incline Incline Equity Partners IV 5 2011 4 BO 2016 2017 Buy-out Manager 10 BO 10 601000000 50000000 40000000 1161163584 80 20 1 0 2 0
Kainos Kainos Capital Partners II 4 2012 2 BO 2016 2016 Buy-out Manager 11 BO 11 895000000 Observer 50000000 35000000 1953918849 75 25 1 0 3 1
Mercato Mercato Partners Growth III 9 2007 3 GE 2016 2015 GrowthVenture Manager 6 GE 06 246000000 Voting 40000000 40000000 2383332060 100 0 2 0 4 0
PSG Providence Strategic Growth II 3 2013 2 GE 2016 2016 GrowthVenture Manager 2 GE 02 640000000 Voting 60000000 60000000 6665235799 100 0 3 0 12 0
Updata Updata Partners V 18 1998 5 GE 2016 2014 GrowthVenture Manager 3 GE 03 280000000 Voting 50000000 50000000 4620914142 90 10 2 0 7 1
Altaris Altaris Constellation IV 14 2003 4 BO 2017 2018 Buy-out Manager 14 BO 14 240000000 12500000 12500000 4140390 75 25 0 0 1 0
Altaris Altaris Health Partners IV 14 2003 4 BO 2017 2018 Buy-out Manager 5 BO 05 1000000000 50000000 50000000 11187778 75 25 2 1 2 1
Capital Partners Capital Partners II 13 2004 2 BO 2017 2018 Buy-out Manager 1 BO 01 500000000 Voting 70000000 58000000 12317286 100 0 3 0 2 0
Dunes Point Dunes Point Capital Fund II 4 2013 2 BO 2017 2018 Buy-out Manager 7 BO 07 535000000 Voting 50000000 50000000 - 0 80 20 2 0 0 0
GTCR GTCR XII 37 1980 12 BO 2017 2018 Buy-out Manager 6 BO 06 5250000000 75000000 50000000 498579807 75 25 2 1 1 0
LightBay LightBay Investment Partners I 0 2017 1 SS 2017 2018 Special Situations Manager 7 SS 07 615000000 Voting 50000000 40000000 - 0 80 20 1 0 0 0
Marlin Marlin Equity V 12 2005 5 BO 2017 2018 Buy-out Manager 2 BO 02 2500000000 60000000 57000000 946658473 80 20 2 0 1 0
Marlin Marlin Heritage II 12 2005 2 BO 2017 2017 Buy-out Manager 13 BO 13 750000000 15000000 14250000 525048862 75 25 0 0 1 0
One Rock One Rock Capital Partners II 7 2010 2 BO 2017 2017 Buy-out Manager 9 BO 09 964000000 50000000 45000000 1318074623 90 10 2 0 2 0
PSG Providence Strategic Growth III 4 2013 3 GE 2017 2018 GrowthVenture Manager 1 GE 01 1322000000 Voting 70000000 70000000 1547348223 100 0 3 0 3 0
CapVest CapVest Equity Partners IV 19 1999 4 BO 2018 2018 Buy-out Manager 15 BO 15 1001750000 53000000 46600000 - 0 0 100 0 2 0 0
Foundry Foundry Group Next 2018 11 2007 5 GE 2018 2018 GrowthVenture Manager 5 GE 05 750000000 45000000 45000000 439426166 90 10 2 0 1 0
HIG SPF HIG Strategic Partners Fund 25 1993 NA BO 2018 2018 Buy-out Manager 16 BO 16 1115000000 300000000 300000000 1872700007 60 40 8 5 2 1
Main Post Main Post II 4 2014 2 GE 2018 2019 GrowthVenture Manager 8 GE 08 700000000 Voting 50000000 40000000 - 0 100 0 2 0 0 0
Providence Providence Equity Partners VIII 29 1989 8 BO 2018 2017 Buy-out Manager 3 BO 03 5000000000 55000000 55000000 - 0 60 40 1 1 0 0
Tritium Tritium II 5 2013 2 BO 2018 2019 Buy-out Manager 17 BO 17 450000000 Voting 60000000 60000000 - 0 85 15 2 0 0 0
TSSP TPG Opportunities Partners IV 9 2009 4 SS 2018 2018 Special Situations Manager 6 SS 06 3000000000 50000000 25000000 - 0 60 40 1 0 0 0
TSSP TSSP Adjacent Opportunities Partners (D) 9 2009 4 SS 2018 2018 Special Situations Manager 5 SS 05 3000000000 50000000 50000000 - 0 60 40 1 1 0 0
Updata Updata Partners VI 20 1998 6 GE 2018 2014 GrowthVenture Manager 3 GE 03 300000000 Voting 75000000 75000000 - 0 90 10 3 0 0 0
PSG Providence Strategic Growth IV 6 2013 4 GE 2019 GE 09 2000000000 Voting 50000000 50000000 - 0 100 0 2 0 0 0
Foundry FGN 2018 Partner Fund 12 2007 6 GE 2019 GE 10 200000000 100000000 100000000 - 0 90 10 4 0 0 0
Reverence Reverence Capital Partners II 6 2013 2 BO 2019 BO 18 1000000000 Voting 50000000 50000000 - 0 90 10 2 0 0 0
Arcline Arcline Capital Partners 1 2018 1 BO 2019 BO 19 1500000000 50000000 50000000 - 0 90 10 2 0 0 0
Searchlight Searchlight Capital III 9 2010 3 BO 2019 2015 Buy-out Manager 8 BO 20 2750000000 50000000 50000000 - 0 60 40 1 1 0 0
Northlane Northlane Capital Partners II 5 2014 2 BO 2019 BO 21 375000000 Voting 60000000 60000000 - 0 100 0 3 0 0 0
BlackstoneBAAM Blackstone Strategic Capital Holdings II 29 1990 2 SS 2019 SS 07 4000000000 Voting 65000000 65000000 - 0 80 20 2 1 0 0
6000000000
5250000000
5000000000
3500000000
3000000000
3000000000
2800000000
2500000000
2200000000
2000000000
2000000000
1500000000
1500000000
1322000000
1115000000
1100000000
1001750000
1000000000
1000000000
964000000
895000000
867000000
750000000
750000000
700000000
640000000
615000000
601000000
535000000
500000000
500000000
450000000
309000000
300000000
280000000
246000000
240000000
200000000
Assumptions
TMRS (AUM) $ 27589122062 ltltltlt As of 12312018
PE Target () 500
PE Target ($) $ 1379456103
PE Commitments ($) $ 2280100000
PE NAV ($) $ 556735918 ltltltlt As of 12312018
PE NAV () 202
Un-Allocated () -6529
Instructions by Sheet Name
Notes Light blue-filled cells are hard-coded (not formula-driven)
The green-colored tabs are the only ones to be updated right now
The red-colored tab does not need to be updated (still under construction)
Portfolio
1) Input new Fund commitment into the next open row
2) Confirm and input the details for the row of the new Fund in columns A through G
3) Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I
4) Copy paste the formulas used in columns J and K for the row of the new Fund
Manager
1) If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated
2) Input the name of the Manager for the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Manager
4) Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option
Fund
1) Insert a row above the one beginning with UA (Un-Allocated)
2) Input the Short Name of the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Fund
4) Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option
Year of Commit Commitments of Commitments to Date of Target PE Allocation
2015 317000000 1390 2298
2016 394750000 1731 2862
2017 436750000 1915 3166
2018 481600000 2112 3491 ltltltTakes into account $75 mm of HIG SPF
Total 1630100000 7149 11817
CHECK CHECK CHECK
Geography of Commitments to Date of NAV to Date of Target PE Allocation
USA 780 822 1289
International 220 178 364
Un-Allocated -653
Total 1000 1000 1000
Strategy Commitments NAV of Commitments to Date of NAV to Date of Target PE Allocation
BO Buy-out (40 to 75) 1200350000 214575006 526 385 870
GE GrowthVenture (10 to 40) 606000000 214251758 266 385 439
SS Special Situations (5 to 35) 473750000 127909154 208 230 343
Un-Allocated -653
Total 2280100000 556735918 1000 1000 1000
Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1216 60 0
GrowthVenture 0 55 0 40 75
Special Situations 0 75 0 0 0
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1766 2366 2366
GrowthVenture 0 55 55 95 170
Special Situations 0 75 75 75 75
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Beg Year Q1 Q2 Q3 End Year
Buy-out 750 1500 600 00 00
GrowthVenture 00 833 00 00 00
Special Situations 00 00 650 00 00
Unallocated 4500 2167 917 917 917
Target 525 525 525 525 525
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 75 2250 2850 2850 2850
GrowthVenture 0 833 833 833 833
Special Situations 0 00 650 650 650
Unallocated 450 2167 917 917 917
Target 525 525 525 525 525
Short Name Commitments of Commitments to Date of Target PE Allocation
BO 01 58000000 254 420
BO 02 57000000 250 413
BO 03 55000000 241 399
BO 04 50000000 219 362
BO 05 50000000 219 362
BO 06 50000000 219 362
BO 07 50000000 219 362
BO 08 47000000 206 341
BO 09 45000000 197 326
BO 10 40000000 175 290
BO 11 35000000 154 254
BO 12 20000000 088 145
BO 13 14250000 062 103
BO 14 12500000 055 091
BO 15 46600000 204 338
BO 16 300000000 1316 2175
BO 17 60000000 263 435
BO 18 50000000 219 362
BO 19 50000000 219 362
BO 20 50000000 219 362
GE 01 70000000 307 507
GE 02 60000000 263 435
GE 03 125000000 548 906
GE 04 46000000 202 333
GE 05 45000000 197 326
GE 06 40000000 175 290
GE 07 30000000 132 217
GE 08 40000000 175 290
GE 09 50000000 219 362
GE 10 100000000 439 725
SS 01 75000000 329 544
SS 02 75000000 329 544
SS 03 65000000 285 471
SS 04 60000000 263 435
SS 05 50000000 219 362
SS 06 25000000 110 181
SS 07 105000000 461 761
SS 08 18750000 082 136
UA -6529
Total 2220100000 9737 9565
CHECK CHECK CHECK
Manager Strategy Commitment Portfolio Benchmark NAV Short Name Strategy (Abbrev) of Commitments to Date of Target PE Allocation
HIG SPF Buy-out $300000000 Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years $18727000 BO 1 BO 132 217
Tritium Buy-out $110000000 $58988138 BO 2 BO 48 80
Searchlight Buy-out $97000000 $33454296 BO 3 BO 43 70
Marlin Buy-out $71250000 $14717073 BO 4 BO 31 52
Altaris Buy-out $62500000 $15328169 BO 5 BO 27 45
Northlane Buy-out $60000000 BO 6 BO 26 43
Capital Partners Buy-out $58000000 $12317286 BO 7 BO 25 42
Providence Buy-out $55000000 $0 BO 8 BO 24 40
Dunes Point Buy-out $50000000 $0 BO 9 BO 22 36
GTCR Buy-out $50000000 $4985798 BO 10 BO 22 36
Reverence Buy-out $50000000 $0 BO 11 BO 22 36
Arcline Buy-out $50000000 $0 BO 12 BO 22 36
CapVest Buy-out $46600000 $0 BO 13 BO 20 34
One Rock Buy-out $45000000 $13180746 BO 14 BO 20 33
Incline Buy-out $40000000 $11611636 BO 15 BO 18 29
Kainos Buy-out $35000000 $19539188 BO 16 BO 15 25
Harvest Buy-out $20000000 $11725676 BO 17 BO 09 14
PSG Venture Growth $180000000 $82125840 GE 1 GE 79 130
Foundry Venture Growth $175000000 $30834484 GE 2 GE 77 127
Updata Venture Growth $125000000 $46209141 GE 3 GE 55 91
Main Post Venture Growth $40000000 $0 GE 4 GE 18 29
FTV Venture Growth $46000000 $31248971 GE 5 GE 20 33
Mercato Venture Growth $40000000 $23833321 GE 6 GE 18 29
TSSP Special Situations $150000000 $49206694 SS 1 SS 66 109
BlackstoneGSO Special Situations $93750000 $37091463 SS 2 SS 41 68
BlackstoneBAAM Special Situations $65000000 SS 3 SS 29 47
Carlyle Special Situations $65000000 $24236270 SS 4 SS 29 47
HIG Special Situations $60000000 $17374728 SS 5 SS 26 43
LightBay Special Situations $40000000 $0 SS 6 SS 18 29
Total $2280100000 $556735918 10000 16529
CHECK
Altaris
Arcline
BlackstoneGSO
Capital Partners
CapVest
Carlyle
Dunes Point
Foundry
FTV
GTCR
HIG
Harvest
Incline
Kainos
LightBay
Main Post
Marlin
Mercato
One Rock
Providence
Reverence
Searchlight
Tritium
TSSP
Updata
Manager Fund Firm Age Year of Commitment Year Founded Fund Type Year of Commitment Vintage Year Report Name Short Name Fund Size LPAC Seat Approved ($) Commitment ($) State Street NAV ($) US Fund Div ( of Fund) Intl Fund Div ( of Fund) US Fund Div ( of Total Commits) Intl Fund Div ( of Total Commits) US Fund Div ( of Total NAV Intl Fund Div ( of Total NAV
Carlyle Carlyle Energy Mezzanine Opportunities Fund II 5 2010 2 SS 2015 2015 Special Situations Manager 3 SS 03 2819243965 Voting 65000000 65000000 2423627012 75 25 2 1 3 1
HIG HIG Bayside Loan Opportunity Fund IV 22 1993 4 SS 2015 2015 Special Situations Manager 4 SS 04 1100000000 60000000 60000000 1737472771 75 25 2 1 2 1
Harvest Harvest Partners VII 34 1981 7 BO 2015 2016 Buy-out Manager 12 BO 12 2200000000 50000000 20000000 1172567574 80 20 1 0 2 0
Searchlight Searchlight Capital II 5 2010 2 BO 2015 2015 Buy-out Manager 8 BO 08 1939000000 50000000 47000000 3345429620 60 40 1 1 4 2
Tritium Tritium I 2 2013 1 BO 2015 2014 Buy-out Manager 4 BO 04 309000000 Voting 50000000 50000000 5898813765 85 15 2 0 9 2
TSSP TSSP Adjacent Opportunities Partners (B) 6 2009 3 SS 2015 2014 Special Situations Manager 1 SS 01 3500000000 75000000 75000000 4920669401 60 40 2 1 5 4
BlackstoneGSO GSO Capital Opportunities Fund III 11 2005 3 SS 2016 2016 Special Situations Manager 2 SS 02 6000000000 75000000 75000000 32285251 80 20 3 1 5 1
BlackstoneGSO GSO COF III - Co-Investment 11 2005 3 SS 2016 2016 Special Situations Manager 8 SS 08 2000000000 18750000 18750000 4806212 80 20 1 0 1 0
Foundry Foundry Group Next Fund 9 2007 4 GE 2016 2016 GrowthVenture Manager 7 GE 07 500000000 35000000 30000000 2644022252 100 0 1 0 5 0
FTV FTV V 18 1998 5 GE 2016 2017 GrowthVenture Manager 4 GE 04 867000000 Voting 50000000 46000000 3124897116 75 25 2 1 4 1
Incline Incline Equity Partners IV 5 2011 4 BO 2016 2017 Buy-out Manager 10 BO 10 601000000 50000000 40000000 1161163584 80 20 1 0 2 0
Kainos Kainos Capital Partners II 4 2012 2 BO 2016 2016 Buy-out Manager 11 BO 11 895000000 Observer 50000000 35000000 1953918849 75 25 1 0 3 1
Mercato Mercato Partners Growth III 9 2007 3 GE 2016 2015 GrowthVenture Manager 6 GE 06 246000000 Voting 40000000 40000000 2383332060 100 0 2 0 4 0
PSG Providence Strategic Growth II 3 2013 2 GE 2016 2016 GrowthVenture Manager 2 GE 02 640000000 Voting 60000000 60000000 6665235799 100 0 3 0 12 0
Updata Updata Partners V 18 1998 5 GE 2016 2014 GrowthVenture Manager 3 GE 03 280000000 Voting 50000000 50000000 4620914142 90 10 2 0 7 1
Altaris Altaris Constellation IV 14 2003 4 BO 2017 2018 Buy-out Manager 14 BO 14 240000000 12500000 12500000 4140390 75 25 0 0 1 0
Altaris Altaris Health Partners IV 14 2003 4 BO 2017 2018 Buy-out Manager 5 BO 05 1000000000 50000000 50000000 11187778 75 25 2 1 2 1
Capital Partners Capital Partners II 13 2004 2 BO 2017 2018 Buy-out Manager 1 BO 01 500000000 Voting 70000000 58000000 12317286 100 0 3 0 2 0
Dunes Point Dunes Point Capital Fund II 4 2013 2 BO 2017 2018 Buy-out Manager 7 BO 07 535000000 Voting 50000000 50000000 - 0 80 20 2 0 0 0
GTCR GTCR XII 37 1980 12 BO 2017 2018 Buy-out Manager 6 BO 06 5250000000 75000000 50000000 498579807 75 25 2 1 1 0
LightBay LightBay Investment Partners I 0 2017 1 SS 2017 2018 Special Situations Manager 7 SS 07 615000000 Voting 50000000 40000000 - 0 80 20 1 0 0 0
Marlin Marlin Equity V 12 2005 5 BO 2017 2018 Buy-out Manager 2 BO 02 2500000000 60000000 57000000 946658473 80 20 2 0 1 0
Marlin Marlin Heritage II 12 2005 2 BO 2017 2017 Buy-out Manager 13 BO 13 750000000 15000000 14250000 525048862 75 25 0 0 1 0
One Rock One Rock Capital Partners II 7 2010 2 BO 2017 2017 Buy-out Manager 9 BO 09 964000000 50000000 45000000 1318074623 90 10 2 0 2 0
PSG Providence Strategic Growth III 4 2013 3 GE 2017 2018 GrowthVenture Manager 1 GE 01 1322000000 Voting 70000000 70000000 1547348223 100 0 3 0 3 0
CapVest CapVest Equity Partners IV 19 1999 4 BO 2018 2018 Buy-out Manager 15 BO 15 1001750000 53000000 46600000 - 0 0 100 0 2 0 0
Foundry Foundry Group Next 2018 11 2007 5 GE 2018 2018 GrowthVenture Manager 5 GE 05 750000000 45000000 45000000 439426166 90 10 2 0 1 0
HIG SPF HIG Strategic Partners Fund 25 1993 NA BO 2018 2018 Buy-out Manager 16 BO 16 1115000000 300000000 300000000 1872700007 60 40 8 5 2 1
Main Post Main Post II 4 2014 2 GE 2018 2019 GrowthVenture Manager 8 GE 08 700000000 Voting 50000000 40000000 - 0 100 0 2 0 0 0
Providence Providence Equity Partners VIII 29 1989 8 BO 2018 2017 Buy-out Manager 3 BO 03 5000000000 55000000 55000000 - 0 60 40 1 1 0 0
Tritium Tritium II 5 2013 2 BO 2018 2019 Buy-out Manager 17 BO 17 450000000 Voting 60000000 60000000 - 0 85 15 2 0 0 0
TSSP TPG Opportunities Partners IV 9 2009 4 SS 2018 2018 Special Situations Manager 6 SS 06 3000000000 50000000 25000000 - 0 60 40 1 0 0 0
TSSP TSSP Adjacent Opportunities Partners (D) 9 2009 4 SS 2018 2018 Special Situations Manager 5 SS 05 3000000000 50000000 50000000 - 0 60 40 1 1 0 0
Updata Updata Partners VI 20 1998 6 GE 2018 2014 GrowthVenture Manager 3 GE 03 300000000 Voting 75000000 75000000 - 0 90 10 3 0 0 0
PSG Providence Strategic Growth IV 6 2013 4 GE 2019 GE 09 2000000000 Voting 50000000 50000000 - 0 100 0 2 0 0 0
Foundry FGN 2018 Partner Fund 12 2007 6 GE 2019 GE 10 200000000 100000000 100000000 - 0 90 10 4 0 0 0
Reverence Reverence Capital Partners II 6 2013 2 BO 2019 BO 18 1000000000 Voting 50000000 50000000 - 0 90 10 2 0 0 0
Arcline Arcline Capital Partners 1 2018 1 BO 2019 BO 19 1500000000 50000000 50000000 - 0 90 10 2 0 0 0
Searchlight Searchlight Capital III 9 2010 3 BO 2019 2015 Buy-out Manager 8 BO 20 2750000000 50000000 50000000 - 0 60 40 1 1 0 0
Northlane Northlane Capital Partners II 5 2014 2 BO 2019 BO 21 375000000 Voting 60000000 60000000 - 0 100 0 3 0 0 0
BlackstoneBAAM Blackstone Strategic Capital Holdings II 29 1990 2 SS 2019 SS 07 4000000000 Voting 65000000 65000000 - 0 80 20 2 1 0 0
6000000000
5250000000
5000000000
3500000000
3000000000
3000000000
2800000000
2500000000
2200000000
2000000000
2000000000
1500000000
1500000000
1322000000
1115000000
1100000000
1001750000
1000000000
1000000000
964000000
895000000
867000000
750000000
750000000
700000000
640000000
615000000
601000000
535000000
500000000
500000000
450000000
309000000
300000000
280000000
246000000
240000000
200000000
Assumptions
TMRS (AUM) $ 27589122062 ltltltlt As of 12312018
PE Target () 500
PE Target ($) $ 1379456103
PE Commitments ($) $ 2280100000
PE NAV ($) $ 556735918 ltltltlt As of 12312018
PE NAV () 202
Un-Allocated () -6529
Instructions by Sheet Name
Notes Light blue-filled cells are hard-coded (not formula-driven)
The green-colored tabs are the only ones to be updated right now
The red-colored tab does not need to be updated (still under construction)
Portfolio
1) Input new Fund commitment into the next open row
2) Confirm and input the details for the row of the new Fund in columns A through G
3) Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I
4) Copy paste the formulas used in columns J and K for the row of the new Fund
Manager
1) If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated
2) Input the name of the Manager for the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Manager
4) Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option
Fund
1) Insert a row above the one beginning with UA (Un-Allocated)
2) Input the Short Name of the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Fund
4) Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option
2017 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E
TMRS $ 2902900 $ 2919823 $ 3087217 $ 3267756 $ 3452622 $ 3642195 $ 3836795 $ 4036443 $ 4241598
Target PE NAV $ 145145 $ 145991 $ 154361 $ 163388 $ 172631 $ 182110 $ 191840 $ 201822 $ 212080
Distributions $ (2500) $ (7500) $ (12500) $ (20000) ($317) $ (39500) $ (55875) $ (70000) $ (78750)
Actual PE NAV $ 27150 $ 50000 $ 85155 $ 121441 $ 153869 $ 185360 $ 207001 $ 219790 $ 227778
Original Model $ 48953 $ 79299 $ 114980 $ 149403 $ 173865 18809585710464 19589592210062 19963999392119 20177719328292
Annual Commitment $317 $395 $447 $500 $525 $550 $575 $600 $635 $660 $675
308 342 340 337 333 329 331 327 318
Minus
PE of Plan 094 171 276 372 446 509 540 545 537
Plus 169 272 372 457 504 516 511 495 476
Target of Plan 5 5 5 5 5 5 5 5 5 5
PE 1270 (27816) (26088) (33449) (40730) (48008) (55583) (63050) (70395) (78032) (86213) (93803)
2017 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E
TMRS $ 2902900 $ 2758912 $ 2915445 $ 3084389 $ 3256878 $ 3433238 $ 3613733 $ 3798325 $ 3987407 $ 4181410 $ 4380356
Target PE NAV $ 145145 $ 137946 $ 145772 $ 154219 $ 162844 $ 171662 $ 180687 $ 189916 $ 199370 $ 209070 $ 219018
Distributions $ (2500) $ (7500) $ (12500) $ (20000) ($317) $ (39500) $ (55875) $ (70000) $ (78750) $ (78750) $ (78750)
Private Equity NAV $ 27150 $ 52500 $ 88130 $ 124558 $ 156255 $ 186019 $ 205151 $ 214646 $ 219075 $ 226354 $ 236280
Original Model $ 48953 $ 79299 $ 114980 $ 149403 $ 173865 18809585710464 19589592210062 19963999392119 20177719328292
Annual Commitment $317 $395 $447 $500 $525 $525 $525 $550 $600 $625 $650 $650 $650
308 362 360 340 322 320 332 329 326 311 297
Minus
PE of Plan 094 190 302 404 480 542 568 565 549 541 539
Plus 169 287 394 484 534 548 542 526 506
Target of Plan 5 5 5 5 5 5 5 5 5 5 5 5
PE 1300 (27816) (26088) (33449) (40730) (48008) (55583) (63050) (70395) (78032) (86213) (93803)
2017 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E
TMRS $ 2902900 $ 2880000 $ 2995200 $ 3115008 $ 3239608 $ 3369193 $ 3503960 $ 3644119 $ 3789884
Target PE NAV $ 145145 $ 144000 $ 149760 $ 155750 $ 161980 $ 168460 $ 175198 $ 182206 $ 189494
Distributions $ (2500) $ (7500) $ (12500) $ (20000) ($317) $ (39500) $ (55875) $ (70000) $ (78750)
Actual PE NAV $ 27150 $ 55047 $ 89632 $ 124514 $ 151718 $ 176598 $ 193241 $ 200031 $ 201110
Original Model $ 48953 $ 79299 $ 114980 $ 149403 $ 173865 18809585710464 19589592210062 19963999392119 20177719328292
Annual Commitment $317 $395 $447 $500 $525 $550 $575 $600 $635 $660 $675
308 347 351 353 355 356 362 362 356
Minus
PE of Plan 094 191 299 400 468 524 551 549 531
Plus 169 275 384 480 537 558 559 548 532
Target of Plan 5 5 5 5 5 5 5 5 5
PE 1050
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Beginning NAV 14609962 16305676 17992494 18571294 20490599 22468634 23727478 236518112346 250933184929355 265684014912086 280726295918652 296006880893161 31146271535345
Costs (other cash flow) 18114 4981 -3285 -16664 10734 8346
Actual Income 610171 494700 424402 341039 293242 304804
Actual Capital Gains 873137 1001628 10363 1522241 1681646 98054 16609
Actual Cash flow 194292 185509 14732 72689 -7587 -34846 -92276
Candace cash flow estimate -15499 -218716 -289139 -366844 -452463 -546679
Estimated Income 471582 534601 613836 704314 805849 896763
Estimated Capital Gains (Actuarial Return - Income) 1124916 1159198 1179531 1190588 1192197 1205610
Ending NAV 16305676 17992494 18571294 20490599 22468634 23727478 23651811 25093318 265684014912086 280726295918652 296006880893161 31146271535345 327019658639808
Yield 418 303 236 184 143 136 135 20 21 23 25 27 29
Allocation
Core 318 250 193 163 133 99
Liquid credit 66 80 100 110 125 149
Direct Lending 00 10 20 30 40 50
US Equity 267 250 230 205 185 175
Intl Equity 162 167 175 175 175 175
Real Return 41 65 75 90 100 100
Real Estate 62 75 85 95 100 100
HF 81 90 100 100 100 100
PE 00 10 20 30 40 50
Cash 03 03 02 02 02 02
1000 1000 1000 1000 1000 1000
Yield
Core 18 18 18 18 18 18
Liquid credit 45 45 45 45 45 45
Direct Lending 80 80 80 80 80 80
US Equity 20 20 20 20 20 20
Intl Equity 16 16 16 16 16 16
Real Return 05 15 25 35 45 50
Real Estate 50 50 50 50 50 50
HF 00 00 00 00 00 00
PE 00 00 00 00 00 00
Cash 03 03 03 03 03 03
SUMMED
Yield 0572400 05 03 03 02 02
Core 03 04 05 05 06 07
Liquid credit 00 01 02 02 03 04
Direct Lending 05 05 05 04 04 04
US Equity 03 03 03 03 03 03
Intl Equity 00 01 02 03 05 05
Real Return 03 04 04 05 05 05
Real Estate 00 00 00 00 00 00
HF 00 00 00 00 00 00
PE 00 00 00 00 00 00
Cash 00 00 00 00 00 00
TOTAL 20 21 23 25 27 29
2015 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E
TMRS $ 2365181 $ 2503739 $ 2656840 $ 2807263 $ 2960069 $ 3114627 $ 3270197 $ 3416053 $ 3567084 $ 3718115 $ 3869146
Target PE NAV $ 117986 $ 125187 $ 132842 $ 140363 $ 148003 $ 155731 $ 163510 $ 170803 $ 178354 $ 185906 $ 193457
Distributions $ - 0 $ (500) $ (2500) $ (7500) $ (12500) $ (20000) ($317) $ (45000) $ (56250) $ (63000) $ (67500)
Actual PE NAV $ 1739 $ 22500 $ 48953 $ 79299 $ 114980 $ 149403 $ 173865 $ 188096 $ 195896 $ 199640 $ 201777
Annual Commitment $317 $450 $450 $450 $450 $475 $475 $475 $500 $550 $600
Minus
Actual of Plan 007 090 184 282 388 480 532 551 549 537 522
Plus
Target of Plan 5 5 5 5 5 5 5 5 5 5 5
PE 1050
Page 4: Board Presentation • Private Equity Recommendation, June ... · Board Presentation • Private Equity Recommendation, June 20-21, 2019 Author: TMRS Subject: Board Presentation Private

4

Summary of Recommendation

Recommended ManagerFund Strategy Classification Target ReturnRecommended

Amount

Northlane Capital Partners II LP (ldquoNorthlane IIrdquo) Buy-Out 20 Net IRR $60 million

Total Approximate Recommended InvestmentsCommitments $60 million

Manager RecommendationExecutive Summary

Section II

5

$52500

$88130

$124558

$156255

$186019

$205151 $214646 $219075

$226354 $236280

$500 $525 $525 $525 $550 $600 $625 $650 $650 $650 0

2

4

6

8

10

12

14

16

$-

$200

$400

$600

$800

$1000

$1200

$1400

$1600

$1800

$2000

$2200

$2400

$2600

2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E

o

f Tot

al P

lan

Valu

e

Valu

e in

US$

(Mill

ions

)2018 Staff Pacing Model

Private Equity NAV Annual Commitment PE of Plan Target of Plan

6

Annual pacing plans are developed in the context of multiple year investment horizons This is necessary because private capital investments

deploy and return capital over time rather than all at once

Chart1

2018 Staff Pacing Model

Private Equity NAV2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E52588131245578999999999715625542699999994186018632509999912051510547362998821464569185201885219074631792781292263543339258428223628039733620235Annual Commitment2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E500525525525550600625650650650PE of Plan 2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E1902923909023305E-230228659416296488E-240383332851056143E-247977055046536397E-254181684662894122E-256769838241507123E-256510611085906756E-254941634339036198E-254133496602978719E-253940914226060045E-2Target of Plan2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E005005005005005005005005005005

Value in US$ (Millions)

of Total Plan Value

1H 2015

Staff Pacing Model

Actual PE NAV20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E173922548952499999999998792985124999999931149798563124999914940274122531248173865029053970281880958571046371619589592210062406199639993921189582017771932829145Annual Commitment20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E317450450450450475475475500550600Actual of Plan

20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E73525024479141545E-489865597013107194E-318425082900150446E-228247625410545363E-238843643082067419E-247968098221891305E-25316653738100563E-255062328145578938E-254917658487389574E-253693868450405698E-252150314794368831E-2Target of Plan005005005005005005005005005005005

Value in US$ (Millions)

of Total Plan Value

Sheet1

Beginning NAV200920102011201220132014201520162017201820192020202114609962163056759999999991799249399999999918571294000000002204905989999999982246863399999999823727477999999999236518112345999982509331849293549726568401491208642280726295918652292960068808931612931146271535344968Ending NAV16305675999999999179924939999999991857129400000000220490598999999998224686339999999982372747799999999923651811234599998250933184929354972656840149120864228072629591865229296006880893161293114627153534496832701965863980753

1H 2017

Staff Pacing Model

Actual PE NAV20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E173922548952499999999998792985124999999931149798563124999914940274122531248173865029053970281880958571046371619589592210062406199639993921189582017771932829145Annual Commitment20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E317450450450450475475475500550600Actual of Plan

20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E73525024479141545E-489865597013107194E-318425082900150446E-228247625410545363E-238843643082067419E-247968098221891305E-25316653738100563E-255062328145578938E-254917658487389574E-253693868450405698E-252150314794368831E-2Target of Plan005005005005005005005005005005005

Value in US$ (Millions)

of Total Plan Value

2017 Staff Pacing Model

Actual PE NAV20172018E2019E2020E2021E2022E2023E2024E2025E27155504674999999999789631658749999997124513982918751517179511252187517659833599336671193241161272670212000314832063005720110978894296213Annual Commitment20172018E2019E2020E2021E2022E2023E2024E2025E447500525550575600635660675PE of Plan 20172018E2019E2020E2021E2022E2023E2024E2025E93527162492679731E-319113454861111111E-229925099742922009E-239972283512193223E-246832189616434469E-252415624213890809E-255149357149883012E-254891592632390636E-253064899662175077E-2Original Model16863309104688414E-227534205729166664E-238388039634248125E-247962233556161804E-253668533933747355E-255828169086240366E-255907002943792104E-254784162191872952E-253241001206111943E-2Target of Plan20172018E2019E2020E2021E2022E2023E2024E2025E005005005005005005005005005

Value in US$ (Millions)

of Total Plan Value

1H 2018

2017 Staff Pacing Model

Actual PE NAV20172018E2019E2020E2021E2022E2023E2024E2025E27155504674999999999789631658749999997124513982918751517179511252187517659833599336671193241161272670212000314832063005720110978894296213Annual Commitment20172018E2019E2020E2021E2022E2023E2024E2025E447500525550575600635660675PE of Plan 20172018E2019E2020E2021E2022E2023E2024E2025E93527162492679731E-319113454861111111E-229925099742922009E-239972283512193223E-246832189616434469E-252415624213890809E-255149357149883012E-254891592632390636E-253064899662175077E-2Original Model16863309104688414E-227534205729166664E-238388039634248125E-247962233556161804E-253668533933747355E-255828169086240366E-255907002943792104E-254784162191872952E-253241001206111943E-2Target of Plan20172018E2019E2020E2021E2022E2023E2024E2025E005005005005005005005005005

Value in US$ (Millions)

of Total Plan Value

2018 Staff Pacing Model

Private Equity NAV2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E52588131245578999999999715625542699999994186018632509999912051510547362998821464569185201885219074631792781292263543339258428223628039733620235Annual Commitment2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E500525525525550600625650650650PE of Plan 2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E1902923909023305E-230228659416296488E-240383332851056143E-247977055046536397E-254181684662894122E-256769838241507123E-256510611085906756E-254941634339036198E-254133496602978719E-253940914226060045E-2Target of Plan2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E005005005005005005005005005005

Value in US$ (Millions)

of Total Plan Value

Sheet2

2018 Staff Pacing Model

Private Equity NAV20172018E2019E2020E2021E2022E2023E2024E2025E27155258813124557899999999971562554269999999418601863250999991205151054736299882146456918520188521907463179278129Annual Commitment20172018E2019E2020E2021E2022E2023E2024E2025E447500525525525550600625650PE of Plan 20172018E2019E2020E2021E2022E2023E2024E2025E93527162492679731E-31902923909023305E-230228659416296488E-240383332851056143E-247977055046536397E-254181684662894122E-256769838241507123E-256510611085906756E-254941634339036198E-2Original Model16863309104688414E-228742673406901599E-239438181279987182E-248438361820181644E-25338395107128014E-254786718290128177E-254208738161829868E-252560002282510392E-250603617044044313E-2Target of Plan20172018E2019E2020E2021E2022E2023E2024E2025E005005005005005005005005005005

Value in US$ (Millions)

of Total Plan Value

0

10

20

30

40

50

60

70

80

90

100

Beg Year Q1 Q2 Q3 End Year

o

f Pa

cing

Pla

n Ut

ilize

d

2019 Private Equity Pacing Plan Progress

Buy-out GrowthVenture Special Situations Unallocated

7

MarchSearchlight III ($50mm)

February PSG IV ($50mm)

FGN 2018 Partner ($33mm)Reverence II ($50mm)

Arcline I ($50mm)

Search processes are approved in annual amounts Progress will be made throughout the year as opposed to all at once

The 2019 Private Equity search process has

culminated in ~$368 million of

closed andor recommended

investments in line with the $525 mm

primary pacing model goal for the

year2018

HIG SPF ($75mm)

JuneNorthlane II ($60mm)

Chart1

2019 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629

of Pacing Plan Utilized

Instructions

Assumptions

Charts

Private Equity Geographic Diversification by Commitment

USA International077994934432700325022005065567299681

Private Equity Strategy Diversification by Commitment

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009

Private Equity Manager Diversification by Commitment

CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000

Private Equity Geographic Diversification by NAV

Geography

USA International082172551941443706017827448058556272

Private Equity Strategy Diversification by NAV

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444

Private Equity Manager Diversification by NAV

NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010

Portfolio

Manager

Fund

2019 Pacing

2019 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629

of Pacing Plan Utilized

2018 Pacing

2018 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977

of Pacing Plan Utilized

Strategy

Geography

Year

Section III

8

526

266

208

Private Equity Strategy Diversification by Commitment

Buy-out (40 to75)

GrowthVenture(10 to 40)

Special Situations(5 to 35)

9

Synthesize AnalysisDiversification Analysis

Strategy considerations

2015 Overweight special situations early for J-Curve mitigation efficiency of capital deployment and tactical opportunities

2016 Focus on growth opportunity set and continue to add buy-out exposure

2017 Round out buy-out portfolio and opportunistically add to growth and credit

2018 Steady state on pacing selectively adding new relationships and European exposure

2019 Steady state on pacing selectively adding new relationships and Venture and European exposure

Chart3

Private Equity Strategy Diversification by Commitment

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009

Instructions

Assumptions

Charts

Private Equity Geographic Diversification by Commitment

USA International077994934432700325022005065567299681

Private Equity Strategy Diversification by Commitment

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009

Private Equity Manager Diversification by Commitment

CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000

Private Equity Geographic Diversification by NAV

Geography

USA International082172551941443706017827448058556272

Private Equity Strategy Diversification by NAV

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444

Private Equity Manager Diversification by NAV

NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010

Portfolio

Manager

Fund

2019 Pacing

2019 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629

of Pacing Plan Utilized

2018 Pacing

2018 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977

of Pacing Plan Utilized

Strategy

Geography

Year

10

Synthesize AnalysisDiversification Analysis

The overall goal remains identifying top quartile performers to partner with

Position sizing considerations

Continue to reduce the unallocated portion of the private equity portfolio while sensibly balancing the trade-off between diversification and concentration

Areas of focus are enhancing manager diversification and building strategic relationships where possibleappropriate

Private Equity Manager Diversification by Commitment BO 1 BO 2

BO 3 BO 4BO 5 BO 6BO 7 BO 8BO 9 BO 10BO 11 BO 12BO 13 BO 14BO 15 BO 16BO 17 GE 1GE 2 GE 3GE 4 GE 5GE 6 SS 1SS 2 SS 3SS 4 SS 5SS 6

Chart2

Private Equity Manager Diversification by Commitment

CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000

Instructions

Assumptions

Charts

Private Equity Geographic Diversification by Commitment

USA International077994934432700325022005065567299681

Private Equity Strategy Diversification by Commitment

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009

Private Equity Manager Diversification by Commitment

CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000

Private Equity Geographic Diversification by NAV

Geography

USA International082172551941443706017827448058556272

Private Equity Strategy Diversification by NAV

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444

Private Equity Manager Diversification by NAV

NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010

Portfolio

Manager

Fund

2019 Pacing

2019 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629

of Pacing Plan Utilized

2018 Pacing

2018 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977

of Pacing Plan Utilized

Strategy

Geography

Year

11

Synthesize AnalysisDiversification Analysis

TMRS is focused on taking a measured approach to global geographic diversification

The Target Portfolio keeps a conservative stance on international exposure

780

220

Private Equity Geographic Diversification by Commitment

USA

International

Chart1

Private Equity Geographic Diversification by Commitment

USA International077994934432700325022005065567299681

Instructions

Assumptions

Charts

Private Equity Geographic Diversification by Commitment

USA International077994934432700325022005065567299681

Private Equity Strategy Diversification by Commitment

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009

Private Equity Manager Diversification by Commitment

CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000

Private Equity Geographic Diversification by NAV

Geography

USA International082172551941443706017827448058556272

Private Equity Strategy Diversification by NAV

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444

Private Equity Manager Diversification by NAV

NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010

Portfolio

Manager

Fund

2019 Pacing

2019 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629

of Pacing Plan Utilized

2018 Pacing

2018 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977

of Pacing Plan Utilized

Strategy

Geography

Year

Section IV

12

13

Top Candidate Characteristics ndash Northlane II $60 million Recommendation

Northlane Capital Partners

Date of First TMRS Meeting5102018

Dates of Subsequent Meetings892018312019

5162019

Dates of Diligence AdvancementlsquoBrsquo Rating ndash 312019

lsquoArsquo Rating ndash 5162019

Reference ChecksYes

Date of Consultant IDD ReportSeptember 2018

Date of Consultant Board MemoJune 2019

Legal Negotiation InitiatedMay 2019

Comparable Strategies Reviewed18 (Business Services Buy-Out)

16 (Healthcare Buy-Out)

Northlane Capital Partners LLC (ldquoNorthlanerdquo)is a Washington DC-based buyout firmfounded in 2017 that focuses on acquiringlower-middle market companies in thebusiness services and healthcare sectorsThese target companies will be profitablemarket leaders within their niches typicallygenerating up to $30 million of EBITDA whileproviding critical outsourced services to theircustomers Northlane Capital Partners II LP(Northlane II) is targeting $375 million tobuild a portfolio of 10 to 12 businessesrequiring equity investments of up to $75million continuing to employ the prior fundrsquosstrategy that was developed during thefoundersrsquo tenure at American Capital

Section V

14

15

Approval of Recommendation

TMRS Staff and StepStone Group recommend that the Board of Trusteesapprove the selection of the following fund

Recommendations

bull Northlane Capital Partners II LP $60 million

16

  • Private EquityRecommendation June 20-21 2019
  • Agenda
  • Executive Summary
  • Slide Number 4
  • Due diligence process review
  • Due Diligence ProcessesAs part of Multi-year time periods
  • Due Diligence ProcessesAs part of Annual Search Processes
  • Portfolio construction
  • Private Equity Portfolio StatisticsStrategy Diversification
  • Private Equity Portfolio StatisticsManager Implementation
  • Private Equity Portfolio StatisticsGeographic Diversification
  • Manager selection and recommendation
  • Slide Number 13
  • Requested board action
  • Slide Number 15
  • DISCLOSURES TMRS periodically discloses public information that is not excepted from disclosure under Section 5520225(b) of the Texas Public Information Act Information provided by a manager a Managing General Partner (GP) any of its Associates or other data provider to TMRS or a TMRS service provider and contained in these materials (i) may have been independently produced or modified by TMRS or the TMRS service provider (ii) has not been reviewed or approved by the manager Managing GP or any of its Associates and (iii) may not reflect the historical performance or asset value reflected in the managerrsquos Managing GPrsquos or any of its Associatesrsquo records and therefore should not be used for comparative purposes
Year of Commit Commitments of Commitments to Date of Target PE Allocation
2015 317000000 1390 2298
2016 394750000 1731 2862
2017 436750000 1915 3166
2018 481600000 2112 3491 ltltltTakes into account $75 mm of HIG SPF
Total 1630100000 7149 11817
CHECK CHECK CHECK
Geography of Commitments to Date of NAV to Date of Target PE Allocation
USA 780 822 1289
International 220 178 364
Un-Allocated -653
Total 1000 1000 1000
Strategy Commitments NAV of Commitments to Date of NAV to Date of Target PE Allocation
BO Buy-out (40 to 75) 1200350000 214575006 526 385 870
GE GrowthVenture (10 to 40) 606000000 214251758 266 385 439
SS Special Situations (5 to 35) 473750000 127909154 208 230 343
Un-Allocated -653
Total 2280100000 556735918 1000 1000 1000
Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1216 60 0
GrowthVenture 0 55 0 40 75
Special Situations 0 75 0 0 0
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1766 2366 2366
GrowthVenture 0 55 55 95 170
Special Situations 0 75 75 75 75
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Beg Year Q1 Q2 Q3 End Year
Buy-out 750 1500 600 00 00
GrowthVenture 00 833 00 00 00
Special Situations 00 00 650 00 00
Unallocated 4500 2167 917 917 917
Target 525 525 525 525 525
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 75 2250 2850 2850 2850
GrowthVenture 0 833 833 833 833
Special Situations 0 00 650 650 650
Unallocated 450 2167 917 917 917
Target 525 525 525 525 525
Short Name Commitments of Commitments to Date of Target PE Allocation
BO 01 58000000 254 420
BO 02 57000000 250 413
BO 03 55000000 241 399
BO 04 50000000 219 362
BO 05 50000000 219 362
BO 06 50000000 219 362
BO 07 50000000 219 362
BO 08 47000000 206 341
BO 09 45000000 197 326
BO 10 40000000 175 290
BO 11 35000000 154 254
BO 12 20000000 088 145
BO 13 14250000 062 103
BO 14 12500000 055 091
BO 15 46600000 204 338
BO 16 300000000 1316 2175
BO 17 60000000 263 435
BO 18 50000000 219 362
BO 19 50000000 219 362
BO 20 50000000 219 362
GE 01 70000000 307 507
GE 02 60000000 263 435
GE 03 125000000 548 906
GE 04 46000000 202 333
GE 05 45000000 197 326
GE 06 40000000 175 290
GE 07 30000000 132 217
GE 08 40000000 175 290
GE 09 50000000 219 362
GE 10 100000000 439 725
SS 01 75000000 329 544
SS 02 75000000 329 544
SS 03 65000000 285 471
SS 04 60000000 263 435
SS 05 50000000 219 362
SS 06 25000000 110 181
SS 07 105000000 461 761
SS 08 18750000 082 136
UA -6529
Total 2220100000 9737 9565
CHECK CHECK CHECK
Manager Strategy Commitment Portfolio Benchmark NAV Short Name Strategy (Abbrev) of Commitments to Date of Target PE Allocation
HIG SPF Buy-out $300000000 Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years $18727000 BO 1 BO 132 217
Tritium Buy-out $110000000 $58988138 BO 2 BO 48 80
Searchlight Buy-out $97000000 $33454296 BO 3 BO 43 70
Marlin Buy-out $71250000 $14717073 BO 4 BO 31 52
Altaris Buy-out $62500000 $15328169 BO 5 BO 27 45
Northlane Buy-out $60000000 BO 6 BO 26 43
Capital Partners Buy-out $58000000 $12317286 BO 7 BO 25 42
Providence Buy-out $55000000 $0 BO 8 BO 24 40
Dunes Point Buy-out $50000000 $0 BO 9 BO 22 36
GTCR Buy-out $50000000 $4985798 BO 10 BO 22 36
Reverence Buy-out $50000000 $0 BO 11 BO 22 36
Arcline Buy-out $50000000 $0 BO 12 BO 22 36
CapVest Buy-out $46600000 $0 BO 13 BO 20 34
One Rock Buy-out $45000000 $13180746 BO 14 BO 20 33
Incline Buy-out $40000000 $11611636 BO 15 BO 18 29
Kainos Buy-out $35000000 $19539188 BO 16 BO 15 25
Harvest Buy-out $20000000 $11725676 BO 17 BO 09 14
PSG Venture Growth $180000000 $82125840 GE 1 GE 79 130
Foundry Venture Growth $175000000 $30834484 GE 2 GE 77 127
Updata Venture Growth $125000000 $46209141 GE 3 GE 55 91
Main Post Venture Growth $40000000 $0 GE 4 GE 18 29
FTV Venture Growth $46000000 $31248971 GE 5 GE 20 33
Mercato Venture Growth $40000000 $23833321 GE 6 GE 18 29
TSSP Special Situations $150000000 $49206694 SS 1 SS 66 109
BlackstoneGSO Special Situations $93750000 $37091463 SS 2 SS 41 68
BlackstoneBAAM Special Situations $65000000 SS 3 SS 29 47
Carlyle Special Situations $65000000 $24236270 SS 4 SS 29 47
HIG Special Situations $60000000 $17374728 SS 5 SS 26 43
LightBay Special Situations $40000000 $0 SS 6 SS 18 29
Total $2280100000 $556735918 10000 16529
CHECK
Altaris
Arcline
BlackstoneGSO
Capital Partners
CapVest
Carlyle
Dunes Point
Foundry
FTV
GTCR
HIG
Harvest
Incline
Kainos
LightBay
Main Post
Marlin
Mercato
One Rock
Providence
Reverence
Searchlight
Tritium
TSSP
Updata
Manager Fund Firm Age Year of Commitment Year Founded Fund Type Year of Commitment Vintage Year Report Name Short Name Fund Size LPAC Seat Approved ($) Commitment ($) State Street NAV ($) US Fund Div ( of Fund) Intl Fund Div ( of Fund) US Fund Div ( of Total Commits) Intl Fund Div ( of Total Commits) US Fund Div ( of Total NAV Intl Fund Div ( of Total NAV
Carlyle Carlyle Energy Mezzanine Opportunities Fund II 5 2010 2 SS 2015 2015 Special Situations Manager 3 SS 03 2819243965 Voting 65000000 65000000 2423627012 75 25 2 1 3 1
HIG HIG Bayside Loan Opportunity Fund IV 22 1993 4 SS 2015 2015 Special Situations Manager 4 SS 04 1100000000 60000000 60000000 1737472771 75 25 2 1 2 1
Harvest Harvest Partners VII 34 1981 7 BO 2015 2016 Buy-out Manager 12 BO 12 2200000000 50000000 20000000 1172567574 80 20 1 0 2 0
Searchlight Searchlight Capital II 5 2010 2 BO 2015 2015 Buy-out Manager 8 BO 08 1939000000 50000000 47000000 3345429620 60 40 1 1 4 2
Tritium Tritium I 2 2013 1 BO 2015 2014 Buy-out Manager 4 BO 04 309000000 Voting 50000000 50000000 5898813765 85 15 2 0 9 2
TSSP TSSP Adjacent Opportunities Partners (B) 6 2009 3 SS 2015 2014 Special Situations Manager 1 SS 01 3500000000 75000000 75000000 4920669401 60 40 2 1 5 4
BlackstoneGSO GSO Capital Opportunities Fund III 11 2005 3 SS 2016 2016 Special Situations Manager 2 SS 02 6000000000 75000000 75000000 32285251 80 20 3 1 5 1
BlackstoneGSO GSO COF III - Co-Investment 11 2005 3 SS 2016 2016 Special Situations Manager 8 SS 08 2000000000 18750000 18750000 4806212 80 20 1 0 1 0
Foundry Foundry Group Next Fund 9 2007 4 GE 2016 2016 GrowthVenture Manager 7 GE 07 500000000 35000000 30000000 2644022252 100 0 1 0 5 0
FTV FTV V 18 1998 5 GE 2016 2017 GrowthVenture Manager 4 GE 04 867000000 Voting 50000000 46000000 3124897116 75 25 2 1 4 1
Incline Incline Equity Partners IV 5 2011 4 BO 2016 2017 Buy-out Manager 10 BO 10 601000000 50000000 40000000 1161163584 80 20 1 0 2 0
Kainos Kainos Capital Partners II 4 2012 2 BO 2016 2016 Buy-out Manager 11 BO 11 895000000 Observer 50000000 35000000 1953918849 75 25 1 0 3 1
Mercato Mercato Partners Growth III 9 2007 3 GE 2016 2015 GrowthVenture Manager 6 GE 06 246000000 Voting 40000000 40000000 2383332060 100 0 2 0 4 0
PSG Providence Strategic Growth II 3 2013 2 GE 2016 2016 GrowthVenture Manager 2 GE 02 640000000 Voting 60000000 60000000 6665235799 100 0 3 0 12 0
Updata Updata Partners V 18 1998 5 GE 2016 2014 GrowthVenture Manager 3 GE 03 280000000 Voting 50000000 50000000 4620914142 90 10 2 0 7 1
Altaris Altaris Constellation IV 14 2003 4 BO 2017 2018 Buy-out Manager 14 BO 14 240000000 12500000 12500000 4140390 75 25 0 0 1 0
Altaris Altaris Health Partners IV 14 2003 4 BO 2017 2018 Buy-out Manager 5 BO 05 1000000000 50000000 50000000 11187778 75 25 2 1 2 1
Capital Partners Capital Partners II 13 2004 2 BO 2017 2018 Buy-out Manager 1 BO 01 500000000 Voting 70000000 58000000 12317286 100 0 3 0 2 0
Dunes Point Dunes Point Capital Fund II 4 2013 2 BO 2017 2018 Buy-out Manager 7 BO 07 535000000 Voting 50000000 50000000 - 0 80 20 2 0 0 0
GTCR GTCR XII 37 1980 12 BO 2017 2018 Buy-out Manager 6 BO 06 5250000000 75000000 50000000 498579807 75 25 2 1 1 0
LightBay LightBay Investment Partners I 0 2017 1 SS 2017 2018 Special Situations Manager 7 SS 07 615000000 Voting 50000000 40000000 - 0 80 20 1 0 0 0
Marlin Marlin Equity V 12 2005 5 BO 2017 2018 Buy-out Manager 2 BO 02 2500000000 60000000 57000000 946658473 80 20 2 0 1 0
Marlin Marlin Heritage II 12 2005 2 BO 2017 2017 Buy-out Manager 13 BO 13 750000000 15000000 14250000 525048862 75 25 0 0 1 0
One Rock One Rock Capital Partners II 7 2010 2 BO 2017 2017 Buy-out Manager 9 BO 09 964000000 50000000 45000000 1318074623 90 10 2 0 2 0
PSG Providence Strategic Growth III 4 2013 3 GE 2017 2018 GrowthVenture Manager 1 GE 01 1322000000 Voting 70000000 70000000 1547348223 100 0 3 0 3 0
CapVest CapVest Equity Partners IV 19 1999 4 BO 2018 2018 Buy-out Manager 15 BO 15 1001750000 53000000 46600000 - 0 0 100 0 2 0 0
Foundry Foundry Group Next 2018 11 2007 5 GE 2018 2018 GrowthVenture Manager 5 GE 05 750000000 45000000 45000000 439426166 90 10 2 0 1 0
HIG SPF HIG Strategic Partners Fund 25 1993 NA BO 2018 2018 Buy-out Manager 16 BO 16 1115000000 300000000 300000000 1872700007 60 40 8 5 2 1
Main Post Main Post II 4 2014 2 GE 2018 2019 GrowthVenture Manager 8 GE 08 700000000 Voting 50000000 40000000 - 0 100 0 2 0 0 0
Providence Providence Equity Partners VIII 29 1989 8 BO 2018 2017 Buy-out Manager 3 BO 03 5000000000 55000000 55000000 - 0 60 40 1 1 0 0
Tritium Tritium II 5 2013 2 BO 2018 2019 Buy-out Manager 17 BO 17 450000000 Voting 60000000 60000000 - 0 85 15 2 0 0 0
TSSP TPG Opportunities Partners IV 9 2009 4 SS 2018 2018 Special Situations Manager 6 SS 06 3000000000 50000000 25000000 - 0 60 40 1 0 0 0
TSSP TSSP Adjacent Opportunities Partners (D) 9 2009 4 SS 2018 2018 Special Situations Manager 5 SS 05 3000000000 50000000 50000000 - 0 60 40 1 1 0 0
Updata Updata Partners VI 20 1998 6 GE 2018 2014 GrowthVenture Manager 3 GE 03 300000000 Voting 75000000 75000000 - 0 90 10 3 0 0 0
PSG Providence Strategic Growth IV 6 2013 4 GE 2019 GE 09 2000000000 Voting 50000000 50000000 - 0 100 0 2 0 0 0
Foundry FGN 2018 Partner Fund 12 2007 6 GE 2019 GE 10 200000000 100000000 100000000 - 0 90 10 4 0 0 0
Reverence Reverence Capital Partners II 6 2013 2 BO 2019 BO 18 1000000000 Voting 50000000 50000000 - 0 90 10 2 0 0 0
Arcline Arcline Capital Partners 1 2018 1 BO 2019 BO 19 1500000000 50000000 50000000 - 0 90 10 2 0 0 0
Searchlight Searchlight Capital III 9 2010 3 BO 2019 2015 Buy-out Manager 8 BO 20 2750000000 50000000 50000000 - 0 60 40 1 1 0 0
Northlane Northlane Capital Partners II 5 2014 2 BO 2019 BO 21 375000000 Voting 60000000 60000000 - 0 100 0 3 0 0 0
BlackstoneBAAM Blackstone Strategic Capital Holdings II 29 1990 2 SS 2019 SS 07 4000000000 Voting 65000000 65000000 - 0 80 20 2 1 0 0
6000000000
5250000000
5000000000
3500000000
3000000000
3000000000
2800000000
2500000000
2200000000
2000000000
2000000000
1500000000
1500000000
1322000000
1115000000
1100000000
1001750000
1000000000
1000000000
964000000
895000000
867000000
750000000
750000000
700000000
640000000
615000000
601000000
535000000
500000000
500000000
450000000
309000000
300000000
280000000
246000000
240000000
200000000
Assumptions
TMRS (AUM) $ 27589122062 ltltltlt As of 12312018
PE Target () 500
PE Target ($) $ 1379456103
PE Commitments ($) $ 2280100000
PE NAV ($) $ 556735918 ltltltlt As of 12312018
PE NAV () 202
Un-Allocated () -6529
Instructions by Sheet Name
Notes Light blue-filled cells are hard-coded (not formula-driven)
The green-colored tabs are the only ones to be updated right now
The red-colored tab does not need to be updated (still under construction)
Portfolio
1) Input new Fund commitment into the next open row
2) Confirm and input the details for the row of the new Fund in columns A through G
3) Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I
4) Copy paste the formulas used in columns J and K for the row of the new Fund
Manager
1) If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated
2) Input the name of the Manager for the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Manager
4) Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option
Fund
1) Insert a row above the one beginning with UA (Un-Allocated)
2) Input the Short Name of the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Fund
4) Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option
Year of Commit Commitments of Commitments to Date of Target PE Allocation
2015 317000000 1390 2298
2016 394750000 1731 2862
2017 436750000 1915 3166
2018 481600000 2112 3491 ltltltTakes into account $75 mm of HIG SPF
Total 1630100000 7149 11817
CHECK CHECK CHECK
Geography of Commitments to Date of NAV to Date of Target PE Allocation
USA 780 822 1289
International 220 178 364
Un-Allocated -653
Total 1000 1000 1000
Strategy Commitments NAV of Commitments to Date of NAV to Date of Target PE Allocation
BO Buy-out (40 to 75) 1200350000 214575006 526 385 870
GE GrowthVenture (10 to 40) 606000000 214251758 266 385 439
SS Special Situations (5 to 35) 473750000 127909154 208 230 343
Un-Allocated -653
Total 2280100000 556735918 1000 1000 1000
Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1216 60 0
GrowthVenture 0 55 0 40 75
Special Situations 0 75 0 0 0
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1766 2366 2366
GrowthVenture 0 55 55 95 170
Special Situations 0 75 75 75 75
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Beg Year Q1 Q2 Q3 End Year
Buy-out 750 1500 600 00 00
GrowthVenture 00 833 00 00 00
Special Situations 00 00 650 00 00
Unallocated 4500 2167 917 917 917
Target 525 525 525 525 525
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 75 2250 2850 2850 2850
GrowthVenture 0 833 833 833 833
Special Situations 0 00 650 650 650
Unallocated 450 2167 917 917 917
Target 525 525 525 525 525
Short Name Commitments of Commitments to Date of Target PE Allocation
BO 01 58000000 254 420
BO 02 57000000 250 413
BO 03 55000000 241 399
BO 04 50000000 219 362
BO 05 50000000 219 362
BO 06 50000000 219 362
BO 07 50000000 219 362
BO 08 47000000 206 341
BO 09 45000000 197 326
BO 10 40000000 175 290
BO 11 35000000 154 254
BO 12 20000000 088 145
BO 13 14250000 062 103
BO 14 12500000 055 091
BO 15 46600000 204 338
BO 16 300000000 1316 2175
BO 17 60000000 263 435
BO 18 50000000 219 362
BO 19 50000000 219 362
BO 20 50000000 219 362
GE 01 70000000 307 507
GE 02 60000000 263 435
GE 03 125000000 548 906
GE 04 46000000 202 333
GE 05 45000000 197 326
GE 06 40000000 175 290
GE 07 30000000 132 217
GE 08 40000000 175 290
GE 09 50000000 219 362
GE 10 100000000 439 725
SS 01 75000000 329 544
SS 02 75000000 329 544
SS 03 65000000 285 471
SS 04 60000000 263 435
SS 05 50000000 219 362
SS 06 25000000 110 181
SS 07 105000000 461 761
SS 08 18750000 082 136
UA -6529
Total 2220100000 9737 9565
CHECK CHECK CHECK
Manager Strategy Commitment Portfolio Benchmark NAV Short Name Strategy (Abbrev) of Commitments to Date of Target PE Allocation
HIG SPF Buy-out $300000000 Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years $18727000 BO 1 BO 132 217
Tritium Buy-out $110000000 $58988138 BO 2 BO 48 80
Searchlight Buy-out $97000000 $33454296 BO 3 BO 43 70
Marlin Buy-out $71250000 $14717073 BO 4 BO 31 52
Altaris Buy-out $62500000 $15328169 BO 5 BO 27 45
Northlane Buy-out $60000000 BO 6 BO 26 43
Capital Partners Buy-out $58000000 $12317286 BO 7 BO 25 42
Providence Buy-out $55000000 $0 BO 8 BO 24 40
Dunes Point Buy-out $50000000 $0 BO 9 BO 22 36
GTCR Buy-out $50000000 $4985798 BO 10 BO 22 36
Reverence Buy-out $50000000 $0 BO 11 BO 22 36
Arcline Buy-out $50000000 $0 BO 12 BO 22 36
CapVest Buy-out $46600000 $0 BO 13 BO 20 34
One Rock Buy-out $45000000 $13180746 BO 14 BO 20 33
Incline Buy-out $40000000 $11611636 BO 15 BO 18 29
Kainos Buy-out $35000000 $19539188 BO 16 BO 15 25
Harvest Buy-out $20000000 $11725676 BO 17 BO 09 14
PSG Venture Growth $180000000 $82125840 GE 1 GE 79 130
Foundry Venture Growth $175000000 $30834484 GE 2 GE 77 127
Updata Venture Growth $125000000 $46209141 GE 3 GE 55 91
Main Post Venture Growth $40000000 $0 GE 4 GE 18 29
FTV Venture Growth $46000000 $31248971 GE 5 GE 20 33
Mercato Venture Growth $40000000 $23833321 GE 6 GE 18 29
TSSP Special Situations $150000000 $49206694 SS 1 SS 66 109
BlackstoneGSO Special Situations $93750000 $37091463 SS 2 SS 41 68
BlackstoneBAAM Special Situations $65000000 SS 3 SS 29 47
Carlyle Special Situations $65000000 $24236270 SS 4 SS 29 47
HIG Special Situations $60000000 $17374728 SS 5 SS 26 43
LightBay Special Situations $40000000 $0 SS 6 SS 18 29
Total $2280100000 $556735918 10000 16529
CHECK
Altaris
Arcline
BlackstoneGSO
Capital Partners
CapVest
Carlyle
Dunes Point
Foundry
FTV
GTCR
HIG
Harvest
Incline
Kainos
LightBay
Main Post
Marlin
Mercato
One Rock
Providence
Reverence
Searchlight
Tritium
TSSP
Updata
Manager Fund Firm Age Year of Commitment Year Founded Fund Type Year of Commitment Vintage Year Report Name Short Name Fund Size LPAC Seat Approved ($) Commitment ($) State Street NAV ($) US Fund Div ( of Fund) Intl Fund Div ( of Fund) US Fund Div ( of Total Commits) Intl Fund Div ( of Total Commits) US Fund Div ( of Total NAV Intl Fund Div ( of Total NAV
Carlyle Carlyle Energy Mezzanine Opportunities Fund II 5 2010 2 SS 2015 2015 Special Situations Manager 3 SS 03 2819243965 Voting 65000000 65000000 2423627012 75 25 2 1 3 1
HIG HIG Bayside Loan Opportunity Fund IV 22 1993 4 SS 2015 2015 Special Situations Manager 4 SS 04 1100000000 60000000 60000000 1737472771 75 25 2 1 2 1
Harvest Harvest Partners VII 34 1981 7 BO 2015 2016 Buy-out Manager 12 BO 12 2200000000 50000000 20000000 1172567574 80 20 1 0 2 0
Searchlight Searchlight Capital II 5 2010 2 BO 2015 2015 Buy-out Manager 8 BO 08 1939000000 50000000 47000000 3345429620 60 40 1 1 4 2
Tritium Tritium I 2 2013 1 BO 2015 2014 Buy-out Manager 4 BO 04 309000000 Voting 50000000 50000000 5898813765 85 15 2 0 9 2
TSSP TSSP Adjacent Opportunities Partners (B) 6 2009 3 SS 2015 2014 Special Situations Manager 1 SS 01 3500000000 75000000 75000000 4920669401 60 40 2 1 5 4
BlackstoneGSO GSO Capital Opportunities Fund III 11 2005 3 SS 2016 2016 Special Situations Manager 2 SS 02 6000000000 75000000 75000000 32285251 80 20 3 1 5 1
BlackstoneGSO GSO COF III - Co-Investment 11 2005 3 SS 2016 2016 Special Situations Manager 8 SS 08 2000000000 18750000 18750000 4806212 80 20 1 0 1 0
Foundry Foundry Group Next Fund 9 2007 4 GE 2016 2016 GrowthVenture Manager 7 GE 07 500000000 35000000 30000000 2644022252 100 0 1 0 5 0
FTV FTV V 18 1998 5 GE 2016 2017 GrowthVenture Manager 4 GE 04 867000000 Voting 50000000 46000000 3124897116 75 25 2 1 4 1
Incline Incline Equity Partners IV 5 2011 4 BO 2016 2017 Buy-out Manager 10 BO 10 601000000 50000000 40000000 1161163584 80 20 1 0 2 0
Kainos Kainos Capital Partners II 4 2012 2 BO 2016 2016 Buy-out Manager 11 BO 11 895000000 Observer 50000000 35000000 1953918849 75 25 1 0 3 1
Mercato Mercato Partners Growth III 9 2007 3 GE 2016 2015 GrowthVenture Manager 6 GE 06 246000000 Voting 40000000 40000000 2383332060 100 0 2 0 4 0
PSG Providence Strategic Growth II 3 2013 2 GE 2016 2016 GrowthVenture Manager 2 GE 02 640000000 Voting 60000000 60000000 6665235799 100 0 3 0 12 0
Updata Updata Partners V 18 1998 5 GE 2016 2014 GrowthVenture Manager 3 GE 03 280000000 Voting 50000000 50000000 4620914142 90 10 2 0 7 1
Altaris Altaris Constellation IV 14 2003 4 BO 2017 2018 Buy-out Manager 14 BO 14 240000000 12500000 12500000 4140390 75 25 0 0 1 0
Altaris Altaris Health Partners IV 14 2003 4 BO 2017 2018 Buy-out Manager 5 BO 05 1000000000 50000000 50000000 11187778 75 25 2 1 2 1
Capital Partners Capital Partners II 13 2004 2 BO 2017 2018 Buy-out Manager 1 BO 01 500000000 Voting 70000000 58000000 12317286 100 0 3 0 2 0
Dunes Point Dunes Point Capital Fund II 4 2013 2 BO 2017 2018 Buy-out Manager 7 BO 07 535000000 Voting 50000000 50000000 - 0 80 20 2 0 0 0
GTCR GTCR XII 37 1980 12 BO 2017 2018 Buy-out Manager 6 BO 06 5250000000 75000000 50000000 498579807 75 25 2 1 1 0
LightBay LightBay Investment Partners I 0 2017 1 SS 2017 2018 Special Situations Manager 7 SS 07 615000000 Voting 50000000 40000000 - 0 80 20 1 0 0 0
Marlin Marlin Equity V 12 2005 5 BO 2017 2018 Buy-out Manager 2 BO 02 2500000000 60000000 57000000 946658473 80 20 2 0 1 0
Marlin Marlin Heritage II 12 2005 2 BO 2017 2017 Buy-out Manager 13 BO 13 750000000 15000000 14250000 525048862 75 25 0 0 1 0
One Rock One Rock Capital Partners II 7 2010 2 BO 2017 2017 Buy-out Manager 9 BO 09 964000000 50000000 45000000 1318074623 90 10 2 0 2 0
PSG Providence Strategic Growth III 4 2013 3 GE 2017 2018 GrowthVenture Manager 1 GE 01 1322000000 Voting 70000000 70000000 1547348223 100 0 3 0 3 0
CapVest CapVest Equity Partners IV 19 1999 4 BO 2018 2018 Buy-out Manager 15 BO 15 1001750000 53000000 46600000 - 0 0 100 0 2 0 0
Foundry Foundry Group Next 2018 11 2007 5 GE 2018 2018 GrowthVenture Manager 5 GE 05 750000000 45000000 45000000 439426166 90 10 2 0 1 0
HIG SPF HIG Strategic Partners Fund 25 1993 NA BO 2018 2018 Buy-out Manager 16 BO 16 1115000000 300000000 300000000 1872700007 60 40 8 5 2 1
Main Post Main Post II 4 2014 2 GE 2018 2019 GrowthVenture Manager 8 GE 08 700000000 Voting 50000000 40000000 - 0 100 0 2 0 0 0
Providence Providence Equity Partners VIII 29 1989 8 BO 2018 2017 Buy-out Manager 3 BO 03 5000000000 55000000 55000000 - 0 60 40 1 1 0 0
Tritium Tritium II 5 2013 2 BO 2018 2019 Buy-out Manager 17 BO 17 450000000 Voting 60000000 60000000 - 0 85 15 2 0 0 0
TSSP TPG Opportunities Partners IV 9 2009 4 SS 2018 2018 Special Situations Manager 6 SS 06 3000000000 50000000 25000000 - 0 60 40 1 0 0 0
TSSP TSSP Adjacent Opportunities Partners (D) 9 2009 4 SS 2018 2018 Special Situations Manager 5 SS 05 3000000000 50000000 50000000 - 0 60 40 1 1 0 0
Updata Updata Partners VI 20 1998 6 GE 2018 2014 GrowthVenture Manager 3 GE 03 300000000 Voting 75000000 75000000 - 0 90 10 3 0 0 0
PSG Providence Strategic Growth IV 6 2013 4 GE 2019 GE 09 2000000000 Voting 50000000 50000000 - 0 100 0 2 0 0 0
Foundry FGN 2018 Partner Fund 12 2007 6 GE 2019 GE 10 200000000 100000000 100000000 - 0 90 10 4 0 0 0
Reverence Reverence Capital Partners II 6 2013 2 BO 2019 BO 18 1000000000 Voting 50000000 50000000 - 0 90 10 2 0 0 0
Arcline Arcline Capital Partners 1 2018 1 BO 2019 BO 19 1500000000 50000000 50000000 - 0 90 10 2 0 0 0
Searchlight Searchlight Capital III 9 2010 3 BO 2019 2015 Buy-out Manager 8 BO 20 2750000000 50000000 50000000 - 0 60 40 1 1 0 0
Northlane Northlane Capital Partners II 5 2014 2 BO 2019 BO 21 375000000 Voting 60000000 60000000 - 0 100 0 3 0 0 0
BlackstoneBAAM Blackstone Strategic Capital Holdings II 29 1990 2 SS 2019 SS 07 4000000000 Voting 65000000 65000000 - 0 80 20 2 1 0 0
6000000000
5250000000
5000000000
3500000000
3000000000
3000000000
2800000000
2500000000
2200000000
2000000000
2000000000
1500000000
1500000000
1322000000
1115000000
1100000000
1001750000
1000000000
1000000000
964000000
895000000
867000000
750000000
750000000
700000000
640000000
615000000
601000000
535000000
500000000
500000000
450000000
309000000
300000000
280000000
246000000
240000000
200000000
Assumptions
TMRS (AUM) $ 27589122062 ltltltlt As of 12312018
PE Target () 500
PE Target ($) $ 1379456103
PE Commitments ($) $ 2280100000
PE NAV ($) $ 556735918 ltltltlt As of 12312018
PE NAV () 202
Un-Allocated () -6529
Instructions by Sheet Name
Notes Light blue-filled cells are hard-coded (not formula-driven)
The green-colored tabs are the only ones to be updated right now
The red-colored tab does not need to be updated (still under construction)
Portfolio
1) Input new Fund commitment into the next open row
2) Confirm and input the details for the row of the new Fund in columns A through G
3) Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I
4) Copy paste the formulas used in columns J and K for the row of the new Fund
Manager
1) If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated
2) Input the name of the Manager for the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Manager
4) Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option
Fund
1) Insert a row above the one beginning with UA (Un-Allocated)
2) Input the Short Name of the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Fund
4) Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option
Year of Commit Commitments of Commitments to Date of Target PE Allocation
2015 317000000 1390 2298
2016 394750000 1731 2862
2017 436750000 1915 3166
2018 481600000 2112 3491 ltltltTakes into account $75 mm of HIG SPF
Total 1630100000 7149 11817
CHECK CHECK CHECK
Geography of Commitments to Date of NAV to Date of Target PE Allocation
USA 780 822 1289
International 220 178 364
Un-Allocated -653
Total 1000 1000 1000
Strategy Commitments NAV of Commitments to Date of NAV to Date of Target PE Allocation
BO Buy-out (40 to 75) 1200350000 214575006 526 385 870
GE GrowthVenture (10 to 40) 606000000 214251758 266 385 439
SS Special Situations (5 to 35) 473750000 127909154 208 230 343
Un-Allocated -653
Total 2280100000 556735918 1000 1000 1000
Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1216 60 0
GrowthVenture 0 55 0 40 75
Special Situations 0 75 0 0 0
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1766 2366 2366
GrowthVenture 0 55 55 95 170
Special Situations 0 75 75 75 75
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Beg Year Q1 Q2 Q3 End Year
Buy-out 750 1500 600 00 00
GrowthVenture 00 833 00 00 00
Special Situations 00 00 650 00 00
Unallocated 4500 2167 917 917 917
Target 525 525 525 525 525
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 75 2250 2850 2850 2850
GrowthVenture 0 833 833 833 833
Special Situations 0 00 650 650 650
Unallocated 450 2167 917 917 917
Target 525 525 525 525 525
Short Name Commitments of Commitments to Date of Target PE Allocation
BO 01 58000000 254 420
BO 02 57000000 250 413
BO 03 55000000 241 399
BO 04 50000000 219 362
BO 05 50000000 219 362
BO 06 50000000 219 362
BO 07 50000000 219 362
BO 08 47000000 206 341
BO 09 45000000 197 326
BO 10 40000000 175 290
BO 11 35000000 154 254
BO 12 20000000 088 145
BO 13 14250000 062 103
BO 14 12500000 055 091
BO 15 46600000 204 338
BO 16 300000000 1316 2175
BO 17 60000000 263 435
BO 18 50000000 219 362
BO 19 50000000 219 362
BO 20 50000000 219 362
GE 01 70000000 307 507
GE 02 60000000 263 435
GE 03 125000000 548 906
GE 04 46000000 202 333
GE 05 45000000 197 326
GE 06 40000000 175 290
GE 07 30000000 132 217
GE 08 40000000 175 290
GE 09 50000000 219 362
GE 10 100000000 439 725
SS 01 75000000 329 544
SS 02 75000000 329 544
SS 03 65000000 285 471
SS 04 60000000 263 435
SS 05 50000000 219 362
SS 06 25000000 110 181
SS 07 105000000 461 761
SS 08 18750000 082 136
UA -6529
Total 2220100000 9737 9565
CHECK CHECK CHECK
Manager Strategy Commitment Portfolio Benchmark NAV Short Name Strategy (Abbrev) of Commitments to Date of Target PE Allocation
HIG SPF Buy-out $300000000 Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years $18727000 BO 1 BO 132 217
Tritium Buy-out $110000000 $58988138 BO 2 BO 48 80
Searchlight Buy-out $97000000 $33454296 BO 3 BO 43 70
Marlin Buy-out $71250000 $14717073 BO 4 BO 31 52
Altaris Buy-out $62500000 $15328169 BO 5 BO 27 45
Northlane Buy-out $60000000 BO 6 BO 26 43
Capital Partners Buy-out $58000000 $12317286 BO 7 BO 25 42
Providence Buy-out $55000000 $0 BO 8 BO 24 40
Dunes Point Buy-out $50000000 $0 BO 9 BO 22 36
GTCR Buy-out $50000000 $4985798 BO 10 BO 22 36
Reverence Buy-out $50000000 $0 BO 11 BO 22 36
Arcline Buy-out $50000000 $0 BO 12 BO 22 36
CapVest Buy-out $46600000 $0 BO 13 BO 20 34
One Rock Buy-out $45000000 $13180746 BO 14 BO 20 33
Incline Buy-out $40000000 $11611636 BO 15 BO 18 29
Kainos Buy-out $35000000 $19539188 BO 16 BO 15 25
Harvest Buy-out $20000000 $11725676 BO 17 BO 09 14
PSG Venture Growth $180000000 $82125840 GE 1 GE 79 130
Foundry Venture Growth $175000000 $30834484 GE 2 GE 77 127
Updata Venture Growth $125000000 $46209141 GE 3 GE 55 91
Main Post Venture Growth $40000000 $0 GE 4 GE 18 29
FTV Venture Growth $46000000 $31248971 GE 5 GE 20 33
Mercato Venture Growth $40000000 $23833321 GE 6 GE 18 29
TSSP Special Situations $150000000 $49206694 SS 1 SS 66 109
BlackstoneGSO Special Situations $93750000 $37091463 SS 2 SS 41 68
BlackstoneBAAM Special Situations $65000000 SS 3 SS 29 47
Carlyle Special Situations $65000000 $24236270 SS 4 SS 29 47
HIG Special Situations $60000000 $17374728 SS 5 SS 26 43
LightBay Special Situations $40000000 $0 SS 6 SS 18 29
Total $2280100000 $556735918 10000 16529
CHECK
Altaris
Arcline
BlackstoneGSO
Capital Partners
CapVest
Carlyle
Dunes Point
Foundry
FTV
GTCR
HIG
Harvest
Incline
Kainos
LightBay
Main Post
Marlin
Mercato
One Rock
Providence
Reverence
Searchlight
Tritium
TSSP
Updata
Manager Fund Firm Age Year of Commitment Year Founded Fund Type Year of Commitment Vintage Year Report Name Short Name Fund Size LPAC Seat Approved ($) Commitment ($) State Street NAV ($) US Fund Div ( of Fund) Intl Fund Div ( of Fund) US Fund Div ( of Total Commits) Intl Fund Div ( of Total Commits) US Fund Div ( of Total NAV Intl Fund Div ( of Total NAV
Carlyle Carlyle Energy Mezzanine Opportunities Fund II 5 2010 2 SS 2015 2015 Special Situations Manager 3 SS 03 2819243965 Voting 65000000 65000000 2423627012 75 25 2 1 3 1
HIG HIG Bayside Loan Opportunity Fund IV 22 1993 4 SS 2015 2015 Special Situations Manager 4 SS 04 1100000000 60000000 60000000 1737472771 75 25 2 1 2 1
Harvest Harvest Partners VII 34 1981 7 BO 2015 2016 Buy-out Manager 12 BO 12 2200000000 50000000 20000000 1172567574 80 20 1 0 2 0
Searchlight Searchlight Capital II 5 2010 2 BO 2015 2015 Buy-out Manager 8 BO 08 1939000000 50000000 47000000 3345429620 60 40 1 1 4 2
Tritium Tritium I 2 2013 1 BO 2015 2014 Buy-out Manager 4 BO 04 309000000 Voting 50000000 50000000 5898813765 85 15 2 0 9 2
TSSP TSSP Adjacent Opportunities Partners (B) 6 2009 3 SS 2015 2014 Special Situations Manager 1 SS 01 3500000000 75000000 75000000 4920669401 60 40 2 1 5 4
BlackstoneGSO GSO Capital Opportunities Fund III 11 2005 3 SS 2016 2016 Special Situations Manager 2 SS 02 6000000000 75000000 75000000 32285251 80 20 3 1 5 1
BlackstoneGSO GSO COF III - Co-Investment 11 2005 3 SS 2016 2016 Special Situations Manager 8 SS 08 2000000000 18750000 18750000 4806212 80 20 1 0 1 0
Foundry Foundry Group Next Fund 9 2007 4 GE 2016 2016 GrowthVenture Manager 7 GE 07 500000000 35000000 30000000 2644022252 100 0 1 0 5 0
FTV FTV V 18 1998 5 GE 2016 2017 GrowthVenture Manager 4 GE 04 867000000 Voting 50000000 46000000 3124897116 75 25 2 1 4 1
Incline Incline Equity Partners IV 5 2011 4 BO 2016 2017 Buy-out Manager 10 BO 10 601000000 50000000 40000000 1161163584 80 20 1 0 2 0
Kainos Kainos Capital Partners II 4 2012 2 BO 2016 2016 Buy-out Manager 11 BO 11 895000000 Observer 50000000 35000000 1953918849 75 25 1 0 3 1
Mercato Mercato Partners Growth III 9 2007 3 GE 2016 2015 GrowthVenture Manager 6 GE 06 246000000 Voting 40000000 40000000 2383332060 100 0 2 0 4 0
PSG Providence Strategic Growth II 3 2013 2 GE 2016 2016 GrowthVenture Manager 2 GE 02 640000000 Voting 60000000 60000000 6665235799 100 0 3 0 12 0
Updata Updata Partners V 18 1998 5 GE 2016 2014 GrowthVenture Manager 3 GE 03 280000000 Voting 50000000 50000000 4620914142 90 10 2 0 7 1
Altaris Altaris Constellation IV 14 2003 4 BO 2017 2018 Buy-out Manager 14 BO 14 240000000 12500000 12500000 4140390 75 25 0 0 1 0
Altaris Altaris Health Partners IV 14 2003 4 BO 2017 2018 Buy-out Manager 5 BO 05 1000000000 50000000 50000000 11187778 75 25 2 1 2 1
Capital Partners Capital Partners II 13 2004 2 BO 2017 2018 Buy-out Manager 1 BO 01 500000000 Voting 70000000 58000000 12317286 100 0 3 0 2 0
Dunes Point Dunes Point Capital Fund II 4 2013 2 BO 2017 2018 Buy-out Manager 7 BO 07 535000000 Voting 50000000 50000000 - 0 80 20 2 0 0 0
GTCR GTCR XII 37 1980 12 BO 2017 2018 Buy-out Manager 6 BO 06 5250000000 75000000 50000000 498579807 75 25 2 1 1 0
LightBay LightBay Investment Partners I 0 2017 1 SS 2017 2018 Special Situations Manager 7 SS 07 615000000 Voting 50000000 40000000 - 0 80 20 1 0 0 0
Marlin Marlin Equity V 12 2005 5 BO 2017 2018 Buy-out Manager 2 BO 02 2500000000 60000000 57000000 946658473 80 20 2 0 1 0
Marlin Marlin Heritage II 12 2005 2 BO 2017 2017 Buy-out Manager 13 BO 13 750000000 15000000 14250000 525048862 75 25 0 0 1 0
One Rock One Rock Capital Partners II 7 2010 2 BO 2017 2017 Buy-out Manager 9 BO 09 964000000 50000000 45000000 1318074623 90 10 2 0 2 0
PSG Providence Strategic Growth III 4 2013 3 GE 2017 2018 GrowthVenture Manager 1 GE 01 1322000000 Voting 70000000 70000000 1547348223 100 0 3 0 3 0
CapVest CapVest Equity Partners IV 19 1999 4 BO 2018 2018 Buy-out Manager 15 BO 15 1001750000 53000000 46600000 - 0 0 100 0 2 0 0
Foundry Foundry Group Next 2018 11 2007 5 GE 2018 2018 GrowthVenture Manager 5 GE 05 750000000 45000000 45000000 439426166 90 10 2 0 1 0
HIG SPF HIG Strategic Partners Fund 25 1993 NA BO 2018 2018 Buy-out Manager 16 BO 16 1115000000 300000000 300000000 1872700007 60 40 8 5 2 1
Main Post Main Post II 4 2014 2 GE 2018 2019 GrowthVenture Manager 8 GE 08 700000000 Voting 50000000 40000000 - 0 100 0 2 0 0 0
Providence Providence Equity Partners VIII 29 1989 8 BO 2018 2017 Buy-out Manager 3 BO 03 5000000000 55000000 55000000 - 0 60 40 1 1 0 0
Tritium Tritium II 5 2013 2 BO 2018 2019 Buy-out Manager 17 BO 17 450000000 Voting 60000000 60000000 - 0 85 15 2 0 0 0
TSSP TPG Opportunities Partners IV 9 2009 4 SS 2018 2018 Special Situations Manager 6 SS 06 3000000000 50000000 25000000 - 0 60 40 1 0 0 0
TSSP TSSP Adjacent Opportunities Partners (D) 9 2009 4 SS 2018 2018 Special Situations Manager 5 SS 05 3000000000 50000000 50000000 - 0 60 40 1 1 0 0
Updata Updata Partners VI 20 1998 6 GE 2018 2014 GrowthVenture Manager 3 GE 03 300000000 Voting 75000000 75000000 - 0 90 10 3 0 0 0
PSG Providence Strategic Growth IV 6 2013 4 GE 2019 GE 09 2000000000 Voting 50000000 50000000 - 0 100 0 2 0 0 0
Foundry FGN 2018 Partner Fund 12 2007 6 GE 2019 GE 10 200000000 100000000 100000000 - 0 90 10 4 0 0 0
Reverence Reverence Capital Partners II 6 2013 2 BO 2019 BO 18 1000000000 Voting 50000000 50000000 - 0 90 10 2 0 0 0
Arcline Arcline Capital Partners 1 2018 1 BO 2019 BO 19 1500000000 50000000 50000000 - 0 90 10 2 0 0 0
Searchlight Searchlight Capital III 9 2010 3 BO 2019 2015 Buy-out Manager 8 BO 20 2750000000 50000000 50000000 - 0 60 40 1 1 0 0
Northlane Northlane Capital Partners II 5 2014 2 BO 2019 BO 21 375000000 Voting 60000000 60000000 - 0 100 0 3 0 0 0
BlackstoneBAAM Blackstone Strategic Capital Holdings II 29 1990 2 SS 2019 SS 07 4000000000 Voting 65000000 65000000 - 0 80 20 2 1 0 0
6000000000
5250000000
5000000000
3500000000
3000000000
3000000000
2800000000
2500000000
2200000000
2000000000
2000000000
1500000000
1500000000
1322000000
1115000000
1100000000
1001750000
1000000000
1000000000
964000000
895000000
867000000
750000000
750000000
700000000
640000000
615000000
601000000
535000000
500000000
500000000
450000000
309000000
300000000
280000000
246000000
240000000
200000000
Assumptions
TMRS (AUM) $ 27589122062 ltltltlt As of 12312018
PE Target () 500
PE Target ($) $ 1379456103
PE Commitments ($) $ 2280100000
PE NAV ($) $ 556735918 ltltltlt As of 12312018
PE NAV () 202
Un-Allocated () -6529
Instructions by Sheet Name
Notes Light blue-filled cells are hard-coded (not formula-driven)
The green-colored tabs are the only ones to be updated right now
The red-colored tab does not need to be updated (still under construction)
Portfolio
1) Input new Fund commitment into the next open row
2) Confirm and input the details for the row of the new Fund in columns A through G
3) Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I
4) Copy paste the formulas used in columns J and K for the row of the new Fund
Manager
1) If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated
2) Input the name of the Manager for the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Manager
4) Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option
Fund
1) Insert a row above the one beginning with UA (Un-Allocated)
2) Input the Short Name of the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Fund
4) Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option
Year of Commit Commitments of Commitments to Date of Target PE Allocation
2015 317000000 1390 2298
2016 394750000 1731 2862
2017 436750000 1915 3166
2018 481600000 2112 3491 ltltltTakes into account $75 mm of HIG SPF
Total 1630100000 7149 11817
CHECK CHECK CHECK
Geography of Commitments to Date of NAV to Date of Target PE Allocation
USA 780 822 1289
International 220 178 364
Un-Allocated -653
Total 1000 1000 1000
Strategy Commitments NAV of Commitments to Date of NAV to Date of Target PE Allocation
BO Buy-out (40 to 75) 1200350000 214575006 526 385 870
GE GrowthVenture (10 to 40) 606000000 214251758 266 385 439
SS Special Situations (5 to 35) 473750000 127909154 208 230 343
Un-Allocated -653
Total 2280100000 556735918 1000 1000 1000
Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1216 60 0
GrowthVenture 0 55 0 40 75
Special Situations 0 75 0 0 0
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1766 2366 2366
GrowthVenture 0 55 55 95 170
Special Situations 0 75 75 75 75
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Beg Year Q1 Q2 Q3 End Year
Buy-out 750 1500 600 00 00
GrowthVenture 00 833 00 00 00
Special Situations 00 00 650 00 00
Unallocated 4500 2167 917 917 917
Target 525 525 525 525 525
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 75 2250 2850 2850 2850
GrowthVenture 0 833 833 833 833
Special Situations 0 00 650 650 650
Unallocated 450 2167 917 917 917
Target 525 525 525 525 525
Short Name Commitments of Commitments to Date of Target PE Allocation
BO 01 58000000 254 420
BO 02 57000000 250 413
BO 03 55000000 241 399
BO 04 50000000 219 362
BO 05 50000000 219 362
BO 06 50000000 219 362
BO 07 50000000 219 362
BO 08 47000000 206 341
BO 09 45000000 197 326
BO 10 40000000 175 290
BO 11 35000000 154 254
BO 12 20000000 088 145
BO 13 14250000 062 103
BO 14 12500000 055 091
BO 15 46600000 204 338
BO 16 300000000 1316 2175
BO 17 60000000 263 435
BO 18 50000000 219 362
BO 19 50000000 219 362
BO 20 50000000 219 362
GE 01 70000000 307 507
GE 02 60000000 263 435
GE 03 125000000 548 906
GE 04 46000000 202 333
GE 05 45000000 197 326
GE 06 40000000 175 290
GE 07 30000000 132 217
GE 08 40000000 175 290
GE 09 50000000 219 362
GE 10 100000000 439 725
SS 01 75000000 329 544
SS 02 75000000 329 544
SS 03 65000000 285 471
SS 04 60000000 263 435
SS 05 50000000 219 362
SS 06 25000000 110 181
SS 07 105000000 461 761
SS 08 18750000 082 136
UA -6529
Total 2220100000 9737 9565
CHECK CHECK CHECK
Manager Strategy Commitment Portfolio Benchmark NAV Short Name Strategy (Abbrev) of Commitments to Date of Target PE Allocation
HIG SPF Buy-out $300000000 Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years $18727000 BO 1 BO 132 217
Tritium Buy-out $110000000 $58988138 BO 2 BO 48 80
Searchlight Buy-out $97000000 $33454296 BO 3 BO 43 70
Marlin Buy-out $71250000 $14717073 BO 4 BO 31 52
Altaris Buy-out $62500000 $15328169 BO 5 BO 27 45
Northlane Buy-out $60000000 BO 6 BO 26 43
Capital Partners Buy-out $58000000 $12317286 BO 7 BO 25 42
Providence Buy-out $55000000 $0 BO 8 BO 24 40
Dunes Point Buy-out $50000000 $0 BO 9 BO 22 36
GTCR Buy-out $50000000 $4985798 BO 10 BO 22 36
Reverence Buy-out $50000000 $0 BO 11 BO 22 36
Arcline Buy-out $50000000 $0 BO 12 BO 22 36
CapVest Buy-out $46600000 $0 BO 13 BO 20 34
One Rock Buy-out $45000000 $13180746 BO 14 BO 20 33
Incline Buy-out $40000000 $11611636 BO 15 BO 18 29
Kainos Buy-out $35000000 $19539188 BO 16 BO 15 25
Harvest Buy-out $20000000 $11725676 BO 17 BO 09 14
PSG Venture Growth $180000000 $82125840 GE 1 GE 79 130
Foundry Venture Growth $175000000 $30834484 GE 2 GE 77 127
Updata Venture Growth $125000000 $46209141 GE 3 GE 55 91
Main Post Venture Growth $40000000 $0 GE 4 GE 18 29
FTV Venture Growth $46000000 $31248971 GE 5 GE 20 33
Mercato Venture Growth $40000000 $23833321 GE 6 GE 18 29
TSSP Special Situations $150000000 $49206694 SS 1 SS 66 109
BlackstoneGSO Special Situations $93750000 $37091463 SS 2 SS 41 68
BlackstoneBAAM Special Situations $65000000 SS 3 SS 29 47
Carlyle Special Situations $65000000 $24236270 SS 4 SS 29 47
HIG Special Situations $60000000 $17374728 SS 5 SS 26 43
LightBay Special Situations $40000000 $0 SS 6 SS 18 29
Total $2280100000 $556735918 10000 16529
CHECK
Altaris
Arcline
BlackstoneGSO
Capital Partners
CapVest
Carlyle
Dunes Point
Foundry
FTV
GTCR
HIG
Harvest
Incline
Kainos
LightBay
Main Post
Marlin
Mercato
One Rock
Providence
Reverence
Searchlight
Tritium
TSSP
Updata
Manager Fund Firm Age Year of Commitment Year Founded Fund Type Year of Commitment Vintage Year Report Name Short Name Fund Size LPAC Seat Approved ($) Commitment ($) State Street NAV ($) US Fund Div ( of Fund) Intl Fund Div ( of Fund) US Fund Div ( of Total Commits) Intl Fund Div ( of Total Commits) US Fund Div ( of Total NAV Intl Fund Div ( of Total NAV
Carlyle Carlyle Energy Mezzanine Opportunities Fund II 5 2010 2 SS 2015 2015 Special Situations Manager 3 SS 03 2819243965 Voting 65000000 65000000 2423627012 75 25 2 1 3 1
HIG HIG Bayside Loan Opportunity Fund IV 22 1993 4 SS 2015 2015 Special Situations Manager 4 SS 04 1100000000 60000000 60000000 1737472771 75 25 2 1 2 1
Harvest Harvest Partners VII 34 1981 7 BO 2015 2016 Buy-out Manager 12 BO 12 2200000000 50000000 20000000 1172567574 80 20 1 0 2 0
Searchlight Searchlight Capital II 5 2010 2 BO 2015 2015 Buy-out Manager 8 BO 08 1939000000 50000000 47000000 3345429620 60 40 1 1 4 2
Tritium Tritium I 2 2013 1 BO 2015 2014 Buy-out Manager 4 BO 04 309000000 Voting 50000000 50000000 5898813765 85 15 2 0 9 2
TSSP TSSP Adjacent Opportunities Partners (B) 6 2009 3 SS 2015 2014 Special Situations Manager 1 SS 01 3500000000 75000000 75000000 4920669401 60 40 2 1 5 4
BlackstoneGSO GSO Capital Opportunities Fund III 11 2005 3 SS 2016 2016 Special Situations Manager 2 SS 02 6000000000 75000000 75000000 32285251 80 20 3 1 5 1
BlackstoneGSO GSO COF III - Co-Investment 11 2005 3 SS 2016 2016 Special Situations Manager 8 SS 08 2000000000 18750000 18750000 4806212 80 20 1 0 1 0
Foundry Foundry Group Next Fund 9 2007 4 GE 2016 2016 GrowthVenture Manager 7 GE 07 500000000 35000000 30000000 2644022252 100 0 1 0 5 0
FTV FTV V 18 1998 5 GE 2016 2017 GrowthVenture Manager 4 GE 04 867000000 Voting 50000000 46000000 3124897116 75 25 2 1 4 1
Incline Incline Equity Partners IV 5 2011 4 BO 2016 2017 Buy-out Manager 10 BO 10 601000000 50000000 40000000 1161163584 80 20 1 0 2 0
Kainos Kainos Capital Partners II 4 2012 2 BO 2016 2016 Buy-out Manager 11 BO 11 895000000 Observer 50000000 35000000 1953918849 75 25 1 0 3 1
Mercato Mercato Partners Growth III 9 2007 3 GE 2016 2015 GrowthVenture Manager 6 GE 06 246000000 Voting 40000000 40000000 2383332060 100 0 2 0 4 0
PSG Providence Strategic Growth II 3 2013 2 GE 2016 2016 GrowthVenture Manager 2 GE 02 640000000 Voting 60000000 60000000 6665235799 100 0 3 0 12 0
Updata Updata Partners V 18 1998 5 GE 2016 2014 GrowthVenture Manager 3 GE 03 280000000 Voting 50000000 50000000 4620914142 90 10 2 0 7 1
Altaris Altaris Constellation IV 14 2003 4 BO 2017 2018 Buy-out Manager 14 BO 14 240000000 12500000 12500000 4140390 75 25 0 0 1 0
Altaris Altaris Health Partners IV 14 2003 4 BO 2017 2018 Buy-out Manager 5 BO 05 1000000000 50000000 50000000 11187778 75 25 2 1 2 1
Capital Partners Capital Partners II 13 2004 2 BO 2017 2018 Buy-out Manager 1 BO 01 500000000 Voting 70000000 58000000 12317286 100 0 3 0 2 0
Dunes Point Dunes Point Capital Fund II 4 2013 2 BO 2017 2018 Buy-out Manager 7 BO 07 535000000 Voting 50000000 50000000 - 0 80 20 2 0 0 0
GTCR GTCR XII 37 1980 12 BO 2017 2018 Buy-out Manager 6 BO 06 5250000000 75000000 50000000 498579807 75 25 2 1 1 0
LightBay LightBay Investment Partners I 0 2017 1 SS 2017 2018 Special Situations Manager 7 SS 07 615000000 Voting 50000000 40000000 - 0 80 20 1 0 0 0
Marlin Marlin Equity V 12 2005 5 BO 2017 2018 Buy-out Manager 2 BO 02 2500000000 60000000 57000000 946658473 80 20 2 0 1 0
Marlin Marlin Heritage II 12 2005 2 BO 2017 2017 Buy-out Manager 13 BO 13 750000000 15000000 14250000 525048862 75 25 0 0 1 0
One Rock One Rock Capital Partners II 7 2010 2 BO 2017 2017 Buy-out Manager 9 BO 09 964000000 50000000 45000000 1318074623 90 10 2 0 2 0
PSG Providence Strategic Growth III 4 2013 3 GE 2017 2018 GrowthVenture Manager 1 GE 01 1322000000 Voting 70000000 70000000 1547348223 100 0 3 0 3 0
CapVest CapVest Equity Partners IV 19 1999 4 BO 2018 2018 Buy-out Manager 15 BO 15 1001750000 53000000 46600000 - 0 0 100 0 2 0 0
Foundry Foundry Group Next 2018 11 2007 5 GE 2018 2018 GrowthVenture Manager 5 GE 05 750000000 45000000 45000000 439426166 90 10 2 0 1 0
HIG SPF HIG Strategic Partners Fund 25 1993 NA BO 2018 2018 Buy-out Manager 16 BO 16 1115000000 300000000 300000000 1872700007 60 40 8 5 2 1
Main Post Main Post II 4 2014 2 GE 2018 2019 GrowthVenture Manager 8 GE 08 700000000 Voting 50000000 40000000 - 0 100 0 2 0 0 0
Providence Providence Equity Partners VIII 29 1989 8 BO 2018 2017 Buy-out Manager 3 BO 03 5000000000 55000000 55000000 - 0 60 40 1 1 0 0
Tritium Tritium II 5 2013 2 BO 2018 2019 Buy-out Manager 17 BO 17 450000000 Voting 60000000 60000000 - 0 85 15 2 0 0 0
TSSP TPG Opportunities Partners IV 9 2009 4 SS 2018 2018 Special Situations Manager 6 SS 06 3000000000 50000000 25000000 - 0 60 40 1 0 0 0
TSSP TSSP Adjacent Opportunities Partners (D) 9 2009 4 SS 2018 2018 Special Situations Manager 5 SS 05 3000000000 50000000 50000000 - 0 60 40 1 1 0 0
Updata Updata Partners VI 20 1998 6 GE 2018 2014 GrowthVenture Manager 3 GE 03 300000000 Voting 75000000 75000000 - 0 90 10 3 0 0 0
PSG Providence Strategic Growth IV 6 2013 4 GE 2019 GE 09 2000000000 Voting 50000000 50000000 - 0 100 0 2 0 0 0
Foundry FGN 2018 Partner Fund 12 2007 6 GE 2019 GE 10 200000000 100000000 100000000 - 0 90 10 4 0 0 0
Reverence Reverence Capital Partners II 6 2013 2 BO 2019 BO 18 1000000000 Voting 50000000 50000000 - 0 90 10 2 0 0 0
Arcline Arcline Capital Partners 1 2018 1 BO 2019 BO 19 1500000000 50000000 50000000 - 0 90 10 2 0 0 0
Searchlight Searchlight Capital III 9 2010 3 BO 2019 2015 Buy-out Manager 8 BO 20 2750000000 50000000 50000000 - 0 60 40 1 1 0 0
Northlane Northlane Capital Partners II 5 2014 2 BO 2019 BO 21 375000000 Voting 60000000 60000000 - 0 100 0 3 0 0 0
BlackstoneBAAM Blackstone Strategic Capital Holdings II 29 1990 2 SS 2019 SS 07 4000000000 Voting 65000000 65000000 - 0 80 20 2 1 0 0
6000000000
5250000000
5000000000
3500000000
3000000000
3000000000
2800000000
2500000000
2200000000
2000000000
2000000000
1500000000
1500000000
1322000000
1115000000
1100000000
1001750000
1000000000
1000000000
964000000
895000000
867000000
750000000
750000000
700000000
640000000
615000000
601000000
535000000
500000000
500000000
450000000
309000000
300000000
280000000
246000000
240000000
200000000
Assumptions
TMRS (AUM) $ 27589122062 ltltltlt As of 12312018
PE Target () 500
PE Target ($) $ 1379456103
PE Commitments ($) $ 2280100000
PE NAV ($) $ 556735918 ltltltlt As of 12312018
PE NAV () 202
Un-Allocated () -6529
Instructions by Sheet Name
Notes Light blue-filled cells are hard-coded (not formula-driven)
The green-colored tabs are the only ones to be updated right now
The red-colored tab does not need to be updated (still under construction)
Portfolio
1) Input new Fund commitment into the next open row
2) Confirm and input the details for the row of the new Fund in columns A through G
3) Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I
4) Copy paste the formulas used in columns J and K for the row of the new Fund
Manager
1) If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated
2) Input the name of the Manager for the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Manager
4) Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option
Fund
1) Insert a row above the one beginning with UA (Un-Allocated)
2) Input the Short Name of the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Fund
4) Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option
2017 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E
TMRS $ 2902900 $ 2919823 $ 3087217 $ 3267756 $ 3452622 $ 3642195 $ 3836795 $ 4036443 $ 4241598
Target PE NAV $ 145145 $ 145991 $ 154361 $ 163388 $ 172631 $ 182110 $ 191840 $ 201822 $ 212080
Distributions $ (2500) $ (7500) $ (12500) $ (20000) ($317) $ (39500) $ (55875) $ (70000) $ (78750)
Actual PE NAV $ 27150 $ 50000 $ 85155 $ 121441 $ 153869 $ 185360 $ 207001 $ 219790 $ 227778
Original Model $ 48953 $ 79299 $ 114980 $ 149403 $ 173865 18809585710464 19589592210062 19963999392119 20177719328292
Annual Commitment $317 $395 $447 $500 $525 $550 $575 $600 $635 $660 $675
308 342 340 337 333 329 331 327 318
Minus
PE of Plan 094 171 276 372 446 509 540 545 537
Plus 169 272 372 457 504 516 511 495 476
Target of Plan 5 5 5 5 5 5 5 5 5 5
PE 1270 (27816) (26088) (33449) (40730) (48008) (55583) (63050) (70395) (78032) (86213) (93803)
2017 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E
TMRS $ 2902900 $ 2758912 $ 2915445 $ 3084389 $ 3256878 $ 3433238 $ 3613733 $ 3798325 $ 3987407 $ 4181410 $ 4380356
Target PE NAV $ 145145 $ 137946 $ 145772 $ 154219 $ 162844 $ 171662 $ 180687 $ 189916 $ 199370 $ 209070 $ 219018
Distributions $ (2500) $ (7500) $ (12500) $ (20000) ($317) $ (39500) $ (55875) $ (70000) $ (78750) $ (78750) $ (78750)
Private Equity NAV $ 27150 $ 52500 $ 88130 $ 124558 $ 156255 $ 186019 $ 205151 $ 214646 $ 219075 $ 226354 $ 236280
Original Model $ 48953 $ 79299 $ 114980 $ 149403 $ 173865 18809585710464 19589592210062 19963999392119 20177719328292
Annual Commitment $317 $395 $447 $500 $525 $525 $525 $550 $600 $625 $650 $650 $650
308 362 360 340 322 320 332 329 326 311 297
Minus
PE of Plan 094 190 302 404 480 542 568 565 549 541 539
Plus 169 287 394 484 534 548 542 526 506
Target of Plan 5 5 5 5 5 5 5 5 5 5 5 5
PE 1300 (27816) (26088) (33449) (40730) (48008) (55583) (63050) (70395) (78032) (86213) (93803)
2017 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E
TMRS $ 2902900 $ 2880000 $ 2995200 $ 3115008 $ 3239608 $ 3369193 $ 3503960 $ 3644119 $ 3789884
Target PE NAV $ 145145 $ 144000 $ 149760 $ 155750 $ 161980 $ 168460 $ 175198 $ 182206 $ 189494
Distributions $ (2500) $ (7500) $ (12500) $ (20000) ($317) $ (39500) $ (55875) $ (70000) $ (78750)
Actual PE NAV $ 27150 $ 55047 $ 89632 $ 124514 $ 151718 $ 176598 $ 193241 $ 200031 $ 201110
Original Model $ 48953 $ 79299 $ 114980 $ 149403 $ 173865 18809585710464 19589592210062 19963999392119 20177719328292
Annual Commitment $317 $395 $447 $500 $525 $550 $575 $600 $635 $660 $675
308 347 351 353 355 356 362 362 356
Minus
PE of Plan 094 191 299 400 468 524 551 549 531
Plus 169 275 384 480 537 558 559 548 532
Target of Plan 5 5 5 5 5 5 5 5 5
PE 1050
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Beginning NAV 14609962 16305676 17992494 18571294 20490599 22468634 23727478 236518112346 250933184929355 265684014912086 280726295918652 296006880893161 31146271535345
Costs (other cash flow) 18114 4981 -3285 -16664 10734 8346
Actual Income 610171 494700 424402 341039 293242 304804
Actual Capital Gains 873137 1001628 10363 1522241 1681646 98054 16609
Actual Cash flow 194292 185509 14732 72689 -7587 -34846 -92276
Candace cash flow estimate -15499 -218716 -289139 -366844 -452463 -546679
Estimated Income 471582 534601 613836 704314 805849 896763
Estimated Capital Gains (Actuarial Return - Income) 1124916 1159198 1179531 1190588 1192197 1205610
Ending NAV 16305676 17992494 18571294 20490599 22468634 23727478 23651811 25093318 265684014912086 280726295918652 296006880893161 31146271535345 327019658639808
Yield 418 303 236 184 143 136 135 20 21 23 25 27 29
Allocation
Core 318 250 193 163 133 99
Liquid credit 66 80 100 110 125 149
Direct Lending 00 10 20 30 40 50
US Equity 267 250 230 205 185 175
Intl Equity 162 167 175 175 175 175
Real Return 41 65 75 90 100 100
Real Estate 62 75 85 95 100 100
HF 81 90 100 100 100 100
PE 00 10 20 30 40 50
Cash 03 03 02 02 02 02
1000 1000 1000 1000 1000 1000
Yield
Core 18 18 18 18 18 18
Liquid credit 45 45 45 45 45 45
Direct Lending 80 80 80 80 80 80
US Equity 20 20 20 20 20 20
Intl Equity 16 16 16 16 16 16
Real Return 05 15 25 35 45 50
Real Estate 50 50 50 50 50 50
HF 00 00 00 00 00 00
PE 00 00 00 00 00 00
Cash 03 03 03 03 03 03
SUMMED
Yield 0572400 05 03 03 02 02
Core 03 04 05 05 06 07
Liquid credit 00 01 02 02 03 04
Direct Lending 05 05 05 04 04 04
US Equity 03 03 03 03 03 03
Intl Equity 00 01 02 03 05 05
Real Return 03 04 04 05 05 05
Real Estate 00 00 00 00 00 00
HF 00 00 00 00 00 00
PE 00 00 00 00 00 00
Cash 00 00 00 00 00 00
TOTAL 20 21 23 25 27 29
2015 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E
TMRS $ 2365181 $ 2503739 $ 2656840 $ 2807263 $ 2960069 $ 3114627 $ 3270197 $ 3416053 $ 3567084 $ 3718115 $ 3869146
Target PE NAV $ 117986 $ 125187 $ 132842 $ 140363 $ 148003 $ 155731 $ 163510 $ 170803 $ 178354 $ 185906 $ 193457
Distributions $ - 0 $ (500) $ (2500) $ (7500) $ (12500) $ (20000) ($317) $ (45000) $ (56250) $ (63000) $ (67500)
Actual PE NAV $ 1739 $ 22500 $ 48953 $ 79299 $ 114980 $ 149403 $ 173865 $ 188096 $ 195896 $ 199640 $ 201777
Annual Commitment $317 $450 $450 $450 $450 $475 $475 $475 $500 $550 $600
Minus
Actual of Plan 007 090 184 282 388 480 532 551 549 537 522
Plus
Target of Plan 5 5 5 5 5 5 5 5 5 5 5
PE 1050
Page 5: Board Presentation • Private Equity Recommendation, June ... · Board Presentation • Private Equity Recommendation, June 20-21, 2019 Author: TMRS Subject: Board Presentation Private

Section II

5

$52500

$88130

$124558

$156255

$186019

$205151 $214646 $219075

$226354 $236280

$500 $525 $525 $525 $550 $600 $625 $650 $650 $650 0

2

4

6

8

10

12

14

16

$-

$200

$400

$600

$800

$1000

$1200

$1400

$1600

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$2000

$2200

$2400

$2600

2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E

o

f Tot

al P

lan

Valu

e

Valu

e in

US$

(Mill

ions

)2018 Staff Pacing Model

Private Equity NAV Annual Commitment PE of Plan Target of Plan

6

Annual pacing plans are developed in the context of multiple year investment horizons This is necessary because private capital investments

deploy and return capital over time rather than all at once

Chart1

2018 Staff Pacing Model

Private Equity NAV2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E52588131245578999999999715625542699999994186018632509999912051510547362998821464569185201885219074631792781292263543339258428223628039733620235Annual Commitment2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E500525525525550600625650650650PE of Plan 2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E1902923909023305E-230228659416296488E-240383332851056143E-247977055046536397E-254181684662894122E-256769838241507123E-256510611085906756E-254941634339036198E-254133496602978719E-253940914226060045E-2Target of Plan2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E005005005005005005005005005005

Value in US$ (Millions)

of Total Plan Value

1H 2015

Staff Pacing Model

Actual PE NAV20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E173922548952499999999998792985124999999931149798563124999914940274122531248173865029053970281880958571046371619589592210062406199639993921189582017771932829145Annual Commitment20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E317450450450450475475475500550600Actual of Plan

20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E73525024479141545E-489865597013107194E-318425082900150446E-228247625410545363E-238843643082067419E-247968098221891305E-25316653738100563E-255062328145578938E-254917658487389574E-253693868450405698E-252150314794368831E-2Target of Plan005005005005005005005005005005005

Value in US$ (Millions)

of Total Plan Value

Sheet1

Beginning NAV200920102011201220132014201520162017201820192020202114609962163056759999999991799249399999999918571294000000002204905989999999982246863399999999823727477999999999236518112345999982509331849293549726568401491208642280726295918652292960068808931612931146271535344968Ending NAV16305675999999999179924939999999991857129400000000220490598999999998224686339999999982372747799999999923651811234599998250933184929354972656840149120864228072629591865229296006880893161293114627153534496832701965863980753

1H 2017

Staff Pacing Model

Actual PE NAV20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E173922548952499999999998792985124999999931149798563124999914940274122531248173865029053970281880958571046371619589592210062406199639993921189582017771932829145Annual Commitment20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E317450450450450475475475500550600Actual of Plan

20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E73525024479141545E-489865597013107194E-318425082900150446E-228247625410545363E-238843643082067419E-247968098221891305E-25316653738100563E-255062328145578938E-254917658487389574E-253693868450405698E-252150314794368831E-2Target of Plan005005005005005005005005005005005

Value in US$ (Millions)

of Total Plan Value

2017 Staff Pacing Model

Actual PE NAV20172018E2019E2020E2021E2022E2023E2024E2025E27155504674999999999789631658749999997124513982918751517179511252187517659833599336671193241161272670212000314832063005720110978894296213Annual Commitment20172018E2019E2020E2021E2022E2023E2024E2025E447500525550575600635660675PE of Plan 20172018E2019E2020E2021E2022E2023E2024E2025E93527162492679731E-319113454861111111E-229925099742922009E-239972283512193223E-246832189616434469E-252415624213890809E-255149357149883012E-254891592632390636E-253064899662175077E-2Original Model16863309104688414E-227534205729166664E-238388039634248125E-247962233556161804E-253668533933747355E-255828169086240366E-255907002943792104E-254784162191872952E-253241001206111943E-2Target of Plan20172018E2019E2020E2021E2022E2023E2024E2025E005005005005005005005005005

Value in US$ (Millions)

of Total Plan Value

1H 2018

2017 Staff Pacing Model

Actual PE NAV20172018E2019E2020E2021E2022E2023E2024E2025E27155504674999999999789631658749999997124513982918751517179511252187517659833599336671193241161272670212000314832063005720110978894296213Annual Commitment20172018E2019E2020E2021E2022E2023E2024E2025E447500525550575600635660675PE of Plan 20172018E2019E2020E2021E2022E2023E2024E2025E93527162492679731E-319113454861111111E-229925099742922009E-239972283512193223E-246832189616434469E-252415624213890809E-255149357149883012E-254891592632390636E-253064899662175077E-2Original Model16863309104688414E-227534205729166664E-238388039634248125E-247962233556161804E-253668533933747355E-255828169086240366E-255907002943792104E-254784162191872952E-253241001206111943E-2Target of Plan20172018E2019E2020E2021E2022E2023E2024E2025E005005005005005005005005005

Value in US$ (Millions)

of Total Plan Value

2018 Staff Pacing Model

Private Equity NAV2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E52588131245578999999999715625542699999994186018632509999912051510547362998821464569185201885219074631792781292263543339258428223628039733620235Annual Commitment2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E500525525525550600625650650650PE of Plan 2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E1902923909023305E-230228659416296488E-240383332851056143E-247977055046536397E-254181684662894122E-256769838241507123E-256510611085906756E-254941634339036198E-254133496602978719E-253940914226060045E-2Target of Plan2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E005005005005005005005005005005

Value in US$ (Millions)

of Total Plan Value

Sheet2

2018 Staff Pacing Model

Private Equity NAV20172018E2019E2020E2021E2022E2023E2024E2025E27155258813124557899999999971562554269999999418601863250999991205151054736299882146456918520188521907463179278129Annual Commitment20172018E2019E2020E2021E2022E2023E2024E2025E447500525525525550600625650PE of Plan 20172018E2019E2020E2021E2022E2023E2024E2025E93527162492679731E-31902923909023305E-230228659416296488E-240383332851056143E-247977055046536397E-254181684662894122E-256769838241507123E-256510611085906756E-254941634339036198E-2Original Model16863309104688414E-228742673406901599E-239438181279987182E-248438361820181644E-25338395107128014E-254786718290128177E-254208738161829868E-252560002282510392E-250603617044044313E-2Target of Plan20172018E2019E2020E2021E2022E2023E2024E2025E005005005005005005005005005005

Value in US$ (Millions)

of Total Plan Value

0

10

20

30

40

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60

70

80

90

100

Beg Year Q1 Q2 Q3 End Year

o

f Pa

cing

Pla

n Ut

ilize

d

2019 Private Equity Pacing Plan Progress

Buy-out GrowthVenture Special Situations Unallocated

7

MarchSearchlight III ($50mm)

February PSG IV ($50mm)

FGN 2018 Partner ($33mm)Reverence II ($50mm)

Arcline I ($50mm)

Search processes are approved in annual amounts Progress will be made throughout the year as opposed to all at once

The 2019 Private Equity search process has

culminated in ~$368 million of

closed andor recommended

investments in line with the $525 mm

primary pacing model goal for the

year2018

HIG SPF ($75mm)

JuneNorthlane II ($60mm)

Chart1

2019 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629

of Pacing Plan Utilized

Instructions

Assumptions

Charts

Private Equity Geographic Diversification by Commitment

USA International077994934432700325022005065567299681

Private Equity Strategy Diversification by Commitment

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009

Private Equity Manager Diversification by Commitment

CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000

Private Equity Geographic Diversification by NAV

Geography

USA International082172551941443706017827448058556272

Private Equity Strategy Diversification by NAV

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444

Private Equity Manager Diversification by NAV

NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010

Portfolio

Manager

Fund

2019 Pacing

2019 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629

of Pacing Plan Utilized

2018 Pacing

2018 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977

of Pacing Plan Utilized

Strategy

Geography

Year

Section III

8

526

266

208

Private Equity Strategy Diversification by Commitment

Buy-out (40 to75)

GrowthVenture(10 to 40)

Special Situations(5 to 35)

9

Synthesize AnalysisDiversification Analysis

Strategy considerations

2015 Overweight special situations early for J-Curve mitigation efficiency of capital deployment and tactical opportunities

2016 Focus on growth opportunity set and continue to add buy-out exposure

2017 Round out buy-out portfolio and opportunistically add to growth and credit

2018 Steady state on pacing selectively adding new relationships and European exposure

2019 Steady state on pacing selectively adding new relationships and Venture and European exposure

Chart3

Private Equity Strategy Diversification by Commitment

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009

Instructions

Assumptions

Charts

Private Equity Geographic Diversification by Commitment

USA International077994934432700325022005065567299681

Private Equity Strategy Diversification by Commitment

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009

Private Equity Manager Diversification by Commitment

CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000

Private Equity Geographic Diversification by NAV

Geography

USA International082172551941443706017827448058556272

Private Equity Strategy Diversification by NAV

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444

Private Equity Manager Diversification by NAV

NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010

Portfolio

Manager

Fund

2019 Pacing

2019 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629

of Pacing Plan Utilized

2018 Pacing

2018 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977

of Pacing Plan Utilized

Strategy

Geography

Year

10

Synthesize AnalysisDiversification Analysis

The overall goal remains identifying top quartile performers to partner with

Position sizing considerations

Continue to reduce the unallocated portion of the private equity portfolio while sensibly balancing the trade-off between diversification and concentration

Areas of focus are enhancing manager diversification and building strategic relationships where possibleappropriate

Private Equity Manager Diversification by Commitment BO 1 BO 2

BO 3 BO 4BO 5 BO 6BO 7 BO 8BO 9 BO 10BO 11 BO 12BO 13 BO 14BO 15 BO 16BO 17 GE 1GE 2 GE 3GE 4 GE 5GE 6 SS 1SS 2 SS 3SS 4 SS 5SS 6

Chart2

Private Equity Manager Diversification by Commitment

CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000

Instructions

Assumptions

Charts

Private Equity Geographic Diversification by Commitment

USA International077994934432700325022005065567299681

Private Equity Strategy Diversification by Commitment

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009

Private Equity Manager Diversification by Commitment

CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000

Private Equity Geographic Diversification by NAV

Geography

USA International082172551941443706017827448058556272

Private Equity Strategy Diversification by NAV

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444

Private Equity Manager Diversification by NAV

NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010

Portfolio

Manager

Fund

2019 Pacing

2019 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629

of Pacing Plan Utilized

2018 Pacing

2018 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977

of Pacing Plan Utilized

Strategy

Geography

Year

11

Synthesize AnalysisDiversification Analysis

TMRS is focused on taking a measured approach to global geographic diversification

The Target Portfolio keeps a conservative stance on international exposure

780

220

Private Equity Geographic Diversification by Commitment

USA

International

Chart1

Private Equity Geographic Diversification by Commitment

USA International077994934432700325022005065567299681

Instructions

Assumptions

Charts

Private Equity Geographic Diversification by Commitment

USA International077994934432700325022005065567299681

Private Equity Strategy Diversification by Commitment

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009

Private Equity Manager Diversification by Commitment

CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000

Private Equity Geographic Diversification by NAV

Geography

USA International082172551941443706017827448058556272

Private Equity Strategy Diversification by NAV

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444

Private Equity Manager Diversification by NAV

NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010

Portfolio

Manager

Fund

2019 Pacing

2019 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629

of Pacing Plan Utilized

2018 Pacing

2018 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977

of Pacing Plan Utilized

Strategy

Geography

Year

Section IV

12

13

Top Candidate Characteristics ndash Northlane II $60 million Recommendation

Northlane Capital Partners

Date of First TMRS Meeting5102018

Dates of Subsequent Meetings892018312019

5162019

Dates of Diligence AdvancementlsquoBrsquo Rating ndash 312019

lsquoArsquo Rating ndash 5162019

Reference ChecksYes

Date of Consultant IDD ReportSeptember 2018

Date of Consultant Board MemoJune 2019

Legal Negotiation InitiatedMay 2019

Comparable Strategies Reviewed18 (Business Services Buy-Out)

16 (Healthcare Buy-Out)

Northlane Capital Partners LLC (ldquoNorthlanerdquo)is a Washington DC-based buyout firmfounded in 2017 that focuses on acquiringlower-middle market companies in thebusiness services and healthcare sectorsThese target companies will be profitablemarket leaders within their niches typicallygenerating up to $30 million of EBITDA whileproviding critical outsourced services to theircustomers Northlane Capital Partners II LP(Northlane II) is targeting $375 million tobuild a portfolio of 10 to 12 businessesrequiring equity investments of up to $75million continuing to employ the prior fundrsquosstrategy that was developed during thefoundersrsquo tenure at American Capital

Section V

14

15

Approval of Recommendation

TMRS Staff and StepStone Group recommend that the Board of Trusteesapprove the selection of the following fund

Recommendations

bull Northlane Capital Partners II LP $60 million

16

  • Private EquityRecommendation June 20-21 2019
  • Agenda
  • Executive Summary
  • Slide Number 4
  • Due diligence process review
  • Due Diligence ProcessesAs part of Multi-year time periods
  • Due Diligence ProcessesAs part of Annual Search Processes
  • Portfolio construction
  • Private Equity Portfolio StatisticsStrategy Diversification
  • Private Equity Portfolio StatisticsManager Implementation
  • Private Equity Portfolio StatisticsGeographic Diversification
  • Manager selection and recommendation
  • Slide Number 13
  • Requested board action
  • Slide Number 15
  • DISCLOSURES TMRS periodically discloses public information that is not excepted from disclosure under Section 5520225(b) of the Texas Public Information Act Information provided by a manager a Managing General Partner (GP) any of its Associates or other data provider to TMRS or a TMRS service provider and contained in these materials (i) may have been independently produced or modified by TMRS or the TMRS service provider (ii) has not been reviewed or approved by the manager Managing GP or any of its Associates and (iii) may not reflect the historical performance or asset value reflected in the managerrsquos Managing GPrsquos or any of its Associatesrsquo records and therefore should not be used for comparative purposes
Year of Commit Commitments of Commitments to Date of Target PE Allocation
2015 317000000 1390 2298
2016 394750000 1731 2862
2017 436750000 1915 3166
2018 481600000 2112 3491 ltltltTakes into account $75 mm of HIG SPF
Total 1630100000 7149 11817
CHECK CHECK CHECK
Geography of Commitments to Date of NAV to Date of Target PE Allocation
USA 780 822 1289
International 220 178 364
Un-Allocated -653
Total 1000 1000 1000
Strategy Commitments NAV of Commitments to Date of NAV to Date of Target PE Allocation
BO Buy-out (40 to 75) 1200350000 214575006 526 385 870
GE GrowthVenture (10 to 40) 606000000 214251758 266 385 439
SS Special Situations (5 to 35) 473750000 127909154 208 230 343
Un-Allocated -653
Total 2280100000 556735918 1000 1000 1000
Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1216 60 0
GrowthVenture 0 55 0 40 75
Special Situations 0 75 0 0 0
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1766 2366 2366
GrowthVenture 0 55 55 95 170
Special Situations 0 75 75 75 75
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Beg Year Q1 Q2 Q3 End Year
Buy-out 750 1500 600 00 00
GrowthVenture 00 833 00 00 00
Special Situations 00 00 650 00 00
Unallocated 4500 2167 917 917 917
Target 525 525 525 525 525
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 75 2250 2850 2850 2850
GrowthVenture 0 833 833 833 833
Special Situations 0 00 650 650 650
Unallocated 450 2167 917 917 917
Target 525 525 525 525 525
Short Name Commitments of Commitments to Date of Target PE Allocation
BO 01 58000000 254 420
BO 02 57000000 250 413
BO 03 55000000 241 399
BO 04 50000000 219 362
BO 05 50000000 219 362
BO 06 50000000 219 362
BO 07 50000000 219 362
BO 08 47000000 206 341
BO 09 45000000 197 326
BO 10 40000000 175 290
BO 11 35000000 154 254
BO 12 20000000 088 145
BO 13 14250000 062 103
BO 14 12500000 055 091
BO 15 46600000 204 338
BO 16 300000000 1316 2175
BO 17 60000000 263 435
BO 18 50000000 219 362
BO 19 50000000 219 362
BO 20 50000000 219 362
GE 01 70000000 307 507
GE 02 60000000 263 435
GE 03 125000000 548 906
GE 04 46000000 202 333
GE 05 45000000 197 326
GE 06 40000000 175 290
GE 07 30000000 132 217
GE 08 40000000 175 290
GE 09 50000000 219 362
GE 10 100000000 439 725
SS 01 75000000 329 544
SS 02 75000000 329 544
SS 03 65000000 285 471
SS 04 60000000 263 435
SS 05 50000000 219 362
SS 06 25000000 110 181
SS 07 105000000 461 761
SS 08 18750000 082 136
UA -6529
Total 2220100000 9737 9565
CHECK CHECK CHECK
Manager Strategy Commitment Portfolio Benchmark NAV Short Name Strategy (Abbrev) of Commitments to Date of Target PE Allocation
HIG SPF Buy-out $300000000 Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years $18727000 BO 1 BO 132 217
Tritium Buy-out $110000000 $58988138 BO 2 BO 48 80
Searchlight Buy-out $97000000 $33454296 BO 3 BO 43 70
Marlin Buy-out $71250000 $14717073 BO 4 BO 31 52
Altaris Buy-out $62500000 $15328169 BO 5 BO 27 45
Northlane Buy-out $60000000 BO 6 BO 26 43
Capital Partners Buy-out $58000000 $12317286 BO 7 BO 25 42
Providence Buy-out $55000000 $0 BO 8 BO 24 40
Dunes Point Buy-out $50000000 $0 BO 9 BO 22 36
GTCR Buy-out $50000000 $4985798 BO 10 BO 22 36
Reverence Buy-out $50000000 $0 BO 11 BO 22 36
Arcline Buy-out $50000000 $0 BO 12 BO 22 36
CapVest Buy-out $46600000 $0 BO 13 BO 20 34
One Rock Buy-out $45000000 $13180746 BO 14 BO 20 33
Incline Buy-out $40000000 $11611636 BO 15 BO 18 29
Kainos Buy-out $35000000 $19539188 BO 16 BO 15 25
Harvest Buy-out $20000000 $11725676 BO 17 BO 09 14
PSG Venture Growth $180000000 $82125840 GE 1 GE 79 130
Foundry Venture Growth $175000000 $30834484 GE 2 GE 77 127
Updata Venture Growth $125000000 $46209141 GE 3 GE 55 91
Main Post Venture Growth $40000000 $0 GE 4 GE 18 29
FTV Venture Growth $46000000 $31248971 GE 5 GE 20 33
Mercato Venture Growth $40000000 $23833321 GE 6 GE 18 29
TSSP Special Situations $150000000 $49206694 SS 1 SS 66 109
BlackstoneGSO Special Situations $93750000 $37091463 SS 2 SS 41 68
BlackstoneBAAM Special Situations $65000000 SS 3 SS 29 47
Carlyle Special Situations $65000000 $24236270 SS 4 SS 29 47
HIG Special Situations $60000000 $17374728 SS 5 SS 26 43
LightBay Special Situations $40000000 $0 SS 6 SS 18 29
Total $2280100000 $556735918 10000 16529
CHECK
Altaris
Arcline
BlackstoneGSO
Capital Partners
CapVest
Carlyle
Dunes Point
Foundry
FTV
GTCR
HIG
Harvest
Incline
Kainos
LightBay
Main Post
Marlin
Mercato
One Rock
Providence
Reverence
Searchlight
Tritium
TSSP
Updata
Manager Fund Firm Age Year of Commitment Year Founded Fund Type Year of Commitment Vintage Year Report Name Short Name Fund Size LPAC Seat Approved ($) Commitment ($) State Street NAV ($) US Fund Div ( of Fund) Intl Fund Div ( of Fund) US Fund Div ( of Total Commits) Intl Fund Div ( of Total Commits) US Fund Div ( of Total NAV Intl Fund Div ( of Total NAV
Carlyle Carlyle Energy Mezzanine Opportunities Fund II 5 2010 2 SS 2015 2015 Special Situations Manager 3 SS 03 2819243965 Voting 65000000 65000000 2423627012 75 25 2 1 3 1
HIG HIG Bayside Loan Opportunity Fund IV 22 1993 4 SS 2015 2015 Special Situations Manager 4 SS 04 1100000000 60000000 60000000 1737472771 75 25 2 1 2 1
Harvest Harvest Partners VII 34 1981 7 BO 2015 2016 Buy-out Manager 12 BO 12 2200000000 50000000 20000000 1172567574 80 20 1 0 2 0
Searchlight Searchlight Capital II 5 2010 2 BO 2015 2015 Buy-out Manager 8 BO 08 1939000000 50000000 47000000 3345429620 60 40 1 1 4 2
Tritium Tritium I 2 2013 1 BO 2015 2014 Buy-out Manager 4 BO 04 309000000 Voting 50000000 50000000 5898813765 85 15 2 0 9 2
TSSP TSSP Adjacent Opportunities Partners (B) 6 2009 3 SS 2015 2014 Special Situations Manager 1 SS 01 3500000000 75000000 75000000 4920669401 60 40 2 1 5 4
BlackstoneGSO GSO Capital Opportunities Fund III 11 2005 3 SS 2016 2016 Special Situations Manager 2 SS 02 6000000000 75000000 75000000 32285251 80 20 3 1 5 1
BlackstoneGSO GSO COF III - Co-Investment 11 2005 3 SS 2016 2016 Special Situations Manager 8 SS 08 2000000000 18750000 18750000 4806212 80 20 1 0 1 0
Foundry Foundry Group Next Fund 9 2007 4 GE 2016 2016 GrowthVenture Manager 7 GE 07 500000000 35000000 30000000 2644022252 100 0 1 0 5 0
FTV FTV V 18 1998 5 GE 2016 2017 GrowthVenture Manager 4 GE 04 867000000 Voting 50000000 46000000 3124897116 75 25 2 1 4 1
Incline Incline Equity Partners IV 5 2011 4 BO 2016 2017 Buy-out Manager 10 BO 10 601000000 50000000 40000000 1161163584 80 20 1 0 2 0
Kainos Kainos Capital Partners II 4 2012 2 BO 2016 2016 Buy-out Manager 11 BO 11 895000000 Observer 50000000 35000000 1953918849 75 25 1 0 3 1
Mercato Mercato Partners Growth III 9 2007 3 GE 2016 2015 GrowthVenture Manager 6 GE 06 246000000 Voting 40000000 40000000 2383332060 100 0 2 0 4 0
PSG Providence Strategic Growth II 3 2013 2 GE 2016 2016 GrowthVenture Manager 2 GE 02 640000000 Voting 60000000 60000000 6665235799 100 0 3 0 12 0
Updata Updata Partners V 18 1998 5 GE 2016 2014 GrowthVenture Manager 3 GE 03 280000000 Voting 50000000 50000000 4620914142 90 10 2 0 7 1
Altaris Altaris Constellation IV 14 2003 4 BO 2017 2018 Buy-out Manager 14 BO 14 240000000 12500000 12500000 4140390 75 25 0 0 1 0
Altaris Altaris Health Partners IV 14 2003 4 BO 2017 2018 Buy-out Manager 5 BO 05 1000000000 50000000 50000000 11187778 75 25 2 1 2 1
Capital Partners Capital Partners II 13 2004 2 BO 2017 2018 Buy-out Manager 1 BO 01 500000000 Voting 70000000 58000000 12317286 100 0 3 0 2 0
Dunes Point Dunes Point Capital Fund II 4 2013 2 BO 2017 2018 Buy-out Manager 7 BO 07 535000000 Voting 50000000 50000000 - 0 80 20 2 0 0 0
GTCR GTCR XII 37 1980 12 BO 2017 2018 Buy-out Manager 6 BO 06 5250000000 75000000 50000000 498579807 75 25 2 1 1 0
LightBay LightBay Investment Partners I 0 2017 1 SS 2017 2018 Special Situations Manager 7 SS 07 615000000 Voting 50000000 40000000 - 0 80 20 1 0 0 0
Marlin Marlin Equity V 12 2005 5 BO 2017 2018 Buy-out Manager 2 BO 02 2500000000 60000000 57000000 946658473 80 20 2 0 1 0
Marlin Marlin Heritage II 12 2005 2 BO 2017 2017 Buy-out Manager 13 BO 13 750000000 15000000 14250000 525048862 75 25 0 0 1 0
One Rock One Rock Capital Partners II 7 2010 2 BO 2017 2017 Buy-out Manager 9 BO 09 964000000 50000000 45000000 1318074623 90 10 2 0 2 0
PSG Providence Strategic Growth III 4 2013 3 GE 2017 2018 GrowthVenture Manager 1 GE 01 1322000000 Voting 70000000 70000000 1547348223 100 0 3 0 3 0
CapVest CapVest Equity Partners IV 19 1999 4 BO 2018 2018 Buy-out Manager 15 BO 15 1001750000 53000000 46600000 - 0 0 100 0 2 0 0
Foundry Foundry Group Next 2018 11 2007 5 GE 2018 2018 GrowthVenture Manager 5 GE 05 750000000 45000000 45000000 439426166 90 10 2 0 1 0
HIG SPF HIG Strategic Partners Fund 25 1993 NA BO 2018 2018 Buy-out Manager 16 BO 16 1115000000 300000000 300000000 1872700007 60 40 8 5 2 1
Main Post Main Post II 4 2014 2 GE 2018 2019 GrowthVenture Manager 8 GE 08 700000000 Voting 50000000 40000000 - 0 100 0 2 0 0 0
Providence Providence Equity Partners VIII 29 1989 8 BO 2018 2017 Buy-out Manager 3 BO 03 5000000000 55000000 55000000 - 0 60 40 1 1 0 0
Tritium Tritium II 5 2013 2 BO 2018 2019 Buy-out Manager 17 BO 17 450000000 Voting 60000000 60000000 - 0 85 15 2 0 0 0
TSSP TPG Opportunities Partners IV 9 2009 4 SS 2018 2018 Special Situations Manager 6 SS 06 3000000000 50000000 25000000 - 0 60 40 1 0 0 0
TSSP TSSP Adjacent Opportunities Partners (D) 9 2009 4 SS 2018 2018 Special Situations Manager 5 SS 05 3000000000 50000000 50000000 - 0 60 40 1 1 0 0
Updata Updata Partners VI 20 1998 6 GE 2018 2014 GrowthVenture Manager 3 GE 03 300000000 Voting 75000000 75000000 - 0 90 10 3 0 0 0
PSG Providence Strategic Growth IV 6 2013 4 GE 2019 GE 09 2000000000 Voting 50000000 50000000 - 0 100 0 2 0 0 0
Foundry FGN 2018 Partner Fund 12 2007 6 GE 2019 GE 10 200000000 100000000 100000000 - 0 90 10 4 0 0 0
Reverence Reverence Capital Partners II 6 2013 2 BO 2019 BO 18 1000000000 Voting 50000000 50000000 - 0 90 10 2 0 0 0
Arcline Arcline Capital Partners 1 2018 1 BO 2019 BO 19 1500000000 50000000 50000000 - 0 90 10 2 0 0 0
Searchlight Searchlight Capital III 9 2010 3 BO 2019 2015 Buy-out Manager 8 BO 20 2750000000 50000000 50000000 - 0 60 40 1 1 0 0
Northlane Northlane Capital Partners II 5 2014 2 BO 2019 BO 21 375000000 Voting 60000000 60000000 - 0 100 0 3 0 0 0
BlackstoneBAAM Blackstone Strategic Capital Holdings II 29 1990 2 SS 2019 SS 07 4000000000 Voting 65000000 65000000 - 0 80 20 2 1 0 0
6000000000
5250000000
5000000000
3500000000
3000000000
3000000000
2800000000
2500000000
2200000000
2000000000
2000000000
1500000000
1500000000
1322000000
1115000000
1100000000
1001750000
1000000000
1000000000
964000000
895000000
867000000
750000000
750000000
700000000
640000000
615000000
601000000
535000000
500000000
500000000
450000000
309000000
300000000
280000000
246000000
240000000
200000000
Assumptions
TMRS (AUM) $ 27589122062 ltltltlt As of 12312018
PE Target () 500
PE Target ($) $ 1379456103
PE Commitments ($) $ 2280100000
PE NAV ($) $ 556735918 ltltltlt As of 12312018
PE NAV () 202
Un-Allocated () -6529
Instructions by Sheet Name
Notes Light blue-filled cells are hard-coded (not formula-driven)
The green-colored tabs are the only ones to be updated right now
The red-colored tab does not need to be updated (still under construction)
Portfolio
1) Input new Fund commitment into the next open row
2) Confirm and input the details for the row of the new Fund in columns A through G
3) Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I
4) Copy paste the formulas used in columns J and K for the row of the new Fund
Manager
1) If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated
2) Input the name of the Manager for the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Manager
4) Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option
Fund
1) Insert a row above the one beginning with UA (Un-Allocated)
2) Input the Short Name of the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Fund
4) Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option
Year of Commit Commitments of Commitments to Date of Target PE Allocation
2015 317000000 1390 2298
2016 394750000 1731 2862
2017 436750000 1915 3166
2018 481600000 2112 3491 ltltltTakes into account $75 mm of HIG SPF
Total 1630100000 7149 11817
CHECK CHECK CHECK
Geography of Commitments to Date of NAV to Date of Target PE Allocation
USA 780 822 1289
International 220 178 364
Un-Allocated -653
Total 1000 1000 1000
Strategy Commitments NAV of Commitments to Date of NAV to Date of Target PE Allocation
BO Buy-out (40 to 75) 1200350000 214575006 526 385 870
GE GrowthVenture (10 to 40) 606000000 214251758 266 385 439
SS Special Situations (5 to 35) 473750000 127909154 208 230 343
Un-Allocated -653
Total 2280100000 556735918 1000 1000 1000
Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1216 60 0
GrowthVenture 0 55 0 40 75
Special Situations 0 75 0 0 0
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1766 2366 2366
GrowthVenture 0 55 55 95 170
Special Situations 0 75 75 75 75
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Beg Year Q1 Q2 Q3 End Year
Buy-out 750 1500 600 00 00
GrowthVenture 00 833 00 00 00
Special Situations 00 00 650 00 00
Unallocated 4500 2167 917 917 917
Target 525 525 525 525 525
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 75 2250 2850 2850 2850
GrowthVenture 0 833 833 833 833
Special Situations 0 00 650 650 650
Unallocated 450 2167 917 917 917
Target 525 525 525 525 525
Short Name Commitments of Commitments to Date of Target PE Allocation
BO 01 58000000 254 420
BO 02 57000000 250 413
BO 03 55000000 241 399
BO 04 50000000 219 362
BO 05 50000000 219 362
BO 06 50000000 219 362
BO 07 50000000 219 362
BO 08 47000000 206 341
BO 09 45000000 197 326
BO 10 40000000 175 290
BO 11 35000000 154 254
BO 12 20000000 088 145
BO 13 14250000 062 103
BO 14 12500000 055 091
BO 15 46600000 204 338
BO 16 300000000 1316 2175
BO 17 60000000 263 435
BO 18 50000000 219 362
BO 19 50000000 219 362
BO 20 50000000 219 362
GE 01 70000000 307 507
GE 02 60000000 263 435
GE 03 125000000 548 906
GE 04 46000000 202 333
GE 05 45000000 197 326
GE 06 40000000 175 290
GE 07 30000000 132 217
GE 08 40000000 175 290
GE 09 50000000 219 362
GE 10 100000000 439 725
SS 01 75000000 329 544
SS 02 75000000 329 544
SS 03 65000000 285 471
SS 04 60000000 263 435
SS 05 50000000 219 362
SS 06 25000000 110 181
SS 07 105000000 461 761
SS 08 18750000 082 136
UA -6529
Total 2220100000 9737 9565
CHECK CHECK CHECK
Manager Strategy Commitment Portfolio Benchmark NAV Short Name Strategy (Abbrev) of Commitments to Date of Target PE Allocation
HIG SPF Buy-out $300000000 Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years $18727000 BO 1 BO 132 217
Tritium Buy-out $110000000 $58988138 BO 2 BO 48 80
Searchlight Buy-out $97000000 $33454296 BO 3 BO 43 70
Marlin Buy-out $71250000 $14717073 BO 4 BO 31 52
Altaris Buy-out $62500000 $15328169 BO 5 BO 27 45
Northlane Buy-out $60000000 BO 6 BO 26 43
Capital Partners Buy-out $58000000 $12317286 BO 7 BO 25 42
Providence Buy-out $55000000 $0 BO 8 BO 24 40
Dunes Point Buy-out $50000000 $0 BO 9 BO 22 36
GTCR Buy-out $50000000 $4985798 BO 10 BO 22 36
Reverence Buy-out $50000000 $0 BO 11 BO 22 36
Arcline Buy-out $50000000 $0 BO 12 BO 22 36
CapVest Buy-out $46600000 $0 BO 13 BO 20 34
One Rock Buy-out $45000000 $13180746 BO 14 BO 20 33
Incline Buy-out $40000000 $11611636 BO 15 BO 18 29
Kainos Buy-out $35000000 $19539188 BO 16 BO 15 25
Harvest Buy-out $20000000 $11725676 BO 17 BO 09 14
PSG Venture Growth $180000000 $82125840 GE 1 GE 79 130
Foundry Venture Growth $175000000 $30834484 GE 2 GE 77 127
Updata Venture Growth $125000000 $46209141 GE 3 GE 55 91
Main Post Venture Growth $40000000 $0 GE 4 GE 18 29
FTV Venture Growth $46000000 $31248971 GE 5 GE 20 33
Mercato Venture Growth $40000000 $23833321 GE 6 GE 18 29
TSSP Special Situations $150000000 $49206694 SS 1 SS 66 109
BlackstoneGSO Special Situations $93750000 $37091463 SS 2 SS 41 68
BlackstoneBAAM Special Situations $65000000 SS 3 SS 29 47
Carlyle Special Situations $65000000 $24236270 SS 4 SS 29 47
HIG Special Situations $60000000 $17374728 SS 5 SS 26 43
LightBay Special Situations $40000000 $0 SS 6 SS 18 29
Total $2280100000 $556735918 10000 16529
CHECK
Altaris
Arcline
BlackstoneGSO
Capital Partners
CapVest
Carlyle
Dunes Point
Foundry
FTV
GTCR
HIG
Harvest
Incline
Kainos
LightBay
Main Post
Marlin
Mercato
One Rock
Providence
Reverence
Searchlight
Tritium
TSSP
Updata
Manager Fund Firm Age Year of Commitment Year Founded Fund Type Year of Commitment Vintage Year Report Name Short Name Fund Size LPAC Seat Approved ($) Commitment ($) State Street NAV ($) US Fund Div ( of Fund) Intl Fund Div ( of Fund) US Fund Div ( of Total Commits) Intl Fund Div ( of Total Commits) US Fund Div ( of Total NAV Intl Fund Div ( of Total NAV
Carlyle Carlyle Energy Mezzanine Opportunities Fund II 5 2010 2 SS 2015 2015 Special Situations Manager 3 SS 03 2819243965 Voting 65000000 65000000 2423627012 75 25 2 1 3 1
HIG HIG Bayside Loan Opportunity Fund IV 22 1993 4 SS 2015 2015 Special Situations Manager 4 SS 04 1100000000 60000000 60000000 1737472771 75 25 2 1 2 1
Harvest Harvest Partners VII 34 1981 7 BO 2015 2016 Buy-out Manager 12 BO 12 2200000000 50000000 20000000 1172567574 80 20 1 0 2 0
Searchlight Searchlight Capital II 5 2010 2 BO 2015 2015 Buy-out Manager 8 BO 08 1939000000 50000000 47000000 3345429620 60 40 1 1 4 2
Tritium Tritium I 2 2013 1 BO 2015 2014 Buy-out Manager 4 BO 04 309000000 Voting 50000000 50000000 5898813765 85 15 2 0 9 2
TSSP TSSP Adjacent Opportunities Partners (B) 6 2009 3 SS 2015 2014 Special Situations Manager 1 SS 01 3500000000 75000000 75000000 4920669401 60 40 2 1 5 4
BlackstoneGSO GSO Capital Opportunities Fund III 11 2005 3 SS 2016 2016 Special Situations Manager 2 SS 02 6000000000 75000000 75000000 32285251 80 20 3 1 5 1
BlackstoneGSO GSO COF III - Co-Investment 11 2005 3 SS 2016 2016 Special Situations Manager 8 SS 08 2000000000 18750000 18750000 4806212 80 20 1 0 1 0
Foundry Foundry Group Next Fund 9 2007 4 GE 2016 2016 GrowthVenture Manager 7 GE 07 500000000 35000000 30000000 2644022252 100 0 1 0 5 0
FTV FTV V 18 1998 5 GE 2016 2017 GrowthVenture Manager 4 GE 04 867000000 Voting 50000000 46000000 3124897116 75 25 2 1 4 1
Incline Incline Equity Partners IV 5 2011 4 BO 2016 2017 Buy-out Manager 10 BO 10 601000000 50000000 40000000 1161163584 80 20 1 0 2 0
Kainos Kainos Capital Partners II 4 2012 2 BO 2016 2016 Buy-out Manager 11 BO 11 895000000 Observer 50000000 35000000 1953918849 75 25 1 0 3 1
Mercato Mercato Partners Growth III 9 2007 3 GE 2016 2015 GrowthVenture Manager 6 GE 06 246000000 Voting 40000000 40000000 2383332060 100 0 2 0 4 0
PSG Providence Strategic Growth II 3 2013 2 GE 2016 2016 GrowthVenture Manager 2 GE 02 640000000 Voting 60000000 60000000 6665235799 100 0 3 0 12 0
Updata Updata Partners V 18 1998 5 GE 2016 2014 GrowthVenture Manager 3 GE 03 280000000 Voting 50000000 50000000 4620914142 90 10 2 0 7 1
Altaris Altaris Constellation IV 14 2003 4 BO 2017 2018 Buy-out Manager 14 BO 14 240000000 12500000 12500000 4140390 75 25 0 0 1 0
Altaris Altaris Health Partners IV 14 2003 4 BO 2017 2018 Buy-out Manager 5 BO 05 1000000000 50000000 50000000 11187778 75 25 2 1 2 1
Capital Partners Capital Partners II 13 2004 2 BO 2017 2018 Buy-out Manager 1 BO 01 500000000 Voting 70000000 58000000 12317286 100 0 3 0 2 0
Dunes Point Dunes Point Capital Fund II 4 2013 2 BO 2017 2018 Buy-out Manager 7 BO 07 535000000 Voting 50000000 50000000 - 0 80 20 2 0 0 0
GTCR GTCR XII 37 1980 12 BO 2017 2018 Buy-out Manager 6 BO 06 5250000000 75000000 50000000 498579807 75 25 2 1 1 0
LightBay LightBay Investment Partners I 0 2017 1 SS 2017 2018 Special Situations Manager 7 SS 07 615000000 Voting 50000000 40000000 - 0 80 20 1 0 0 0
Marlin Marlin Equity V 12 2005 5 BO 2017 2018 Buy-out Manager 2 BO 02 2500000000 60000000 57000000 946658473 80 20 2 0 1 0
Marlin Marlin Heritage II 12 2005 2 BO 2017 2017 Buy-out Manager 13 BO 13 750000000 15000000 14250000 525048862 75 25 0 0 1 0
One Rock One Rock Capital Partners II 7 2010 2 BO 2017 2017 Buy-out Manager 9 BO 09 964000000 50000000 45000000 1318074623 90 10 2 0 2 0
PSG Providence Strategic Growth III 4 2013 3 GE 2017 2018 GrowthVenture Manager 1 GE 01 1322000000 Voting 70000000 70000000 1547348223 100 0 3 0 3 0
CapVest CapVest Equity Partners IV 19 1999 4 BO 2018 2018 Buy-out Manager 15 BO 15 1001750000 53000000 46600000 - 0 0 100 0 2 0 0
Foundry Foundry Group Next 2018 11 2007 5 GE 2018 2018 GrowthVenture Manager 5 GE 05 750000000 45000000 45000000 439426166 90 10 2 0 1 0
HIG SPF HIG Strategic Partners Fund 25 1993 NA BO 2018 2018 Buy-out Manager 16 BO 16 1115000000 300000000 300000000 1872700007 60 40 8 5 2 1
Main Post Main Post II 4 2014 2 GE 2018 2019 GrowthVenture Manager 8 GE 08 700000000 Voting 50000000 40000000 - 0 100 0 2 0 0 0
Providence Providence Equity Partners VIII 29 1989 8 BO 2018 2017 Buy-out Manager 3 BO 03 5000000000 55000000 55000000 - 0 60 40 1 1 0 0
Tritium Tritium II 5 2013 2 BO 2018 2019 Buy-out Manager 17 BO 17 450000000 Voting 60000000 60000000 - 0 85 15 2 0 0 0
TSSP TPG Opportunities Partners IV 9 2009 4 SS 2018 2018 Special Situations Manager 6 SS 06 3000000000 50000000 25000000 - 0 60 40 1 0 0 0
TSSP TSSP Adjacent Opportunities Partners (D) 9 2009 4 SS 2018 2018 Special Situations Manager 5 SS 05 3000000000 50000000 50000000 - 0 60 40 1 1 0 0
Updata Updata Partners VI 20 1998 6 GE 2018 2014 GrowthVenture Manager 3 GE 03 300000000 Voting 75000000 75000000 - 0 90 10 3 0 0 0
PSG Providence Strategic Growth IV 6 2013 4 GE 2019 GE 09 2000000000 Voting 50000000 50000000 - 0 100 0 2 0 0 0
Foundry FGN 2018 Partner Fund 12 2007 6 GE 2019 GE 10 200000000 100000000 100000000 - 0 90 10 4 0 0 0
Reverence Reverence Capital Partners II 6 2013 2 BO 2019 BO 18 1000000000 Voting 50000000 50000000 - 0 90 10 2 0 0 0
Arcline Arcline Capital Partners 1 2018 1 BO 2019 BO 19 1500000000 50000000 50000000 - 0 90 10 2 0 0 0
Searchlight Searchlight Capital III 9 2010 3 BO 2019 2015 Buy-out Manager 8 BO 20 2750000000 50000000 50000000 - 0 60 40 1 1 0 0
Northlane Northlane Capital Partners II 5 2014 2 BO 2019 BO 21 375000000 Voting 60000000 60000000 - 0 100 0 3 0 0 0
BlackstoneBAAM Blackstone Strategic Capital Holdings II 29 1990 2 SS 2019 SS 07 4000000000 Voting 65000000 65000000 - 0 80 20 2 1 0 0
6000000000
5250000000
5000000000
3500000000
3000000000
3000000000
2800000000
2500000000
2200000000
2000000000
2000000000
1500000000
1500000000
1322000000
1115000000
1100000000
1001750000
1000000000
1000000000
964000000
895000000
867000000
750000000
750000000
700000000
640000000
615000000
601000000
535000000
500000000
500000000
450000000
309000000
300000000
280000000
246000000
240000000
200000000
Assumptions
TMRS (AUM) $ 27589122062 ltltltlt As of 12312018
PE Target () 500
PE Target ($) $ 1379456103
PE Commitments ($) $ 2280100000
PE NAV ($) $ 556735918 ltltltlt As of 12312018
PE NAV () 202
Un-Allocated () -6529
Instructions by Sheet Name
Notes Light blue-filled cells are hard-coded (not formula-driven)
The green-colored tabs are the only ones to be updated right now
The red-colored tab does not need to be updated (still under construction)
Portfolio
1) Input new Fund commitment into the next open row
2) Confirm and input the details for the row of the new Fund in columns A through G
3) Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I
4) Copy paste the formulas used in columns J and K for the row of the new Fund
Manager
1) If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated
2) Input the name of the Manager for the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Manager
4) Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option
Fund
1) Insert a row above the one beginning with UA (Un-Allocated)
2) Input the Short Name of the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Fund
4) Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option
Year of Commit Commitments of Commitments to Date of Target PE Allocation
2015 317000000 1390 2298
2016 394750000 1731 2862
2017 436750000 1915 3166
2018 481600000 2112 3491 ltltltTakes into account $75 mm of HIG SPF
Total 1630100000 7149 11817
CHECK CHECK CHECK
Geography of Commitments to Date of NAV to Date of Target PE Allocation
USA 780 822 1289
International 220 178 364
Un-Allocated -653
Total 1000 1000 1000
Strategy Commitments NAV of Commitments to Date of NAV to Date of Target PE Allocation
BO Buy-out (40 to 75) 1200350000 214575006 526 385 870
GE GrowthVenture (10 to 40) 606000000 214251758 266 385 439
SS Special Situations (5 to 35) 473750000 127909154 208 230 343
Un-Allocated -653
Total 2280100000 556735918 1000 1000 1000
Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1216 60 0
GrowthVenture 0 55 0 40 75
Special Situations 0 75 0 0 0
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1766 2366 2366
GrowthVenture 0 55 55 95 170
Special Situations 0 75 75 75 75
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Beg Year Q1 Q2 Q3 End Year
Buy-out 750 1500 600 00 00
GrowthVenture 00 833 00 00 00
Special Situations 00 00 650 00 00
Unallocated 4500 2167 917 917 917
Target 525 525 525 525 525
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 75 2250 2850 2850 2850
GrowthVenture 0 833 833 833 833
Special Situations 0 00 650 650 650
Unallocated 450 2167 917 917 917
Target 525 525 525 525 525
Short Name Commitments of Commitments to Date of Target PE Allocation
BO 01 58000000 254 420
BO 02 57000000 250 413
BO 03 55000000 241 399
BO 04 50000000 219 362
BO 05 50000000 219 362
BO 06 50000000 219 362
BO 07 50000000 219 362
BO 08 47000000 206 341
BO 09 45000000 197 326
BO 10 40000000 175 290
BO 11 35000000 154 254
BO 12 20000000 088 145
BO 13 14250000 062 103
BO 14 12500000 055 091
BO 15 46600000 204 338
BO 16 300000000 1316 2175
BO 17 60000000 263 435
BO 18 50000000 219 362
BO 19 50000000 219 362
BO 20 50000000 219 362
GE 01 70000000 307 507
GE 02 60000000 263 435
GE 03 125000000 548 906
GE 04 46000000 202 333
GE 05 45000000 197 326
GE 06 40000000 175 290
GE 07 30000000 132 217
GE 08 40000000 175 290
GE 09 50000000 219 362
GE 10 100000000 439 725
SS 01 75000000 329 544
SS 02 75000000 329 544
SS 03 65000000 285 471
SS 04 60000000 263 435
SS 05 50000000 219 362
SS 06 25000000 110 181
SS 07 105000000 461 761
SS 08 18750000 082 136
UA -6529
Total 2220100000 9737 9565
CHECK CHECK CHECK
Manager Strategy Commitment Portfolio Benchmark NAV Short Name Strategy (Abbrev) of Commitments to Date of Target PE Allocation
HIG SPF Buy-out $300000000 Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years $18727000 BO 1 BO 132 217
Tritium Buy-out $110000000 $58988138 BO 2 BO 48 80
Searchlight Buy-out $97000000 $33454296 BO 3 BO 43 70
Marlin Buy-out $71250000 $14717073 BO 4 BO 31 52
Altaris Buy-out $62500000 $15328169 BO 5 BO 27 45
Northlane Buy-out $60000000 BO 6 BO 26 43
Capital Partners Buy-out $58000000 $12317286 BO 7 BO 25 42
Providence Buy-out $55000000 $0 BO 8 BO 24 40
Dunes Point Buy-out $50000000 $0 BO 9 BO 22 36
GTCR Buy-out $50000000 $4985798 BO 10 BO 22 36
Reverence Buy-out $50000000 $0 BO 11 BO 22 36
Arcline Buy-out $50000000 $0 BO 12 BO 22 36
CapVest Buy-out $46600000 $0 BO 13 BO 20 34
One Rock Buy-out $45000000 $13180746 BO 14 BO 20 33
Incline Buy-out $40000000 $11611636 BO 15 BO 18 29
Kainos Buy-out $35000000 $19539188 BO 16 BO 15 25
Harvest Buy-out $20000000 $11725676 BO 17 BO 09 14
PSG Venture Growth $180000000 $82125840 GE 1 GE 79 130
Foundry Venture Growth $175000000 $30834484 GE 2 GE 77 127
Updata Venture Growth $125000000 $46209141 GE 3 GE 55 91
Main Post Venture Growth $40000000 $0 GE 4 GE 18 29
FTV Venture Growth $46000000 $31248971 GE 5 GE 20 33
Mercato Venture Growth $40000000 $23833321 GE 6 GE 18 29
TSSP Special Situations $150000000 $49206694 SS 1 SS 66 109
BlackstoneGSO Special Situations $93750000 $37091463 SS 2 SS 41 68
BlackstoneBAAM Special Situations $65000000 SS 3 SS 29 47
Carlyle Special Situations $65000000 $24236270 SS 4 SS 29 47
HIG Special Situations $60000000 $17374728 SS 5 SS 26 43
LightBay Special Situations $40000000 $0 SS 6 SS 18 29
Total $2280100000 $556735918 10000 16529
CHECK
Altaris
Arcline
BlackstoneGSO
Capital Partners
CapVest
Carlyle
Dunes Point
Foundry
FTV
GTCR
HIG
Harvest
Incline
Kainos
LightBay
Main Post
Marlin
Mercato
One Rock
Providence
Reverence
Searchlight
Tritium
TSSP
Updata
Manager Fund Firm Age Year of Commitment Year Founded Fund Type Year of Commitment Vintage Year Report Name Short Name Fund Size LPAC Seat Approved ($) Commitment ($) State Street NAV ($) US Fund Div ( of Fund) Intl Fund Div ( of Fund) US Fund Div ( of Total Commits) Intl Fund Div ( of Total Commits) US Fund Div ( of Total NAV Intl Fund Div ( of Total NAV
Carlyle Carlyle Energy Mezzanine Opportunities Fund II 5 2010 2 SS 2015 2015 Special Situations Manager 3 SS 03 2819243965 Voting 65000000 65000000 2423627012 75 25 2 1 3 1
HIG HIG Bayside Loan Opportunity Fund IV 22 1993 4 SS 2015 2015 Special Situations Manager 4 SS 04 1100000000 60000000 60000000 1737472771 75 25 2 1 2 1
Harvest Harvest Partners VII 34 1981 7 BO 2015 2016 Buy-out Manager 12 BO 12 2200000000 50000000 20000000 1172567574 80 20 1 0 2 0
Searchlight Searchlight Capital II 5 2010 2 BO 2015 2015 Buy-out Manager 8 BO 08 1939000000 50000000 47000000 3345429620 60 40 1 1 4 2
Tritium Tritium I 2 2013 1 BO 2015 2014 Buy-out Manager 4 BO 04 309000000 Voting 50000000 50000000 5898813765 85 15 2 0 9 2
TSSP TSSP Adjacent Opportunities Partners (B) 6 2009 3 SS 2015 2014 Special Situations Manager 1 SS 01 3500000000 75000000 75000000 4920669401 60 40 2 1 5 4
BlackstoneGSO GSO Capital Opportunities Fund III 11 2005 3 SS 2016 2016 Special Situations Manager 2 SS 02 6000000000 75000000 75000000 32285251 80 20 3 1 5 1
BlackstoneGSO GSO COF III - Co-Investment 11 2005 3 SS 2016 2016 Special Situations Manager 8 SS 08 2000000000 18750000 18750000 4806212 80 20 1 0 1 0
Foundry Foundry Group Next Fund 9 2007 4 GE 2016 2016 GrowthVenture Manager 7 GE 07 500000000 35000000 30000000 2644022252 100 0 1 0 5 0
FTV FTV V 18 1998 5 GE 2016 2017 GrowthVenture Manager 4 GE 04 867000000 Voting 50000000 46000000 3124897116 75 25 2 1 4 1
Incline Incline Equity Partners IV 5 2011 4 BO 2016 2017 Buy-out Manager 10 BO 10 601000000 50000000 40000000 1161163584 80 20 1 0 2 0
Kainos Kainos Capital Partners II 4 2012 2 BO 2016 2016 Buy-out Manager 11 BO 11 895000000 Observer 50000000 35000000 1953918849 75 25 1 0 3 1
Mercato Mercato Partners Growth III 9 2007 3 GE 2016 2015 GrowthVenture Manager 6 GE 06 246000000 Voting 40000000 40000000 2383332060 100 0 2 0 4 0
PSG Providence Strategic Growth II 3 2013 2 GE 2016 2016 GrowthVenture Manager 2 GE 02 640000000 Voting 60000000 60000000 6665235799 100 0 3 0 12 0
Updata Updata Partners V 18 1998 5 GE 2016 2014 GrowthVenture Manager 3 GE 03 280000000 Voting 50000000 50000000 4620914142 90 10 2 0 7 1
Altaris Altaris Constellation IV 14 2003 4 BO 2017 2018 Buy-out Manager 14 BO 14 240000000 12500000 12500000 4140390 75 25 0 0 1 0
Altaris Altaris Health Partners IV 14 2003 4 BO 2017 2018 Buy-out Manager 5 BO 05 1000000000 50000000 50000000 11187778 75 25 2 1 2 1
Capital Partners Capital Partners II 13 2004 2 BO 2017 2018 Buy-out Manager 1 BO 01 500000000 Voting 70000000 58000000 12317286 100 0 3 0 2 0
Dunes Point Dunes Point Capital Fund II 4 2013 2 BO 2017 2018 Buy-out Manager 7 BO 07 535000000 Voting 50000000 50000000 - 0 80 20 2 0 0 0
GTCR GTCR XII 37 1980 12 BO 2017 2018 Buy-out Manager 6 BO 06 5250000000 75000000 50000000 498579807 75 25 2 1 1 0
LightBay LightBay Investment Partners I 0 2017 1 SS 2017 2018 Special Situations Manager 7 SS 07 615000000 Voting 50000000 40000000 - 0 80 20 1 0 0 0
Marlin Marlin Equity V 12 2005 5 BO 2017 2018 Buy-out Manager 2 BO 02 2500000000 60000000 57000000 946658473 80 20 2 0 1 0
Marlin Marlin Heritage II 12 2005 2 BO 2017 2017 Buy-out Manager 13 BO 13 750000000 15000000 14250000 525048862 75 25 0 0 1 0
One Rock One Rock Capital Partners II 7 2010 2 BO 2017 2017 Buy-out Manager 9 BO 09 964000000 50000000 45000000 1318074623 90 10 2 0 2 0
PSG Providence Strategic Growth III 4 2013 3 GE 2017 2018 GrowthVenture Manager 1 GE 01 1322000000 Voting 70000000 70000000 1547348223 100 0 3 0 3 0
CapVest CapVest Equity Partners IV 19 1999 4 BO 2018 2018 Buy-out Manager 15 BO 15 1001750000 53000000 46600000 - 0 0 100 0 2 0 0
Foundry Foundry Group Next 2018 11 2007 5 GE 2018 2018 GrowthVenture Manager 5 GE 05 750000000 45000000 45000000 439426166 90 10 2 0 1 0
HIG SPF HIG Strategic Partners Fund 25 1993 NA BO 2018 2018 Buy-out Manager 16 BO 16 1115000000 300000000 300000000 1872700007 60 40 8 5 2 1
Main Post Main Post II 4 2014 2 GE 2018 2019 GrowthVenture Manager 8 GE 08 700000000 Voting 50000000 40000000 - 0 100 0 2 0 0 0
Providence Providence Equity Partners VIII 29 1989 8 BO 2018 2017 Buy-out Manager 3 BO 03 5000000000 55000000 55000000 - 0 60 40 1 1 0 0
Tritium Tritium II 5 2013 2 BO 2018 2019 Buy-out Manager 17 BO 17 450000000 Voting 60000000 60000000 - 0 85 15 2 0 0 0
TSSP TPG Opportunities Partners IV 9 2009 4 SS 2018 2018 Special Situations Manager 6 SS 06 3000000000 50000000 25000000 - 0 60 40 1 0 0 0
TSSP TSSP Adjacent Opportunities Partners (D) 9 2009 4 SS 2018 2018 Special Situations Manager 5 SS 05 3000000000 50000000 50000000 - 0 60 40 1 1 0 0
Updata Updata Partners VI 20 1998 6 GE 2018 2014 GrowthVenture Manager 3 GE 03 300000000 Voting 75000000 75000000 - 0 90 10 3 0 0 0
PSG Providence Strategic Growth IV 6 2013 4 GE 2019 GE 09 2000000000 Voting 50000000 50000000 - 0 100 0 2 0 0 0
Foundry FGN 2018 Partner Fund 12 2007 6 GE 2019 GE 10 200000000 100000000 100000000 - 0 90 10 4 0 0 0
Reverence Reverence Capital Partners II 6 2013 2 BO 2019 BO 18 1000000000 Voting 50000000 50000000 - 0 90 10 2 0 0 0
Arcline Arcline Capital Partners 1 2018 1 BO 2019 BO 19 1500000000 50000000 50000000 - 0 90 10 2 0 0 0
Searchlight Searchlight Capital III 9 2010 3 BO 2019 2015 Buy-out Manager 8 BO 20 2750000000 50000000 50000000 - 0 60 40 1 1 0 0
Northlane Northlane Capital Partners II 5 2014 2 BO 2019 BO 21 375000000 Voting 60000000 60000000 - 0 100 0 3 0 0 0
BlackstoneBAAM Blackstone Strategic Capital Holdings II 29 1990 2 SS 2019 SS 07 4000000000 Voting 65000000 65000000 - 0 80 20 2 1 0 0
6000000000
5250000000
5000000000
3500000000
3000000000
3000000000
2800000000
2500000000
2200000000
2000000000
2000000000
1500000000
1500000000
1322000000
1115000000
1100000000
1001750000
1000000000
1000000000
964000000
895000000
867000000
750000000
750000000
700000000
640000000
615000000
601000000
535000000
500000000
500000000
450000000
309000000
300000000
280000000
246000000
240000000
200000000
Assumptions
TMRS (AUM) $ 27589122062 ltltltlt As of 12312018
PE Target () 500
PE Target ($) $ 1379456103
PE Commitments ($) $ 2280100000
PE NAV ($) $ 556735918 ltltltlt As of 12312018
PE NAV () 202
Un-Allocated () -6529
Instructions by Sheet Name
Notes Light blue-filled cells are hard-coded (not formula-driven)
The green-colored tabs are the only ones to be updated right now
The red-colored tab does not need to be updated (still under construction)
Portfolio
1) Input new Fund commitment into the next open row
2) Confirm and input the details for the row of the new Fund in columns A through G
3) Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I
4) Copy paste the formulas used in columns J and K for the row of the new Fund
Manager
1) If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated
2) Input the name of the Manager for the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Manager
4) Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option
Fund
1) Insert a row above the one beginning with UA (Un-Allocated)
2) Input the Short Name of the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Fund
4) Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option
Year of Commit Commitments of Commitments to Date of Target PE Allocation
2015 317000000 1390 2298
2016 394750000 1731 2862
2017 436750000 1915 3166
2018 481600000 2112 3491 ltltltTakes into account $75 mm of HIG SPF
Total 1630100000 7149 11817
CHECK CHECK CHECK
Geography of Commitments to Date of NAV to Date of Target PE Allocation
USA 780 822 1289
International 220 178 364
Un-Allocated -653
Total 1000 1000 1000
Strategy Commitments NAV of Commitments to Date of NAV to Date of Target PE Allocation
BO Buy-out (40 to 75) 1200350000 214575006 526 385 870
GE GrowthVenture (10 to 40) 606000000 214251758 266 385 439
SS Special Situations (5 to 35) 473750000 127909154 208 230 343
Un-Allocated -653
Total 2280100000 556735918 1000 1000 1000
Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1216 60 0
GrowthVenture 0 55 0 40 75
Special Situations 0 75 0 0 0
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1766 2366 2366
GrowthVenture 0 55 55 95 170
Special Situations 0 75 75 75 75
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Beg Year Q1 Q2 Q3 End Year
Buy-out 750 1500 600 00 00
GrowthVenture 00 833 00 00 00
Special Situations 00 00 650 00 00
Unallocated 4500 2167 917 917 917
Target 525 525 525 525 525
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 75 2250 2850 2850 2850
GrowthVenture 0 833 833 833 833
Special Situations 0 00 650 650 650
Unallocated 450 2167 917 917 917
Target 525 525 525 525 525
Short Name Commitments of Commitments to Date of Target PE Allocation
BO 01 58000000 254 420
BO 02 57000000 250 413
BO 03 55000000 241 399
BO 04 50000000 219 362
BO 05 50000000 219 362
BO 06 50000000 219 362
BO 07 50000000 219 362
BO 08 47000000 206 341
BO 09 45000000 197 326
BO 10 40000000 175 290
BO 11 35000000 154 254
BO 12 20000000 088 145
BO 13 14250000 062 103
BO 14 12500000 055 091
BO 15 46600000 204 338
BO 16 300000000 1316 2175
BO 17 60000000 263 435
BO 18 50000000 219 362
BO 19 50000000 219 362
BO 20 50000000 219 362
GE 01 70000000 307 507
GE 02 60000000 263 435
GE 03 125000000 548 906
GE 04 46000000 202 333
GE 05 45000000 197 326
GE 06 40000000 175 290
GE 07 30000000 132 217
GE 08 40000000 175 290
GE 09 50000000 219 362
GE 10 100000000 439 725
SS 01 75000000 329 544
SS 02 75000000 329 544
SS 03 65000000 285 471
SS 04 60000000 263 435
SS 05 50000000 219 362
SS 06 25000000 110 181
SS 07 105000000 461 761
SS 08 18750000 082 136
UA -6529
Total 2220100000 9737 9565
CHECK CHECK CHECK
Manager Strategy Commitment Portfolio Benchmark NAV Short Name Strategy (Abbrev) of Commitments to Date of Target PE Allocation
HIG SPF Buy-out $300000000 Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years $18727000 BO 1 BO 132 217
Tritium Buy-out $110000000 $58988138 BO 2 BO 48 80
Searchlight Buy-out $97000000 $33454296 BO 3 BO 43 70
Marlin Buy-out $71250000 $14717073 BO 4 BO 31 52
Altaris Buy-out $62500000 $15328169 BO 5 BO 27 45
Northlane Buy-out $60000000 BO 6 BO 26 43
Capital Partners Buy-out $58000000 $12317286 BO 7 BO 25 42
Providence Buy-out $55000000 $0 BO 8 BO 24 40
Dunes Point Buy-out $50000000 $0 BO 9 BO 22 36
GTCR Buy-out $50000000 $4985798 BO 10 BO 22 36
Reverence Buy-out $50000000 $0 BO 11 BO 22 36
Arcline Buy-out $50000000 $0 BO 12 BO 22 36
CapVest Buy-out $46600000 $0 BO 13 BO 20 34
One Rock Buy-out $45000000 $13180746 BO 14 BO 20 33
Incline Buy-out $40000000 $11611636 BO 15 BO 18 29
Kainos Buy-out $35000000 $19539188 BO 16 BO 15 25
Harvest Buy-out $20000000 $11725676 BO 17 BO 09 14
PSG Venture Growth $180000000 $82125840 GE 1 GE 79 130
Foundry Venture Growth $175000000 $30834484 GE 2 GE 77 127
Updata Venture Growth $125000000 $46209141 GE 3 GE 55 91
Main Post Venture Growth $40000000 $0 GE 4 GE 18 29
FTV Venture Growth $46000000 $31248971 GE 5 GE 20 33
Mercato Venture Growth $40000000 $23833321 GE 6 GE 18 29
TSSP Special Situations $150000000 $49206694 SS 1 SS 66 109
BlackstoneGSO Special Situations $93750000 $37091463 SS 2 SS 41 68
BlackstoneBAAM Special Situations $65000000 SS 3 SS 29 47
Carlyle Special Situations $65000000 $24236270 SS 4 SS 29 47
HIG Special Situations $60000000 $17374728 SS 5 SS 26 43
LightBay Special Situations $40000000 $0 SS 6 SS 18 29
Total $2280100000 $556735918 10000 16529
CHECK
Altaris
Arcline
BlackstoneGSO
Capital Partners
CapVest
Carlyle
Dunes Point
Foundry
FTV
GTCR
HIG
Harvest
Incline
Kainos
LightBay
Main Post
Marlin
Mercato
One Rock
Providence
Reverence
Searchlight
Tritium
TSSP
Updata
Manager Fund Firm Age Year of Commitment Year Founded Fund Type Year of Commitment Vintage Year Report Name Short Name Fund Size LPAC Seat Approved ($) Commitment ($) State Street NAV ($) US Fund Div ( of Fund) Intl Fund Div ( of Fund) US Fund Div ( of Total Commits) Intl Fund Div ( of Total Commits) US Fund Div ( of Total NAV Intl Fund Div ( of Total NAV
Carlyle Carlyle Energy Mezzanine Opportunities Fund II 5 2010 2 SS 2015 2015 Special Situations Manager 3 SS 03 2819243965 Voting 65000000 65000000 2423627012 75 25 2 1 3 1
HIG HIG Bayside Loan Opportunity Fund IV 22 1993 4 SS 2015 2015 Special Situations Manager 4 SS 04 1100000000 60000000 60000000 1737472771 75 25 2 1 2 1
Harvest Harvest Partners VII 34 1981 7 BO 2015 2016 Buy-out Manager 12 BO 12 2200000000 50000000 20000000 1172567574 80 20 1 0 2 0
Searchlight Searchlight Capital II 5 2010 2 BO 2015 2015 Buy-out Manager 8 BO 08 1939000000 50000000 47000000 3345429620 60 40 1 1 4 2
Tritium Tritium I 2 2013 1 BO 2015 2014 Buy-out Manager 4 BO 04 309000000 Voting 50000000 50000000 5898813765 85 15 2 0 9 2
TSSP TSSP Adjacent Opportunities Partners (B) 6 2009 3 SS 2015 2014 Special Situations Manager 1 SS 01 3500000000 75000000 75000000 4920669401 60 40 2 1 5 4
BlackstoneGSO GSO Capital Opportunities Fund III 11 2005 3 SS 2016 2016 Special Situations Manager 2 SS 02 6000000000 75000000 75000000 32285251 80 20 3 1 5 1
BlackstoneGSO GSO COF III - Co-Investment 11 2005 3 SS 2016 2016 Special Situations Manager 8 SS 08 2000000000 18750000 18750000 4806212 80 20 1 0 1 0
Foundry Foundry Group Next Fund 9 2007 4 GE 2016 2016 GrowthVenture Manager 7 GE 07 500000000 35000000 30000000 2644022252 100 0 1 0 5 0
FTV FTV V 18 1998 5 GE 2016 2017 GrowthVenture Manager 4 GE 04 867000000 Voting 50000000 46000000 3124897116 75 25 2 1 4 1
Incline Incline Equity Partners IV 5 2011 4 BO 2016 2017 Buy-out Manager 10 BO 10 601000000 50000000 40000000 1161163584 80 20 1 0 2 0
Kainos Kainos Capital Partners II 4 2012 2 BO 2016 2016 Buy-out Manager 11 BO 11 895000000 Observer 50000000 35000000 1953918849 75 25 1 0 3 1
Mercato Mercato Partners Growth III 9 2007 3 GE 2016 2015 GrowthVenture Manager 6 GE 06 246000000 Voting 40000000 40000000 2383332060 100 0 2 0 4 0
PSG Providence Strategic Growth II 3 2013 2 GE 2016 2016 GrowthVenture Manager 2 GE 02 640000000 Voting 60000000 60000000 6665235799 100 0 3 0 12 0
Updata Updata Partners V 18 1998 5 GE 2016 2014 GrowthVenture Manager 3 GE 03 280000000 Voting 50000000 50000000 4620914142 90 10 2 0 7 1
Altaris Altaris Constellation IV 14 2003 4 BO 2017 2018 Buy-out Manager 14 BO 14 240000000 12500000 12500000 4140390 75 25 0 0 1 0
Altaris Altaris Health Partners IV 14 2003 4 BO 2017 2018 Buy-out Manager 5 BO 05 1000000000 50000000 50000000 11187778 75 25 2 1 2 1
Capital Partners Capital Partners II 13 2004 2 BO 2017 2018 Buy-out Manager 1 BO 01 500000000 Voting 70000000 58000000 12317286 100 0 3 0 2 0
Dunes Point Dunes Point Capital Fund II 4 2013 2 BO 2017 2018 Buy-out Manager 7 BO 07 535000000 Voting 50000000 50000000 - 0 80 20 2 0 0 0
GTCR GTCR XII 37 1980 12 BO 2017 2018 Buy-out Manager 6 BO 06 5250000000 75000000 50000000 498579807 75 25 2 1 1 0
LightBay LightBay Investment Partners I 0 2017 1 SS 2017 2018 Special Situations Manager 7 SS 07 615000000 Voting 50000000 40000000 - 0 80 20 1 0 0 0
Marlin Marlin Equity V 12 2005 5 BO 2017 2018 Buy-out Manager 2 BO 02 2500000000 60000000 57000000 946658473 80 20 2 0 1 0
Marlin Marlin Heritage II 12 2005 2 BO 2017 2017 Buy-out Manager 13 BO 13 750000000 15000000 14250000 525048862 75 25 0 0 1 0
One Rock One Rock Capital Partners II 7 2010 2 BO 2017 2017 Buy-out Manager 9 BO 09 964000000 50000000 45000000 1318074623 90 10 2 0 2 0
PSG Providence Strategic Growth III 4 2013 3 GE 2017 2018 GrowthVenture Manager 1 GE 01 1322000000 Voting 70000000 70000000 1547348223 100 0 3 0 3 0
CapVest CapVest Equity Partners IV 19 1999 4 BO 2018 2018 Buy-out Manager 15 BO 15 1001750000 53000000 46600000 - 0 0 100 0 2 0 0
Foundry Foundry Group Next 2018 11 2007 5 GE 2018 2018 GrowthVenture Manager 5 GE 05 750000000 45000000 45000000 439426166 90 10 2 0 1 0
HIG SPF HIG Strategic Partners Fund 25 1993 NA BO 2018 2018 Buy-out Manager 16 BO 16 1115000000 300000000 300000000 1872700007 60 40 8 5 2 1
Main Post Main Post II 4 2014 2 GE 2018 2019 GrowthVenture Manager 8 GE 08 700000000 Voting 50000000 40000000 - 0 100 0 2 0 0 0
Providence Providence Equity Partners VIII 29 1989 8 BO 2018 2017 Buy-out Manager 3 BO 03 5000000000 55000000 55000000 - 0 60 40 1 1 0 0
Tritium Tritium II 5 2013 2 BO 2018 2019 Buy-out Manager 17 BO 17 450000000 Voting 60000000 60000000 - 0 85 15 2 0 0 0
TSSP TPG Opportunities Partners IV 9 2009 4 SS 2018 2018 Special Situations Manager 6 SS 06 3000000000 50000000 25000000 - 0 60 40 1 0 0 0
TSSP TSSP Adjacent Opportunities Partners (D) 9 2009 4 SS 2018 2018 Special Situations Manager 5 SS 05 3000000000 50000000 50000000 - 0 60 40 1 1 0 0
Updata Updata Partners VI 20 1998 6 GE 2018 2014 GrowthVenture Manager 3 GE 03 300000000 Voting 75000000 75000000 - 0 90 10 3 0 0 0
PSG Providence Strategic Growth IV 6 2013 4 GE 2019 GE 09 2000000000 Voting 50000000 50000000 - 0 100 0 2 0 0 0
Foundry FGN 2018 Partner Fund 12 2007 6 GE 2019 GE 10 200000000 100000000 100000000 - 0 90 10 4 0 0 0
Reverence Reverence Capital Partners II 6 2013 2 BO 2019 BO 18 1000000000 Voting 50000000 50000000 - 0 90 10 2 0 0 0
Arcline Arcline Capital Partners 1 2018 1 BO 2019 BO 19 1500000000 50000000 50000000 - 0 90 10 2 0 0 0
Searchlight Searchlight Capital III 9 2010 3 BO 2019 2015 Buy-out Manager 8 BO 20 2750000000 50000000 50000000 - 0 60 40 1 1 0 0
Northlane Northlane Capital Partners II 5 2014 2 BO 2019 BO 21 375000000 Voting 60000000 60000000 - 0 100 0 3 0 0 0
BlackstoneBAAM Blackstone Strategic Capital Holdings II 29 1990 2 SS 2019 SS 07 4000000000 Voting 65000000 65000000 - 0 80 20 2 1 0 0
6000000000
5250000000
5000000000
3500000000
3000000000
3000000000
2800000000
2500000000
2200000000
2000000000
2000000000
1500000000
1500000000
1322000000
1115000000
1100000000
1001750000
1000000000
1000000000
964000000
895000000
867000000
750000000
750000000
700000000
640000000
615000000
601000000
535000000
500000000
500000000
450000000
309000000
300000000
280000000
246000000
240000000
200000000
Assumptions
TMRS (AUM) $ 27589122062 ltltltlt As of 12312018
PE Target () 500
PE Target ($) $ 1379456103
PE Commitments ($) $ 2280100000
PE NAV ($) $ 556735918 ltltltlt As of 12312018
PE NAV () 202
Un-Allocated () -6529
Instructions by Sheet Name
Notes Light blue-filled cells are hard-coded (not formula-driven)
The green-colored tabs are the only ones to be updated right now
The red-colored tab does not need to be updated (still under construction)
Portfolio
1) Input new Fund commitment into the next open row
2) Confirm and input the details for the row of the new Fund in columns A through G
3) Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I
4) Copy paste the formulas used in columns J and K for the row of the new Fund
Manager
1) If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated
2) Input the name of the Manager for the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Manager
4) Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option
Fund
1) Insert a row above the one beginning with UA (Un-Allocated)
2) Input the Short Name of the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Fund
4) Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option
2017 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E
TMRS $ 2902900 $ 2919823 $ 3087217 $ 3267756 $ 3452622 $ 3642195 $ 3836795 $ 4036443 $ 4241598
Target PE NAV $ 145145 $ 145991 $ 154361 $ 163388 $ 172631 $ 182110 $ 191840 $ 201822 $ 212080
Distributions $ (2500) $ (7500) $ (12500) $ (20000) ($317) $ (39500) $ (55875) $ (70000) $ (78750)
Actual PE NAV $ 27150 $ 50000 $ 85155 $ 121441 $ 153869 $ 185360 $ 207001 $ 219790 $ 227778
Original Model $ 48953 $ 79299 $ 114980 $ 149403 $ 173865 18809585710464 19589592210062 19963999392119 20177719328292
Annual Commitment $317 $395 $447 $500 $525 $550 $575 $600 $635 $660 $675
308 342 340 337 333 329 331 327 318
Minus
PE of Plan 094 171 276 372 446 509 540 545 537
Plus 169 272 372 457 504 516 511 495 476
Target of Plan 5 5 5 5 5 5 5 5 5 5
PE 1270 (27816) (26088) (33449) (40730) (48008) (55583) (63050) (70395) (78032) (86213) (93803)
2017 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E
TMRS $ 2902900 $ 2758912 $ 2915445 $ 3084389 $ 3256878 $ 3433238 $ 3613733 $ 3798325 $ 3987407 $ 4181410 $ 4380356
Target PE NAV $ 145145 $ 137946 $ 145772 $ 154219 $ 162844 $ 171662 $ 180687 $ 189916 $ 199370 $ 209070 $ 219018
Distributions $ (2500) $ (7500) $ (12500) $ (20000) ($317) $ (39500) $ (55875) $ (70000) $ (78750) $ (78750) $ (78750)
Private Equity NAV $ 27150 $ 52500 $ 88130 $ 124558 $ 156255 $ 186019 $ 205151 $ 214646 $ 219075 $ 226354 $ 236280
Original Model $ 48953 $ 79299 $ 114980 $ 149403 $ 173865 18809585710464 19589592210062 19963999392119 20177719328292
Annual Commitment $317 $395 $447 $500 $525 $525 $525 $550 $600 $625 $650 $650 $650
308 362 360 340 322 320 332 329 326 311 297
Minus
PE of Plan 094 190 302 404 480 542 568 565 549 541 539
Plus 169 287 394 484 534 548 542 526 506
Target of Plan 5 5 5 5 5 5 5 5 5 5 5 5
PE 1300 (27816) (26088) (33449) (40730) (48008) (55583) (63050) (70395) (78032) (86213) (93803)
2017 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E
TMRS $ 2902900 $ 2880000 $ 2995200 $ 3115008 $ 3239608 $ 3369193 $ 3503960 $ 3644119 $ 3789884
Target PE NAV $ 145145 $ 144000 $ 149760 $ 155750 $ 161980 $ 168460 $ 175198 $ 182206 $ 189494
Distributions $ (2500) $ (7500) $ (12500) $ (20000) ($317) $ (39500) $ (55875) $ (70000) $ (78750)
Actual PE NAV $ 27150 $ 55047 $ 89632 $ 124514 $ 151718 $ 176598 $ 193241 $ 200031 $ 201110
Original Model $ 48953 $ 79299 $ 114980 $ 149403 $ 173865 18809585710464 19589592210062 19963999392119 20177719328292
Annual Commitment $317 $395 $447 $500 $525 $550 $575 $600 $635 $660 $675
308 347 351 353 355 356 362 362 356
Minus
PE of Plan 094 191 299 400 468 524 551 549 531
Plus 169 275 384 480 537 558 559 548 532
Target of Plan 5 5 5 5 5 5 5 5 5
PE 1050
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Beginning NAV 14609962 16305676 17992494 18571294 20490599 22468634 23727478 236518112346 250933184929355 265684014912086 280726295918652 296006880893161 31146271535345
Costs (other cash flow) 18114 4981 -3285 -16664 10734 8346
Actual Income 610171 494700 424402 341039 293242 304804
Actual Capital Gains 873137 1001628 10363 1522241 1681646 98054 16609
Actual Cash flow 194292 185509 14732 72689 -7587 -34846 -92276
Candace cash flow estimate -15499 -218716 -289139 -366844 -452463 -546679
Estimated Income 471582 534601 613836 704314 805849 896763
Estimated Capital Gains (Actuarial Return - Income) 1124916 1159198 1179531 1190588 1192197 1205610
Ending NAV 16305676 17992494 18571294 20490599 22468634 23727478 23651811 25093318 265684014912086 280726295918652 296006880893161 31146271535345 327019658639808
Yield 418 303 236 184 143 136 135 20 21 23 25 27 29
Allocation
Core 318 250 193 163 133 99
Liquid credit 66 80 100 110 125 149
Direct Lending 00 10 20 30 40 50
US Equity 267 250 230 205 185 175
Intl Equity 162 167 175 175 175 175
Real Return 41 65 75 90 100 100
Real Estate 62 75 85 95 100 100
HF 81 90 100 100 100 100
PE 00 10 20 30 40 50
Cash 03 03 02 02 02 02
1000 1000 1000 1000 1000 1000
Yield
Core 18 18 18 18 18 18
Liquid credit 45 45 45 45 45 45
Direct Lending 80 80 80 80 80 80
US Equity 20 20 20 20 20 20
Intl Equity 16 16 16 16 16 16
Real Return 05 15 25 35 45 50
Real Estate 50 50 50 50 50 50
HF 00 00 00 00 00 00
PE 00 00 00 00 00 00
Cash 03 03 03 03 03 03
SUMMED
Yield 0572400 05 03 03 02 02
Core 03 04 05 05 06 07
Liquid credit 00 01 02 02 03 04
Direct Lending 05 05 05 04 04 04
US Equity 03 03 03 03 03 03
Intl Equity 00 01 02 03 05 05
Real Return 03 04 04 05 05 05
Real Estate 00 00 00 00 00 00
HF 00 00 00 00 00 00
PE 00 00 00 00 00 00
Cash 00 00 00 00 00 00
TOTAL 20 21 23 25 27 29
2015 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E
TMRS $ 2365181 $ 2503739 $ 2656840 $ 2807263 $ 2960069 $ 3114627 $ 3270197 $ 3416053 $ 3567084 $ 3718115 $ 3869146
Target PE NAV $ 117986 $ 125187 $ 132842 $ 140363 $ 148003 $ 155731 $ 163510 $ 170803 $ 178354 $ 185906 $ 193457
Distributions $ - 0 $ (500) $ (2500) $ (7500) $ (12500) $ (20000) ($317) $ (45000) $ (56250) $ (63000) $ (67500)
Actual PE NAV $ 1739 $ 22500 $ 48953 $ 79299 $ 114980 $ 149403 $ 173865 $ 188096 $ 195896 $ 199640 $ 201777
Annual Commitment $317 $450 $450 $450 $450 $475 $475 $475 $500 $550 $600
Minus
Actual of Plan 007 090 184 282 388 480 532 551 549 537 522
Plus
Target of Plan 5 5 5 5 5 5 5 5 5 5 5
PE 1050
Page 6: Board Presentation • Private Equity Recommendation, June ... · Board Presentation • Private Equity Recommendation, June 20-21, 2019 Author: TMRS Subject: Board Presentation Private

$52500

$88130

$124558

$156255

$186019

$205151 $214646 $219075

$226354 $236280

$500 $525 $525 $525 $550 $600 $625 $650 $650 $650 0

2

4

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10

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16

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$200

$400

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$1400

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$2600

2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E

o

f Tot

al P

lan

Valu

e

Valu

e in

US$

(Mill

ions

)2018 Staff Pacing Model

Private Equity NAV Annual Commitment PE of Plan Target of Plan

6

Annual pacing plans are developed in the context of multiple year investment horizons This is necessary because private capital investments

deploy and return capital over time rather than all at once

Chart1

2018 Staff Pacing Model

Private Equity NAV2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E52588131245578999999999715625542699999994186018632509999912051510547362998821464569185201885219074631792781292263543339258428223628039733620235Annual Commitment2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E500525525525550600625650650650PE of Plan 2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E1902923909023305E-230228659416296488E-240383332851056143E-247977055046536397E-254181684662894122E-256769838241507123E-256510611085906756E-254941634339036198E-254133496602978719E-253940914226060045E-2Target of Plan2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E005005005005005005005005005005

Value in US$ (Millions)

of Total Plan Value

1H 2015

Staff Pacing Model

Actual PE NAV20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E173922548952499999999998792985124999999931149798563124999914940274122531248173865029053970281880958571046371619589592210062406199639993921189582017771932829145Annual Commitment20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E317450450450450475475475500550600Actual of Plan

20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E73525024479141545E-489865597013107194E-318425082900150446E-228247625410545363E-238843643082067419E-247968098221891305E-25316653738100563E-255062328145578938E-254917658487389574E-253693868450405698E-252150314794368831E-2Target of Plan005005005005005005005005005005005

Value in US$ (Millions)

of Total Plan Value

Sheet1

Beginning NAV200920102011201220132014201520162017201820192020202114609962163056759999999991799249399999999918571294000000002204905989999999982246863399999999823727477999999999236518112345999982509331849293549726568401491208642280726295918652292960068808931612931146271535344968Ending NAV16305675999999999179924939999999991857129400000000220490598999999998224686339999999982372747799999999923651811234599998250933184929354972656840149120864228072629591865229296006880893161293114627153534496832701965863980753

1H 2017

Staff Pacing Model

Actual PE NAV20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E173922548952499999999998792985124999999931149798563124999914940274122531248173865029053970281880958571046371619589592210062406199639993921189582017771932829145Annual Commitment20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E317450450450450475475475500550600Actual of Plan

20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E73525024479141545E-489865597013107194E-318425082900150446E-228247625410545363E-238843643082067419E-247968098221891305E-25316653738100563E-255062328145578938E-254917658487389574E-253693868450405698E-252150314794368831E-2Target of Plan005005005005005005005005005005005

Value in US$ (Millions)

of Total Plan Value

2017 Staff Pacing Model

Actual PE NAV20172018E2019E2020E2021E2022E2023E2024E2025E27155504674999999999789631658749999997124513982918751517179511252187517659833599336671193241161272670212000314832063005720110978894296213Annual Commitment20172018E2019E2020E2021E2022E2023E2024E2025E447500525550575600635660675PE of Plan 20172018E2019E2020E2021E2022E2023E2024E2025E93527162492679731E-319113454861111111E-229925099742922009E-239972283512193223E-246832189616434469E-252415624213890809E-255149357149883012E-254891592632390636E-253064899662175077E-2Original Model16863309104688414E-227534205729166664E-238388039634248125E-247962233556161804E-253668533933747355E-255828169086240366E-255907002943792104E-254784162191872952E-253241001206111943E-2Target of Plan20172018E2019E2020E2021E2022E2023E2024E2025E005005005005005005005005005

Value in US$ (Millions)

of Total Plan Value

1H 2018

2017 Staff Pacing Model

Actual PE NAV20172018E2019E2020E2021E2022E2023E2024E2025E27155504674999999999789631658749999997124513982918751517179511252187517659833599336671193241161272670212000314832063005720110978894296213Annual Commitment20172018E2019E2020E2021E2022E2023E2024E2025E447500525550575600635660675PE of Plan 20172018E2019E2020E2021E2022E2023E2024E2025E93527162492679731E-319113454861111111E-229925099742922009E-239972283512193223E-246832189616434469E-252415624213890809E-255149357149883012E-254891592632390636E-253064899662175077E-2Original Model16863309104688414E-227534205729166664E-238388039634248125E-247962233556161804E-253668533933747355E-255828169086240366E-255907002943792104E-254784162191872952E-253241001206111943E-2Target of Plan20172018E2019E2020E2021E2022E2023E2024E2025E005005005005005005005005005

Value in US$ (Millions)

of Total Plan Value

2018 Staff Pacing Model

Private Equity NAV2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E52588131245578999999999715625542699999994186018632509999912051510547362998821464569185201885219074631792781292263543339258428223628039733620235Annual Commitment2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E500525525525550600625650650650PE of Plan 2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E1902923909023305E-230228659416296488E-240383332851056143E-247977055046536397E-254181684662894122E-256769838241507123E-256510611085906756E-254941634339036198E-254133496602978719E-253940914226060045E-2Target of Plan2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E005005005005005005005005005005

Value in US$ (Millions)

of Total Plan Value

Sheet2

2018 Staff Pacing Model

Private Equity NAV20172018E2019E2020E2021E2022E2023E2024E2025E27155258813124557899999999971562554269999999418601863250999991205151054736299882146456918520188521907463179278129Annual Commitment20172018E2019E2020E2021E2022E2023E2024E2025E447500525525525550600625650PE of Plan 20172018E2019E2020E2021E2022E2023E2024E2025E93527162492679731E-31902923909023305E-230228659416296488E-240383332851056143E-247977055046536397E-254181684662894122E-256769838241507123E-256510611085906756E-254941634339036198E-2Original Model16863309104688414E-228742673406901599E-239438181279987182E-248438361820181644E-25338395107128014E-254786718290128177E-254208738161829868E-252560002282510392E-250603617044044313E-2Target of Plan20172018E2019E2020E2021E2022E2023E2024E2025E005005005005005005005005005005

Value in US$ (Millions)

of Total Plan Value

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2019 Private Equity Pacing Plan Progress

Buy-out GrowthVenture Special Situations Unallocated

7

MarchSearchlight III ($50mm)

February PSG IV ($50mm)

FGN 2018 Partner ($33mm)Reverence II ($50mm)

Arcline I ($50mm)

Search processes are approved in annual amounts Progress will be made throughout the year as opposed to all at once

The 2019 Private Equity search process has

culminated in ~$368 million of

closed andor recommended

investments in line with the $525 mm

primary pacing model goal for the

year2018

HIG SPF ($75mm)

JuneNorthlane II ($60mm)

Chart1

2019 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629

of Pacing Plan Utilized

Instructions

Assumptions

Charts

Private Equity Geographic Diversification by Commitment

USA International077994934432700325022005065567299681

Private Equity Strategy Diversification by Commitment

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009

Private Equity Manager Diversification by Commitment

CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000

Private Equity Geographic Diversification by NAV

Geography

USA International082172551941443706017827448058556272

Private Equity Strategy Diversification by NAV

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444

Private Equity Manager Diversification by NAV

NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010

Portfolio

Manager

Fund

2019 Pacing

2019 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629

of Pacing Plan Utilized

2018 Pacing

2018 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977

of Pacing Plan Utilized

Strategy

Geography

Year

Section III

8

526

266

208

Private Equity Strategy Diversification by Commitment

Buy-out (40 to75)

GrowthVenture(10 to 40)

Special Situations(5 to 35)

9

Synthesize AnalysisDiversification Analysis

Strategy considerations

2015 Overweight special situations early for J-Curve mitigation efficiency of capital deployment and tactical opportunities

2016 Focus on growth opportunity set and continue to add buy-out exposure

2017 Round out buy-out portfolio and opportunistically add to growth and credit

2018 Steady state on pacing selectively adding new relationships and European exposure

2019 Steady state on pacing selectively adding new relationships and Venture and European exposure

Chart3

Private Equity Strategy Diversification by Commitment

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009

Instructions

Assumptions

Charts

Private Equity Geographic Diversification by Commitment

USA International077994934432700325022005065567299681

Private Equity Strategy Diversification by Commitment

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009

Private Equity Manager Diversification by Commitment

CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000

Private Equity Geographic Diversification by NAV

Geography

USA International082172551941443706017827448058556272

Private Equity Strategy Diversification by NAV

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444

Private Equity Manager Diversification by NAV

NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010

Portfolio

Manager

Fund

2019 Pacing

2019 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629

of Pacing Plan Utilized

2018 Pacing

2018 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977

of Pacing Plan Utilized

Strategy

Geography

Year

10

Synthesize AnalysisDiversification Analysis

The overall goal remains identifying top quartile performers to partner with

Position sizing considerations

Continue to reduce the unallocated portion of the private equity portfolio while sensibly balancing the trade-off between diversification and concentration

Areas of focus are enhancing manager diversification and building strategic relationships where possibleappropriate

Private Equity Manager Diversification by Commitment BO 1 BO 2

BO 3 BO 4BO 5 BO 6BO 7 BO 8BO 9 BO 10BO 11 BO 12BO 13 BO 14BO 15 BO 16BO 17 GE 1GE 2 GE 3GE 4 GE 5GE 6 SS 1SS 2 SS 3SS 4 SS 5SS 6

Chart2

Private Equity Manager Diversification by Commitment

CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000

Instructions

Assumptions

Charts

Private Equity Geographic Diversification by Commitment

USA International077994934432700325022005065567299681

Private Equity Strategy Diversification by Commitment

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009

Private Equity Manager Diversification by Commitment

CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000

Private Equity Geographic Diversification by NAV

Geography

USA International082172551941443706017827448058556272

Private Equity Strategy Diversification by NAV

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444

Private Equity Manager Diversification by NAV

NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010

Portfolio

Manager

Fund

2019 Pacing

2019 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629

of Pacing Plan Utilized

2018 Pacing

2018 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977

of Pacing Plan Utilized

Strategy

Geography

Year

11

Synthesize AnalysisDiversification Analysis

TMRS is focused on taking a measured approach to global geographic diversification

The Target Portfolio keeps a conservative stance on international exposure

780

220

Private Equity Geographic Diversification by Commitment

USA

International

Chart1

Private Equity Geographic Diversification by Commitment

USA International077994934432700325022005065567299681

Instructions

Assumptions

Charts

Private Equity Geographic Diversification by Commitment

USA International077994934432700325022005065567299681

Private Equity Strategy Diversification by Commitment

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009

Private Equity Manager Diversification by Commitment

CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000

Private Equity Geographic Diversification by NAV

Geography

USA International082172551941443706017827448058556272

Private Equity Strategy Diversification by NAV

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444

Private Equity Manager Diversification by NAV

NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010

Portfolio

Manager

Fund

2019 Pacing

2019 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629

of Pacing Plan Utilized

2018 Pacing

2018 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977

of Pacing Plan Utilized

Strategy

Geography

Year

Section IV

12

13

Top Candidate Characteristics ndash Northlane II $60 million Recommendation

Northlane Capital Partners

Date of First TMRS Meeting5102018

Dates of Subsequent Meetings892018312019

5162019

Dates of Diligence AdvancementlsquoBrsquo Rating ndash 312019

lsquoArsquo Rating ndash 5162019

Reference ChecksYes

Date of Consultant IDD ReportSeptember 2018

Date of Consultant Board MemoJune 2019

Legal Negotiation InitiatedMay 2019

Comparable Strategies Reviewed18 (Business Services Buy-Out)

16 (Healthcare Buy-Out)

Northlane Capital Partners LLC (ldquoNorthlanerdquo)is a Washington DC-based buyout firmfounded in 2017 that focuses on acquiringlower-middle market companies in thebusiness services and healthcare sectorsThese target companies will be profitablemarket leaders within their niches typicallygenerating up to $30 million of EBITDA whileproviding critical outsourced services to theircustomers Northlane Capital Partners II LP(Northlane II) is targeting $375 million tobuild a portfolio of 10 to 12 businessesrequiring equity investments of up to $75million continuing to employ the prior fundrsquosstrategy that was developed during thefoundersrsquo tenure at American Capital

Section V

14

15

Approval of Recommendation

TMRS Staff and StepStone Group recommend that the Board of Trusteesapprove the selection of the following fund

Recommendations

bull Northlane Capital Partners II LP $60 million

16

  • Private EquityRecommendation June 20-21 2019
  • Agenda
  • Executive Summary
  • Slide Number 4
  • Due diligence process review
  • Due Diligence ProcessesAs part of Multi-year time periods
  • Due Diligence ProcessesAs part of Annual Search Processes
  • Portfolio construction
  • Private Equity Portfolio StatisticsStrategy Diversification
  • Private Equity Portfolio StatisticsManager Implementation
  • Private Equity Portfolio StatisticsGeographic Diversification
  • Manager selection and recommendation
  • Slide Number 13
  • Requested board action
  • Slide Number 15
  • DISCLOSURES TMRS periodically discloses public information that is not excepted from disclosure under Section 5520225(b) of the Texas Public Information Act Information provided by a manager a Managing General Partner (GP) any of its Associates or other data provider to TMRS or a TMRS service provider and contained in these materials (i) may have been independently produced or modified by TMRS or the TMRS service provider (ii) has not been reviewed or approved by the manager Managing GP or any of its Associates and (iii) may not reflect the historical performance or asset value reflected in the managerrsquos Managing GPrsquos or any of its Associatesrsquo records and therefore should not be used for comparative purposes
Year of Commit Commitments of Commitments to Date of Target PE Allocation
2015 317000000 1390 2298
2016 394750000 1731 2862
2017 436750000 1915 3166
2018 481600000 2112 3491 ltltltTakes into account $75 mm of HIG SPF
Total 1630100000 7149 11817
CHECK CHECK CHECK
Geography of Commitments to Date of NAV to Date of Target PE Allocation
USA 780 822 1289
International 220 178 364
Un-Allocated -653
Total 1000 1000 1000
Strategy Commitments NAV of Commitments to Date of NAV to Date of Target PE Allocation
BO Buy-out (40 to 75) 1200350000 214575006 526 385 870
GE GrowthVenture (10 to 40) 606000000 214251758 266 385 439
SS Special Situations (5 to 35) 473750000 127909154 208 230 343
Un-Allocated -653
Total 2280100000 556735918 1000 1000 1000
Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1216 60 0
GrowthVenture 0 55 0 40 75
Special Situations 0 75 0 0 0
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1766 2366 2366
GrowthVenture 0 55 55 95 170
Special Situations 0 75 75 75 75
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Beg Year Q1 Q2 Q3 End Year
Buy-out 750 1500 600 00 00
GrowthVenture 00 833 00 00 00
Special Situations 00 00 650 00 00
Unallocated 4500 2167 917 917 917
Target 525 525 525 525 525
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 75 2250 2850 2850 2850
GrowthVenture 0 833 833 833 833
Special Situations 0 00 650 650 650
Unallocated 450 2167 917 917 917
Target 525 525 525 525 525
Short Name Commitments of Commitments to Date of Target PE Allocation
BO 01 58000000 254 420
BO 02 57000000 250 413
BO 03 55000000 241 399
BO 04 50000000 219 362
BO 05 50000000 219 362
BO 06 50000000 219 362
BO 07 50000000 219 362
BO 08 47000000 206 341
BO 09 45000000 197 326
BO 10 40000000 175 290
BO 11 35000000 154 254
BO 12 20000000 088 145
BO 13 14250000 062 103
BO 14 12500000 055 091
BO 15 46600000 204 338
BO 16 300000000 1316 2175
BO 17 60000000 263 435
BO 18 50000000 219 362
BO 19 50000000 219 362
BO 20 50000000 219 362
GE 01 70000000 307 507
GE 02 60000000 263 435
GE 03 125000000 548 906
GE 04 46000000 202 333
GE 05 45000000 197 326
GE 06 40000000 175 290
GE 07 30000000 132 217
GE 08 40000000 175 290
GE 09 50000000 219 362
GE 10 100000000 439 725
SS 01 75000000 329 544
SS 02 75000000 329 544
SS 03 65000000 285 471
SS 04 60000000 263 435
SS 05 50000000 219 362
SS 06 25000000 110 181
SS 07 105000000 461 761
SS 08 18750000 082 136
UA -6529
Total 2220100000 9737 9565
CHECK CHECK CHECK
Manager Strategy Commitment Portfolio Benchmark NAV Short Name Strategy (Abbrev) of Commitments to Date of Target PE Allocation
HIG SPF Buy-out $300000000 Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years $18727000 BO 1 BO 132 217
Tritium Buy-out $110000000 $58988138 BO 2 BO 48 80
Searchlight Buy-out $97000000 $33454296 BO 3 BO 43 70
Marlin Buy-out $71250000 $14717073 BO 4 BO 31 52
Altaris Buy-out $62500000 $15328169 BO 5 BO 27 45
Northlane Buy-out $60000000 BO 6 BO 26 43
Capital Partners Buy-out $58000000 $12317286 BO 7 BO 25 42
Providence Buy-out $55000000 $0 BO 8 BO 24 40
Dunes Point Buy-out $50000000 $0 BO 9 BO 22 36
GTCR Buy-out $50000000 $4985798 BO 10 BO 22 36
Reverence Buy-out $50000000 $0 BO 11 BO 22 36
Arcline Buy-out $50000000 $0 BO 12 BO 22 36
CapVest Buy-out $46600000 $0 BO 13 BO 20 34
One Rock Buy-out $45000000 $13180746 BO 14 BO 20 33
Incline Buy-out $40000000 $11611636 BO 15 BO 18 29
Kainos Buy-out $35000000 $19539188 BO 16 BO 15 25
Harvest Buy-out $20000000 $11725676 BO 17 BO 09 14
PSG Venture Growth $180000000 $82125840 GE 1 GE 79 130
Foundry Venture Growth $175000000 $30834484 GE 2 GE 77 127
Updata Venture Growth $125000000 $46209141 GE 3 GE 55 91
Main Post Venture Growth $40000000 $0 GE 4 GE 18 29
FTV Venture Growth $46000000 $31248971 GE 5 GE 20 33
Mercato Venture Growth $40000000 $23833321 GE 6 GE 18 29
TSSP Special Situations $150000000 $49206694 SS 1 SS 66 109
BlackstoneGSO Special Situations $93750000 $37091463 SS 2 SS 41 68
BlackstoneBAAM Special Situations $65000000 SS 3 SS 29 47
Carlyle Special Situations $65000000 $24236270 SS 4 SS 29 47
HIG Special Situations $60000000 $17374728 SS 5 SS 26 43
LightBay Special Situations $40000000 $0 SS 6 SS 18 29
Total $2280100000 $556735918 10000 16529
CHECK
Altaris
Arcline
BlackstoneGSO
Capital Partners
CapVest
Carlyle
Dunes Point
Foundry
FTV
GTCR
HIG
Harvest
Incline
Kainos
LightBay
Main Post
Marlin
Mercato
One Rock
Providence
Reverence
Searchlight
Tritium
TSSP
Updata
Manager Fund Firm Age Year of Commitment Year Founded Fund Type Year of Commitment Vintage Year Report Name Short Name Fund Size LPAC Seat Approved ($) Commitment ($) State Street NAV ($) US Fund Div ( of Fund) Intl Fund Div ( of Fund) US Fund Div ( of Total Commits) Intl Fund Div ( of Total Commits) US Fund Div ( of Total NAV Intl Fund Div ( of Total NAV
Carlyle Carlyle Energy Mezzanine Opportunities Fund II 5 2010 2 SS 2015 2015 Special Situations Manager 3 SS 03 2819243965 Voting 65000000 65000000 2423627012 75 25 2 1 3 1
HIG HIG Bayside Loan Opportunity Fund IV 22 1993 4 SS 2015 2015 Special Situations Manager 4 SS 04 1100000000 60000000 60000000 1737472771 75 25 2 1 2 1
Harvest Harvest Partners VII 34 1981 7 BO 2015 2016 Buy-out Manager 12 BO 12 2200000000 50000000 20000000 1172567574 80 20 1 0 2 0
Searchlight Searchlight Capital II 5 2010 2 BO 2015 2015 Buy-out Manager 8 BO 08 1939000000 50000000 47000000 3345429620 60 40 1 1 4 2
Tritium Tritium I 2 2013 1 BO 2015 2014 Buy-out Manager 4 BO 04 309000000 Voting 50000000 50000000 5898813765 85 15 2 0 9 2
TSSP TSSP Adjacent Opportunities Partners (B) 6 2009 3 SS 2015 2014 Special Situations Manager 1 SS 01 3500000000 75000000 75000000 4920669401 60 40 2 1 5 4
BlackstoneGSO GSO Capital Opportunities Fund III 11 2005 3 SS 2016 2016 Special Situations Manager 2 SS 02 6000000000 75000000 75000000 32285251 80 20 3 1 5 1
BlackstoneGSO GSO COF III - Co-Investment 11 2005 3 SS 2016 2016 Special Situations Manager 8 SS 08 2000000000 18750000 18750000 4806212 80 20 1 0 1 0
Foundry Foundry Group Next Fund 9 2007 4 GE 2016 2016 GrowthVenture Manager 7 GE 07 500000000 35000000 30000000 2644022252 100 0 1 0 5 0
FTV FTV V 18 1998 5 GE 2016 2017 GrowthVenture Manager 4 GE 04 867000000 Voting 50000000 46000000 3124897116 75 25 2 1 4 1
Incline Incline Equity Partners IV 5 2011 4 BO 2016 2017 Buy-out Manager 10 BO 10 601000000 50000000 40000000 1161163584 80 20 1 0 2 0
Kainos Kainos Capital Partners II 4 2012 2 BO 2016 2016 Buy-out Manager 11 BO 11 895000000 Observer 50000000 35000000 1953918849 75 25 1 0 3 1
Mercato Mercato Partners Growth III 9 2007 3 GE 2016 2015 GrowthVenture Manager 6 GE 06 246000000 Voting 40000000 40000000 2383332060 100 0 2 0 4 0
PSG Providence Strategic Growth II 3 2013 2 GE 2016 2016 GrowthVenture Manager 2 GE 02 640000000 Voting 60000000 60000000 6665235799 100 0 3 0 12 0
Updata Updata Partners V 18 1998 5 GE 2016 2014 GrowthVenture Manager 3 GE 03 280000000 Voting 50000000 50000000 4620914142 90 10 2 0 7 1
Altaris Altaris Constellation IV 14 2003 4 BO 2017 2018 Buy-out Manager 14 BO 14 240000000 12500000 12500000 4140390 75 25 0 0 1 0
Altaris Altaris Health Partners IV 14 2003 4 BO 2017 2018 Buy-out Manager 5 BO 05 1000000000 50000000 50000000 11187778 75 25 2 1 2 1
Capital Partners Capital Partners II 13 2004 2 BO 2017 2018 Buy-out Manager 1 BO 01 500000000 Voting 70000000 58000000 12317286 100 0 3 0 2 0
Dunes Point Dunes Point Capital Fund II 4 2013 2 BO 2017 2018 Buy-out Manager 7 BO 07 535000000 Voting 50000000 50000000 - 0 80 20 2 0 0 0
GTCR GTCR XII 37 1980 12 BO 2017 2018 Buy-out Manager 6 BO 06 5250000000 75000000 50000000 498579807 75 25 2 1 1 0
LightBay LightBay Investment Partners I 0 2017 1 SS 2017 2018 Special Situations Manager 7 SS 07 615000000 Voting 50000000 40000000 - 0 80 20 1 0 0 0
Marlin Marlin Equity V 12 2005 5 BO 2017 2018 Buy-out Manager 2 BO 02 2500000000 60000000 57000000 946658473 80 20 2 0 1 0
Marlin Marlin Heritage II 12 2005 2 BO 2017 2017 Buy-out Manager 13 BO 13 750000000 15000000 14250000 525048862 75 25 0 0 1 0
One Rock One Rock Capital Partners II 7 2010 2 BO 2017 2017 Buy-out Manager 9 BO 09 964000000 50000000 45000000 1318074623 90 10 2 0 2 0
PSG Providence Strategic Growth III 4 2013 3 GE 2017 2018 GrowthVenture Manager 1 GE 01 1322000000 Voting 70000000 70000000 1547348223 100 0 3 0 3 0
CapVest CapVest Equity Partners IV 19 1999 4 BO 2018 2018 Buy-out Manager 15 BO 15 1001750000 53000000 46600000 - 0 0 100 0 2 0 0
Foundry Foundry Group Next 2018 11 2007 5 GE 2018 2018 GrowthVenture Manager 5 GE 05 750000000 45000000 45000000 439426166 90 10 2 0 1 0
HIG SPF HIG Strategic Partners Fund 25 1993 NA BO 2018 2018 Buy-out Manager 16 BO 16 1115000000 300000000 300000000 1872700007 60 40 8 5 2 1
Main Post Main Post II 4 2014 2 GE 2018 2019 GrowthVenture Manager 8 GE 08 700000000 Voting 50000000 40000000 - 0 100 0 2 0 0 0
Providence Providence Equity Partners VIII 29 1989 8 BO 2018 2017 Buy-out Manager 3 BO 03 5000000000 55000000 55000000 - 0 60 40 1 1 0 0
Tritium Tritium II 5 2013 2 BO 2018 2019 Buy-out Manager 17 BO 17 450000000 Voting 60000000 60000000 - 0 85 15 2 0 0 0
TSSP TPG Opportunities Partners IV 9 2009 4 SS 2018 2018 Special Situations Manager 6 SS 06 3000000000 50000000 25000000 - 0 60 40 1 0 0 0
TSSP TSSP Adjacent Opportunities Partners (D) 9 2009 4 SS 2018 2018 Special Situations Manager 5 SS 05 3000000000 50000000 50000000 - 0 60 40 1 1 0 0
Updata Updata Partners VI 20 1998 6 GE 2018 2014 GrowthVenture Manager 3 GE 03 300000000 Voting 75000000 75000000 - 0 90 10 3 0 0 0
PSG Providence Strategic Growth IV 6 2013 4 GE 2019 GE 09 2000000000 Voting 50000000 50000000 - 0 100 0 2 0 0 0
Foundry FGN 2018 Partner Fund 12 2007 6 GE 2019 GE 10 200000000 100000000 100000000 - 0 90 10 4 0 0 0
Reverence Reverence Capital Partners II 6 2013 2 BO 2019 BO 18 1000000000 Voting 50000000 50000000 - 0 90 10 2 0 0 0
Arcline Arcline Capital Partners 1 2018 1 BO 2019 BO 19 1500000000 50000000 50000000 - 0 90 10 2 0 0 0
Searchlight Searchlight Capital III 9 2010 3 BO 2019 2015 Buy-out Manager 8 BO 20 2750000000 50000000 50000000 - 0 60 40 1 1 0 0
Northlane Northlane Capital Partners II 5 2014 2 BO 2019 BO 21 375000000 Voting 60000000 60000000 - 0 100 0 3 0 0 0
BlackstoneBAAM Blackstone Strategic Capital Holdings II 29 1990 2 SS 2019 SS 07 4000000000 Voting 65000000 65000000 - 0 80 20 2 1 0 0
6000000000
5250000000
5000000000
3500000000
3000000000
3000000000
2800000000
2500000000
2200000000
2000000000
2000000000
1500000000
1500000000
1322000000
1115000000
1100000000
1001750000
1000000000
1000000000
964000000
895000000
867000000
750000000
750000000
700000000
640000000
615000000
601000000
535000000
500000000
500000000
450000000
309000000
300000000
280000000
246000000
240000000
200000000
Assumptions
TMRS (AUM) $ 27589122062 ltltltlt As of 12312018
PE Target () 500
PE Target ($) $ 1379456103
PE Commitments ($) $ 2280100000
PE NAV ($) $ 556735918 ltltltlt As of 12312018
PE NAV () 202
Un-Allocated () -6529
Instructions by Sheet Name
Notes Light blue-filled cells are hard-coded (not formula-driven)
The green-colored tabs are the only ones to be updated right now
The red-colored tab does not need to be updated (still under construction)
Portfolio
1) Input new Fund commitment into the next open row
2) Confirm and input the details for the row of the new Fund in columns A through G
3) Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I
4) Copy paste the formulas used in columns J and K for the row of the new Fund
Manager
1) If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated
2) Input the name of the Manager for the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Manager
4) Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option
Fund
1) Insert a row above the one beginning with UA (Un-Allocated)
2) Input the Short Name of the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Fund
4) Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option
Year of Commit Commitments of Commitments to Date of Target PE Allocation
2015 317000000 1390 2298
2016 394750000 1731 2862
2017 436750000 1915 3166
2018 481600000 2112 3491 ltltltTakes into account $75 mm of HIG SPF
Total 1630100000 7149 11817
CHECK CHECK CHECK
Geography of Commitments to Date of NAV to Date of Target PE Allocation
USA 780 822 1289
International 220 178 364
Un-Allocated -653
Total 1000 1000 1000
Strategy Commitments NAV of Commitments to Date of NAV to Date of Target PE Allocation
BO Buy-out (40 to 75) 1200350000 214575006 526 385 870
GE GrowthVenture (10 to 40) 606000000 214251758 266 385 439
SS Special Situations (5 to 35) 473750000 127909154 208 230 343
Un-Allocated -653
Total 2280100000 556735918 1000 1000 1000
Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1216 60 0
GrowthVenture 0 55 0 40 75
Special Situations 0 75 0 0 0
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1766 2366 2366
GrowthVenture 0 55 55 95 170
Special Situations 0 75 75 75 75
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Beg Year Q1 Q2 Q3 End Year
Buy-out 750 1500 600 00 00
GrowthVenture 00 833 00 00 00
Special Situations 00 00 650 00 00
Unallocated 4500 2167 917 917 917
Target 525 525 525 525 525
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 75 2250 2850 2850 2850
GrowthVenture 0 833 833 833 833
Special Situations 0 00 650 650 650
Unallocated 450 2167 917 917 917
Target 525 525 525 525 525
Short Name Commitments of Commitments to Date of Target PE Allocation
BO 01 58000000 254 420
BO 02 57000000 250 413
BO 03 55000000 241 399
BO 04 50000000 219 362
BO 05 50000000 219 362
BO 06 50000000 219 362
BO 07 50000000 219 362
BO 08 47000000 206 341
BO 09 45000000 197 326
BO 10 40000000 175 290
BO 11 35000000 154 254
BO 12 20000000 088 145
BO 13 14250000 062 103
BO 14 12500000 055 091
BO 15 46600000 204 338
BO 16 300000000 1316 2175
BO 17 60000000 263 435
BO 18 50000000 219 362
BO 19 50000000 219 362
BO 20 50000000 219 362
GE 01 70000000 307 507
GE 02 60000000 263 435
GE 03 125000000 548 906
GE 04 46000000 202 333
GE 05 45000000 197 326
GE 06 40000000 175 290
GE 07 30000000 132 217
GE 08 40000000 175 290
GE 09 50000000 219 362
GE 10 100000000 439 725
SS 01 75000000 329 544
SS 02 75000000 329 544
SS 03 65000000 285 471
SS 04 60000000 263 435
SS 05 50000000 219 362
SS 06 25000000 110 181
SS 07 105000000 461 761
SS 08 18750000 082 136
UA -6529
Total 2220100000 9737 9565
CHECK CHECK CHECK
Manager Strategy Commitment Portfolio Benchmark NAV Short Name Strategy (Abbrev) of Commitments to Date of Target PE Allocation
HIG SPF Buy-out $300000000 Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years $18727000 BO 1 BO 132 217
Tritium Buy-out $110000000 $58988138 BO 2 BO 48 80
Searchlight Buy-out $97000000 $33454296 BO 3 BO 43 70
Marlin Buy-out $71250000 $14717073 BO 4 BO 31 52
Altaris Buy-out $62500000 $15328169 BO 5 BO 27 45
Northlane Buy-out $60000000 BO 6 BO 26 43
Capital Partners Buy-out $58000000 $12317286 BO 7 BO 25 42
Providence Buy-out $55000000 $0 BO 8 BO 24 40
Dunes Point Buy-out $50000000 $0 BO 9 BO 22 36
GTCR Buy-out $50000000 $4985798 BO 10 BO 22 36
Reverence Buy-out $50000000 $0 BO 11 BO 22 36
Arcline Buy-out $50000000 $0 BO 12 BO 22 36
CapVest Buy-out $46600000 $0 BO 13 BO 20 34
One Rock Buy-out $45000000 $13180746 BO 14 BO 20 33
Incline Buy-out $40000000 $11611636 BO 15 BO 18 29
Kainos Buy-out $35000000 $19539188 BO 16 BO 15 25
Harvest Buy-out $20000000 $11725676 BO 17 BO 09 14
PSG Venture Growth $180000000 $82125840 GE 1 GE 79 130
Foundry Venture Growth $175000000 $30834484 GE 2 GE 77 127
Updata Venture Growth $125000000 $46209141 GE 3 GE 55 91
Main Post Venture Growth $40000000 $0 GE 4 GE 18 29
FTV Venture Growth $46000000 $31248971 GE 5 GE 20 33
Mercato Venture Growth $40000000 $23833321 GE 6 GE 18 29
TSSP Special Situations $150000000 $49206694 SS 1 SS 66 109
BlackstoneGSO Special Situations $93750000 $37091463 SS 2 SS 41 68
BlackstoneBAAM Special Situations $65000000 SS 3 SS 29 47
Carlyle Special Situations $65000000 $24236270 SS 4 SS 29 47
HIG Special Situations $60000000 $17374728 SS 5 SS 26 43
LightBay Special Situations $40000000 $0 SS 6 SS 18 29
Total $2280100000 $556735918 10000 16529
CHECK
Altaris
Arcline
BlackstoneGSO
Capital Partners
CapVest
Carlyle
Dunes Point
Foundry
FTV
GTCR
HIG
Harvest
Incline
Kainos
LightBay
Main Post
Marlin
Mercato
One Rock
Providence
Reverence
Searchlight
Tritium
TSSP
Updata
Manager Fund Firm Age Year of Commitment Year Founded Fund Type Year of Commitment Vintage Year Report Name Short Name Fund Size LPAC Seat Approved ($) Commitment ($) State Street NAV ($) US Fund Div ( of Fund) Intl Fund Div ( of Fund) US Fund Div ( of Total Commits) Intl Fund Div ( of Total Commits) US Fund Div ( of Total NAV Intl Fund Div ( of Total NAV
Carlyle Carlyle Energy Mezzanine Opportunities Fund II 5 2010 2 SS 2015 2015 Special Situations Manager 3 SS 03 2819243965 Voting 65000000 65000000 2423627012 75 25 2 1 3 1
HIG HIG Bayside Loan Opportunity Fund IV 22 1993 4 SS 2015 2015 Special Situations Manager 4 SS 04 1100000000 60000000 60000000 1737472771 75 25 2 1 2 1
Harvest Harvest Partners VII 34 1981 7 BO 2015 2016 Buy-out Manager 12 BO 12 2200000000 50000000 20000000 1172567574 80 20 1 0 2 0
Searchlight Searchlight Capital II 5 2010 2 BO 2015 2015 Buy-out Manager 8 BO 08 1939000000 50000000 47000000 3345429620 60 40 1 1 4 2
Tritium Tritium I 2 2013 1 BO 2015 2014 Buy-out Manager 4 BO 04 309000000 Voting 50000000 50000000 5898813765 85 15 2 0 9 2
TSSP TSSP Adjacent Opportunities Partners (B) 6 2009 3 SS 2015 2014 Special Situations Manager 1 SS 01 3500000000 75000000 75000000 4920669401 60 40 2 1 5 4
BlackstoneGSO GSO Capital Opportunities Fund III 11 2005 3 SS 2016 2016 Special Situations Manager 2 SS 02 6000000000 75000000 75000000 32285251 80 20 3 1 5 1
BlackstoneGSO GSO COF III - Co-Investment 11 2005 3 SS 2016 2016 Special Situations Manager 8 SS 08 2000000000 18750000 18750000 4806212 80 20 1 0 1 0
Foundry Foundry Group Next Fund 9 2007 4 GE 2016 2016 GrowthVenture Manager 7 GE 07 500000000 35000000 30000000 2644022252 100 0 1 0 5 0
FTV FTV V 18 1998 5 GE 2016 2017 GrowthVenture Manager 4 GE 04 867000000 Voting 50000000 46000000 3124897116 75 25 2 1 4 1
Incline Incline Equity Partners IV 5 2011 4 BO 2016 2017 Buy-out Manager 10 BO 10 601000000 50000000 40000000 1161163584 80 20 1 0 2 0
Kainos Kainos Capital Partners II 4 2012 2 BO 2016 2016 Buy-out Manager 11 BO 11 895000000 Observer 50000000 35000000 1953918849 75 25 1 0 3 1
Mercato Mercato Partners Growth III 9 2007 3 GE 2016 2015 GrowthVenture Manager 6 GE 06 246000000 Voting 40000000 40000000 2383332060 100 0 2 0 4 0
PSG Providence Strategic Growth II 3 2013 2 GE 2016 2016 GrowthVenture Manager 2 GE 02 640000000 Voting 60000000 60000000 6665235799 100 0 3 0 12 0
Updata Updata Partners V 18 1998 5 GE 2016 2014 GrowthVenture Manager 3 GE 03 280000000 Voting 50000000 50000000 4620914142 90 10 2 0 7 1
Altaris Altaris Constellation IV 14 2003 4 BO 2017 2018 Buy-out Manager 14 BO 14 240000000 12500000 12500000 4140390 75 25 0 0 1 0
Altaris Altaris Health Partners IV 14 2003 4 BO 2017 2018 Buy-out Manager 5 BO 05 1000000000 50000000 50000000 11187778 75 25 2 1 2 1
Capital Partners Capital Partners II 13 2004 2 BO 2017 2018 Buy-out Manager 1 BO 01 500000000 Voting 70000000 58000000 12317286 100 0 3 0 2 0
Dunes Point Dunes Point Capital Fund II 4 2013 2 BO 2017 2018 Buy-out Manager 7 BO 07 535000000 Voting 50000000 50000000 - 0 80 20 2 0 0 0
GTCR GTCR XII 37 1980 12 BO 2017 2018 Buy-out Manager 6 BO 06 5250000000 75000000 50000000 498579807 75 25 2 1 1 0
LightBay LightBay Investment Partners I 0 2017 1 SS 2017 2018 Special Situations Manager 7 SS 07 615000000 Voting 50000000 40000000 - 0 80 20 1 0 0 0
Marlin Marlin Equity V 12 2005 5 BO 2017 2018 Buy-out Manager 2 BO 02 2500000000 60000000 57000000 946658473 80 20 2 0 1 0
Marlin Marlin Heritage II 12 2005 2 BO 2017 2017 Buy-out Manager 13 BO 13 750000000 15000000 14250000 525048862 75 25 0 0 1 0
One Rock One Rock Capital Partners II 7 2010 2 BO 2017 2017 Buy-out Manager 9 BO 09 964000000 50000000 45000000 1318074623 90 10 2 0 2 0
PSG Providence Strategic Growth III 4 2013 3 GE 2017 2018 GrowthVenture Manager 1 GE 01 1322000000 Voting 70000000 70000000 1547348223 100 0 3 0 3 0
CapVest CapVest Equity Partners IV 19 1999 4 BO 2018 2018 Buy-out Manager 15 BO 15 1001750000 53000000 46600000 - 0 0 100 0 2 0 0
Foundry Foundry Group Next 2018 11 2007 5 GE 2018 2018 GrowthVenture Manager 5 GE 05 750000000 45000000 45000000 439426166 90 10 2 0 1 0
HIG SPF HIG Strategic Partners Fund 25 1993 NA BO 2018 2018 Buy-out Manager 16 BO 16 1115000000 300000000 300000000 1872700007 60 40 8 5 2 1
Main Post Main Post II 4 2014 2 GE 2018 2019 GrowthVenture Manager 8 GE 08 700000000 Voting 50000000 40000000 - 0 100 0 2 0 0 0
Providence Providence Equity Partners VIII 29 1989 8 BO 2018 2017 Buy-out Manager 3 BO 03 5000000000 55000000 55000000 - 0 60 40 1 1 0 0
Tritium Tritium II 5 2013 2 BO 2018 2019 Buy-out Manager 17 BO 17 450000000 Voting 60000000 60000000 - 0 85 15 2 0 0 0
TSSP TPG Opportunities Partners IV 9 2009 4 SS 2018 2018 Special Situations Manager 6 SS 06 3000000000 50000000 25000000 - 0 60 40 1 0 0 0
TSSP TSSP Adjacent Opportunities Partners (D) 9 2009 4 SS 2018 2018 Special Situations Manager 5 SS 05 3000000000 50000000 50000000 - 0 60 40 1 1 0 0
Updata Updata Partners VI 20 1998 6 GE 2018 2014 GrowthVenture Manager 3 GE 03 300000000 Voting 75000000 75000000 - 0 90 10 3 0 0 0
PSG Providence Strategic Growth IV 6 2013 4 GE 2019 GE 09 2000000000 Voting 50000000 50000000 - 0 100 0 2 0 0 0
Foundry FGN 2018 Partner Fund 12 2007 6 GE 2019 GE 10 200000000 100000000 100000000 - 0 90 10 4 0 0 0
Reverence Reverence Capital Partners II 6 2013 2 BO 2019 BO 18 1000000000 Voting 50000000 50000000 - 0 90 10 2 0 0 0
Arcline Arcline Capital Partners 1 2018 1 BO 2019 BO 19 1500000000 50000000 50000000 - 0 90 10 2 0 0 0
Searchlight Searchlight Capital III 9 2010 3 BO 2019 2015 Buy-out Manager 8 BO 20 2750000000 50000000 50000000 - 0 60 40 1 1 0 0
Northlane Northlane Capital Partners II 5 2014 2 BO 2019 BO 21 375000000 Voting 60000000 60000000 - 0 100 0 3 0 0 0
BlackstoneBAAM Blackstone Strategic Capital Holdings II 29 1990 2 SS 2019 SS 07 4000000000 Voting 65000000 65000000 - 0 80 20 2 1 0 0
6000000000
5250000000
5000000000
3500000000
3000000000
3000000000
2800000000
2500000000
2200000000
2000000000
2000000000
1500000000
1500000000
1322000000
1115000000
1100000000
1001750000
1000000000
1000000000
964000000
895000000
867000000
750000000
750000000
700000000
640000000
615000000
601000000
535000000
500000000
500000000
450000000
309000000
300000000
280000000
246000000
240000000
200000000
Assumptions
TMRS (AUM) $ 27589122062 ltltltlt As of 12312018
PE Target () 500
PE Target ($) $ 1379456103
PE Commitments ($) $ 2280100000
PE NAV ($) $ 556735918 ltltltlt As of 12312018
PE NAV () 202
Un-Allocated () -6529
Instructions by Sheet Name
Notes Light blue-filled cells are hard-coded (not formula-driven)
The green-colored tabs are the only ones to be updated right now
The red-colored tab does not need to be updated (still under construction)
Portfolio
1) Input new Fund commitment into the next open row
2) Confirm and input the details for the row of the new Fund in columns A through G
3) Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I
4) Copy paste the formulas used in columns J and K for the row of the new Fund
Manager
1) If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated
2) Input the name of the Manager for the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Manager
4) Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option
Fund
1) Insert a row above the one beginning with UA (Un-Allocated)
2) Input the Short Name of the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Fund
4) Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option
Year of Commit Commitments of Commitments to Date of Target PE Allocation
2015 317000000 1390 2298
2016 394750000 1731 2862
2017 436750000 1915 3166
2018 481600000 2112 3491 ltltltTakes into account $75 mm of HIG SPF
Total 1630100000 7149 11817
CHECK CHECK CHECK
Geography of Commitments to Date of NAV to Date of Target PE Allocation
USA 780 822 1289
International 220 178 364
Un-Allocated -653
Total 1000 1000 1000
Strategy Commitments NAV of Commitments to Date of NAV to Date of Target PE Allocation
BO Buy-out (40 to 75) 1200350000 214575006 526 385 870
GE GrowthVenture (10 to 40) 606000000 214251758 266 385 439
SS Special Situations (5 to 35) 473750000 127909154 208 230 343
Un-Allocated -653
Total 2280100000 556735918 1000 1000 1000
Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1216 60 0
GrowthVenture 0 55 0 40 75
Special Situations 0 75 0 0 0
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1766 2366 2366
GrowthVenture 0 55 55 95 170
Special Situations 0 75 75 75 75
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Beg Year Q1 Q2 Q3 End Year
Buy-out 750 1500 600 00 00
GrowthVenture 00 833 00 00 00
Special Situations 00 00 650 00 00
Unallocated 4500 2167 917 917 917
Target 525 525 525 525 525
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 75 2250 2850 2850 2850
GrowthVenture 0 833 833 833 833
Special Situations 0 00 650 650 650
Unallocated 450 2167 917 917 917
Target 525 525 525 525 525
Short Name Commitments of Commitments to Date of Target PE Allocation
BO 01 58000000 254 420
BO 02 57000000 250 413
BO 03 55000000 241 399
BO 04 50000000 219 362
BO 05 50000000 219 362
BO 06 50000000 219 362
BO 07 50000000 219 362
BO 08 47000000 206 341
BO 09 45000000 197 326
BO 10 40000000 175 290
BO 11 35000000 154 254
BO 12 20000000 088 145
BO 13 14250000 062 103
BO 14 12500000 055 091
BO 15 46600000 204 338
BO 16 300000000 1316 2175
BO 17 60000000 263 435
BO 18 50000000 219 362
BO 19 50000000 219 362
BO 20 50000000 219 362
GE 01 70000000 307 507
GE 02 60000000 263 435
GE 03 125000000 548 906
GE 04 46000000 202 333
GE 05 45000000 197 326
GE 06 40000000 175 290
GE 07 30000000 132 217
GE 08 40000000 175 290
GE 09 50000000 219 362
GE 10 100000000 439 725
SS 01 75000000 329 544
SS 02 75000000 329 544
SS 03 65000000 285 471
SS 04 60000000 263 435
SS 05 50000000 219 362
SS 06 25000000 110 181
SS 07 105000000 461 761
SS 08 18750000 082 136
UA -6529
Total 2220100000 9737 9565
CHECK CHECK CHECK
Manager Strategy Commitment Portfolio Benchmark NAV Short Name Strategy (Abbrev) of Commitments to Date of Target PE Allocation
HIG SPF Buy-out $300000000 Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years $18727000 BO 1 BO 132 217
Tritium Buy-out $110000000 $58988138 BO 2 BO 48 80
Searchlight Buy-out $97000000 $33454296 BO 3 BO 43 70
Marlin Buy-out $71250000 $14717073 BO 4 BO 31 52
Altaris Buy-out $62500000 $15328169 BO 5 BO 27 45
Northlane Buy-out $60000000 BO 6 BO 26 43
Capital Partners Buy-out $58000000 $12317286 BO 7 BO 25 42
Providence Buy-out $55000000 $0 BO 8 BO 24 40
Dunes Point Buy-out $50000000 $0 BO 9 BO 22 36
GTCR Buy-out $50000000 $4985798 BO 10 BO 22 36
Reverence Buy-out $50000000 $0 BO 11 BO 22 36
Arcline Buy-out $50000000 $0 BO 12 BO 22 36
CapVest Buy-out $46600000 $0 BO 13 BO 20 34
One Rock Buy-out $45000000 $13180746 BO 14 BO 20 33
Incline Buy-out $40000000 $11611636 BO 15 BO 18 29
Kainos Buy-out $35000000 $19539188 BO 16 BO 15 25
Harvest Buy-out $20000000 $11725676 BO 17 BO 09 14
PSG Venture Growth $180000000 $82125840 GE 1 GE 79 130
Foundry Venture Growth $175000000 $30834484 GE 2 GE 77 127
Updata Venture Growth $125000000 $46209141 GE 3 GE 55 91
Main Post Venture Growth $40000000 $0 GE 4 GE 18 29
FTV Venture Growth $46000000 $31248971 GE 5 GE 20 33
Mercato Venture Growth $40000000 $23833321 GE 6 GE 18 29
TSSP Special Situations $150000000 $49206694 SS 1 SS 66 109
BlackstoneGSO Special Situations $93750000 $37091463 SS 2 SS 41 68
BlackstoneBAAM Special Situations $65000000 SS 3 SS 29 47
Carlyle Special Situations $65000000 $24236270 SS 4 SS 29 47
HIG Special Situations $60000000 $17374728 SS 5 SS 26 43
LightBay Special Situations $40000000 $0 SS 6 SS 18 29
Total $2280100000 $556735918 10000 16529
CHECK
Altaris
Arcline
BlackstoneGSO
Capital Partners
CapVest
Carlyle
Dunes Point
Foundry
FTV
GTCR
HIG
Harvest
Incline
Kainos
LightBay
Main Post
Marlin
Mercato
One Rock
Providence
Reverence
Searchlight
Tritium
TSSP
Updata
Manager Fund Firm Age Year of Commitment Year Founded Fund Type Year of Commitment Vintage Year Report Name Short Name Fund Size LPAC Seat Approved ($) Commitment ($) State Street NAV ($) US Fund Div ( of Fund) Intl Fund Div ( of Fund) US Fund Div ( of Total Commits) Intl Fund Div ( of Total Commits) US Fund Div ( of Total NAV Intl Fund Div ( of Total NAV
Carlyle Carlyle Energy Mezzanine Opportunities Fund II 5 2010 2 SS 2015 2015 Special Situations Manager 3 SS 03 2819243965 Voting 65000000 65000000 2423627012 75 25 2 1 3 1
HIG HIG Bayside Loan Opportunity Fund IV 22 1993 4 SS 2015 2015 Special Situations Manager 4 SS 04 1100000000 60000000 60000000 1737472771 75 25 2 1 2 1
Harvest Harvest Partners VII 34 1981 7 BO 2015 2016 Buy-out Manager 12 BO 12 2200000000 50000000 20000000 1172567574 80 20 1 0 2 0
Searchlight Searchlight Capital II 5 2010 2 BO 2015 2015 Buy-out Manager 8 BO 08 1939000000 50000000 47000000 3345429620 60 40 1 1 4 2
Tritium Tritium I 2 2013 1 BO 2015 2014 Buy-out Manager 4 BO 04 309000000 Voting 50000000 50000000 5898813765 85 15 2 0 9 2
TSSP TSSP Adjacent Opportunities Partners (B) 6 2009 3 SS 2015 2014 Special Situations Manager 1 SS 01 3500000000 75000000 75000000 4920669401 60 40 2 1 5 4
BlackstoneGSO GSO Capital Opportunities Fund III 11 2005 3 SS 2016 2016 Special Situations Manager 2 SS 02 6000000000 75000000 75000000 32285251 80 20 3 1 5 1
BlackstoneGSO GSO COF III - Co-Investment 11 2005 3 SS 2016 2016 Special Situations Manager 8 SS 08 2000000000 18750000 18750000 4806212 80 20 1 0 1 0
Foundry Foundry Group Next Fund 9 2007 4 GE 2016 2016 GrowthVenture Manager 7 GE 07 500000000 35000000 30000000 2644022252 100 0 1 0 5 0
FTV FTV V 18 1998 5 GE 2016 2017 GrowthVenture Manager 4 GE 04 867000000 Voting 50000000 46000000 3124897116 75 25 2 1 4 1
Incline Incline Equity Partners IV 5 2011 4 BO 2016 2017 Buy-out Manager 10 BO 10 601000000 50000000 40000000 1161163584 80 20 1 0 2 0
Kainos Kainos Capital Partners II 4 2012 2 BO 2016 2016 Buy-out Manager 11 BO 11 895000000 Observer 50000000 35000000 1953918849 75 25 1 0 3 1
Mercato Mercato Partners Growth III 9 2007 3 GE 2016 2015 GrowthVenture Manager 6 GE 06 246000000 Voting 40000000 40000000 2383332060 100 0 2 0 4 0
PSG Providence Strategic Growth II 3 2013 2 GE 2016 2016 GrowthVenture Manager 2 GE 02 640000000 Voting 60000000 60000000 6665235799 100 0 3 0 12 0
Updata Updata Partners V 18 1998 5 GE 2016 2014 GrowthVenture Manager 3 GE 03 280000000 Voting 50000000 50000000 4620914142 90 10 2 0 7 1
Altaris Altaris Constellation IV 14 2003 4 BO 2017 2018 Buy-out Manager 14 BO 14 240000000 12500000 12500000 4140390 75 25 0 0 1 0
Altaris Altaris Health Partners IV 14 2003 4 BO 2017 2018 Buy-out Manager 5 BO 05 1000000000 50000000 50000000 11187778 75 25 2 1 2 1
Capital Partners Capital Partners II 13 2004 2 BO 2017 2018 Buy-out Manager 1 BO 01 500000000 Voting 70000000 58000000 12317286 100 0 3 0 2 0
Dunes Point Dunes Point Capital Fund II 4 2013 2 BO 2017 2018 Buy-out Manager 7 BO 07 535000000 Voting 50000000 50000000 - 0 80 20 2 0 0 0
GTCR GTCR XII 37 1980 12 BO 2017 2018 Buy-out Manager 6 BO 06 5250000000 75000000 50000000 498579807 75 25 2 1 1 0
LightBay LightBay Investment Partners I 0 2017 1 SS 2017 2018 Special Situations Manager 7 SS 07 615000000 Voting 50000000 40000000 - 0 80 20 1 0 0 0
Marlin Marlin Equity V 12 2005 5 BO 2017 2018 Buy-out Manager 2 BO 02 2500000000 60000000 57000000 946658473 80 20 2 0 1 0
Marlin Marlin Heritage II 12 2005 2 BO 2017 2017 Buy-out Manager 13 BO 13 750000000 15000000 14250000 525048862 75 25 0 0 1 0
One Rock One Rock Capital Partners II 7 2010 2 BO 2017 2017 Buy-out Manager 9 BO 09 964000000 50000000 45000000 1318074623 90 10 2 0 2 0
PSG Providence Strategic Growth III 4 2013 3 GE 2017 2018 GrowthVenture Manager 1 GE 01 1322000000 Voting 70000000 70000000 1547348223 100 0 3 0 3 0
CapVest CapVest Equity Partners IV 19 1999 4 BO 2018 2018 Buy-out Manager 15 BO 15 1001750000 53000000 46600000 - 0 0 100 0 2 0 0
Foundry Foundry Group Next 2018 11 2007 5 GE 2018 2018 GrowthVenture Manager 5 GE 05 750000000 45000000 45000000 439426166 90 10 2 0 1 0
HIG SPF HIG Strategic Partners Fund 25 1993 NA BO 2018 2018 Buy-out Manager 16 BO 16 1115000000 300000000 300000000 1872700007 60 40 8 5 2 1
Main Post Main Post II 4 2014 2 GE 2018 2019 GrowthVenture Manager 8 GE 08 700000000 Voting 50000000 40000000 - 0 100 0 2 0 0 0
Providence Providence Equity Partners VIII 29 1989 8 BO 2018 2017 Buy-out Manager 3 BO 03 5000000000 55000000 55000000 - 0 60 40 1 1 0 0
Tritium Tritium II 5 2013 2 BO 2018 2019 Buy-out Manager 17 BO 17 450000000 Voting 60000000 60000000 - 0 85 15 2 0 0 0
TSSP TPG Opportunities Partners IV 9 2009 4 SS 2018 2018 Special Situations Manager 6 SS 06 3000000000 50000000 25000000 - 0 60 40 1 0 0 0
TSSP TSSP Adjacent Opportunities Partners (D) 9 2009 4 SS 2018 2018 Special Situations Manager 5 SS 05 3000000000 50000000 50000000 - 0 60 40 1 1 0 0
Updata Updata Partners VI 20 1998 6 GE 2018 2014 GrowthVenture Manager 3 GE 03 300000000 Voting 75000000 75000000 - 0 90 10 3 0 0 0
PSG Providence Strategic Growth IV 6 2013 4 GE 2019 GE 09 2000000000 Voting 50000000 50000000 - 0 100 0 2 0 0 0
Foundry FGN 2018 Partner Fund 12 2007 6 GE 2019 GE 10 200000000 100000000 100000000 - 0 90 10 4 0 0 0
Reverence Reverence Capital Partners II 6 2013 2 BO 2019 BO 18 1000000000 Voting 50000000 50000000 - 0 90 10 2 0 0 0
Arcline Arcline Capital Partners 1 2018 1 BO 2019 BO 19 1500000000 50000000 50000000 - 0 90 10 2 0 0 0
Searchlight Searchlight Capital III 9 2010 3 BO 2019 2015 Buy-out Manager 8 BO 20 2750000000 50000000 50000000 - 0 60 40 1 1 0 0
Northlane Northlane Capital Partners II 5 2014 2 BO 2019 BO 21 375000000 Voting 60000000 60000000 - 0 100 0 3 0 0 0
BlackstoneBAAM Blackstone Strategic Capital Holdings II 29 1990 2 SS 2019 SS 07 4000000000 Voting 65000000 65000000 - 0 80 20 2 1 0 0
6000000000
5250000000
5000000000
3500000000
3000000000
3000000000
2800000000
2500000000
2200000000
2000000000
2000000000
1500000000
1500000000
1322000000
1115000000
1100000000
1001750000
1000000000
1000000000
964000000
895000000
867000000
750000000
750000000
700000000
640000000
615000000
601000000
535000000
500000000
500000000
450000000
309000000
300000000
280000000
246000000
240000000
200000000
Assumptions
TMRS (AUM) $ 27589122062 ltltltlt As of 12312018
PE Target () 500
PE Target ($) $ 1379456103
PE Commitments ($) $ 2280100000
PE NAV ($) $ 556735918 ltltltlt As of 12312018
PE NAV () 202
Un-Allocated () -6529
Instructions by Sheet Name
Notes Light blue-filled cells are hard-coded (not formula-driven)
The green-colored tabs are the only ones to be updated right now
The red-colored tab does not need to be updated (still under construction)
Portfolio
1) Input new Fund commitment into the next open row
2) Confirm and input the details for the row of the new Fund in columns A through G
3) Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I
4) Copy paste the formulas used in columns J and K for the row of the new Fund
Manager
1) If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated
2) Input the name of the Manager for the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Manager
4) Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option
Fund
1) Insert a row above the one beginning with UA (Un-Allocated)
2) Input the Short Name of the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Fund
4) Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option
Year of Commit Commitments of Commitments to Date of Target PE Allocation
2015 317000000 1390 2298
2016 394750000 1731 2862
2017 436750000 1915 3166
2018 481600000 2112 3491 ltltltTakes into account $75 mm of HIG SPF
Total 1630100000 7149 11817
CHECK CHECK CHECK
Geography of Commitments to Date of NAV to Date of Target PE Allocation
USA 780 822 1289
International 220 178 364
Un-Allocated -653
Total 1000 1000 1000
Strategy Commitments NAV of Commitments to Date of NAV to Date of Target PE Allocation
BO Buy-out (40 to 75) 1200350000 214575006 526 385 870
GE GrowthVenture (10 to 40) 606000000 214251758 266 385 439
SS Special Situations (5 to 35) 473750000 127909154 208 230 343
Un-Allocated -653
Total 2280100000 556735918 1000 1000 1000
Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1216 60 0
GrowthVenture 0 55 0 40 75
Special Situations 0 75 0 0 0
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1766 2366 2366
GrowthVenture 0 55 55 95 170
Special Situations 0 75 75 75 75
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Beg Year Q1 Q2 Q3 End Year
Buy-out 750 1500 600 00 00
GrowthVenture 00 833 00 00 00
Special Situations 00 00 650 00 00
Unallocated 4500 2167 917 917 917
Target 525 525 525 525 525
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 75 2250 2850 2850 2850
GrowthVenture 0 833 833 833 833
Special Situations 0 00 650 650 650
Unallocated 450 2167 917 917 917
Target 525 525 525 525 525
Short Name Commitments of Commitments to Date of Target PE Allocation
BO 01 58000000 254 420
BO 02 57000000 250 413
BO 03 55000000 241 399
BO 04 50000000 219 362
BO 05 50000000 219 362
BO 06 50000000 219 362
BO 07 50000000 219 362
BO 08 47000000 206 341
BO 09 45000000 197 326
BO 10 40000000 175 290
BO 11 35000000 154 254
BO 12 20000000 088 145
BO 13 14250000 062 103
BO 14 12500000 055 091
BO 15 46600000 204 338
BO 16 300000000 1316 2175
BO 17 60000000 263 435
BO 18 50000000 219 362
BO 19 50000000 219 362
BO 20 50000000 219 362
GE 01 70000000 307 507
GE 02 60000000 263 435
GE 03 125000000 548 906
GE 04 46000000 202 333
GE 05 45000000 197 326
GE 06 40000000 175 290
GE 07 30000000 132 217
GE 08 40000000 175 290
GE 09 50000000 219 362
GE 10 100000000 439 725
SS 01 75000000 329 544
SS 02 75000000 329 544
SS 03 65000000 285 471
SS 04 60000000 263 435
SS 05 50000000 219 362
SS 06 25000000 110 181
SS 07 105000000 461 761
SS 08 18750000 082 136
UA -6529
Total 2220100000 9737 9565
CHECK CHECK CHECK
Manager Strategy Commitment Portfolio Benchmark NAV Short Name Strategy (Abbrev) of Commitments to Date of Target PE Allocation
HIG SPF Buy-out $300000000 Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years $18727000 BO 1 BO 132 217
Tritium Buy-out $110000000 $58988138 BO 2 BO 48 80
Searchlight Buy-out $97000000 $33454296 BO 3 BO 43 70
Marlin Buy-out $71250000 $14717073 BO 4 BO 31 52
Altaris Buy-out $62500000 $15328169 BO 5 BO 27 45
Northlane Buy-out $60000000 BO 6 BO 26 43
Capital Partners Buy-out $58000000 $12317286 BO 7 BO 25 42
Providence Buy-out $55000000 $0 BO 8 BO 24 40
Dunes Point Buy-out $50000000 $0 BO 9 BO 22 36
GTCR Buy-out $50000000 $4985798 BO 10 BO 22 36
Reverence Buy-out $50000000 $0 BO 11 BO 22 36
Arcline Buy-out $50000000 $0 BO 12 BO 22 36
CapVest Buy-out $46600000 $0 BO 13 BO 20 34
One Rock Buy-out $45000000 $13180746 BO 14 BO 20 33
Incline Buy-out $40000000 $11611636 BO 15 BO 18 29
Kainos Buy-out $35000000 $19539188 BO 16 BO 15 25
Harvest Buy-out $20000000 $11725676 BO 17 BO 09 14
PSG Venture Growth $180000000 $82125840 GE 1 GE 79 130
Foundry Venture Growth $175000000 $30834484 GE 2 GE 77 127
Updata Venture Growth $125000000 $46209141 GE 3 GE 55 91
Main Post Venture Growth $40000000 $0 GE 4 GE 18 29
FTV Venture Growth $46000000 $31248971 GE 5 GE 20 33
Mercato Venture Growth $40000000 $23833321 GE 6 GE 18 29
TSSP Special Situations $150000000 $49206694 SS 1 SS 66 109
BlackstoneGSO Special Situations $93750000 $37091463 SS 2 SS 41 68
BlackstoneBAAM Special Situations $65000000 SS 3 SS 29 47
Carlyle Special Situations $65000000 $24236270 SS 4 SS 29 47
HIG Special Situations $60000000 $17374728 SS 5 SS 26 43
LightBay Special Situations $40000000 $0 SS 6 SS 18 29
Total $2280100000 $556735918 10000 16529
CHECK
Altaris
Arcline
BlackstoneGSO
Capital Partners
CapVest
Carlyle
Dunes Point
Foundry
FTV
GTCR
HIG
Harvest
Incline
Kainos
LightBay
Main Post
Marlin
Mercato
One Rock
Providence
Reverence
Searchlight
Tritium
TSSP
Updata
Manager Fund Firm Age Year of Commitment Year Founded Fund Type Year of Commitment Vintage Year Report Name Short Name Fund Size LPAC Seat Approved ($) Commitment ($) State Street NAV ($) US Fund Div ( of Fund) Intl Fund Div ( of Fund) US Fund Div ( of Total Commits) Intl Fund Div ( of Total Commits) US Fund Div ( of Total NAV Intl Fund Div ( of Total NAV
Carlyle Carlyle Energy Mezzanine Opportunities Fund II 5 2010 2 SS 2015 2015 Special Situations Manager 3 SS 03 2819243965 Voting 65000000 65000000 2423627012 75 25 2 1 3 1
HIG HIG Bayside Loan Opportunity Fund IV 22 1993 4 SS 2015 2015 Special Situations Manager 4 SS 04 1100000000 60000000 60000000 1737472771 75 25 2 1 2 1
Harvest Harvest Partners VII 34 1981 7 BO 2015 2016 Buy-out Manager 12 BO 12 2200000000 50000000 20000000 1172567574 80 20 1 0 2 0
Searchlight Searchlight Capital II 5 2010 2 BO 2015 2015 Buy-out Manager 8 BO 08 1939000000 50000000 47000000 3345429620 60 40 1 1 4 2
Tritium Tritium I 2 2013 1 BO 2015 2014 Buy-out Manager 4 BO 04 309000000 Voting 50000000 50000000 5898813765 85 15 2 0 9 2
TSSP TSSP Adjacent Opportunities Partners (B) 6 2009 3 SS 2015 2014 Special Situations Manager 1 SS 01 3500000000 75000000 75000000 4920669401 60 40 2 1 5 4
BlackstoneGSO GSO Capital Opportunities Fund III 11 2005 3 SS 2016 2016 Special Situations Manager 2 SS 02 6000000000 75000000 75000000 32285251 80 20 3 1 5 1
BlackstoneGSO GSO COF III - Co-Investment 11 2005 3 SS 2016 2016 Special Situations Manager 8 SS 08 2000000000 18750000 18750000 4806212 80 20 1 0 1 0
Foundry Foundry Group Next Fund 9 2007 4 GE 2016 2016 GrowthVenture Manager 7 GE 07 500000000 35000000 30000000 2644022252 100 0 1 0 5 0
FTV FTV V 18 1998 5 GE 2016 2017 GrowthVenture Manager 4 GE 04 867000000 Voting 50000000 46000000 3124897116 75 25 2 1 4 1
Incline Incline Equity Partners IV 5 2011 4 BO 2016 2017 Buy-out Manager 10 BO 10 601000000 50000000 40000000 1161163584 80 20 1 0 2 0
Kainos Kainos Capital Partners II 4 2012 2 BO 2016 2016 Buy-out Manager 11 BO 11 895000000 Observer 50000000 35000000 1953918849 75 25 1 0 3 1
Mercato Mercato Partners Growth III 9 2007 3 GE 2016 2015 GrowthVenture Manager 6 GE 06 246000000 Voting 40000000 40000000 2383332060 100 0 2 0 4 0
PSG Providence Strategic Growth II 3 2013 2 GE 2016 2016 GrowthVenture Manager 2 GE 02 640000000 Voting 60000000 60000000 6665235799 100 0 3 0 12 0
Updata Updata Partners V 18 1998 5 GE 2016 2014 GrowthVenture Manager 3 GE 03 280000000 Voting 50000000 50000000 4620914142 90 10 2 0 7 1
Altaris Altaris Constellation IV 14 2003 4 BO 2017 2018 Buy-out Manager 14 BO 14 240000000 12500000 12500000 4140390 75 25 0 0 1 0
Altaris Altaris Health Partners IV 14 2003 4 BO 2017 2018 Buy-out Manager 5 BO 05 1000000000 50000000 50000000 11187778 75 25 2 1 2 1
Capital Partners Capital Partners II 13 2004 2 BO 2017 2018 Buy-out Manager 1 BO 01 500000000 Voting 70000000 58000000 12317286 100 0 3 0 2 0
Dunes Point Dunes Point Capital Fund II 4 2013 2 BO 2017 2018 Buy-out Manager 7 BO 07 535000000 Voting 50000000 50000000 - 0 80 20 2 0 0 0
GTCR GTCR XII 37 1980 12 BO 2017 2018 Buy-out Manager 6 BO 06 5250000000 75000000 50000000 498579807 75 25 2 1 1 0
LightBay LightBay Investment Partners I 0 2017 1 SS 2017 2018 Special Situations Manager 7 SS 07 615000000 Voting 50000000 40000000 - 0 80 20 1 0 0 0
Marlin Marlin Equity V 12 2005 5 BO 2017 2018 Buy-out Manager 2 BO 02 2500000000 60000000 57000000 946658473 80 20 2 0 1 0
Marlin Marlin Heritage II 12 2005 2 BO 2017 2017 Buy-out Manager 13 BO 13 750000000 15000000 14250000 525048862 75 25 0 0 1 0
One Rock One Rock Capital Partners II 7 2010 2 BO 2017 2017 Buy-out Manager 9 BO 09 964000000 50000000 45000000 1318074623 90 10 2 0 2 0
PSG Providence Strategic Growth III 4 2013 3 GE 2017 2018 GrowthVenture Manager 1 GE 01 1322000000 Voting 70000000 70000000 1547348223 100 0 3 0 3 0
CapVest CapVest Equity Partners IV 19 1999 4 BO 2018 2018 Buy-out Manager 15 BO 15 1001750000 53000000 46600000 - 0 0 100 0 2 0 0
Foundry Foundry Group Next 2018 11 2007 5 GE 2018 2018 GrowthVenture Manager 5 GE 05 750000000 45000000 45000000 439426166 90 10 2 0 1 0
HIG SPF HIG Strategic Partners Fund 25 1993 NA BO 2018 2018 Buy-out Manager 16 BO 16 1115000000 300000000 300000000 1872700007 60 40 8 5 2 1
Main Post Main Post II 4 2014 2 GE 2018 2019 GrowthVenture Manager 8 GE 08 700000000 Voting 50000000 40000000 - 0 100 0 2 0 0 0
Providence Providence Equity Partners VIII 29 1989 8 BO 2018 2017 Buy-out Manager 3 BO 03 5000000000 55000000 55000000 - 0 60 40 1 1 0 0
Tritium Tritium II 5 2013 2 BO 2018 2019 Buy-out Manager 17 BO 17 450000000 Voting 60000000 60000000 - 0 85 15 2 0 0 0
TSSP TPG Opportunities Partners IV 9 2009 4 SS 2018 2018 Special Situations Manager 6 SS 06 3000000000 50000000 25000000 - 0 60 40 1 0 0 0
TSSP TSSP Adjacent Opportunities Partners (D) 9 2009 4 SS 2018 2018 Special Situations Manager 5 SS 05 3000000000 50000000 50000000 - 0 60 40 1 1 0 0
Updata Updata Partners VI 20 1998 6 GE 2018 2014 GrowthVenture Manager 3 GE 03 300000000 Voting 75000000 75000000 - 0 90 10 3 0 0 0
PSG Providence Strategic Growth IV 6 2013 4 GE 2019 GE 09 2000000000 Voting 50000000 50000000 - 0 100 0 2 0 0 0
Foundry FGN 2018 Partner Fund 12 2007 6 GE 2019 GE 10 200000000 100000000 100000000 - 0 90 10 4 0 0 0
Reverence Reverence Capital Partners II 6 2013 2 BO 2019 BO 18 1000000000 Voting 50000000 50000000 - 0 90 10 2 0 0 0
Arcline Arcline Capital Partners 1 2018 1 BO 2019 BO 19 1500000000 50000000 50000000 - 0 90 10 2 0 0 0
Searchlight Searchlight Capital III 9 2010 3 BO 2019 2015 Buy-out Manager 8 BO 20 2750000000 50000000 50000000 - 0 60 40 1 1 0 0
Northlane Northlane Capital Partners II 5 2014 2 BO 2019 BO 21 375000000 Voting 60000000 60000000 - 0 100 0 3 0 0 0
BlackstoneBAAM Blackstone Strategic Capital Holdings II 29 1990 2 SS 2019 SS 07 4000000000 Voting 65000000 65000000 - 0 80 20 2 1 0 0
6000000000
5250000000
5000000000
3500000000
3000000000
3000000000
2800000000
2500000000
2200000000
2000000000
2000000000
1500000000
1500000000
1322000000
1115000000
1100000000
1001750000
1000000000
1000000000
964000000
895000000
867000000
750000000
750000000
700000000
640000000
615000000
601000000
535000000
500000000
500000000
450000000
309000000
300000000
280000000
246000000
240000000
200000000
Assumptions
TMRS (AUM) $ 27589122062 ltltltlt As of 12312018
PE Target () 500
PE Target ($) $ 1379456103
PE Commitments ($) $ 2280100000
PE NAV ($) $ 556735918 ltltltlt As of 12312018
PE NAV () 202
Un-Allocated () -6529
Instructions by Sheet Name
Notes Light blue-filled cells are hard-coded (not formula-driven)
The green-colored tabs are the only ones to be updated right now
The red-colored tab does not need to be updated (still under construction)
Portfolio
1) Input new Fund commitment into the next open row
2) Confirm and input the details for the row of the new Fund in columns A through G
3) Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I
4) Copy paste the formulas used in columns J and K for the row of the new Fund
Manager
1) If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated
2) Input the name of the Manager for the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Manager
4) Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option
Fund
1) Insert a row above the one beginning with UA (Un-Allocated)
2) Input the Short Name of the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Fund
4) Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option
2017 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E
TMRS $ 2902900 $ 2919823 $ 3087217 $ 3267756 $ 3452622 $ 3642195 $ 3836795 $ 4036443 $ 4241598
Target PE NAV $ 145145 $ 145991 $ 154361 $ 163388 $ 172631 $ 182110 $ 191840 $ 201822 $ 212080
Distributions $ (2500) $ (7500) $ (12500) $ (20000) ($317) $ (39500) $ (55875) $ (70000) $ (78750)
Actual PE NAV $ 27150 $ 50000 $ 85155 $ 121441 $ 153869 $ 185360 $ 207001 $ 219790 $ 227778
Original Model $ 48953 $ 79299 $ 114980 $ 149403 $ 173865 18809585710464 19589592210062 19963999392119 20177719328292
Annual Commitment $317 $395 $447 $500 $525 $550 $575 $600 $635 $660 $675
308 342 340 337 333 329 331 327 318
Minus
PE of Plan 094 171 276 372 446 509 540 545 537
Plus 169 272 372 457 504 516 511 495 476
Target of Plan 5 5 5 5 5 5 5 5 5 5
PE 1270 (27816) (26088) (33449) (40730) (48008) (55583) (63050) (70395) (78032) (86213) (93803)
2017 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E
TMRS $ 2902900 $ 2758912 $ 2915445 $ 3084389 $ 3256878 $ 3433238 $ 3613733 $ 3798325 $ 3987407 $ 4181410 $ 4380356
Target PE NAV $ 145145 $ 137946 $ 145772 $ 154219 $ 162844 $ 171662 $ 180687 $ 189916 $ 199370 $ 209070 $ 219018
Distributions $ (2500) $ (7500) $ (12500) $ (20000) ($317) $ (39500) $ (55875) $ (70000) $ (78750) $ (78750) $ (78750)
Private Equity NAV $ 27150 $ 52500 $ 88130 $ 124558 $ 156255 $ 186019 $ 205151 $ 214646 $ 219075 $ 226354 $ 236280
Original Model $ 48953 $ 79299 $ 114980 $ 149403 $ 173865 18809585710464 19589592210062 19963999392119 20177719328292
Annual Commitment $317 $395 $447 $500 $525 $525 $525 $550 $600 $625 $650 $650 $650
308 362 360 340 322 320 332 329 326 311 297
Minus
PE of Plan 094 190 302 404 480 542 568 565 549 541 539
Plus 169 287 394 484 534 548 542 526 506
Target of Plan 5 5 5 5 5 5 5 5 5 5 5 5
PE 1300 (27816) (26088) (33449) (40730) (48008) (55583) (63050) (70395) (78032) (86213) (93803)
2017 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E
TMRS $ 2902900 $ 2880000 $ 2995200 $ 3115008 $ 3239608 $ 3369193 $ 3503960 $ 3644119 $ 3789884
Target PE NAV $ 145145 $ 144000 $ 149760 $ 155750 $ 161980 $ 168460 $ 175198 $ 182206 $ 189494
Distributions $ (2500) $ (7500) $ (12500) $ (20000) ($317) $ (39500) $ (55875) $ (70000) $ (78750)
Actual PE NAV $ 27150 $ 55047 $ 89632 $ 124514 $ 151718 $ 176598 $ 193241 $ 200031 $ 201110
Original Model $ 48953 $ 79299 $ 114980 $ 149403 $ 173865 18809585710464 19589592210062 19963999392119 20177719328292
Annual Commitment $317 $395 $447 $500 $525 $550 $575 $600 $635 $660 $675
308 347 351 353 355 356 362 362 356
Minus
PE of Plan 094 191 299 400 468 524 551 549 531
Plus 169 275 384 480 537 558 559 548 532
Target of Plan 5 5 5 5 5 5 5 5 5
PE 1050
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Beginning NAV 14609962 16305676 17992494 18571294 20490599 22468634 23727478 236518112346 250933184929355 265684014912086 280726295918652 296006880893161 31146271535345
Costs (other cash flow) 18114 4981 -3285 -16664 10734 8346
Actual Income 610171 494700 424402 341039 293242 304804
Actual Capital Gains 873137 1001628 10363 1522241 1681646 98054 16609
Actual Cash flow 194292 185509 14732 72689 -7587 -34846 -92276
Candace cash flow estimate -15499 -218716 -289139 -366844 -452463 -546679
Estimated Income 471582 534601 613836 704314 805849 896763
Estimated Capital Gains (Actuarial Return - Income) 1124916 1159198 1179531 1190588 1192197 1205610
Ending NAV 16305676 17992494 18571294 20490599 22468634 23727478 23651811 25093318 265684014912086 280726295918652 296006880893161 31146271535345 327019658639808
Yield 418 303 236 184 143 136 135 20 21 23 25 27 29
Allocation
Core 318 250 193 163 133 99
Liquid credit 66 80 100 110 125 149
Direct Lending 00 10 20 30 40 50
US Equity 267 250 230 205 185 175
Intl Equity 162 167 175 175 175 175
Real Return 41 65 75 90 100 100
Real Estate 62 75 85 95 100 100
HF 81 90 100 100 100 100
PE 00 10 20 30 40 50
Cash 03 03 02 02 02 02
1000 1000 1000 1000 1000 1000
Yield
Core 18 18 18 18 18 18
Liquid credit 45 45 45 45 45 45
Direct Lending 80 80 80 80 80 80
US Equity 20 20 20 20 20 20
Intl Equity 16 16 16 16 16 16
Real Return 05 15 25 35 45 50
Real Estate 50 50 50 50 50 50
HF 00 00 00 00 00 00
PE 00 00 00 00 00 00
Cash 03 03 03 03 03 03
SUMMED
Yield 0572400 05 03 03 02 02
Core 03 04 05 05 06 07
Liquid credit 00 01 02 02 03 04
Direct Lending 05 05 05 04 04 04
US Equity 03 03 03 03 03 03
Intl Equity 00 01 02 03 05 05
Real Return 03 04 04 05 05 05
Real Estate 00 00 00 00 00 00
HF 00 00 00 00 00 00
PE 00 00 00 00 00 00
Cash 00 00 00 00 00 00
TOTAL 20 21 23 25 27 29
2015 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E
TMRS $ 2365181 $ 2503739 $ 2656840 $ 2807263 $ 2960069 $ 3114627 $ 3270197 $ 3416053 $ 3567084 $ 3718115 $ 3869146
Target PE NAV $ 117986 $ 125187 $ 132842 $ 140363 $ 148003 $ 155731 $ 163510 $ 170803 $ 178354 $ 185906 $ 193457
Distributions $ - 0 $ (500) $ (2500) $ (7500) $ (12500) $ (20000) ($317) $ (45000) $ (56250) $ (63000) $ (67500)
Actual PE NAV $ 1739 $ 22500 $ 48953 $ 79299 $ 114980 $ 149403 $ 173865 $ 188096 $ 195896 $ 199640 $ 201777
Annual Commitment $317 $450 $450 $450 $450 $475 $475 $475 $500 $550 $600
Minus
Actual of Plan 007 090 184 282 388 480 532 551 549 537 522
Plus
Target of Plan 5 5 5 5 5 5 5 5 5 5 5
PE 1050
Page 7: Board Presentation • Private Equity Recommendation, June ... · Board Presentation • Private Equity Recommendation, June 20-21, 2019 Author: TMRS Subject: Board Presentation Private

0

10

20

30

40

50

60

70

80

90

100

Beg Year Q1 Q2 Q3 End Year

o

f Pa

cing

Pla

n Ut

ilize

d

2019 Private Equity Pacing Plan Progress

Buy-out GrowthVenture Special Situations Unallocated

7

MarchSearchlight III ($50mm)

February PSG IV ($50mm)

FGN 2018 Partner ($33mm)Reverence II ($50mm)

Arcline I ($50mm)

Search processes are approved in annual amounts Progress will be made throughout the year as opposed to all at once

The 2019 Private Equity search process has

culminated in ~$368 million of

closed andor recommended

investments in line with the $525 mm

primary pacing model goal for the

year2018

HIG SPF ($75mm)

JuneNorthlane II ($60mm)

Chart1

2019 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629

of Pacing Plan Utilized

Instructions

Assumptions

Charts

Private Equity Geographic Diversification by Commitment

USA International077994934432700325022005065567299681

Private Equity Strategy Diversification by Commitment

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009

Private Equity Manager Diversification by Commitment

CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000

Private Equity Geographic Diversification by NAV

Geography

USA International082172551941443706017827448058556272

Private Equity Strategy Diversification by NAV

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444

Private Equity Manager Diversification by NAV

NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010

Portfolio

Manager

Fund

2019 Pacing

2019 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629

of Pacing Plan Utilized

2018 Pacing

2018 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977

of Pacing Plan Utilized

Strategy

Geography

Year

Section III

8

526

266

208

Private Equity Strategy Diversification by Commitment

Buy-out (40 to75)

GrowthVenture(10 to 40)

Special Situations(5 to 35)

9

Synthesize AnalysisDiversification Analysis

Strategy considerations

2015 Overweight special situations early for J-Curve mitigation efficiency of capital deployment and tactical opportunities

2016 Focus on growth opportunity set and continue to add buy-out exposure

2017 Round out buy-out portfolio and opportunistically add to growth and credit

2018 Steady state on pacing selectively adding new relationships and European exposure

2019 Steady state on pacing selectively adding new relationships and Venture and European exposure

Chart3

Private Equity Strategy Diversification by Commitment

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009

Instructions

Assumptions

Charts

Private Equity Geographic Diversification by Commitment

USA International077994934432700325022005065567299681

Private Equity Strategy Diversification by Commitment

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009

Private Equity Manager Diversification by Commitment

CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000

Private Equity Geographic Diversification by NAV

Geography

USA International082172551941443706017827448058556272

Private Equity Strategy Diversification by NAV

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444

Private Equity Manager Diversification by NAV

NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010

Portfolio

Manager

Fund

2019 Pacing

2019 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629

of Pacing Plan Utilized

2018 Pacing

2018 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977

of Pacing Plan Utilized

Strategy

Geography

Year

10

Synthesize AnalysisDiversification Analysis

The overall goal remains identifying top quartile performers to partner with

Position sizing considerations

Continue to reduce the unallocated portion of the private equity portfolio while sensibly balancing the trade-off between diversification and concentration

Areas of focus are enhancing manager diversification and building strategic relationships where possibleappropriate

Private Equity Manager Diversification by Commitment BO 1 BO 2

BO 3 BO 4BO 5 BO 6BO 7 BO 8BO 9 BO 10BO 11 BO 12BO 13 BO 14BO 15 BO 16BO 17 GE 1GE 2 GE 3GE 4 GE 5GE 6 SS 1SS 2 SS 3SS 4 SS 5SS 6

Chart2

Private Equity Manager Diversification by Commitment

CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000

Instructions

Assumptions

Charts

Private Equity Geographic Diversification by Commitment

USA International077994934432700325022005065567299681

Private Equity Strategy Diversification by Commitment

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009

Private Equity Manager Diversification by Commitment

CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000

Private Equity Geographic Diversification by NAV

Geography

USA International082172551941443706017827448058556272

Private Equity Strategy Diversification by NAV

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444

Private Equity Manager Diversification by NAV

NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010

Portfolio

Manager

Fund

2019 Pacing

2019 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629

of Pacing Plan Utilized

2018 Pacing

2018 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977

of Pacing Plan Utilized

Strategy

Geography

Year

11

Synthesize AnalysisDiversification Analysis

TMRS is focused on taking a measured approach to global geographic diversification

The Target Portfolio keeps a conservative stance on international exposure

780

220

Private Equity Geographic Diversification by Commitment

USA

International

Chart1

Private Equity Geographic Diversification by Commitment

USA International077994934432700325022005065567299681

Instructions

Assumptions

Charts

Private Equity Geographic Diversification by Commitment

USA International077994934432700325022005065567299681

Private Equity Strategy Diversification by Commitment

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009

Private Equity Manager Diversification by Commitment

CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000

Private Equity Geographic Diversification by NAV

Geography

USA International082172551941443706017827448058556272

Private Equity Strategy Diversification by NAV

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444

Private Equity Manager Diversification by NAV

NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010

Portfolio

Manager

Fund

2019 Pacing

2019 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629

of Pacing Plan Utilized

2018 Pacing

2018 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977

of Pacing Plan Utilized

Strategy

Geography

Year

Section IV

12

13

Top Candidate Characteristics ndash Northlane II $60 million Recommendation

Northlane Capital Partners

Date of First TMRS Meeting5102018

Dates of Subsequent Meetings892018312019

5162019

Dates of Diligence AdvancementlsquoBrsquo Rating ndash 312019

lsquoArsquo Rating ndash 5162019

Reference ChecksYes

Date of Consultant IDD ReportSeptember 2018

Date of Consultant Board MemoJune 2019

Legal Negotiation InitiatedMay 2019

Comparable Strategies Reviewed18 (Business Services Buy-Out)

16 (Healthcare Buy-Out)

Northlane Capital Partners LLC (ldquoNorthlanerdquo)is a Washington DC-based buyout firmfounded in 2017 that focuses on acquiringlower-middle market companies in thebusiness services and healthcare sectorsThese target companies will be profitablemarket leaders within their niches typicallygenerating up to $30 million of EBITDA whileproviding critical outsourced services to theircustomers Northlane Capital Partners II LP(Northlane II) is targeting $375 million tobuild a portfolio of 10 to 12 businessesrequiring equity investments of up to $75million continuing to employ the prior fundrsquosstrategy that was developed during thefoundersrsquo tenure at American Capital

Section V

14

15

Approval of Recommendation

TMRS Staff and StepStone Group recommend that the Board of Trusteesapprove the selection of the following fund

Recommendations

bull Northlane Capital Partners II LP $60 million

16

  • Private EquityRecommendation June 20-21 2019
  • Agenda
  • Executive Summary
  • Slide Number 4
  • Due diligence process review
  • Due Diligence ProcessesAs part of Multi-year time periods
  • Due Diligence ProcessesAs part of Annual Search Processes
  • Portfolio construction
  • Private Equity Portfolio StatisticsStrategy Diversification
  • Private Equity Portfolio StatisticsManager Implementation
  • Private Equity Portfolio StatisticsGeographic Diversification
  • Manager selection and recommendation
  • Slide Number 13
  • Requested board action
  • Slide Number 15
  • DISCLOSURES TMRS periodically discloses public information that is not excepted from disclosure under Section 5520225(b) of the Texas Public Information Act Information provided by a manager a Managing General Partner (GP) any of its Associates or other data provider to TMRS or a TMRS service provider and contained in these materials (i) may have been independently produced or modified by TMRS or the TMRS service provider (ii) has not been reviewed or approved by the manager Managing GP or any of its Associates and (iii) may not reflect the historical performance or asset value reflected in the managerrsquos Managing GPrsquos or any of its Associatesrsquo records and therefore should not be used for comparative purposes
Year of Commit Commitments of Commitments to Date of Target PE Allocation
2015 317000000 1390 2298
2016 394750000 1731 2862
2017 436750000 1915 3166
2018 481600000 2112 3491 ltltltTakes into account $75 mm of HIG SPF
Total 1630100000 7149 11817
CHECK CHECK CHECK
Geography of Commitments to Date of NAV to Date of Target PE Allocation
USA 780 822 1289
International 220 178 364
Un-Allocated -653
Total 1000 1000 1000
Strategy Commitments NAV of Commitments to Date of NAV to Date of Target PE Allocation
BO Buy-out (40 to 75) 1200350000 214575006 526 385 870
GE GrowthVenture (10 to 40) 606000000 214251758 266 385 439
SS Special Situations (5 to 35) 473750000 127909154 208 230 343
Un-Allocated -653
Total 2280100000 556735918 1000 1000 1000
Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1216 60 0
GrowthVenture 0 55 0 40 75
Special Situations 0 75 0 0 0
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1766 2366 2366
GrowthVenture 0 55 55 95 170
Special Situations 0 75 75 75 75
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Beg Year Q1 Q2 Q3 End Year
Buy-out 750 1500 600 00 00
GrowthVenture 00 833 00 00 00
Special Situations 00 00 650 00 00
Unallocated 4500 2167 917 917 917
Target 525 525 525 525 525
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 75 2250 2850 2850 2850
GrowthVenture 0 833 833 833 833
Special Situations 0 00 650 650 650
Unallocated 450 2167 917 917 917
Target 525 525 525 525 525
Short Name Commitments of Commitments to Date of Target PE Allocation
BO 01 58000000 254 420
BO 02 57000000 250 413
BO 03 55000000 241 399
BO 04 50000000 219 362
BO 05 50000000 219 362
BO 06 50000000 219 362
BO 07 50000000 219 362
BO 08 47000000 206 341
BO 09 45000000 197 326
BO 10 40000000 175 290
BO 11 35000000 154 254
BO 12 20000000 088 145
BO 13 14250000 062 103
BO 14 12500000 055 091
BO 15 46600000 204 338
BO 16 300000000 1316 2175
BO 17 60000000 263 435
BO 18 50000000 219 362
BO 19 50000000 219 362
BO 20 50000000 219 362
GE 01 70000000 307 507
GE 02 60000000 263 435
GE 03 125000000 548 906
GE 04 46000000 202 333
GE 05 45000000 197 326
GE 06 40000000 175 290
GE 07 30000000 132 217
GE 08 40000000 175 290
GE 09 50000000 219 362
GE 10 100000000 439 725
SS 01 75000000 329 544
SS 02 75000000 329 544
SS 03 65000000 285 471
SS 04 60000000 263 435
SS 05 50000000 219 362
SS 06 25000000 110 181
SS 07 105000000 461 761
SS 08 18750000 082 136
UA -6529
Total 2220100000 9737 9565
CHECK CHECK CHECK
Manager Strategy Commitment Portfolio Benchmark NAV Short Name Strategy (Abbrev) of Commitments to Date of Target PE Allocation
HIG SPF Buy-out $300000000 Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years $18727000 BO 1 BO 132 217
Tritium Buy-out $110000000 $58988138 BO 2 BO 48 80
Searchlight Buy-out $97000000 $33454296 BO 3 BO 43 70
Marlin Buy-out $71250000 $14717073 BO 4 BO 31 52
Altaris Buy-out $62500000 $15328169 BO 5 BO 27 45
Northlane Buy-out $60000000 BO 6 BO 26 43
Capital Partners Buy-out $58000000 $12317286 BO 7 BO 25 42
Providence Buy-out $55000000 $0 BO 8 BO 24 40
Dunes Point Buy-out $50000000 $0 BO 9 BO 22 36
GTCR Buy-out $50000000 $4985798 BO 10 BO 22 36
Reverence Buy-out $50000000 $0 BO 11 BO 22 36
Arcline Buy-out $50000000 $0 BO 12 BO 22 36
CapVest Buy-out $46600000 $0 BO 13 BO 20 34
One Rock Buy-out $45000000 $13180746 BO 14 BO 20 33
Incline Buy-out $40000000 $11611636 BO 15 BO 18 29
Kainos Buy-out $35000000 $19539188 BO 16 BO 15 25
Harvest Buy-out $20000000 $11725676 BO 17 BO 09 14
PSG Venture Growth $180000000 $82125840 GE 1 GE 79 130
Foundry Venture Growth $175000000 $30834484 GE 2 GE 77 127
Updata Venture Growth $125000000 $46209141 GE 3 GE 55 91
Main Post Venture Growth $40000000 $0 GE 4 GE 18 29
FTV Venture Growth $46000000 $31248971 GE 5 GE 20 33
Mercato Venture Growth $40000000 $23833321 GE 6 GE 18 29
TSSP Special Situations $150000000 $49206694 SS 1 SS 66 109
BlackstoneGSO Special Situations $93750000 $37091463 SS 2 SS 41 68
BlackstoneBAAM Special Situations $65000000 SS 3 SS 29 47
Carlyle Special Situations $65000000 $24236270 SS 4 SS 29 47
HIG Special Situations $60000000 $17374728 SS 5 SS 26 43
LightBay Special Situations $40000000 $0 SS 6 SS 18 29
Total $2280100000 $556735918 10000 16529
CHECK
Altaris
Arcline
BlackstoneGSO
Capital Partners
CapVest
Carlyle
Dunes Point
Foundry
FTV
GTCR
HIG
Harvest
Incline
Kainos
LightBay
Main Post
Marlin
Mercato
One Rock
Providence
Reverence
Searchlight
Tritium
TSSP
Updata
Manager Fund Firm Age Year of Commitment Year Founded Fund Type Year of Commitment Vintage Year Report Name Short Name Fund Size LPAC Seat Approved ($) Commitment ($) State Street NAV ($) US Fund Div ( of Fund) Intl Fund Div ( of Fund) US Fund Div ( of Total Commits) Intl Fund Div ( of Total Commits) US Fund Div ( of Total NAV Intl Fund Div ( of Total NAV
Carlyle Carlyle Energy Mezzanine Opportunities Fund II 5 2010 2 SS 2015 2015 Special Situations Manager 3 SS 03 2819243965 Voting 65000000 65000000 2423627012 75 25 2 1 3 1
HIG HIG Bayside Loan Opportunity Fund IV 22 1993 4 SS 2015 2015 Special Situations Manager 4 SS 04 1100000000 60000000 60000000 1737472771 75 25 2 1 2 1
Harvest Harvest Partners VII 34 1981 7 BO 2015 2016 Buy-out Manager 12 BO 12 2200000000 50000000 20000000 1172567574 80 20 1 0 2 0
Searchlight Searchlight Capital II 5 2010 2 BO 2015 2015 Buy-out Manager 8 BO 08 1939000000 50000000 47000000 3345429620 60 40 1 1 4 2
Tritium Tritium I 2 2013 1 BO 2015 2014 Buy-out Manager 4 BO 04 309000000 Voting 50000000 50000000 5898813765 85 15 2 0 9 2
TSSP TSSP Adjacent Opportunities Partners (B) 6 2009 3 SS 2015 2014 Special Situations Manager 1 SS 01 3500000000 75000000 75000000 4920669401 60 40 2 1 5 4
BlackstoneGSO GSO Capital Opportunities Fund III 11 2005 3 SS 2016 2016 Special Situations Manager 2 SS 02 6000000000 75000000 75000000 32285251 80 20 3 1 5 1
BlackstoneGSO GSO COF III - Co-Investment 11 2005 3 SS 2016 2016 Special Situations Manager 8 SS 08 2000000000 18750000 18750000 4806212 80 20 1 0 1 0
Foundry Foundry Group Next Fund 9 2007 4 GE 2016 2016 GrowthVenture Manager 7 GE 07 500000000 35000000 30000000 2644022252 100 0 1 0 5 0
FTV FTV V 18 1998 5 GE 2016 2017 GrowthVenture Manager 4 GE 04 867000000 Voting 50000000 46000000 3124897116 75 25 2 1 4 1
Incline Incline Equity Partners IV 5 2011 4 BO 2016 2017 Buy-out Manager 10 BO 10 601000000 50000000 40000000 1161163584 80 20 1 0 2 0
Kainos Kainos Capital Partners II 4 2012 2 BO 2016 2016 Buy-out Manager 11 BO 11 895000000 Observer 50000000 35000000 1953918849 75 25 1 0 3 1
Mercato Mercato Partners Growth III 9 2007 3 GE 2016 2015 GrowthVenture Manager 6 GE 06 246000000 Voting 40000000 40000000 2383332060 100 0 2 0 4 0
PSG Providence Strategic Growth II 3 2013 2 GE 2016 2016 GrowthVenture Manager 2 GE 02 640000000 Voting 60000000 60000000 6665235799 100 0 3 0 12 0
Updata Updata Partners V 18 1998 5 GE 2016 2014 GrowthVenture Manager 3 GE 03 280000000 Voting 50000000 50000000 4620914142 90 10 2 0 7 1
Altaris Altaris Constellation IV 14 2003 4 BO 2017 2018 Buy-out Manager 14 BO 14 240000000 12500000 12500000 4140390 75 25 0 0 1 0
Altaris Altaris Health Partners IV 14 2003 4 BO 2017 2018 Buy-out Manager 5 BO 05 1000000000 50000000 50000000 11187778 75 25 2 1 2 1
Capital Partners Capital Partners II 13 2004 2 BO 2017 2018 Buy-out Manager 1 BO 01 500000000 Voting 70000000 58000000 12317286 100 0 3 0 2 0
Dunes Point Dunes Point Capital Fund II 4 2013 2 BO 2017 2018 Buy-out Manager 7 BO 07 535000000 Voting 50000000 50000000 - 0 80 20 2 0 0 0
GTCR GTCR XII 37 1980 12 BO 2017 2018 Buy-out Manager 6 BO 06 5250000000 75000000 50000000 498579807 75 25 2 1 1 0
LightBay LightBay Investment Partners I 0 2017 1 SS 2017 2018 Special Situations Manager 7 SS 07 615000000 Voting 50000000 40000000 - 0 80 20 1 0 0 0
Marlin Marlin Equity V 12 2005 5 BO 2017 2018 Buy-out Manager 2 BO 02 2500000000 60000000 57000000 946658473 80 20 2 0 1 0
Marlin Marlin Heritage II 12 2005 2 BO 2017 2017 Buy-out Manager 13 BO 13 750000000 15000000 14250000 525048862 75 25 0 0 1 0
One Rock One Rock Capital Partners II 7 2010 2 BO 2017 2017 Buy-out Manager 9 BO 09 964000000 50000000 45000000 1318074623 90 10 2 0 2 0
PSG Providence Strategic Growth III 4 2013 3 GE 2017 2018 GrowthVenture Manager 1 GE 01 1322000000 Voting 70000000 70000000 1547348223 100 0 3 0 3 0
CapVest CapVest Equity Partners IV 19 1999 4 BO 2018 2018 Buy-out Manager 15 BO 15 1001750000 53000000 46600000 - 0 0 100 0 2 0 0
Foundry Foundry Group Next 2018 11 2007 5 GE 2018 2018 GrowthVenture Manager 5 GE 05 750000000 45000000 45000000 439426166 90 10 2 0 1 0
HIG SPF HIG Strategic Partners Fund 25 1993 NA BO 2018 2018 Buy-out Manager 16 BO 16 1115000000 300000000 300000000 1872700007 60 40 8 5 2 1
Main Post Main Post II 4 2014 2 GE 2018 2019 GrowthVenture Manager 8 GE 08 700000000 Voting 50000000 40000000 - 0 100 0 2 0 0 0
Providence Providence Equity Partners VIII 29 1989 8 BO 2018 2017 Buy-out Manager 3 BO 03 5000000000 55000000 55000000 - 0 60 40 1 1 0 0
Tritium Tritium II 5 2013 2 BO 2018 2019 Buy-out Manager 17 BO 17 450000000 Voting 60000000 60000000 - 0 85 15 2 0 0 0
TSSP TPG Opportunities Partners IV 9 2009 4 SS 2018 2018 Special Situations Manager 6 SS 06 3000000000 50000000 25000000 - 0 60 40 1 0 0 0
TSSP TSSP Adjacent Opportunities Partners (D) 9 2009 4 SS 2018 2018 Special Situations Manager 5 SS 05 3000000000 50000000 50000000 - 0 60 40 1 1 0 0
Updata Updata Partners VI 20 1998 6 GE 2018 2014 GrowthVenture Manager 3 GE 03 300000000 Voting 75000000 75000000 - 0 90 10 3 0 0 0
PSG Providence Strategic Growth IV 6 2013 4 GE 2019 GE 09 2000000000 Voting 50000000 50000000 - 0 100 0 2 0 0 0
Foundry FGN 2018 Partner Fund 12 2007 6 GE 2019 GE 10 200000000 100000000 100000000 - 0 90 10 4 0 0 0
Reverence Reverence Capital Partners II 6 2013 2 BO 2019 BO 18 1000000000 Voting 50000000 50000000 - 0 90 10 2 0 0 0
Arcline Arcline Capital Partners 1 2018 1 BO 2019 BO 19 1500000000 50000000 50000000 - 0 90 10 2 0 0 0
Searchlight Searchlight Capital III 9 2010 3 BO 2019 2015 Buy-out Manager 8 BO 20 2750000000 50000000 50000000 - 0 60 40 1 1 0 0
Northlane Northlane Capital Partners II 5 2014 2 BO 2019 BO 21 375000000 Voting 60000000 60000000 - 0 100 0 3 0 0 0
BlackstoneBAAM Blackstone Strategic Capital Holdings II 29 1990 2 SS 2019 SS 07 4000000000 Voting 65000000 65000000 - 0 80 20 2 1 0 0
6000000000
5250000000
5000000000
3500000000
3000000000
3000000000
2800000000
2500000000
2200000000
2000000000
2000000000
1500000000
1500000000
1322000000
1115000000
1100000000
1001750000
1000000000
1000000000
964000000
895000000
867000000
750000000
750000000
700000000
640000000
615000000
601000000
535000000
500000000
500000000
450000000
309000000
300000000
280000000
246000000
240000000
200000000
Assumptions
TMRS (AUM) $ 27589122062 ltltltlt As of 12312018
PE Target () 500
PE Target ($) $ 1379456103
PE Commitments ($) $ 2280100000
PE NAV ($) $ 556735918 ltltltlt As of 12312018
PE NAV () 202
Un-Allocated () -6529
Instructions by Sheet Name
Notes Light blue-filled cells are hard-coded (not formula-driven)
The green-colored tabs are the only ones to be updated right now
The red-colored tab does not need to be updated (still under construction)
Portfolio
1) Input new Fund commitment into the next open row
2) Confirm and input the details for the row of the new Fund in columns A through G
3) Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I
4) Copy paste the formulas used in columns J and K for the row of the new Fund
Manager
1) If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated
2) Input the name of the Manager for the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Manager
4) Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option
Fund
1) Insert a row above the one beginning with UA (Un-Allocated)
2) Input the Short Name of the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Fund
4) Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option
Year of Commit Commitments of Commitments to Date of Target PE Allocation
2015 317000000 1390 2298
2016 394750000 1731 2862
2017 436750000 1915 3166
2018 481600000 2112 3491 ltltltTakes into account $75 mm of HIG SPF
Total 1630100000 7149 11817
CHECK CHECK CHECK
Geography of Commitments to Date of NAV to Date of Target PE Allocation
USA 780 822 1289
International 220 178 364
Un-Allocated -653
Total 1000 1000 1000
Strategy Commitments NAV of Commitments to Date of NAV to Date of Target PE Allocation
BO Buy-out (40 to 75) 1200350000 214575006 526 385 870
GE GrowthVenture (10 to 40) 606000000 214251758 266 385 439
SS Special Situations (5 to 35) 473750000 127909154 208 230 343
Un-Allocated -653
Total 2280100000 556735918 1000 1000 1000
Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1216 60 0
GrowthVenture 0 55 0 40 75
Special Situations 0 75 0 0 0
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1766 2366 2366
GrowthVenture 0 55 55 95 170
Special Situations 0 75 75 75 75
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Beg Year Q1 Q2 Q3 End Year
Buy-out 750 1500 600 00 00
GrowthVenture 00 833 00 00 00
Special Situations 00 00 650 00 00
Unallocated 4500 2167 917 917 917
Target 525 525 525 525 525
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 75 2250 2850 2850 2850
GrowthVenture 0 833 833 833 833
Special Situations 0 00 650 650 650
Unallocated 450 2167 917 917 917
Target 525 525 525 525 525
Short Name Commitments of Commitments to Date of Target PE Allocation
BO 01 58000000 254 420
BO 02 57000000 250 413
BO 03 55000000 241 399
BO 04 50000000 219 362
BO 05 50000000 219 362
BO 06 50000000 219 362
BO 07 50000000 219 362
BO 08 47000000 206 341
BO 09 45000000 197 326
BO 10 40000000 175 290
BO 11 35000000 154 254
BO 12 20000000 088 145
BO 13 14250000 062 103
BO 14 12500000 055 091
BO 15 46600000 204 338
BO 16 300000000 1316 2175
BO 17 60000000 263 435
BO 18 50000000 219 362
BO 19 50000000 219 362
BO 20 50000000 219 362
GE 01 70000000 307 507
GE 02 60000000 263 435
GE 03 125000000 548 906
GE 04 46000000 202 333
GE 05 45000000 197 326
GE 06 40000000 175 290
GE 07 30000000 132 217
GE 08 40000000 175 290
GE 09 50000000 219 362
GE 10 100000000 439 725
SS 01 75000000 329 544
SS 02 75000000 329 544
SS 03 65000000 285 471
SS 04 60000000 263 435
SS 05 50000000 219 362
SS 06 25000000 110 181
SS 07 105000000 461 761
SS 08 18750000 082 136
UA -6529
Total 2220100000 9737 9565
CHECK CHECK CHECK
Manager Strategy Commitment Portfolio Benchmark NAV Short Name Strategy (Abbrev) of Commitments to Date of Target PE Allocation
HIG SPF Buy-out $300000000 Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years $18727000 BO 1 BO 132 217
Tritium Buy-out $110000000 $58988138 BO 2 BO 48 80
Searchlight Buy-out $97000000 $33454296 BO 3 BO 43 70
Marlin Buy-out $71250000 $14717073 BO 4 BO 31 52
Altaris Buy-out $62500000 $15328169 BO 5 BO 27 45
Northlane Buy-out $60000000 BO 6 BO 26 43
Capital Partners Buy-out $58000000 $12317286 BO 7 BO 25 42
Providence Buy-out $55000000 $0 BO 8 BO 24 40
Dunes Point Buy-out $50000000 $0 BO 9 BO 22 36
GTCR Buy-out $50000000 $4985798 BO 10 BO 22 36
Reverence Buy-out $50000000 $0 BO 11 BO 22 36
Arcline Buy-out $50000000 $0 BO 12 BO 22 36
CapVest Buy-out $46600000 $0 BO 13 BO 20 34
One Rock Buy-out $45000000 $13180746 BO 14 BO 20 33
Incline Buy-out $40000000 $11611636 BO 15 BO 18 29
Kainos Buy-out $35000000 $19539188 BO 16 BO 15 25
Harvest Buy-out $20000000 $11725676 BO 17 BO 09 14
PSG Venture Growth $180000000 $82125840 GE 1 GE 79 130
Foundry Venture Growth $175000000 $30834484 GE 2 GE 77 127
Updata Venture Growth $125000000 $46209141 GE 3 GE 55 91
Main Post Venture Growth $40000000 $0 GE 4 GE 18 29
FTV Venture Growth $46000000 $31248971 GE 5 GE 20 33
Mercato Venture Growth $40000000 $23833321 GE 6 GE 18 29
TSSP Special Situations $150000000 $49206694 SS 1 SS 66 109
BlackstoneGSO Special Situations $93750000 $37091463 SS 2 SS 41 68
BlackstoneBAAM Special Situations $65000000 SS 3 SS 29 47
Carlyle Special Situations $65000000 $24236270 SS 4 SS 29 47
HIG Special Situations $60000000 $17374728 SS 5 SS 26 43
LightBay Special Situations $40000000 $0 SS 6 SS 18 29
Total $2280100000 $556735918 10000 16529
CHECK
Altaris
Arcline
BlackstoneGSO
Capital Partners
CapVest
Carlyle
Dunes Point
Foundry
FTV
GTCR
HIG
Harvest
Incline
Kainos
LightBay
Main Post
Marlin
Mercato
One Rock
Providence
Reverence
Searchlight
Tritium
TSSP
Updata
Manager Fund Firm Age Year of Commitment Year Founded Fund Type Year of Commitment Vintage Year Report Name Short Name Fund Size LPAC Seat Approved ($) Commitment ($) State Street NAV ($) US Fund Div ( of Fund) Intl Fund Div ( of Fund) US Fund Div ( of Total Commits) Intl Fund Div ( of Total Commits) US Fund Div ( of Total NAV Intl Fund Div ( of Total NAV
Carlyle Carlyle Energy Mezzanine Opportunities Fund II 5 2010 2 SS 2015 2015 Special Situations Manager 3 SS 03 2819243965 Voting 65000000 65000000 2423627012 75 25 2 1 3 1
HIG HIG Bayside Loan Opportunity Fund IV 22 1993 4 SS 2015 2015 Special Situations Manager 4 SS 04 1100000000 60000000 60000000 1737472771 75 25 2 1 2 1
Harvest Harvest Partners VII 34 1981 7 BO 2015 2016 Buy-out Manager 12 BO 12 2200000000 50000000 20000000 1172567574 80 20 1 0 2 0
Searchlight Searchlight Capital II 5 2010 2 BO 2015 2015 Buy-out Manager 8 BO 08 1939000000 50000000 47000000 3345429620 60 40 1 1 4 2
Tritium Tritium I 2 2013 1 BO 2015 2014 Buy-out Manager 4 BO 04 309000000 Voting 50000000 50000000 5898813765 85 15 2 0 9 2
TSSP TSSP Adjacent Opportunities Partners (B) 6 2009 3 SS 2015 2014 Special Situations Manager 1 SS 01 3500000000 75000000 75000000 4920669401 60 40 2 1 5 4
BlackstoneGSO GSO Capital Opportunities Fund III 11 2005 3 SS 2016 2016 Special Situations Manager 2 SS 02 6000000000 75000000 75000000 32285251 80 20 3 1 5 1
BlackstoneGSO GSO COF III - Co-Investment 11 2005 3 SS 2016 2016 Special Situations Manager 8 SS 08 2000000000 18750000 18750000 4806212 80 20 1 0 1 0
Foundry Foundry Group Next Fund 9 2007 4 GE 2016 2016 GrowthVenture Manager 7 GE 07 500000000 35000000 30000000 2644022252 100 0 1 0 5 0
FTV FTV V 18 1998 5 GE 2016 2017 GrowthVenture Manager 4 GE 04 867000000 Voting 50000000 46000000 3124897116 75 25 2 1 4 1
Incline Incline Equity Partners IV 5 2011 4 BO 2016 2017 Buy-out Manager 10 BO 10 601000000 50000000 40000000 1161163584 80 20 1 0 2 0
Kainos Kainos Capital Partners II 4 2012 2 BO 2016 2016 Buy-out Manager 11 BO 11 895000000 Observer 50000000 35000000 1953918849 75 25 1 0 3 1
Mercato Mercato Partners Growth III 9 2007 3 GE 2016 2015 GrowthVenture Manager 6 GE 06 246000000 Voting 40000000 40000000 2383332060 100 0 2 0 4 0
PSG Providence Strategic Growth II 3 2013 2 GE 2016 2016 GrowthVenture Manager 2 GE 02 640000000 Voting 60000000 60000000 6665235799 100 0 3 0 12 0
Updata Updata Partners V 18 1998 5 GE 2016 2014 GrowthVenture Manager 3 GE 03 280000000 Voting 50000000 50000000 4620914142 90 10 2 0 7 1
Altaris Altaris Constellation IV 14 2003 4 BO 2017 2018 Buy-out Manager 14 BO 14 240000000 12500000 12500000 4140390 75 25 0 0 1 0
Altaris Altaris Health Partners IV 14 2003 4 BO 2017 2018 Buy-out Manager 5 BO 05 1000000000 50000000 50000000 11187778 75 25 2 1 2 1
Capital Partners Capital Partners II 13 2004 2 BO 2017 2018 Buy-out Manager 1 BO 01 500000000 Voting 70000000 58000000 12317286 100 0 3 0 2 0
Dunes Point Dunes Point Capital Fund II 4 2013 2 BO 2017 2018 Buy-out Manager 7 BO 07 535000000 Voting 50000000 50000000 - 0 80 20 2 0 0 0
GTCR GTCR XII 37 1980 12 BO 2017 2018 Buy-out Manager 6 BO 06 5250000000 75000000 50000000 498579807 75 25 2 1 1 0
LightBay LightBay Investment Partners I 0 2017 1 SS 2017 2018 Special Situations Manager 7 SS 07 615000000 Voting 50000000 40000000 - 0 80 20 1 0 0 0
Marlin Marlin Equity V 12 2005 5 BO 2017 2018 Buy-out Manager 2 BO 02 2500000000 60000000 57000000 946658473 80 20 2 0 1 0
Marlin Marlin Heritage II 12 2005 2 BO 2017 2017 Buy-out Manager 13 BO 13 750000000 15000000 14250000 525048862 75 25 0 0 1 0
One Rock One Rock Capital Partners II 7 2010 2 BO 2017 2017 Buy-out Manager 9 BO 09 964000000 50000000 45000000 1318074623 90 10 2 0 2 0
PSG Providence Strategic Growth III 4 2013 3 GE 2017 2018 GrowthVenture Manager 1 GE 01 1322000000 Voting 70000000 70000000 1547348223 100 0 3 0 3 0
CapVest CapVest Equity Partners IV 19 1999 4 BO 2018 2018 Buy-out Manager 15 BO 15 1001750000 53000000 46600000 - 0 0 100 0 2 0 0
Foundry Foundry Group Next 2018 11 2007 5 GE 2018 2018 GrowthVenture Manager 5 GE 05 750000000 45000000 45000000 439426166 90 10 2 0 1 0
HIG SPF HIG Strategic Partners Fund 25 1993 NA BO 2018 2018 Buy-out Manager 16 BO 16 1115000000 300000000 300000000 1872700007 60 40 8 5 2 1
Main Post Main Post II 4 2014 2 GE 2018 2019 GrowthVenture Manager 8 GE 08 700000000 Voting 50000000 40000000 - 0 100 0 2 0 0 0
Providence Providence Equity Partners VIII 29 1989 8 BO 2018 2017 Buy-out Manager 3 BO 03 5000000000 55000000 55000000 - 0 60 40 1 1 0 0
Tritium Tritium II 5 2013 2 BO 2018 2019 Buy-out Manager 17 BO 17 450000000 Voting 60000000 60000000 - 0 85 15 2 0 0 0
TSSP TPG Opportunities Partners IV 9 2009 4 SS 2018 2018 Special Situations Manager 6 SS 06 3000000000 50000000 25000000 - 0 60 40 1 0 0 0
TSSP TSSP Adjacent Opportunities Partners (D) 9 2009 4 SS 2018 2018 Special Situations Manager 5 SS 05 3000000000 50000000 50000000 - 0 60 40 1 1 0 0
Updata Updata Partners VI 20 1998 6 GE 2018 2014 GrowthVenture Manager 3 GE 03 300000000 Voting 75000000 75000000 - 0 90 10 3 0 0 0
PSG Providence Strategic Growth IV 6 2013 4 GE 2019 GE 09 2000000000 Voting 50000000 50000000 - 0 100 0 2 0 0 0
Foundry FGN 2018 Partner Fund 12 2007 6 GE 2019 GE 10 200000000 100000000 100000000 - 0 90 10 4 0 0 0
Reverence Reverence Capital Partners II 6 2013 2 BO 2019 BO 18 1000000000 Voting 50000000 50000000 - 0 90 10 2 0 0 0
Arcline Arcline Capital Partners 1 2018 1 BO 2019 BO 19 1500000000 50000000 50000000 - 0 90 10 2 0 0 0
Searchlight Searchlight Capital III 9 2010 3 BO 2019 2015 Buy-out Manager 8 BO 20 2750000000 50000000 50000000 - 0 60 40 1 1 0 0
Northlane Northlane Capital Partners II 5 2014 2 BO 2019 BO 21 375000000 Voting 60000000 60000000 - 0 100 0 3 0 0 0
BlackstoneBAAM Blackstone Strategic Capital Holdings II 29 1990 2 SS 2019 SS 07 4000000000 Voting 65000000 65000000 - 0 80 20 2 1 0 0
6000000000
5250000000
5000000000
3500000000
3000000000
3000000000
2800000000
2500000000
2200000000
2000000000
2000000000
1500000000
1500000000
1322000000
1115000000
1100000000
1001750000
1000000000
1000000000
964000000
895000000
867000000
750000000
750000000
700000000
640000000
615000000
601000000
535000000
500000000
500000000
450000000
309000000
300000000
280000000
246000000
240000000
200000000
Assumptions
TMRS (AUM) $ 27589122062 ltltltlt As of 12312018
PE Target () 500
PE Target ($) $ 1379456103
PE Commitments ($) $ 2280100000
PE NAV ($) $ 556735918 ltltltlt As of 12312018
PE NAV () 202
Un-Allocated () -6529
Instructions by Sheet Name
Notes Light blue-filled cells are hard-coded (not formula-driven)
The green-colored tabs are the only ones to be updated right now
The red-colored tab does not need to be updated (still under construction)
Portfolio
1) Input new Fund commitment into the next open row
2) Confirm and input the details for the row of the new Fund in columns A through G
3) Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I
4) Copy paste the formulas used in columns J and K for the row of the new Fund
Manager
1) If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated
2) Input the name of the Manager for the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Manager
4) Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option
Fund
1) Insert a row above the one beginning with UA (Un-Allocated)
2) Input the Short Name of the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Fund
4) Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option
Year of Commit Commitments of Commitments to Date of Target PE Allocation
2015 317000000 1390 2298
2016 394750000 1731 2862
2017 436750000 1915 3166
2018 481600000 2112 3491 ltltltTakes into account $75 mm of HIG SPF
Total 1630100000 7149 11817
CHECK CHECK CHECK
Geography of Commitments to Date of NAV to Date of Target PE Allocation
USA 780 822 1289
International 220 178 364
Un-Allocated -653
Total 1000 1000 1000
Strategy Commitments NAV of Commitments to Date of NAV to Date of Target PE Allocation
BO Buy-out (40 to 75) 1200350000 214575006 526 385 870
GE GrowthVenture (10 to 40) 606000000 214251758 266 385 439
SS Special Situations (5 to 35) 473750000 127909154 208 230 343
Un-Allocated -653
Total 2280100000 556735918 1000 1000 1000
Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1216 60 0
GrowthVenture 0 55 0 40 75
Special Situations 0 75 0 0 0
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1766 2366 2366
GrowthVenture 0 55 55 95 170
Special Situations 0 75 75 75 75
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Beg Year Q1 Q2 Q3 End Year
Buy-out 750 1500 600 00 00
GrowthVenture 00 833 00 00 00
Special Situations 00 00 650 00 00
Unallocated 4500 2167 917 917 917
Target 525 525 525 525 525
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 75 2250 2850 2850 2850
GrowthVenture 0 833 833 833 833
Special Situations 0 00 650 650 650
Unallocated 450 2167 917 917 917
Target 525 525 525 525 525
Short Name Commitments of Commitments to Date of Target PE Allocation
BO 01 58000000 254 420
BO 02 57000000 250 413
BO 03 55000000 241 399
BO 04 50000000 219 362
BO 05 50000000 219 362
BO 06 50000000 219 362
BO 07 50000000 219 362
BO 08 47000000 206 341
BO 09 45000000 197 326
BO 10 40000000 175 290
BO 11 35000000 154 254
BO 12 20000000 088 145
BO 13 14250000 062 103
BO 14 12500000 055 091
BO 15 46600000 204 338
BO 16 300000000 1316 2175
BO 17 60000000 263 435
BO 18 50000000 219 362
BO 19 50000000 219 362
BO 20 50000000 219 362
GE 01 70000000 307 507
GE 02 60000000 263 435
GE 03 125000000 548 906
GE 04 46000000 202 333
GE 05 45000000 197 326
GE 06 40000000 175 290
GE 07 30000000 132 217
GE 08 40000000 175 290
GE 09 50000000 219 362
GE 10 100000000 439 725
SS 01 75000000 329 544
SS 02 75000000 329 544
SS 03 65000000 285 471
SS 04 60000000 263 435
SS 05 50000000 219 362
SS 06 25000000 110 181
SS 07 105000000 461 761
SS 08 18750000 082 136
UA -6529
Total 2220100000 9737 9565
CHECK CHECK CHECK
Manager Strategy Commitment Portfolio Benchmark NAV Short Name Strategy (Abbrev) of Commitments to Date of Target PE Allocation
HIG SPF Buy-out $300000000 Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years $18727000 BO 1 BO 132 217
Tritium Buy-out $110000000 $58988138 BO 2 BO 48 80
Searchlight Buy-out $97000000 $33454296 BO 3 BO 43 70
Marlin Buy-out $71250000 $14717073 BO 4 BO 31 52
Altaris Buy-out $62500000 $15328169 BO 5 BO 27 45
Northlane Buy-out $60000000 BO 6 BO 26 43
Capital Partners Buy-out $58000000 $12317286 BO 7 BO 25 42
Providence Buy-out $55000000 $0 BO 8 BO 24 40
Dunes Point Buy-out $50000000 $0 BO 9 BO 22 36
GTCR Buy-out $50000000 $4985798 BO 10 BO 22 36
Reverence Buy-out $50000000 $0 BO 11 BO 22 36
Arcline Buy-out $50000000 $0 BO 12 BO 22 36
CapVest Buy-out $46600000 $0 BO 13 BO 20 34
One Rock Buy-out $45000000 $13180746 BO 14 BO 20 33
Incline Buy-out $40000000 $11611636 BO 15 BO 18 29
Kainos Buy-out $35000000 $19539188 BO 16 BO 15 25
Harvest Buy-out $20000000 $11725676 BO 17 BO 09 14
PSG Venture Growth $180000000 $82125840 GE 1 GE 79 130
Foundry Venture Growth $175000000 $30834484 GE 2 GE 77 127
Updata Venture Growth $125000000 $46209141 GE 3 GE 55 91
Main Post Venture Growth $40000000 $0 GE 4 GE 18 29
FTV Venture Growth $46000000 $31248971 GE 5 GE 20 33
Mercato Venture Growth $40000000 $23833321 GE 6 GE 18 29
TSSP Special Situations $150000000 $49206694 SS 1 SS 66 109
BlackstoneGSO Special Situations $93750000 $37091463 SS 2 SS 41 68
BlackstoneBAAM Special Situations $65000000 SS 3 SS 29 47
Carlyle Special Situations $65000000 $24236270 SS 4 SS 29 47
HIG Special Situations $60000000 $17374728 SS 5 SS 26 43
LightBay Special Situations $40000000 $0 SS 6 SS 18 29
Total $2280100000 $556735918 10000 16529
CHECK
Altaris
Arcline
BlackstoneGSO
Capital Partners
CapVest
Carlyle
Dunes Point
Foundry
FTV
GTCR
HIG
Harvest
Incline
Kainos
LightBay
Main Post
Marlin
Mercato
One Rock
Providence
Reverence
Searchlight
Tritium
TSSP
Updata
Manager Fund Firm Age Year of Commitment Year Founded Fund Type Year of Commitment Vintage Year Report Name Short Name Fund Size LPAC Seat Approved ($) Commitment ($) State Street NAV ($) US Fund Div ( of Fund) Intl Fund Div ( of Fund) US Fund Div ( of Total Commits) Intl Fund Div ( of Total Commits) US Fund Div ( of Total NAV Intl Fund Div ( of Total NAV
Carlyle Carlyle Energy Mezzanine Opportunities Fund II 5 2010 2 SS 2015 2015 Special Situations Manager 3 SS 03 2819243965 Voting 65000000 65000000 2423627012 75 25 2 1 3 1
HIG HIG Bayside Loan Opportunity Fund IV 22 1993 4 SS 2015 2015 Special Situations Manager 4 SS 04 1100000000 60000000 60000000 1737472771 75 25 2 1 2 1
Harvest Harvest Partners VII 34 1981 7 BO 2015 2016 Buy-out Manager 12 BO 12 2200000000 50000000 20000000 1172567574 80 20 1 0 2 0
Searchlight Searchlight Capital II 5 2010 2 BO 2015 2015 Buy-out Manager 8 BO 08 1939000000 50000000 47000000 3345429620 60 40 1 1 4 2
Tritium Tritium I 2 2013 1 BO 2015 2014 Buy-out Manager 4 BO 04 309000000 Voting 50000000 50000000 5898813765 85 15 2 0 9 2
TSSP TSSP Adjacent Opportunities Partners (B) 6 2009 3 SS 2015 2014 Special Situations Manager 1 SS 01 3500000000 75000000 75000000 4920669401 60 40 2 1 5 4
BlackstoneGSO GSO Capital Opportunities Fund III 11 2005 3 SS 2016 2016 Special Situations Manager 2 SS 02 6000000000 75000000 75000000 32285251 80 20 3 1 5 1
BlackstoneGSO GSO COF III - Co-Investment 11 2005 3 SS 2016 2016 Special Situations Manager 8 SS 08 2000000000 18750000 18750000 4806212 80 20 1 0 1 0
Foundry Foundry Group Next Fund 9 2007 4 GE 2016 2016 GrowthVenture Manager 7 GE 07 500000000 35000000 30000000 2644022252 100 0 1 0 5 0
FTV FTV V 18 1998 5 GE 2016 2017 GrowthVenture Manager 4 GE 04 867000000 Voting 50000000 46000000 3124897116 75 25 2 1 4 1
Incline Incline Equity Partners IV 5 2011 4 BO 2016 2017 Buy-out Manager 10 BO 10 601000000 50000000 40000000 1161163584 80 20 1 0 2 0
Kainos Kainos Capital Partners II 4 2012 2 BO 2016 2016 Buy-out Manager 11 BO 11 895000000 Observer 50000000 35000000 1953918849 75 25 1 0 3 1
Mercato Mercato Partners Growth III 9 2007 3 GE 2016 2015 GrowthVenture Manager 6 GE 06 246000000 Voting 40000000 40000000 2383332060 100 0 2 0 4 0
PSG Providence Strategic Growth II 3 2013 2 GE 2016 2016 GrowthVenture Manager 2 GE 02 640000000 Voting 60000000 60000000 6665235799 100 0 3 0 12 0
Updata Updata Partners V 18 1998 5 GE 2016 2014 GrowthVenture Manager 3 GE 03 280000000 Voting 50000000 50000000 4620914142 90 10 2 0 7 1
Altaris Altaris Constellation IV 14 2003 4 BO 2017 2018 Buy-out Manager 14 BO 14 240000000 12500000 12500000 4140390 75 25 0 0 1 0
Altaris Altaris Health Partners IV 14 2003 4 BO 2017 2018 Buy-out Manager 5 BO 05 1000000000 50000000 50000000 11187778 75 25 2 1 2 1
Capital Partners Capital Partners II 13 2004 2 BO 2017 2018 Buy-out Manager 1 BO 01 500000000 Voting 70000000 58000000 12317286 100 0 3 0 2 0
Dunes Point Dunes Point Capital Fund II 4 2013 2 BO 2017 2018 Buy-out Manager 7 BO 07 535000000 Voting 50000000 50000000 - 0 80 20 2 0 0 0
GTCR GTCR XII 37 1980 12 BO 2017 2018 Buy-out Manager 6 BO 06 5250000000 75000000 50000000 498579807 75 25 2 1 1 0
LightBay LightBay Investment Partners I 0 2017 1 SS 2017 2018 Special Situations Manager 7 SS 07 615000000 Voting 50000000 40000000 - 0 80 20 1 0 0 0
Marlin Marlin Equity V 12 2005 5 BO 2017 2018 Buy-out Manager 2 BO 02 2500000000 60000000 57000000 946658473 80 20 2 0 1 0
Marlin Marlin Heritage II 12 2005 2 BO 2017 2017 Buy-out Manager 13 BO 13 750000000 15000000 14250000 525048862 75 25 0 0 1 0
One Rock One Rock Capital Partners II 7 2010 2 BO 2017 2017 Buy-out Manager 9 BO 09 964000000 50000000 45000000 1318074623 90 10 2 0 2 0
PSG Providence Strategic Growth III 4 2013 3 GE 2017 2018 GrowthVenture Manager 1 GE 01 1322000000 Voting 70000000 70000000 1547348223 100 0 3 0 3 0
CapVest CapVest Equity Partners IV 19 1999 4 BO 2018 2018 Buy-out Manager 15 BO 15 1001750000 53000000 46600000 - 0 0 100 0 2 0 0
Foundry Foundry Group Next 2018 11 2007 5 GE 2018 2018 GrowthVenture Manager 5 GE 05 750000000 45000000 45000000 439426166 90 10 2 0 1 0
HIG SPF HIG Strategic Partners Fund 25 1993 NA BO 2018 2018 Buy-out Manager 16 BO 16 1115000000 300000000 300000000 1872700007 60 40 8 5 2 1
Main Post Main Post II 4 2014 2 GE 2018 2019 GrowthVenture Manager 8 GE 08 700000000 Voting 50000000 40000000 - 0 100 0 2 0 0 0
Providence Providence Equity Partners VIII 29 1989 8 BO 2018 2017 Buy-out Manager 3 BO 03 5000000000 55000000 55000000 - 0 60 40 1 1 0 0
Tritium Tritium II 5 2013 2 BO 2018 2019 Buy-out Manager 17 BO 17 450000000 Voting 60000000 60000000 - 0 85 15 2 0 0 0
TSSP TPG Opportunities Partners IV 9 2009 4 SS 2018 2018 Special Situations Manager 6 SS 06 3000000000 50000000 25000000 - 0 60 40 1 0 0 0
TSSP TSSP Adjacent Opportunities Partners (D) 9 2009 4 SS 2018 2018 Special Situations Manager 5 SS 05 3000000000 50000000 50000000 - 0 60 40 1 1 0 0
Updata Updata Partners VI 20 1998 6 GE 2018 2014 GrowthVenture Manager 3 GE 03 300000000 Voting 75000000 75000000 - 0 90 10 3 0 0 0
PSG Providence Strategic Growth IV 6 2013 4 GE 2019 GE 09 2000000000 Voting 50000000 50000000 - 0 100 0 2 0 0 0
Foundry FGN 2018 Partner Fund 12 2007 6 GE 2019 GE 10 200000000 100000000 100000000 - 0 90 10 4 0 0 0
Reverence Reverence Capital Partners II 6 2013 2 BO 2019 BO 18 1000000000 Voting 50000000 50000000 - 0 90 10 2 0 0 0
Arcline Arcline Capital Partners 1 2018 1 BO 2019 BO 19 1500000000 50000000 50000000 - 0 90 10 2 0 0 0
Searchlight Searchlight Capital III 9 2010 3 BO 2019 2015 Buy-out Manager 8 BO 20 2750000000 50000000 50000000 - 0 60 40 1 1 0 0
Northlane Northlane Capital Partners II 5 2014 2 BO 2019 BO 21 375000000 Voting 60000000 60000000 - 0 100 0 3 0 0 0
BlackstoneBAAM Blackstone Strategic Capital Holdings II 29 1990 2 SS 2019 SS 07 4000000000 Voting 65000000 65000000 - 0 80 20 2 1 0 0
6000000000
5250000000
5000000000
3500000000
3000000000
3000000000
2800000000
2500000000
2200000000
2000000000
2000000000
1500000000
1500000000
1322000000
1115000000
1100000000
1001750000
1000000000
1000000000
964000000
895000000
867000000
750000000
750000000
700000000
640000000
615000000
601000000
535000000
500000000
500000000
450000000
309000000
300000000
280000000
246000000
240000000
200000000
Assumptions
TMRS (AUM) $ 27589122062 ltltltlt As of 12312018
PE Target () 500
PE Target ($) $ 1379456103
PE Commitments ($) $ 2280100000
PE NAV ($) $ 556735918 ltltltlt As of 12312018
PE NAV () 202
Un-Allocated () -6529
Instructions by Sheet Name
Notes Light blue-filled cells are hard-coded (not formula-driven)
The green-colored tabs are the only ones to be updated right now
The red-colored tab does not need to be updated (still under construction)
Portfolio
1) Input new Fund commitment into the next open row
2) Confirm and input the details for the row of the new Fund in columns A through G
3) Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I
4) Copy paste the formulas used in columns J and K for the row of the new Fund
Manager
1) If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated
2) Input the name of the Manager for the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Manager
4) Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option
Fund
1) Insert a row above the one beginning with UA (Un-Allocated)
2) Input the Short Name of the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Fund
4) Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option
Year of Commit Commitments of Commitments to Date of Target PE Allocation
2015 317000000 1390 2298
2016 394750000 1731 2862
2017 436750000 1915 3166
2018 481600000 2112 3491 ltltltTakes into account $75 mm of HIG SPF
Total 1630100000 7149 11817
CHECK CHECK CHECK
Geography of Commitments to Date of NAV to Date of Target PE Allocation
USA 780 822 1289
International 220 178 364
Un-Allocated -653
Total 1000 1000 1000
Strategy Commitments NAV of Commitments to Date of NAV to Date of Target PE Allocation
BO Buy-out (40 to 75) 1200350000 214575006 526 385 870
GE GrowthVenture (10 to 40) 606000000 214251758 266 385 439
SS Special Situations (5 to 35) 473750000 127909154 208 230 343
Un-Allocated -653
Total 2280100000 556735918 1000 1000 1000
Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1216 60 0
GrowthVenture 0 55 0 40 75
Special Situations 0 75 0 0 0
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1766 2366 2366
GrowthVenture 0 55 55 95 170
Special Situations 0 75 75 75 75
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Beg Year Q1 Q2 Q3 End Year
Buy-out 750 1500 600 00 00
GrowthVenture 00 833 00 00 00
Special Situations 00 00 650 00 00
Unallocated 4500 2167 917 917 917
Target 525 525 525 525 525
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 75 2250 2850 2850 2850
GrowthVenture 0 833 833 833 833
Special Situations 0 00 650 650 650
Unallocated 450 2167 917 917 917
Target 525 525 525 525 525
Short Name Commitments of Commitments to Date of Target PE Allocation
BO 01 58000000 254 420
BO 02 57000000 250 413
BO 03 55000000 241 399
BO 04 50000000 219 362
BO 05 50000000 219 362
BO 06 50000000 219 362
BO 07 50000000 219 362
BO 08 47000000 206 341
BO 09 45000000 197 326
BO 10 40000000 175 290
BO 11 35000000 154 254
BO 12 20000000 088 145
BO 13 14250000 062 103
BO 14 12500000 055 091
BO 15 46600000 204 338
BO 16 300000000 1316 2175
BO 17 60000000 263 435
BO 18 50000000 219 362
BO 19 50000000 219 362
BO 20 50000000 219 362
GE 01 70000000 307 507
GE 02 60000000 263 435
GE 03 125000000 548 906
GE 04 46000000 202 333
GE 05 45000000 197 326
GE 06 40000000 175 290
GE 07 30000000 132 217
GE 08 40000000 175 290
GE 09 50000000 219 362
GE 10 100000000 439 725
SS 01 75000000 329 544
SS 02 75000000 329 544
SS 03 65000000 285 471
SS 04 60000000 263 435
SS 05 50000000 219 362
SS 06 25000000 110 181
SS 07 105000000 461 761
SS 08 18750000 082 136
UA -6529
Total 2220100000 9737 9565
CHECK CHECK CHECK
Manager Strategy Commitment Portfolio Benchmark NAV Short Name Strategy (Abbrev) of Commitments to Date of Target PE Allocation
HIG SPF Buy-out $300000000 Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years $18727000 BO 1 BO 132 217
Tritium Buy-out $110000000 $58988138 BO 2 BO 48 80
Searchlight Buy-out $97000000 $33454296 BO 3 BO 43 70
Marlin Buy-out $71250000 $14717073 BO 4 BO 31 52
Altaris Buy-out $62500000 $15328169 BO 5 BO 27 45
Northlane Buy-out $60000000 BO 6 BO 26 43
Capital Partners Buy-out $58000000 $12317286 BO 7 BO 25 42
Providence Buy-out $55000000 $0 BO 8 BO 24 40
Dunes Point Buy-out $50000000 $0 BO 9 BO 22 36
GTCR Buy-out $50000000 $4985798 BO 10 BO 22 36
Reverence Buy-out $50000000 $0 BO 11 BO 22 36
Arcline Buy-out $50000000 $0 BO 12 BO 22 36
CapVest Buy-out $46600000 $0 BO 13 BO 20 34
One Rock Buy-out $45000000 $13180746 BO 14 BO 20 33
Incline Buy-out $40000000 $11611636 BO 15 BO 18 29
Kainos Buy-out $35000000 $19539188 BO 16 BO 15 25
Harvest Buy-out $20000000 $11725676 BO 17 BO 09 14
PSG Venture Growth $180000000 $82125840 GE 1 GE 79 130
Foundry Venture Growth $175000000 $30834484 GE 2 GE 77 127
Updata Venture Growth $125000000 $46209141 GE 3 GE 55 91
Main Post Venture Growth $40000000 $0 GE 4 GE 18 29
FTV Venture Growth $46000000 $31248971 GE 5 GE 20 33
Mercato Venture Growth $40000000 $23833321 GE 6 GE 18 29
TSSP Special Situations $150000000 $49206694 SS 1 SS 66 109
BlackstoneGSO Special Situations $93750000 $37091463 SS 2 SS 41 68
BlackstoneBAAM Special Situations $65000000 SS 3 SS 29 47
Carlyle Special Situations $65000000 $24236270 SS 4 SS 29 47
HIG Special Situations $60000000 $17374728 SS 5 SS 26 43
LightBay Special Situations $40000000 $0 SS 6 SS 18 29
Total $2280100000 $556735918 10000 16529
CHECK
Altaris
Arcline
BlackstoneGSO
Capital Partners
CapVest
Carlyle
Dunes Point
Foundry
FTV
GTCR
HIG
Harvest
Incline
Kainos
LightBay
Main Post
Marlin
Mercato
One Rock
Providence
Reverence
Searchlight
Tritium
TSSP
Updata
Manager Fund Firm Age Year of Commitment Year Founded Fund Type Year of Commitment Vintage Year Report Name Short Name Fund Size LPAC Seat Approved ($) Commitment ($) State Street NAV ($) US Fund Div ( of Fund) Intl Fund Div ( of Fund) US Fund Div ( of Total Commits) Intl Fund Div ( of Total Commits) US Fund Div ( of Total NAV Intl Fund Div ( of Total NAV
Carlyle Carlyle Energy Mezzanine Opportunities Fund II 5 2010 2 SS 2015 2015 Special Situations Manager 3 SS 03 2819243965 Voting 65000000 65000000 2423627012 75 25 2 1 3 1
HIG HIG Bayside Loan Opportunity Fund IV 22 1993 4 SS 2015 2015 Special Situations Manager 4 SS 04 1100000000 60000000 60000000 1737472771 75 25 2 1 2 1
Harvest Harvest Partners VII 34 1981 7 BO 2015 2016 Buy-out Manager 12 BO 12 2200000000 50000000 20000000 1172567574 80 20 1 0 2 0
Searchlight Searchlight Capital II 5 2010 2 BO 2015 2015 Buy-out Manager 8 BO 08 1939000000 50000000 47000000 3345429620 60 40 1 1 4 2
Tritium Tritium I 2 2013 1 BO 2015 2014 Buy-out Manager 4 BO 04 309000000 Voting 50000000 50000000 5898813765 85 15 2 0 9 2
TSSP TSSP Adjacent Opportunities Partners (B) 6 2009 3 SS 2015 2014 Special Situations Manager 1 SS 01 3500000000 75000000 75000000 4920669401 60 40 2 1 5 4
BlackstoneGSO GSO Capital Opportunities Fund III 11 2005 3 SS 2016 2016 Special Situations Manager 2 SS 02 6000000000 75000000 75000000 32285251 80 20 3 1 5 1
BlackstoneGSO GSO COF III - Co-Investment 11 2005 3 SS 2016 2016 Special Situations Manager 8 SS 08 2000000000 18750000 18750000 4806212 80 20 1 0 1 0
Foundry Foundry Group Next Fund 9 2007 4 GE 2016 2016 GrowthVenture Manager 7 GE 07 500000000 35000000 30000000 2644022252 100 0 1 0 5 0
FTV FTV V 18 1998 5 GE 2016 2017 GrowthVenture Manager 4 GE 04 867000000 Voting 50000000 46000000 3124897116 75 25 2 1 4 1
Incline Incline Equity Partners IV 5 2011 4 BO 2016 2017 Buy-out Manager 10 BO 10 601000000 50000000 40000000 1161163584 80 20 1 0 2 0
Kainos Kainos Capital Partners II 4 2012 2 BO 2016 2016 Buy-out Manager 11 BO 11 895000000 Observer 50000000 35000000 1953918849 75 25 1 0 3 1
Mercato Mercato Partners Growth III 9 2007 3 GE 2016 2015 GrowthVenture Manager 6 GE 06 246000000 Voting 40000000 40000000 2383332060 100 0 2 0 4 0
PSG Providence Strategic Growth II 3 2013 2 GE 2016 2016 GrowthVenture Manager 2 GE 02 640000000 Voting 60000000 60000000 6665235799 100 0 3 0 12 0
Updata Updata Partners V 18 1998 5 GE 2016 2014 GrowthVenture Manager 3 GE 03 280000000 Voting 50000000 50000000 4620914142 90 10 2 0 7 1
Altaris Altaris Constellation IV 14 2003 4 BO 2017 2018 Buy-out Manager 14 BO 14 240000000 12500000 12500000 4140390 75 25 0 0 1 0
Altaris Altaris Health Partners IV 14 2003 4 BO 2017 2018 Buy-out Manager 5 BO 05 1000000000 50000000 50000000 11187778 75 25 2 1 2 1
Capital Partners Capital Partners II 13 2004 2 BO 2017 2018 Buy-out Manager 1 BO 01 500000000 Voting 70000000 58000000 12317286 100 0 3 0 2 0
Dunes Point Dunes Point Capital Fund II 4 2013 2 BO 2017 2018 Buy-out Manager 7 BO 07 535000000 Voting 50000000 50000000 - 0 80 20 2 0 0 0
GTCR GTCR XII 37 1980 12 BO 2017 2018 Buy-out Manager 6 BO 06 5250000000 75000000 50000000 498579807 75 25 2 1 1 0
LightBay LightBay Investment Partners I 0 2017 1 SS 2017 2018 Special Situations Manager 7 SS 07 615000000 Voting 50000000 40000000 - 0 80 20 1 0 0 0
Marlin Marlin Equity V 12 2005 5 BO 2017 2018 Buy-out Manager 2 BO 02 2500000000 60000000 57000000 946658473 80 20 2 0 1 0
Marlin Marlin Heritage II 12 2005 2 BO 2017 2017 Buy-out Manager 13 BO 13 750000000 15000000 14250000 525048862 75 25 0 0 1 0
One Rock One Rock Capital Partners II 7 2010 2 BO 2017 2017 Buy-out Manager 9 BO 09 964000000 50000000 45000000 1318074623 90 10 2 0 2 0
PSG Providence Strategic Growth III 4 2013 3 GE 2017 2018 GrowthVenture Manager 1 GE 01 1322000000 Voting 70000000 70000000 1547348223 100 0 3 0 3 0
CapVest CapVest Equity Partners IV 19 1999 4 BO 2018 2018 Buy-out Manager 15 BO 15 1001750000 53000000 46600000 - 0 0 100 0 2 0 0
Foundry Foundry Group Next 2018 11 2007 5 GE 2018 2018 GrowthVenture Manager 5 GE 05 750000000 45000000 45000000 439426166 90 10 2 0 1 0
HIG SPF HIG Strategic Partners Fund 25 1993 NA BO 2018 2018 Buy-out Manager 16 BO 16 1115000000 300000000 300000000 1872700007 60 40 8 5 2 1
Main Post Main Post II 4 2014 2 GE 2018 2019 GrowthVenture Manager 8 GE 08 700000000 Voting 50000000 40000000 - 0 100 0 2 0 0 0
Providence Providence Equity Partners VIII 29 1989 8 BO 2018 2017 Buy-out Manager 3 BO 03 5000000000 55000000 55000000 - 0 60 40 1 1 0 0
Tritium Tritium II 5 2013 2 BO 2018 2019 Buy-out Manager 17 BO 17 450000000 Voting 60000000 60000000 - 0 85 15 2 0 0 0
TSSP TPG Opportunities Partners IV 9 2009 4 SS 2018 2018 Special Situations Manager 6 SS 06 3000000000 50000000 25000000 - 0 60 40 1 0 0 0
TSSP TSSP Adjacent Opportunities Partners (D) 9 2009 4 SS 2018 2018 Special Situations Manager 5 SS 05 3000000000 50000000 50000000 - 0 60 40 1 1 0 0
Updata Updata Partners VI 20 1998 6 GE 2018 2014 GrowthVenture Manager 3 GE 03 300000000 Voting 75000000 75000000 - 0 90 10 3 0 0 0
PSG Providence Strategic Growth IV 6 2013 4 GE 2019 GE 09 2000000000 Voting 50000000 50000000 - 0 100 0 2 0 0 0
Foundry FGN 2018 Partner Fund 12 2007 6 GE 2019 GE 10 200000000 100000000 100000000 - 0 90 10 4 0 0 0
Reverence Reverence Capital Partners II 6 2013 2 BO 2019 BO 18 1000000000 Voting 50000000 50000000 - 0 90 10 2 0 0 0
Arcline Arcline Capital Partners 1 2018 1 BO 2019 BO 19 1500000000 50000000 50000000 - 0 90 10 2 0 0 0
Searchlight Searchlight Capital III 9 2010 3 BO 2019 2015 Buy-out Manager 8 BO 20 2750000000 50000000 50000000 - 0 60 40 1 1 0 0
Northlane Northlane Capital Partners II 5 2014 2 BO 2019 BO 21 375000000 Voting 60000000 60000000 - 0 100 0 3 0 0 0
BlackstoneBAAM Blackstone Strategic Capital Holdings II 29 1990 2 SS 2019 SS 07 4000000000 Voting 65000000 65000000 - 0 80 20 2 1 0 0
6000000000
5250000000
5000000000
3500000000
3000000000
3000000000
2800000000
2500000000
2200000000
2000000000
2000000000
1500000000
1500000000
1322000000
1115000000
1100000000
1001750000
1000000000
1000000000
964000000
895000000
867000000
750000000
750000000
700000000
640000000
615000000
601000000
535000000
500000000
500000000
450000000
309000000
300000000
280000000
246000000
240000000
200000000
Assumptions
TMRS (AUM) $ 27589122062 ltltltlt As of 12312018
PE Target () 500
PE Target ($) $ 1379456103
PE Commitments ($) $ 2280100000
PE NAV ($) $ 556735918 ltltltlt As of 12312018
PE NAV () 202
Un-Allocated () -6529
Instructions by Sheet Name
Notes Light blue-filled cells are hard-coded (not formula-driven)
The green-colored tabs are the only ones to be updated right now
The red-colored tab does not need to be updated (still under construction)
Portfolio
1) Input new Fund commitment into the next open row
2) Confirm and input the details for the row of the new Fund in columns A through G
3) Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I
4) Copy paste the formulas used in columns J and K for the row of the new Fund
Manager
1) If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated
2) Input the name of the Manager for the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Manager
4) Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option
Fund
1) Insert a row above the one beginning with UA (Un-Allocated)
2) Input the Short Name of the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Fund
4) Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option
Page 8: Board Presentation • Private Equity Recommendation, June ... · Board Presentation • Private Equity Recommendation, June 20-21, 2019 Author: TMRS Subject: Board Presentation Private

Section III

8

526

266

208

Private Equity Strategy Diversification by Commitment

Buy-out (40 to75)

GrowthVenture(10 to 40)

Special Situations(5 to 35)

9

Synthesize AnalysisDiversification Analysis

Strategy considerations

2015 Overweight special situations early for J-Curve mitigation efficiency of capital deployment and tactical opportunities

2016 Focus on growth opportunity set and continue to add buy-out exposure

2017 Round out buy-out portfolio and opportunistically add to growth and credit

2018 Steady state on pacing selectively adding new relationships and European exposure

2019 Steady state on pacing selectively adding new relationships and Venture and European exposure

Chart3

Private Equity Strategy Diversification by Commitment

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009

Instructions

Assumptions

Charts

Private Equity Geographic Diversification by Commitment

USA International077994934432700325022005065567299681

Private Equity Strategy Diversification by Commitment

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009

Private Equity Manager Diversification by Commitment

CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000

Private Equity Geographic Diversification by NAV

Geography

USA International082172551941443706017827448058556272

Private Equity Strategy Diversification by NAV

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444

Private Equity Manager Diversification by NAV

NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010

Portfolio

Manager

Fund

2019 Pacing

2019 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629

of Pacing Plan Utilized

2018 Pacing

2018 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977

of Pacing Plan Utilized

Strategy

Geography

Year

10

Synthesize AnalysisDiversification Analysis

The overall goal remains identifying top quartile performers to partner with

Position sizing considerations

Continue to reduce the unallocated portion of the private equity portfolio while sensibly balancing the trade-off between diversification and concentration

Areas of focus are enhancing manager diversification and building strategic relationships where possibleappropriate

Private Equity Manager Diversification by Commitment BO 1 BO 2

BO 3 BO 4BO 5 BO 6BO 7 BO 8BO 9 BO 10BO 11 BO 12BO 13 BO 14BO 15 BO 16BO 17 GE 1GE 2 GE 3GE 4 GE 5GE 6 SS 1SS 2 SS 3SS 4 SS 5SS 6

Chart2

Private Equity Manager Diversification by Commitment

CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000

Instructions

Assumptions

Charts

Private Equity Geographic Diversification by Commitment

USA International077994934432700325022005065567299681

Private Equity Strategy Diversification by Commitment

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009

Private Equity Manager Diversification by Commitment

CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000

Private Equity Geographic Diversification by NAV

Geography

USA International082172551941443706017827448058556272

Private Equity Strategy Diversification by NAV

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444

Private Equity Manager Diversification by NAV

NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010

Portfolio

Manager

Fund

2019 Pacing

2019 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629

of Pacing Plan Utilized

2018 Pacing

2018 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977

of Pacing Plan Utilized

Strategy

Geography

Year

11

Synthesize AnalysisDiversification Analysis

TMRS is focused on taking a measured approach to global geographic diversification

The Target Portfolio keeps a conservative stance on international exposure

780

220

Private Equity Geographic Diversification by Commitment

USA

International

Chart1

Private Equity Geographic Diversification by Commitment

USA International077994934432700325022005065567299681

Instructions

Assumptions

Charts

Private Equity Geographic Diversification by Commitment

USA International077994934432700325022005065567299681

Private Equity Strategy Diversification by Commitment

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009

Private Equity Manager Diversification by Commitment

CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000

Private Equity Geographic Diversification by NAV

Geography

USA International082172551941443706017827448058556272

Private Equity Strategy Diversification by NAV

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444

Private Equity Manager Diversification by NAV

NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010

Portfolio

Manager

Fund

2019 Pacing

2019 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629

of Pacing Plan Utilized

2018 Pacing

2018 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977

of Pacing Plan Utilized

Strategy

Geography

Year

Section IV

12

13

Top Candidate Characteristics ndash Northlane II $60 million Recommendation

Northlane Capital Partners

Date of First TMRS Meeting5102018

Dates of Subsequent Meetings892018312019

5162019

Dates of Diligence AdvancementlsquoBrsquo Rating ndash 312019

lsquoArsquo Rating ndash 5162019

Reference ChecksYes

Date of Consultant IDD ReportSeptember 2018

Date of Consultant Board MemoJune 2019

Legal Negotiation InitiatedMay 2019

Comparable Strategies Reviewed18 (Business Services Buy-Out)

16 (Healthcare Buy-Out)

Northlane Capital Partners LLC (ldquoNorthlanerdquo)is a Washington DC-based buyout firmfounded in 2017 that focuses on acquiringlower-middle market companies in thebusiness services and healthcare sectorsThese target companies will be profitablemarket leaders within their niches typicallygenerating up to $30 million of EBITDA whileproviding critical outsourced services to theircustomers Northlane Capital Partners II LP(Northlane II) is targeting $375 million tobuild a portfolio of 10 to 12 businessesrequiring equity investments of up to $75million continuing to employ the prior fundrsquosstrategy that was developed during thefoundersrsquo tenure at American Capital

Section V

14

15

Approval of Recommendation

TMRS Staff and StepStone Group recommend that the Board of Trusteesapprove the selection of the following fund

Recommendations

bull Northlane Capital Partners II LP $60 million

16

  • Private EquityRecommendation June 20-21 2019
  • Agenda
  • Executive Summary
  • Slide Number 4
  • Due diligence process review
  • Due Diligence ProcessesAs part of Multi-year time periods
  • Due Diligence ProcessesAs part of Annual Search Processes
  • Portfolio construction
  • Private Equity Portfolio StatisticsStrategy Diversification
  • Private Equity Portfolio StatisticsManager Implementation
  • Private Equity Portfolio StatisticsGeographic Diversification
  • Manager selection and recommendation
  • Slide Number 13
  • Requested board action
  • Slide Number 15
  • DISCLOSURES TMRS periodically discloses public information that is not excepted from disclosure under Section 5520225(b) of the Texas Public Information Act Information provided by a manager a Managing General Partner (GP) any of its Associates or other data provider to TMRS or a TMRS service provider and contained in these materials (i) may have been independently produced or modified by TMRS or the TMRS service provider (ii) has not been reviewed or approved by the manager Managing GP or any of its Associates and (iii) may not reflect the historical performance or asset value reflected in the managerrsquos Managing GPrsquos or any of its Associatesrsquo records and therefore should not be used for comparative purposes
Year of Commit Commitments of Commitments to Date of Target PE Allocation
2015 317000000 1390 2298
2016 394750000 1731 2862
2017 436750000 1915 3166
2018 481600000 2112 3491 ltltltTakes into account $75 mm of HIG SPF
Total 1630100000 7149 11817
CHECK CHECK CHECK
Geography of Commitments to Date of NAV to Date of Target PE Allocation
USA 780 822 1289
International 220 178 364
Un-Allocated -653
Total 1000 1000 1000
Strategy Commitments NAV of Commitments to Date of NAV to Date of Target PE Allocation
BO Buy-out (40 to 75) 1200350000 214575006 526 385 870
GE GrowthVenture (10 to 40) 606000000 214251758 266 385 439
SS Special Situations (5 to 35) 473750000 127909154 208 230 343
Un-Allocated -653
Total 2280100000 556735918 1000 1000 1000
Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1216 60 0
GrowthVenture 0 55 0 40 75
Special Situations 0 75 0 0 0
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1766 2366 2366
GrowthVenture 0 55 55 95 170
Special Situations 0 75 75 75 75
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Beg Year Q1 Q2 Q3 End Year
Buy-out 750 1500 600 00 00
GrowthVenture 00 833 00 00 00
Special Situations 00 00 650 00 00
Unallocated 4500 2167 917 917 917
Target 525 525 525 525 525
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 75 2250 2850 2850 2850
GrowthVenture 0 833 833 833 833
Special Situations 0 00 650 650 650
Unallocated 450 2167 917 917 917
Target 525 525 525 525 525
Short Name Commitments of Commitments to Date of Target PE Allocation
BO 01 58000000 254 420
BO 02 57000000 250 413
BO 03 55000000 241 399
BO 04 50000000 219 362
BO 05 50000000 219 362
BO 06 50000000 219 362
BO 07 50000000 219 362
BO 08 47000000 206 341
BO 09 45000000 197 326
BO 10 40000000 175 290
BO 11 35000000 154 254
BO 12 20000000 088 145
BO 13 14250000 062 103
BO 14 12500000 055 091
BO 15 46600000 204 338
BO 16 300000000 1316 2175
BO 17 60000000 263 435
BO 18 50000000 219 362
BO 19 50000000 219 362
BO 20 50000000 219 362
GE 01 70000000 307 507
GE 02 60000000 263 435
GE 03 125000000 548 906
GE 04 46000000 202 333
GE 05 45000000 197 326
GE 06 40000000 175 290
GE 07 30000000 132 217
GE 08 40000000 175 290
GE 09 50000000 219 362
GE 10 100000000 439 725
SS 01 75000000 329 544
SS 02 75000000 329 544
SS 03 65000000 285 471
SS 04 60000000 263 435
SS 05 50000000 219 362
SS 06 25000000 110 181
SS 07 105000000 461 761
SS 08 18750000 082 136
UA -6529
Total 2220100000 9737 9565
CHECK CHECK CHECK
Manager Strategy Commitment Portfolio Benchmark NAV Short Name Strategy (Abbrev) of Commitments to Date of Target PE Allocation
HIG SPF Buy-out $300000000 Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years $18727000 BO 1 BO 132 217
Tritium Buy-out $110000000 $58988138 BO 2 BO 48 80
Searchlight Buy-out $97000000 $33454296 BO 3 BO 43 70
Marlin Buy-out $71250000 $14717073 BO 4 BO 31 52
Altaris Buy-out $62500000 $15328169 BO 5 BO 27 45
Northlane Buy-out $60000000 BO 6 BO 26 43
Capital Partners Buy-out $58000000 $12317286 BO 7 BO 25 42
Providence Buy-out $55000000 $0 BO 8 BO 24 40
Dunes Point Buy-out $50000000 $0 BO 9 BO 22 36
GTCR Buy-out $50000000 $4985798 BO 10 BO 22 36
Reverence Buy-out $50000000 $0 BO 11 BO 22 36
Arcline Buy-out $50000000 $0 BO 12 BO 22 36
CapVest Buy-out $46600000 $0 BO 13 BO 20 34
One Rock Buy-out $45000000 $13180746 BO 14 BO 20 33
Incline Buy-out $40000000 $11611636 BO 15 BO 18 29
Kainos Buy-out $35000000 $19539188 BO 16 BO 15 25
Harvest Buy-out $20000000 $11725676 BO 17 BO 09 14
PSG Venture Growth $180000000 $82125840 GE 1 GE 79 130
Foundry Venture Growth $175000000 $30834484 GE 2 GE 77 127
Updata Venture Growth $125000000 $46209141 GE 3 GE 55 91
Main Post Venture Growth $40000000 $0 GE 4 GE 18 29
FTV Venture Growth $46000000 $31248971 GE 5 GE 20 33
Mercato Venture Growth $40000000 $23833321 GE 6 GE 18 29
TSSP Special Situations $150000000 $49206694 SS 1 SS 66 109
BlackstoneGSO Special Situations $93750000 $37091463 SS 2 SS 41 68
BlackstoneBAAM Special Situations $65000000 SS 3 SS 29 47
Carlyle Special Situations $65000000 $24236270 SS 4 SS 29 47
HIG Special Situations $60000000 $17374728 SS 5 SS 26 43
LightBay Special Situations $40000000 $0 SS 6 SS 18 29
Total $2280100000 $556735918 10000 16529
CHECK
Altaris
Arcline
BlackstoneGSO
Capital Partners
CapVest
Carlyle
Dunes Point
Foundry
FTV
GTCR
HIG
Harvest
Incline
Kainos
LightBay
Main Post
Marlin
Mercato
One Rock
Providence
Reverence
Searchlight
Tritium
TSSP
Updata
Manager Fund Firm Age Year of Commitment Year Founded Fund Type Year of Commitment Vintage Year Report Name Short Name Fund Size LPAC Seat Approved ($) Commitment ($) State Street NAV ($) US Fund Div ( of Fund) Intl Fund Div ( of Fund) US Fund Div ( of Total Commits) Intl Fund Div ( of Total Commits) US Fund Div ( of Total NAV Intl Fund Div ( of Total NAV
Carlyle Carlyle Energy Mezzanine Opportunities Fund II 5 2010 2 SS 2015 2015 Special Situations Manager 3 SS 03 2819243965 Voting 65000000 65000000 2423627012 75 25 2 1 3 1
HIG HIG Bayside Loan Opportunity Fund IV 22 1993 4 SS 2015 2015 Special Situations Manager 4 SS 04 1100000000 60000000 60000000 1737472771 75 25 2 1 2 1
Harvest Harvest Partners VII 34 1981 7 BO 2015 2016 Buy-out Manager 12 BO 12 2200000000 50000000 20000000 1172567574 80 20 1 0 2 0
Searchlight Searchlight Capital II 5 2010 2 BO 2015 2015 Buy-out Manager 8 BO 08 1939000000 50000000 47000000 3345429620 60 40 1 1 4 2
Tritium Tritium I 2 2013 1 BO 2015 2014 Buy-out Manager 4 BO 04 309000000 Voting 50000000 50000000 5898813765 85 15 2 0 9 2
TSSP TSSP Adjacent Opportunities Partners (B) 6 2009 3 SS 2015 2014 Special Situations Manager 1 SS 01 3500000000 75000000 75000000 4920669401 60 40 2 1 5 4
BlackstoneGSO GSO Capital Opportunities Fund III 11 2005 3 SS 2016 2016 Special Situations Manager 2 SS 02 6000000000 75000000 75000000 32285251 80 20 3 1 5 1
BlackstoneGSO GSO COF III - Co-Investment 11 2005 3 SS 2016 2016 Special Situations Manager 8 SS 08 2000000000 18750000 18750000 4806212 80 20 1 0 1 0
Foundry Foundry Group Next Fund 9 2007 4 GE 2016 2016 GrowthVenture Manager 7 GE 07 500000000 35000000 30000000 2644022252 100 0 1 0 5 0
FTV FTV V 18 1998 5 GE 2016 2017 GrowthVenture Manager 4 GE 04 867000000 Voting 50000000 46000000 3124897116 75 25 2 1 4 1
Incline Incline Equity Partners IV 5 2011 4 BO 2016 2017 Buy-out Manager 10 BO 10 601000000 50000000 40000000 1161163584 80 20 1 0 2 0
Kainos Kainos Capital Partners II 4 2012 2 BO 2016 2016 Buy-out Manager 11 BO 11 895000000 Observer 50000000 35000000 1953918849 75 25 1 0 3 1
Mercato Mercato Partners Growth III 9 2007 3 GE 2016 2015 GrowthVenture Manager 6 GE 06 246000000 Voting 40000000 40000000 2383332060 100 0 2 0 4 0
PSG Providence Strategic Growth II 3 2013 2 GE 2016 2016 GrowthVenture Manager 2 GE 02 640000000 Voting 60000000 60000000 6665235799 100 0 3 0 12 0
Updata Updata Partners V 18 1998 5 GE 2016 2014 GrowthVenture Manager 3 GE 03 280000000 Voting 50000000 50000000 4620914142 90 10 2 0 7 1
Altaris Altaris Constellation IV 14 2003 4 BO 2017 2018 Buy-out Manager 14 BO 14 240000000 12500000 12500000 4140390 75 25 0 0 1 0
Altaris Altaris Health Partners IV 14 2003 4 BO 2017 2018 Buy-out Manager 5 BO 05 1000000000 50000000 50000000 11187778 75 25 2 1 2 1
Capital Partners Capital Partners II 13 2004 2 BO 2017 2018 Buy-out Manager 1 BO 01 500000000 Voting 70000000 58000000 12317286 100 0 3 0 2 0
Dunes Point Dunes Point Capital Fund II 4 2013 2 BO 2017 2018 Buy-out Manager 7 BO 07 535000000 Voting 50000000 50000000 - 0 80 20 2 0 0 0
GTCR GTCR XII 37 1980 12 BO 2017 2018 Buy-out Manager 6 BO 06 5250000000 75000000 50000000 498579807 75 25 2 1 1 0
LightBay LightBay Investment Partners I 0 2017 1 SS 2017 2018 Special Situations Manager 7 SS 07 615000000 Voting 50000000 40000000 - 0 80 20 1 0 0 0
Marlin Marlin Equity V 12 2005 5 BO 2017 2018 Buy-out Manager 2 BO 02 2500000000 60000000 57000000 946658473 80 20 2 0 1 0
Marlin Marlin Heritage II 12 2005 2 BO 2017 2017 Buy-out Manager 13 BO 13 750000000 15000000 14250000 525048862 75 25 0 0 1 0
One Rock One Rock Capital Partners II 7 2010 2 BO 2017 2017 Buy-out Manager 9 BO 09 964000000 50000000 45000000 1318074623 90 10 2 0 2 0
PSG Providence Strategic Growth III 4 2013 3 GE 2017 2018 GrowthVenture Manager 1 GE 01 1322000000 Voting 70000000 70000000 1547348223 100 0 3 0 3 0
CapVest CapVest Equity Partners IV 19 1999 4 BO 2018 2018 Buy-out Manager 15 BO 15 1001750000 53000000 46600000 - 0 0 100 0 2 0 0
Foundry Foundry Group Next 2018 11 2007 5 GE 2018 2018 GrowthVenture Manager 5 GE 05 750000000 45000000 45000000 439426166 90 10 2 0 1 0
HIG SPF HIG Strategic Partners Fund 25 1993 NA BO 2018 2018 Buy-out Manager 16 BO 16 1115000000 300000000 300000000 1872700007 60 40 8 5 2 1
Main Post Main Post II 4 2014 2 GE 2018 2019 GrowthVenture Manager 8 GE 08 700000000 Voting 50000000 40000000 - 0 100 0 2 0 0 0
Providence Providence Equity Partners VIII 29 1989 8 BO 2018 2017 Buy-out Manager 3 BO 03 5000000000 55000000 55000000 - 0 60 40 1 1 0 0
Tritium Tritium II 5 2013 2 BO 2018 2019 Buy-out Manager 17 BO 17 450000000 Voting 60000000 60000000 - 0 85 15 2 0 0 0
TSSP TPG Opportunities Partners IV 9 2009 4 SS 2018 2018 Special Situations Manager 6 SS 06 3000000000 50000000 25000000 - 0 60 40 1 0 0 0
TSSP TSSP Adjacent Opportunities Partners (D) 9 2009 4 SS 2018 2018 Special Situations Manager 5 SS 05 3000000000 50000000 50000000 - 0 60 40 1 1 0 0
Updata Updata Partners VI 20 1998 6 GE 2018 2014 GrowthVenture Manager 3 GE 03 300000000 Voting 75000000 75000000 - 0 90 10 3 0 0 0
PSG Providence Strategic Growth IV 6 2013 4 GE 2019 GE 09 2000000000 Voting 50000000 50000000 - 0 100 0 2 0 0 0
Foundry FGN 2018 Partner Fund 12 2007 6 GE 2019 GE 10 200000000 100000000 100000000 - 0 90 10 4 0 0 0
Reverence Reverence Capital Partners II 6 2013 2 BO 2019 BO 18 1000000000 Voting 50000000 50000000 - 0 90 10 2 0 0 0
Arcline Arcline Capital Partners 1 2018 1 BO 2019 BO 19 1500000000 50000000 50000000 - 0 90 10 2 0 0 0
Searchlight Searchlight Capital III 9 2010 3 BO 2019 2015 Buy-out Manager 8 BO 20 2750000000 50000000 50000000 - 0 60 40 1 1 0 0
Northlane Northlane Capital Partners II 5 2014 2 BO 2019 BO 21 375000000 Voting 60000000 60000000 - 0 100 0 3 0 0 0
BlackstoneBAAM Blackstone Strategic Capital Holdings II 29 1990 2 SS 2019 SS 07 4000000000 Voting 65000000 65000000 - 0 80 20 2 1 0 0
6000000000
5250000000
5000000000
3500000000
3000000000
3000000000
2800000000
2500000000
2200000000
2000000000
2000000000
1500000000
1500000000
1322000000
1115000000
1100000000
1001750000
1000000000
1000000000
964000000
895000000
867000000
750000000
750000000
700000000
640000000
615000000
601000000
535000000
500000000
500000000
450000000
309000000
300000000
280000000
246000000
240000000
200000000
Assumptions
TMRS (AUM) $ 27589122062 ltltltlt As of 12312018
PE Target () 500
PE Target ($) $ 1379456103
PE Commitments ($) $ 2280100000
PE NAV ($) $ 556735918 ltltltlt As of 12312018
PE NAV () 202
Un-Allocated () -6529
Instructions by Sheet Name
Notes Light blue-filled cells are hard-coded (not formula-driven)
The green-colored tabs are the only ones to be updated right now
The red-colored tab does not need to be updated (still under construction)
Portfolio
1) Input new Fund commitment into the next open row
2) Confirm and input the details for the row of the new Fund in columns A through G
3) Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I
4) Copy paste the formulas used in columns J and K for the row of the new Fund
Manager
1) If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated
2) Input the name of the Manager for the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Manager
4) Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option
Fund
1) Insert a row above the one beginning with UA (Un-Allocated)
2) Input the Short Name of the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Fund
4) Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option
Year of Commit Commitments of Commitments to Date of Target PE Allocation
2015 317000000 1390 2298
2016 394750000 1731 2862
2017 436750000 1915 3166
2018 481600000 2112 3491 ltltltTakes into account $75 mm of HIG SPF
Total 1630100000 7149 11817
CHECK CHECK CHECK
Geography of Commitments to Date of NAV to Date of Target PE Allocation
USA 780 822 1289
International 220 178 364
Un-Allocated -653
Total 1000 1000 1000
Strategy Commitments NAV of Commitments to Date of NAV to Date of Target PE Allocation
BO Buy-out (40 to 75) 1200350000 214575006 526 385 870
GE GrowthVenture (10 to 40) 606000000 214251758 266 385 439
SS Special Situations (5 to 35) 473750000 127909154 208 230 343
Un-Allocated -653
Total 2280100000 556735918 1000 1000 1000
Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1216 60 0
GrowthVenture 0 55 0 40 75
Special Situations 0 75 0 0 0
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1766 2366 2366
GrowthVenture 0 55 55 95 170
Special Situations 0 75 75 75 75
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Beg Year Q1 Q2 Q3 End Year
Buy-out 750 1500 600 00 00
GrowthVenture 00 833 00 00 00
Special Situations 00 00 650 00 00
Unallocated 4500 2167 917 917 917
Target 525 525 525 525 525
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 75 2250 2850 2850 2850
GrowthVenture 0 833 833 833 833
Special Situations 0 00 650 650 650
Unallocated 450 2167 917 917 917
Target 525 525 525 525 525
Short Name Commitments of Commitments to Date of Target PE Allocation
BO 01 58000000 254 420
BO 02 57000000 250 413
BO 03 55000000 241 399
BO 04 50000000 219 362
BO 05 50000000 219 362
BO 06 50000000 219 362
BO 07 50000000 219 362
BO 08 47000000 206 341
BO 09 45000000 197 326
BO 10 40000000 175 290
BO 11 35000000 154 254
BO 12 20000000 088 145
BO 13 14250000 062 103
BO 14 12500000 055 091
BO 15 46600000 204 338
BO 16 300000000 1316 2175
BO 17 60000000 263 435
BO 18 50000000 219 362
BO 19 50000000 219 362
BO 20 50000000 219 362
GE 01 70000000 307 507
GE 02 60000000 263 435
GE 03 125000000 548 906
GE 04 46000000 202 333
GE 05 45000000 197 326
GE 06 40000000 175 290
GE 07 30000000 132 217
GE 08 40000000 175 290
GE 09 50000000 219 362
GE 10 100000000 439 725
SS 01 75000000 329 544
SS 02 75000000 329 544
SS 03 65000000 285 471
SS 04 60000000 263 435
SS 05 50000000 219 362
SS 06 25000000 110 181
SS 07 105000000 461 761
SS 08 18750000 082 136
UA -6529
Total 2220100000 9737 9565
CHECK CHECK CHECK
Manager Strategy Commitment Portfolio Benchmark NAV Short Name Strategy (Abbrev) of Commitments to Date of Target PE Allocation
HIG SPF Buy-out $300000000 Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years $18727000 BO 1 BO 132 217
Tritium Buy-out $110000000 $58988138 BO 2 BO 48 80
Searchlight Buy-out $97000000 $33454296 BO 3 BO 43 70
Marlin Buy-out $71250000 $14717073 BO 4 BO 31 52
Altaris Buy-out $62500000 $15328169 BO 5 BO 27 45
Northlane Buy-out $60000000 BO 6 BO 26 43
Capital Partners Buy-out $58000000 $12317286 BO 7 BO 25 42
Providence Buy-out $55000000 $0 BO 8 BO 24 40
Dunes Point Buy-out $50000000 $0 BO 9 BO 22 36
GTCR Buy-out $50000000 $4985798 BO 10 BO 22 36
Reverence Buy-out $50000000 $0 BO 11 BO 22 36
Arcline Buy-out $50000000 $0 BO 12 BO 22 36
CapVest Buy-out $46600000 $0 BO 13 BO 20 34
One Rock Buy-out $45000000 $13180746 BO 14 BO 20 33
Incline Buy-out $40000000 $11611636 BO 15 BO 18 29
Kainos Buy-out $35000000 $19539188 BO 16 BO 15 25
Harvest Buy-out $20000000 $11725676 BO 17 BO 09 14
PSG Venture Growth $180000000 $82125840 GE 1 GE 79 130
Foundry Venture Growth $175000000 $30834484 GE 2 GE 77 127
Updata Venture Growth $125000000 $46209141 GE 3 GE 55 91
Main Post Venture Growth $40000000 $0 GE 4 GE 18 29
FTV Venture Growth $46000000 $31248971 GE 5 GE 20 33
Mercato Venture Growth $40000000 $23833321 GE 6 GE 18 29
TSSP Special Situations $150000000 $49206694 SS 1 SS 66 109
BlackstoneGSO Special Situations $93750000 $37091463 SS 2 SS 41 68
BlackstoneBAAM Special Situations $65000000 SS 3 SS 29 47
Carlyle Special Situations $65000000 $24236270 SS 4 SS 29 47
HIG Special Situations $60000000 $17374728 SS 5 SS 26 43
LightBay Special Situations $40000000 $0 SS 6 SS 18 29
Total $2280100000 $556735918 10000 16529
CHECK
Altaris
Arcline
BlackstoneGSO
Capital Partners
CapVest
Carlyle
Dunes Point
Foundry
FTV
GTCR
HIG
Harvest
Incline
Kainos
LightBay
Main Post
Marlin
Mercato
One Rock
Providence
Reverence
Searchlight
Tritium
TSSP
Updata
Manager Fund Firm Age Year of Commitment Year Founded Fund Type Year of Commitment Vintage Year Report Name Short Name Fund Size LPAC Seat Approved ($) Commitment ($) State Street NAV ($) US Fund Div ( of Fund) Intl Fund Div ( of Fund) US Fund Div ( of Total Commits) Intl Fund Div ( of Total Commits) US Fund Div ( of Total NAV Intl Fund Div ( of Total NAV
Carlyle Carlyle Energy Mezzanine Opportunities Fund II 5 2010 2 SS 2015 2015 Special Situations Manager 3 SS 03 2819243965 Voting 65000000 65000000 2423627012 75 25 2 1 3 1
HIG HIG Bayside Loan Opportunity Fund IV 22 1993 4 SS 2015 2015 Special Situations Manager 4 SS 04 1100000000 60000000 60000000 1737472771 75 25 2 1 2 1
Harvest Harvest Partners VII 34 1981 7 BO 2015 2016 Buy-out Manager 12 BO 12 2200000000 50000000 20000000 1172567574 80 20 1 0 2 0
Searchlight Searchlight Capital II 5 2010 2 BO 2015 2015 Buy-out Manager 8 BO 08 1939000000 50000000 47000000 3345429620 60 40 1 1 4 2
Tritium Tritium I 2 2013 1 BO 2015 2014 Buy-out Manager 4 BO 04 309000000 Voting 50000000 50000000 5898813765 85 15 2 0 9 2
TSSP TSSP Adjacent Opportunities Partners (B) 6 2009 3 SS 2015 2014 Special Situations Manager 1 SS 01 3500000000 75000000 75000000 4920669401 60 40 2 1 5 4
BlackstoneGSO GSO Capital Opportunities Fund III 11 2005 3 SS 2016 2016 Special Situations Manager 2 SS 02 6000000000 75000000 75000000 32285251 80 20 3 1 5 1
BlackstoneGSO GSO COF III - Co-Investment 11 2005 3 SS 2016 2016 Special Situations Manager 8 SS 08 2000000000 18750000 18750000 4806212 80 20 1 0 1 0
Foundry Foundry Group Next Fund 9 2007 4 GE 2016 2016 GrowthVenture Manager 7 GE 07 500000000 35000000 30000000 2644022252 100 0 1 0 5 0
FTV FTV V 18 1998 5 GE 2016 2017 GrowthVenture Manager 4 GE 04 867000000 Voting 50000000 46000000 3124897116 75 25 2 1 4 1
Incline Incline Equity Partners IV 5 2011 4 BO 2016 2017 Buy-out Manager 10 BO 10 601000000 50000000 40000000 1161163584 80 20 1 0 2 0
Kainos Kainos Capital Partners II 4 2012 2 BO 2016 2016 Buy-out Manager 11 BO 11 895000000 Observer 50000000 35000000 1953918849 75 25 1 0 3 1
Mercato Mercato Partners Growth III 9 2007 3 GE 2016 2015 GrowthVenture Manager 6 GE 06 246000000 Voting 40000000 40000000 2383332060 100 0 2 0 4 0
PSG Providence Strategic Growth II 3 2013 2 GE 2016 2016 GrowthVenture Manager 2 GE 02 640000000 Voting 60000000 60000000 6665235799 100 0 3 0 12 0
Updata Updata Partners V 18 1998 5 GE 2016 2014 GrowthVenture Manager 3 GE 03 280000000 Voting 50000000 50000000 4620914142 90 10 2 0 7 1
Altaris Altaris Constellation IV 14 2003 4 BO 2017 2018 Buy-out Manager 14 BO 14 240000000 12500000 12500000 4140390 75 25 0 0 1 0
Altaris Altaris Health Partners IV 14 2003 4 BO 2017 2018 Buy-out Manager 5 BO 05 1000000000 50000000 50000000 11187778 75 25 2 1 2 1
Capital Partners Capital Partners II 13 2004 2 BO 2017 2018 Buy-out Manager 1 BO 01 500000000 Voting 70000000 58000000 12317286 100 0 3 0 2 0
Dunes Point Dunes Point Capital Fund II 4 2013 2 BO 2017 2018 Buy-out Manager 7 BO 07 535000000 Voting 50000000 50000000 - 0 80 20 2 0 0 0
GTCR GTCR XII 37 1980 12 BO 2017 2018 Buy-out Manager 6 BO 06 5250000000 75000000 50000000 498579807 75 25 2 1 1 0
LightBay LightBay Investment Partners I 0 2017 1 SS 2017 2018 Special Situations Manager 7 SS 07 615000000 Voting 50000000 40000000 - 0 80 20 1 0 0 0
Marlin Marlin Equity V 12 2005 5 BO 2017 2018 Buy-out Manager 2 BO 02 2500000000 60000000 57000000 946658473 80 20 2 0 1 0
Marlin Marlin Heritage II 12 2005 2 BO 2017 2017 Buy-out Manager 13 BO 13 750000000 15000000 14250000 525048862 75 25 0 0 1 0
One Rock One Rock Capital Partners II 7 2010 2 BO 2017 2017 Buy-out Manager 9 BO 09 964000000 50000000 45000000 1318074623 90 10 2 0 2 0
PSG Providence Strategic Growth III 4 2013 3 GE 2017 2018 GrowthVenture Manager 1 GE 01 1322000000 Voting 70000000 70000000 1547348223 100 0 3 0 3 0
CapVest CapVest Equity Partners IV 19 1999 4 BO 2018 2018 Buy-out Manager 15 BO 15 1001750000 53000000 46600000 - 0 0 100 0 2 0 0
Foundry Foundry Group Next 2018 11 2007 5 GE 2018 2018 GrowthVenture Manager 5 GE 05 750000000 45000000 45000000 439426166 90 10 2 0 1 0
HIG SPF HIG Strategic Partners Fund 25 1993 NA BO 2018 2018 Buy-out Manager 16 BO 16 1115000000 300000000 300000000 1872700007 60 40 8 5 2 1
Main Post Main Post II 4 2014 2 GE 2018 2019 GrowthVenture Manager 8 GE 08 700000000 Voting 50000000 40000000 - 0 100 0 2 0 0 0
Providence Providence Equity Partners VIII 29 1989 8 BO 2018 2017 Buy-out Manager 3 BO 03 5000000000 55000000 55000000 - 0 60 40 1 1 0 0
Tritium Tritium II 5 2013 2 BO 2018 2019 Buy-out Manager 17 BO 17 450000000 Voting 60000000 60000000 - 0 85 15 2 0 0 0
TSSP TPG Opportunities Partners IV 9 2009 4 SS 2018 2018 Special Situations Manager 6 SS 06 3000000000 50000000 25000000 - 0 60 40 1 0 0 0
TSSP TSSP Adjacent Opportunities Partners (D) 9 2009 4 SS 2018 2018 Special Situations Manager 5 SS 05 3000000000 50000000 50000000 - 0 60 40 1 1 0 0
Updata Updata Partners VI 20 1998 6 GE 2018 2014 GrowthVenture Manager 3 GE 03 300000000 Voting 75000000 75000000 - 0 90 10 3 0 0 0
PSG Providence Strategic Growth IV 6 2013 4 GE 2019 GE 09 2000000000 Voting 50000000 50000000 - 0 100 0 2 0 0 0
Foundry FGN 2018 Partner Fund 12 2007 6 GE 2019 GE 10 200000000 100000000 100000000 - 0 90 10 4 0 0 0
Reverence Reverence Capital Partners II 6 2013 2 BO 2019 BO 18 1000000000 Voting 50000000 50000000 - 0 90 10 2 0 0 0
Arcline Arcline Capital Partners 1 2018 1 BO 2019 BO 19 1500000000 50000000 50000000 - 0 90 10 2 0 0 0
Searchlight Searchlight Capital III 9 2010 3 BO 2019 2015 Buy-out Manager 8 BO 20 2750000000 50000000 50000000 - 0 60 40 1 1 0 0
Northlane Northlane Capital Partners II 5 2014 2 BO 2019 BO 21 375000000 Voting 60000000 60000000 - 0 100 0 3 0 0 0
BlackstoneBAAM Blackstone Strategic Capital Holdings II 29 1990 2 SS 2019 SS 07 4000000000 Voting 65000000 65000000 - 0 80 20 2 1 0 0
6000000000
5250000000
5000000000
3500000000
3000000000
3000000000
2800000000
2500000000
2200000000
2000000000
2000000000
1500000000
1500000000
1322000000
1115000000
1100000000
1001750000
1000000000
1000000000
964000000
895000000
867000000
750000000
750000000
700000000
640000000
615000000
601000000
535000000
500000000
500000000
450000000
309000000
300000000
280000000
246000000
240000000
200000000
Assumptions
TMRS (AUM) $ 27589122062 ltltltlt As of 12312018
PE Target () 500
PE Target ($) $ 1379456103
PE Commitments ($) $ 2280100000
PE NAV ($) $ 556735918 ltltltlt As of 12312018
PE NAV () 202
Un-Allocated () -6529
Instructions by Sheet Name
Notes Light blue-filled cells are hard-coded (not formula-driven)
The green-colored tabs are the only ones to be updated right now
The red-colored tab does not need to be updated (still under construction)
Portfolio
1) Input new Fund commitment into the next open row
2) Confirm and input the details for the row of the new Fund in columns A through G
3) Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I
4) Copy paste the formulas used in columns J and K for the row of the new Fund
Manager
1) If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated
2) Input the name of the Manager for the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Manager
4) Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option
Fund
1) Insert a row above the one beginning with UA (Un-Allocated)
2) Input the Short Name of the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Fund
4) Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option
Year of Commit Commitments of Commitments to Date of Target PE Allocation
2015 317000000 1390 2298
2016 394750000 1731 2862
2017 436750000 1915 3166
2018 481600000 2112 3491 ltltltTakes into account $75 mm of HIG SPF
Total 1630100000 7149 11817
CHECK CHECK CHECK
Geography of Commitments to Date of NAV to Date of Target PE Allocation
USA 780 822 1289
International 220 178 364
Un-Allocated -653
Total 1000 1000 1000
Strategy Commitments NAV of Commitments to Date of NAV to Date of Target PE Allocation
BO Buy-out (40 to 75) 1200350000 214575006 526 385 870
GE GrowthVenture (10 to 40) 606000000 214251758 266 385 439
SS Special Situations (5 to 35) 473750000 127909154 208 230 343
Un-Allocated -653
Total 2280100000 556735918 1000 1000 1000
Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1216 60 0
GrowthVenture 0 55 0 40 75
Special Situations 0 75 0 0 0
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1766 2366 2366
GrowthVenture 0 55 55 95 170
Special Situations 0 75 75 75 75
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Beg Year Q1 Q2 Q3 End Year
Buy-out 750 1500 600 00 00
GrowthVenture 00 833 00 00 00
Special Situations 00 00 650 00 00
Unallocated 4500 2167 917 917 917
Target 525 525 525 525 525
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 75 2250 2850 2850 2850
GrowthVenture 0 833 833 833 833
Special Situations 0 00 650 650 650
Unallocated 450 2167 917 917 917
Target 525 525 525 525 525
Short Name Commitments of Commitments to Date of Target PE Allocation
BO 01 58000000 254 420
BO 02 57000000 250 413
BO 03 55000000 241 399
BO 04 50000000 219 362
BO 05 50000000 219 362
BO 06 50000000 219 362
BO 07 50000000 219 362
BO 08 47000000 206 341
BO 09 45000000 197 326
BO 10 40000000 175 290
BO 11 35000000 154 254
BO 12 20000000 088 145
BO 13 14250000 062 103
BO 14 12500000 055 091
BO 15 46600000 204 338
BO 16 300000000 1316 2175
BO 17 60000000 263 435
BO 18 50000000 219 362
BO 19 50000000 219 362
BO 20 50000000 219 362
GE 01 70000000 307 507
GE 02 60000000 263 435
GE 03 125000000 548 906
GE 04 46000000 202 333
GE 05 45000000 197 326
GE 06 40000000 175 290
GE 07 30000000 132 217
GE 08 40000000 175 290
GE 09 50000000 219 362
GE 10 100000000 439 725
SS 01 75000000 329 544
SS 02 75000000 329 544
SS 03 65000000 285 471
SS 04 60000000 263 435
SS 05 50000000 219 362
SS 06 25000000 110 181
SS 07 105000000 461 761
SS 08 18750000 082 136
UA -6529
Total 2220100000 9737 9565
CHECK CHECK CHECK
Manager Strategy Commitment Portfolio Benchmark NAV Short Name Strategy (Abbrev) of Commitments to Date of Target PE Allocation
HIG SPF Buy-out $300000000 Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years $18727000 BO 1 BO 132 217
Tritium Buy-out $110000000 $58988138 BO 2 BO 48 80
Searchlight Buy-out $97000000 $33454296 BO 3 BO 43 70
Marlin Buy-out $71250000 $14717073 BO 4 BO 31 52
Altaris Buy-out $62500000 $15328169 BO 5 BO 27 45
Northlane Buy-out $60000000 BO 6 BO 26 43
Capital Partners Buy-out $58000000 $12317286 BO 7 BO 25 42
Providence Buy-out $55000000 $0 BO 8 BO 24 40
Dunes Point Buy-out $50000000 $0 BO 9 BO 22 36
GTCR Buy-out $50000000 $4985798 BO 10 BO 22 36
Reverence Buy-out $50000000 $0 BO 11 BO 22 36
Arcline Buy-out $50000000 $0 BO 12 BO 22 36
CapVest Buy-out $46600000 $0 BO 13 BO 20 34
One Rock Buy-out $45000000 $13180746 BO 14 BO 20 33
Incline Buy-out $40000000 $11611636 BO 15 BO 18 29
Kainos Buy-out $35000000 $19539188 BO 16 BO 15 25
Harvest Buy-out $20000000 $11725676 BO 17 BO 09 14
PSG Venture Growth $180000000 $82125840 GE 1 GE 79 130
Foundry Venture Growth $175000000 $30834484 GE 2 GE 77 127
Updata Venture Growth $125000000 $46209141 GE 3 GE 55 91
Main Post Venture Growth $40000000 $0 GE 4 GE 18 29
FTV Venture Growth $46000000 $31248971 GE 5 GE 20 33
Mercato Venture Growth $40000000 $23833321 GE 6 GE 18 29
TSSP Special Situations $150000000 $49206694 SS 1 SS 66 109
BlackstoneGSO Special Situations $93750000 $37091463 SS 2 SS 41 68
BlackstoneBAAM Special Situations $65000000 SS 3 SS 29 47
Carlyle Special Situations $65000000 $24236270 SS 4 SS 29 47
HIG Special Situations $60000000 $17374728 SS 5 SS 26 43
LightBay Special Situations $40000000 $0 SS 6 SS 18 29
Total $2280100000 $556735918 10000 16529
CHECK
Altaris
Arcline
BlackstoneGSO
Capital Partners
CapVest
Carlyle
Dunes Point
Foundry
FTV
GTCR
HIG
Harvest
Incline
Kainos
LightBay
Main Post
Marlin
Mercato
One Rock
Providence
Reverence
Searchlight
Tritium
TSSP
Updata
Manager Fund Firm Age Year of Commitment Year Founded Fund Type Year of Commitment Vintage Year Report Name Short Name Fund Size LPAC Seat Approved ($) Commitment ($) State Street NAV ($) US Fund Div ( of Fund) Intl Fund Div ( of Fund) US Fund Div ( of Total Commits) Intl Fund Div ( of Total Commits) US Fund Div ( of Total NAV Intl Fund Div ( of Total NAV
Carlyle Carlyle Energy Mezzanine Opportunities Fund II 5 2010 2 SS 2015 2015 Special Situations Manager 3 SS 03 2819243965 Voting 65000000 65000000 2423627012 75 25 2 1 3 1
HIG HIG Bayside Loan Opportunity Fund IV 22 1993 4 SS 2015 2015 Special Situations Manager 4 SS 04 1100000000 60000000 60000000 1737472771 75 25 2 1 2 1
Harvest Harvest Partners VII 34 1981 7 BO 2015 2016 Buy-out Manager 12 BO 12 2200000000 50000000 20000000 1172567574 80 20 1 0 2 0
Searchlight Searchlight Capital II 5 2010 2 BO 2015 2015 Buy-out Manager 8 BO 08 1939000000 50000000 47000000 3345429620 60 40 1 1 4 2
Tritium Tritium I 2 2013 1 BO 2015 2014 Buy-out Manager 4 BO 04 309000000 Voting 50000000 50000000 5898813765 85 15 2 0 9 2
TSSP TSSP Adjacent Opportunities Partners (B) 6 2009 3 SS 2015 2014 Special Situations Manager 1 SS 01 3500000000 75000000 75000000 4920669401 60 40 2 1 5 4
BlackstoneGSO GSO Capital Opportunities Fund III 11 2005 3 SS 2016 2016 Special Situations Manager 2 SS 02 6000000000 75000000 75000000 32285251 80 20 3 1 5 1
BlackstoneGSO GSO COF III - Co-Investment 11 2005 3 SS 2016 2016 Special Situations Manager 8 SS 08 2000000000 18750000 18750000 4806212 80 20 1 0 1 0
Foundry Foundry Group Next Fund 9 2007 4 GE 2016 2016 GrowthVenture Manager 7 GE 07 500000000 35000000 30000000 2644022252 100 0 1 0 5 0
FTV FTV V 18 1998 5 GE 2016 2017 GrowthVenture Manager 4 GE 04 867000000 Voting 50000000 46000000 3124897116 75 25 2 1 4 1
Incline Incline Equity Partners IV 5 2011 4 BO 2016 2017 Buy-out Manager 10 BO 10 601000000 50000000 40000000 1161163584 80 20 1 0 2 0
Kainos Kainos Capital Partners II 4 2012 2 BO 2016 2016 Buy-out Manager 11 BO 11 895000000 Observer 50000000 35000000 1953918849 75 25 1 0 3 1
Mercato Mercato Partners Growth III 9 2007 3 GE 2016 2015 GrowthVenture Manager 6 GE 06 246000000 Voting 40000000 40000000 2383332060 100 0 2 0 4 0
PSG Providence Strategic Growth II 3 2013 2 GE 2016 2016 GrowthVenture Manager 2 GE 02 640000000 Voting 60000000 60000000 6665235799 100 0 3 0 12 0
Updata Updata Partners V 18 1998 5 GE 2016 2014 GrowthVenture Manager 3 GE 03 280000000 Voting 50000000 50000000 4620914142 90 10 2 0 7 1
Altaris Altaris Constellation IV 14 2003 4 BO 2017 2018 Buy-out Manager 14 BO 14 240000000 12500000 12500000 4140390 75 25 0 0 1 0
Altaris Altaris Health Partners IV 14 2003 4 BO 2017 2018 Buy-out Manager 5 BO 05 1000000000 50000000 50000000 11187778 75 25 2 1 2 1
Capital Partners Capital Partners II 13 2004 2 BO 2017 2018 Buy-out Manager 1 BO 01 500000000 Voting 70000000 58000000 12317286 100 0 3 0 2 0
Dunes Point Dunes Point Capital Fund II 4 2013 2 BO 2017 2018 Buy-out Manager 7 BO 07 535000000 Voting 50000000 50000000 - 0 80 20 2 0 0 0
GTCR GTCR XII 37 1980 12 BO 2017 2018 Buy-out Manager 6 BO 06 5250000000 75000000 50000000 498579807 75 25 2 1 1 0
LightBay LightBay Investment Partners I 0 2017 1 SS 2017 2018 Special Situations Manager 7 SS 07 615000000 Voting 50000000 40000000 - 0 80 20 1 0 0 0
Marlin Marlin Equity V 12 2005 5 BO 2017 2018 Buy-out Manager 2 BO 02 2500000000 60000000 57000000 946658473 80 20 2 0 1 0
Marlin Marlin Heritage II 12 2005 2 BO 2017 2017 Buy-out Manager 13 BO 13 750000000 15000000 14250000 525048862 75 25 0 0 1 0
One Rock One Rock Capital Partners II 7 2010 2 BO 2017 2017 Buy-out Manager 9 BO 09 964000000 50000000 45000000 1318074623 90 10 2 0 2 0
PSG Providence Strategic Growth III 4 2013 3 GE 2017 2018 GrowthVenture Manager 1 GE 01 1322000000 Voting 70000000 70000000 1547348223 100 0 3 0 3 0
CapVest CapVest Equity Partners IV 19 1999 4 BO 2018 2018 Buy-out Manager 15 BO 15 1001750000 53000000 46600000 - 0 0 100 0 2 0 0
Foundry Foundry Group Next 2018 11 2007 5 GE 2018 2018 GrowthVenture Manager 5 GE 05 750000000 45000000 45000000 439426166 90 10 2 0 1 0
HIG SPF HIG Strategic Partners Fund 25 1993 NA BO 2018 2018 Buy-out Manager 16 BO 16 1115000000 300000000 300000000 1872700007 60 40 8 5 2 1
Main Post Main Post II 4 2014 2 GE 2018 2019 GrowthVenture Manager 8 GE 08 700000000 Voting 50000000 40000000 - 0 100 0 2 0 0 0
Providence Providence Equity Partners VIII 29 1989 8 BO 2018 2017 Buy-out Manager 3 BO 03 5000000000 55000000 55000000 - 0 60 40 1 1 0 0
Tritium Tritium II 5 2013 2 BO 2018 2019 Buy-out Manager 17 BO 17 450000000 Voting 60000000 60000000 - 0 85 15 2 0 0 0
TSSP TPG Opportunities Partners IV 9 2009 4 SS 2018 2018 Special Situations Manager 6 SS 06 3000000000 50000000 25000000 - 0 60 40 1 0 0 0
TSSP TSSP Adjacent Opportunities Partners (D) 9 2009 4 SS 2018 2018 Special Situations Manager 5 SS 05 3000000000 50000000 50000000 - 0 60 40 1 1 0 0
Updata Updata Partners VI 20 1998 6 GE 2018 2014 GrowthVenture Manager 3 GE 03 300000000 Voting 75000000 75000000 - 0 90 10 3 0 0 0
PSG Providence Strategic Growth IV 6 2013 4 GE 2019 GE 09 2000000000 Voting 50000000 50000000 - 0 100 0 2 0 0 0
Foundry FGN 2018 Partner Fund 12 2007 6 GE 2019 GE 10 200000000 100000000 100000000 - 0 90 10 4 0 0 0
Reverence Reverence Capital Partners II 6 2013 2 BO 2019 BO 18 1000000000 Voting 50000000 50000000 - 0 90 10 2 0 0 0
Arcline Arcline Capital Partners 1 2018 1 BO 2019 BO 19 1500000000 50000000 50000000 - 0 90 10 2 0 0 0
Searchlight Searchlight Capital III 9 2010 3 BO 2019 2015 Buy-out Manager 8 BO 20 2750000000 50000000 50000000 - 0 60 40 1 1 0 0
Northlane Northlane Capital Partners II 5 2014 2 BO 2019 BO 21 375000000 Voting 60000000 60000000 - 0 100 0 3 0 0 0
BlackstoneBAAM Blackstone Strategic Capital Holdings II 29 1990 2 SS 2019 SS 07 4000000000 Voting 65000000 65000000 - 0 80 20 2 1 0 0
6000000000
5250000000
5000000000
3500000000
3000000000
3000000000
2800000000
2500000000
2200000000
2000000000
2000000000
1500000000
1500000000
1322000000
1115000000
1100000000
1001750000
1000000000
1000000000
964000000
895000000
867000000
750000000
750000000
700000000
640000000
615000000
601000000
535000000
500000000
500000000
450000000
309000000
300000000
280000000
246000000
240000000
200000000
Assumptions
TMRS (AUM) $ 27589122062 ltltltlt As of 12312018
PE Target () 500
PE Target ($) $ 1379456103
PE Commitments ($) $ 2280100000
PE NAV ($) $ 556735918 ltltltlt As of 12312018
PE NAV () 202
Un-Allocated () -6529
Instructions by Sheet Name
Notes Light blue-filled cells are hard-coded (not formula-driven)
The green-colored tabs are the only ones to be updated right now
The red-colored tab does not need to be updated (still under construction)
Portfolio
1) Input new Fund commitment into the next open row
2) Confirm and input the details for the row of the new Fund in columns A through G
3) Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I
4) Copy paste the formulas used in columns J and K for the row of the new Fund
Manager
1) If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated
2) Input the name of the Manager for the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Manager
4) Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option
Fund
1) Insert a row above the one beginning with UA (Un-Allocated)
2) Input the Short Name of the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Fund
4) Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option
Page 9: Board Presentation • Private Equity Recommendation, June ... · Board Presentation • Private Equity Recommendation, June 20-21, 2019 Author: TMRS Subject: Board Presentation Private

526

266

208

Private Equity Strategy Diversification by Commitment

Buy-out (40 to75)

GrowthVenture(10 to 40)

Special Situations(5 to 35)

9

Synthesize AnalysisDiversification Analysis

Strategy considerations

2015 Overweight special situations early for J-Curve mitigation efficiency of capital deployment and tactical opportunities

2016 Focus on growth opportunity set and continue to add buy-out exposure

2017 Round out buy-out portfolio and opportunistically add to growth and credit

2018 Steady state on pacing selectively adding new relationships and European exposure

2019 Steady state on pacing selectively adding new relationships and Venture and European exposure

Chart3

Private Equity Strategy Diversification by Commitment

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009

Instructions

Assumptions

Charts

Private Equity Geographic Diversification by Commitment

USA International077994934432700325022005065567299681

Private Equity Strategy Diversification by Commitment

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009

Private Equity Manager Diversification by Commitment

CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000

Private Equity Geographic Diversification by NAV

Geography

USA International082172551941443706017827448058556272

Private Equity Strategy Diversification by NAV

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444

Private Equity Manager Diversification by NAV

NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010

Portfolio

Manager

Fund

2019 Pacing

2019 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629

of Pacing Plan Utilized

2018 Pacing

2018 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977

of Pacing Plan Utilized

Strategy

Geography

Year

10

Synthesize AnalysisDiversification Analysis

The overall goal remains identifying top quartile performers to partner with

Position sizing considerations

Continue to reduce the unallocated portion of the private equity portfolio while sensibly balancing the trade-off between diversification and concentration

Areas of focus are enhancing manager diversification and building strategic relationships where possibleappropriate

Private Equity Manager Diversification by Commitment BO 1 BO 2

BO 3 BO 4BO 5 BO 6BO 7 BO 8BO 9 BO 10BO 11 BO 12BO 13 BO 14BO 15 BO 16BO 17 GE 1GE 2 GE 3GE 4 GE 5GE 6 SS 1SS 2 SS 3SS 4 SS 5SS 6

Chart2

Private Equity Manager Diversification by Commitment

CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000

Instructions

Assumptions

Charts

Private Equity Geographic Diversification by Commitment

USA International077994934432700325022005065567299681

Private Equity Strategy Diversification by Commitment

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009

Private Equity Manager Diversification by Commitment

CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000

Private Equity Geographic Diversification by NAV

Geography

USA International082172551941443706017827448058556272

Private Equity Strategy Diversification by NAV

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444

Private Equity Manager Diversification by NAV

NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010

Portfolio

Manager

Fund

2019 Pacing

2019 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629

of Pacing Plan Utilized

2018 Pacing

2018 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977

of Pacing Plan Utilized

Strategy

Geography

Year

11

Synthesize AnalysisDiversification Analysis

TMRS is focused on taking a measured approach to global geographic diversification

The Target Portfolio keeps a conservative stance on international exposure

780

220

Private Equity Geographic Diversification by Commitment

USA

International

Chart1

Private Equity Geographic Diversification by Commitment

USA International077994934432700325022005065567299681

Instructions

Assumptions

Charts

Private Equity Geographic Diversification by Commitment

USA International077994934432700325022005065567299681

Private Equity Strategy Diversification by Commitment

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009

Private Equity Manager Diversification by Commitment

CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000

Private Equity Geographic Diversification by NAV

Geography

USA International082172551941443706017827448058556272

Private Equity Strategy Diversification by NAV

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444

Private Equity Manager Diversification by NAV

NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010

Portfolio

Manager

Fund

2019 Pacing

2019 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629

of Pacing Plan Utilized

2018 Pacing

2018 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977

of Pacing Plan Utilized

Strategy

Geography

Year

Section IV

12

13

Top Candidate Characteristics ndash Northlane II $60 million Recommendation

Northlane Capital Partners

Date of First TMRS Meeting5102018

Dates of Subsequent Meetings892018312019

5162019

Dates of Diligence AdvancementlsquoBrsquo Rating ndash 312019

lsquoArsquo Rating ndash 5162019

Reference ChecksYes

Date of Consultant IDD ReportSeptember 2018

Date of Consultant Board MemoJune 2019

Legal Negotiation InitiatedMay 2019

Comparable Strategies Reviewed18 (Business Services Buy-Out)

16 (Healthcare Buy-Out)

Northlane Capital Partners LLC (ldquoNorthlanerdquo)is a Washington DC-based buyout firmfounded in 2017 that focuses on acquiringlower-middle market companies in thebusiness services and healthcare sectorsThese target companies will be profitablemarket leaders within their niches typicallygenerating up to $30 million of EBITDA whileproviding critical outsourced services to theircustomers Northlane Capital Partners II LP(Northlane II) is targeting $375 million tobuild a portfolio of 10 to 12 businessesrequiring equity investments of up to $75million continuing to employ the prior fundrsquosstrategy that was developed during thefoundersrsquo tenure at American Capital

Section V

14

15

Approval of Recommendation

TMRS Staff and StepStone Group recommend that the Board of Trusteesapprove the selection of the following fund

Recommendations

bull Northlane Capital Partners II LP $60 million

16

  • Private EquityRecommendation June 20-21 2019
  • Agenda
  • Executive Summary
  • Slide Number 4
  • Due diligence process review
  • Due Diligence ProcessesAs part of Multi-year time periods
  • Due Diligence ProcessesAs part of Annual Search Processes
  • Portfolio construction
  • Private Equity Portfolio StatisticsStrategy Diversification
  • Private Equity Portfolio StatisticsManager Implementation
  • Private Equity Portfolio StatisticsGeographic Diversification
  • Manager selection and recommendation
  • Slide Number 13
  • Requested board action
  • Slide Number 15
  • DISCLOSURES TMRS periodically discloses public information that is not excepted from disclosure under Section 5520225(b) of the Texas Public Information Act Information provided by a manager a Managing General Partner (GP) any of its Associates or other data provider to TMRS or a TMRS service provider and contained in these materials (i) may have been independently produced or modified by TMRS or the TMRS service provider (ii) has not been reviewed or approved by the manager Managing GP or any of its Associates and (iii) may not reflect the historical performance or asset value reflected in the managerrsquos Managing GPrsquos or any of its Associatesrsquo records and therefore should not be used for comparative purposes
Year of Commit Commitments of Commitments to Date of Target PE Allocation
2015 317000000 1390 2298
2016 394750000 1731 2862
2017 436750000 1915 3166
2018 481600000 2112 3491 ltltltTakes into account $75 mm of HIG SPF
Total 1630100000 7149 11817
CHECK CHECK CHECK
Geography of Commitments to Date of NAV to Date of Target PE Allocation
USA 780 822 1289
International 220 178 364
Un-Allocated -653
Total 1000 1000 1000
Strategy Commitments NAV of Commitments to Date of NAV to Date of Target PE Allocation
BO Buy-out (40 to 75) 1200350000 214575006 526 385 870
GE GrowthVenture (10 to 40) 606000000 214251758 266 385 439
SS Special Situations (5 to 35) 473750000 127909154 208 230 343
Un-Allocated -653
Total 2280100000 556735918 1000 1000 1000
Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1216 60 0
GrowthVenture 0 55 0 40 75
Special Situations 0 75 0 0 0
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1766 2366 2366
GrowthVenture 0 55 55 95 170
Special Situations 0 75 75 75 75
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Beg Year Q1 Q2 Q3 End Year
Buy-out 750 1500 600 00 00
GrowthVenture 00 833 00 00 00
Special Situations 00 00 650 00 00
Unallocated 4500 2167 917 917 917
Target 525 525 525 525 525
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 75 2250 2850 2850 2850
GrowthVenture 0 833 833 833 833
Special Situations 0 00 650 650 650
Unallocated 450 2167 917 917 917
Target 525 525 525 525 525
Short Name Commitments of Commitments to Date of Target PE Allocation
BO 01 58000000 254 420
BO 02 57000000 250 413
BO 03 55000000 241 399
BO 04 50000000 219 362
BO 05 50000000 219 362
BO 06 50000000 219 362
BO 07 50000000 219 362
BO 08 47000000 206 341
BO 09 45000000 197 326
BO 10 40000000 175 290
BO 11 35000000 154 254
BO 12 20000000 088 145
BO 13 14250000 062 103
BO 14 12500000 055 091
BO 15 46600000 204 338
BO 16 300000000 1316 2175
BO 17 60000000 263 435
BO 18 50000000 219 362
BO 19 50000000 219 362
BO 20 50000000 219 362
GE 01 70000000 307 507
GE 02 60000000 263 435
GE 03 125000000 548 906
GE 04 46000000 202 333
GE 05 45000000 197 326
GE 06 40000000 175 290
GE 07 30000000 132 217
GE 08 40000000 175 290
GE 09 50000000 219 362
GE 10 100000000 439 725
SS 01 75000000 329 544
SS 02 75000000 329 544
SS 03 65000000 285 471
SS 04 60000000 263 435
SS 05 50000000 219 362
SS 06 25000000 110 181
SS 07 105000000 461 761
SS 08 18750000 082 136
UA -6529
Total 2220100000 9737 9565
CHECK CHECK CHECK
Manager Strategy Commitment Portfolio Benchmark NAV Short Name Strategy (Abbrev) of Commitments to Date of Target PE Allocation
HIG SPF Buy-out $300000000 Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years $18727000 BO 1 BO 132 217
Tritium Buy-out $110000000 $58988138 BO 2 BO 48 80
Searchlight Buy-out $97000000 $33454296 BO 3 BO 43 70
Marlin Buy-out $71250000 $14717073 BO 4 BO 31 52
Altaris Buy-out $62500000 $15328169 BO 5 BO 27 45
Northlane Buy-out $60000000 BO 6 BO 26 43
Capital Partners Buy-out $58000000 $12317286 BO 7 BO 25 42
Providence Buy-out $55000000 $0 BO 8 BO 24 40
Dunes Point Buy-out $50000000 $0 BO 9 BO 22 36
GTCR Buy-out $50000000 $4985798 BO 10 BO 22 36
Reverence Buy-out $50000000 $0 BO 11 BO 22 36
Arcline Buy-out $50000000 $0 BO 12 BO 22 36
CapVest Buy-out $46600000 $0 BO 13 BO 20 34
One Rock Buy-out $45000000 $13180746 BO 14 BO 20 33
Incline Buy-out $40000000 $11611636 BO 15 BO 18 29
Kainos Buy-out $35000000 $19539188 BO 16 BO 15 25
Harvest Buy-out $20000000 $11725676 BO 17 BO 09 14
PSG Venture Growth $180000000 $82125840 GE 1 GE 79 130
Foundry Venture Growth $175000000 $30834484 GE 2 GE 77 127
Updata Venture Growth $125000000 $46209141 GE 3 GE 55 91
Main Post Venture Growth $40000000 $0 GE 4 GE 18 29
FTV Venture Growth $46000000 $31248971 GE 5 GE 20 33
Mercato Venture Growth $40000000 $23833321 GE 6 GE 18 29
TSSP Special Situations $150000000 $49206694 SS 1 SS 66 109
BlackstoneGSO Special Situations $93750000 $37091463 SS 2 SS 41 68
BlackstoneBAAM Special Situations $65000000 SS 3 SS 29 47
Carlyle Special Situations $65000000 $24236270 SS 4 SS 29 47
HIG Special Situations $60000000 $17374728 SS 5 SS 26 43
LightBay Special Situations $40000000 $0 SS 6 SS 18 29
Total $2280100000 $556735918 10000 16529
CHECK
Altaris
Arcline
BlackstoneGSO
Capital Partners
CapVest
Carlyle
Dunes Point
Foundry
FTV
GTCR
HIG
Harvest
Incline
Kainos
LightBay
Main Post
Marlin
Mercato
One Rock
Providence
Reverence
Searchlight
Tritium
TSSP
Updata
Manager Fund Firm Age Year of Commitment Year Founded Fund Type Year of Commitment Vintage Year Report Name Short Name Fund Size LPAC Seat Approved ($) Commitment ($) State Street NAV ($) US Fund Div ( of Fund) Intl Fund Div ( of Fund) US Fund Div ( of Total Commits) Intl Fund Div ( of Total Commits) US Fund Div ( of Total NAV Intl Fund Div ( of Total NAV
Carlyle Carlyle Energy Mezzanine Opportunities Fund II 5 2010 2 SS 2015 2015 Special Situations Manager 3 SS 03 2819243965 Voting 65000000 65000000 2423627012 75 25 2 1 3 1
HIG HIG Bayside Loan Opportunity Fund IV 22 1993 4 SS 2015 2015 Special Situations Manager 4 SS 04 1100000000 60000000 60000000 1737472771 75 25 2 1 2 1
Harvest Harvest Partners VII 34 1981 7 BO 2015 2016 Buy-out Manager 12 BO 12 2200000000 50000000 20000000 1172567574 80 20 1 0 2 0
Searchlight Searchlight Capital II 5 2010 2 BO 2015 2015 Buy-out Manager 8 BO 08 1939000000 50000000 47000000 3345429620 60 40 1 1 4 2
Tritium Tritium I 2 2013 1 BO 2015 2014 Buy-out Manager 4 BO 04 309000000 Voting 50000000 50000000 5898813765 85 15 2 0 9 2
TSSP TSSP Adjacent Opportunities Partners (B) 6 2009 3 SS 2015 2014 Special Situations Manager 1 SS 01 3500000000 75000000 75000000 4920669401 60 40 2 1 5 4
BlackstoneGSO GSO Capital Opportunities Fund III 11 2005 3 SS 2016 2016 Special Situations Manager 2 SS 02 6000000000 75000000 75000000 32285251 80 20 3 1 5 1
BlackstoneGSO GSO COF III - Co-Investment 11 2005 3 SS 2016 2016 Special Situations Manager 8 SS 08 2000000000 18750000 18750000 4806212 80 20 1 0 1 0
Foundry Foundry Group Next Fund 9 2007 4 GE 2016 2016 GrowthVenture Manager 7 GE 07 500000000 35000000 30000000 2644022252 100 0 1 0 5 0
FTV FTV V 18 1998 5 GE 2016 2017 GrowthVenture Manager 4 GE 04 867000000 Voting 50000000 46000000 3124897116 75 25 2 1 4 1
Incline Incline Equity Partners IV 5 2011 4 BO 2016 2017 Buy-out Manager 10 BO 10 601000000 50000000 40000000 1161163584 80 20 1 0 2 0
Kainos Kainos Capital Partners II 4 2012 2 BO 2016 2016 Buy-out Manager 11 BO 11 895000000 Observer 50000000 35000000 1953918849 75 25 1 0 3 1
Mercato Mercato Partners Growth III 9 2007 3 GE 2016 2015 GrowthVenture Manager 6 GE 06 246000000 Voting 40000000 40000000 2383332060 100 0 2 0 4 0
PSG Providence Strategic Growth II 3 2013 2 GE 2016 2016 GrowthVenture Manager 2 GE 02 640000000 Voting 60000000 60000000 6665235799 100 0 3 0 12 0
Updata Updata Partners V 18 1998 5 GE 2016 2014 GrowthVenture Manager 3 GE 03 280000000 Voting 50000000 50000000 4620914142 90 10 2 0 7 1
Altaris Altaris Constellation IV 14 2003 4 BO 2017 2018 Buy-out Manager 14 BO 14 240000000 12500000 12500000 4140390 75 25 0 0 1 0
Altaris Altaris Health Partners IV 14 2003 4 BO 2017 2018 Buy-out Manager 5 BO 05 1000000000 50000000 50000000 11187778 75 25 2 1 2 1
Capital Partners Capital Partners II 13 2004 2 BO 2017 2018 Buy-out Manager 1 BO 01 500000000 Voting 70000000 58000000 12317286 100 0 3 0 2 0
Dunes Point Dunes Point Capital Fund II 4 2013 2 BO 2017 2018 Buy-out Manager 7 BO 07 535000000 Voting 50000000 50000000 - 0 80 20 2 0 0 0
GTCR GTCR XII 37 1980 12 BO 2017 2018 Buy-out Manager 6 BO 06 5250000000 75000000 50000000 498579807 75 25 2 1 1 0
LightBay LightBay Investment Partners I 0 2017 1 SS 2017 2018 Special Situations Manager 7 SS 07 615000000 Voting 50000000 40000000 - 0 80 20 1 0 0 0
Marlin Marlin Equity V 12 2005 5 BO 2017 2018 Buy-out Manager 2 BO 02 2500000000 60000000 57000000 946658473 80 20 2 0 1 0
Marlin Marlin Heritage II 12 2005 2 BO 2017 2017 Buy-out Manager 13 BO 13 750000000 15000000 14250000 525048862 75 25 0 0 1 0
One Rock One Rock Capital Partners II 7 2010 2 BO 2017 2017 Buy-out Manager 9 BO 09 964000000 50000000 45000000 1318074623 90 10 2 0 2 0
PSG Providence Strategic Growth III 4 2013 3 GE 2017 2018 GrowthVenture Manager 1 GE 01 1322000000 Voting 70000000 70000000 1547348223 100 0 3 0 3 0
CapVest CapVest Equity Partners IV 19 1999 4 BO 2018 2018 Buy-out Manager 15 BO 15 1001750000 53000000 46600000 - 0 0 100 0 2 0 0
Foundry Foundry Group Next 2018 11 2007 5 GE 2018 2018 GrowthVenture Manager 5 GE 05 750000000 45000000 45000000 439426166 90 10 2 0 1 0
HIG SPF HIG Strategic Partners Fund 25 1993 NA BO 2018 2018 Buy-out Manager 16 BO 16 1115000000 300000000 300000000 1872700007 60 40 8 5 2 1
Main Post Main Post II 4 2014 2 GE 2018 2019 GrowthVenture Manager 8 GE 08 700000000 Voting 50000000 40000000 - 0 100 0 2 0 0 0
Providence Providence Equity Partners VIII 29 1989 8 BO 2018 2017 Buy-out Manager 3 BO 03 5000000000 55000000 55000000 - 0 60 40 1 1 0 0
Tritium Tritium II 5 2013 2 BO 2018 2019 Buy-out Manager 17 BO 17 450000000 Voting 60000000 60000000 - 0 85 15 2 0 0 0
TSSP TPG Opportunities Partners IV 9 2009 4 SS 2018 2018 Special Situations Manager 6 SS 06 3000000000 50000000 25000000 - 0 60 40 1 0 0 0
TSSP TSSP Adjacent Opportunities Partners (D) 9 2009 4 SS 2018 2018 Special Situations Manager 5 SS 05 3000000000 50000000 50000000 - 0 60 40 1 1 0 0
Updata Updata Partners VI 20 1998 6 GE 2018 2014 GrowthVenture Manager 3 GE 03 300000000 Voting 75000000 75000000 - 0 90 10 3 0 0 0
PSG Providence Strategic Growth IV 6 2013 4 GE 2019 GE 09 2000000000 Voting 50000000 50000000 - 0 100 0 2 0 0 0
Foundry FGN 2018 Partner Fund 12 2007 6 GE 2019 GE 10 200000000 100000000 100000000 - 0 90 10 4 0 0 0
Reverence Reverence Capital Partners II 6 2013 2 BO 2019 BO 18 1000000000 Voting 50000000 50000000 - 0 90 10 2 0 0 0
Arcline Arcline Capital Partners 1 2018 1 BO 2019 BO 19 1500000000 50000000 50000000 - 0 90 10 2 0 0 0
Searchlight Searchlight Capital III 9 2010 3 BO 2019 2015 Buy-out Manager 8 BO 20 2750000000 50000000 50000000 - 0 60 40 1 1 0 0
Northlane Northlane Capital Partners II 5 2014 2 BO 2019 BO 21 375000000 Voting 60000000 60000000 - 0 100 0 3 0 0 0
BlackstoneBAAM Blackstone Strategic Capital Holdings II 29 1990 2 SS 2019 SS 07 4000000000 Voting 65000000 65000000 - 0 80 20 2 1 0 0
6000000000
5250000000
5000000000
3500000000
3000000000
3000000000
2800000000
2500000000
2200000000
2000000000
2000000000
1500000000
1500000000
1322000000
1115000000
1100000000
1001750000
1000000000
1000000000
964000000
895000000
867000000
750000000
750000000
700000000
640000000
615000000
601000000
535000000
500000000
500000000
450000000
309000000
300000000
280000000
246000000
240000000
200000000
Assumptions
TMRS (AUM) $ 27589122062 ltltltlt As of 12312018
PE Target () 500
PE Target ($) $ 1379456103
PE Commitments ($) $ 2280100000
PE NAV ($) $ 556735918 ltltltlt As of 12312018
PE NAV () 202
Un-Allocated () -6529
Instructions by Sheet Name
Notes Light blue-filled cells are hard-coded (not formula-driven)
The green-colored tabs are the only ones to be updated right now
The red-colored tab does not need to be updated (still under construction)
Portfolio
1) Input new Fund commitment into the next open row
2) Confirm and input the details for the row of the new Fund in columns A through G
3) Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I
4) Copy paste the formulas used in columns J and K for the row of the new Fund
Manager
1) If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated
2) Input the name of the Manager for the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Manager
4) Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option
Fund
1) Insert a row above the one beginning with UA (Un-Allocated)
2) Input the Short Name of the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Fund
4) Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option
Year of Commit Commitments of Commitments to Date of Target PE Allocation
2015 317000000 1390 2298
2016 394750000 1731 2862
2017 436750000 1915 3166
2018 481600000 2112 3491 ltltltTakes into account $75 mm of HIG SPF
Total 1630100000 7149 11817
CHECK CHECK CHECK
Geography of Commitments to Date of NAV to Date of Target PE Allocation
USA 780 822 1289
International 220 178 364
Un-Allocated -653
Total 1000 1000 1000
Strategy Commitments NAV of Commitments to Date of NAV to Date of Target PE Allocation
BO Buy-out (40 to 75) 1200350000 214575006 526 385 870
GE GrowthVenture (10 to 40) 606000000 214251758 266 385 439
SS Special Situations (5 to 35) 473750000 127909154 208 230 343
Un-Allocated -653
Total 2280100000 556735918 1000 1000 1000
Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1216 60 0
GrowthVenture 0 55 0 40 75
Special Situations 0 75 0 0 0
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1766 2366 2366
GrowthVenture 0 55 55 95 170
Special Situations 0 75 75 75 75
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Beg Year Q1 Q2 Q3 End Year
Buy-out 750 1500 600 00 00
GrowthVenture 00 833 00 00 00
Special Situations 00 00 650 00 00
Unallocated 4500 2167 917 917 917
Target 525 525 525 525 525
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 75 2250 2850 2850 2850
GrowthVenture 0 833 833 833 833
Special Situations 0 00 650 650 650
Unallocated 450 2167 917 917 917
Target 525 525 525 525 525
Short Name Commitments of Commitments to Date of Target PE Allocation
BO 01 58000000 254 420
BO 02 57000000 250 413
BO 03 55000000 241 399
BO 04 50000000 219 362
BO 05 50000000 219 362
BO 06 50000000 219 362
BO 07 50000000 219 362
BO 08 47000000 206 341
BO 09 45000000 197 326
BO 10 40000000 175 290
BO 11 35000000 154 254
BO 12 20000000 088 145
BO 13 14250000 062 103
BO 14 12500000 055 091
BO 15 46600000 204 338
BO 16 300000000 1316 2175
BO 17 60000000 263 435
BO 18 50000000 219 362
BO 19 50000000 219 362
BO 20 50000000 219 362
GE 01 70000000 307 507
GE 02 60000000 263 435
GE 03 125000000 548 906
GE 04 46000000 202 333
GE 05 45000000 197 326
GE 06 40000000 175 290
GE 07 30000000 132 217
GE 08 40000000 175 290
GE 09 50000000 219 362
GE 10 100000000 439 725
SS 01 75000000 329 544
SS 02 75000000 329 544
SS 03 65000000 285 471
SS 04 60000000 263 435
SS 05 50000000 219 362
SS 06 25000000 110 181
SS 07 105000000 461 761
SS 08 18750000 082 136
UA -6529
Total 2220100000 9737 9565
CHECK CHECK CHECK
Manager Strategy Commitment Portfolio Benchmark NAV Short Name Strategy (Abbrev) of Commitments to Date of Target PE Allocation
HIG SPF Buy-out $300000000 Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years $18727000 BO 1 BO 132 217
Tritium Buy-out $110000000 $58988138 BO 2 BO 48 80
Searchlight Buy-out $97000000 $33454296 BO 3 BO 43 70
Marlin Buy-out $71250000 $14717073 BO 4 BO 31 52
Altaris Buy-out $62500000 $15328169 BO 5 BO 27 45
Northlane Buy-out $60000000 BO 6 BO 26 43
Capital Partners Buy-out $58000000 $12317286 BO 7 BO 25 42
Providence Buy-out $55000000 $0 BO 8 BO 24 40
Dunes Point Buy-out $50000000 $0 BO 9 BO 22 36
GTCR Buy-out $50000000 $4985798 BO 10 BO 22 36
Reverence Buy-out $50000000 $0 BO 11 BO 22 36
Arcline Buy-out $50000000 $0 BO 12 BO 22 36
CapVest Buy-out $46600000 $0 BO 13 BO 20 34
One Rock Buy-out $45000000 $13180746 BO 14 BO 20 33
Incline Buy-out $40000000 $11611636 BO 15 BO 18 29
Kainos Buy-out $35000000 $19539188 BO 16 BO 15 25
Harvest Buy-out $20000000 $11725676 BO 17 BO 09 14
PSG Venture Growth $180000000 $82125840 GE 1 GE 79 130
Foundry Venture Growth $175000000 $30834484 GE 2 GE 77 127
Updata Venture Growth $125000000 $46209141 GE 3 GE 55 91
Main Post Venture Growth $40000000 $0 GE 4 GE 18 29
FTV Venture Growth $46000000 $31248971 GE 5 GE 20 33
Mercato Venture Growth $40000000 $23833321 GE 6 GE 18 29
TSSP Special Situations $150000000 $49206694 SS 1 SS 66 109
BlackstoneGSO Special Situations $93750000 $37091463 SS 2 SS 41 68
BlackstoneBAAM Special Situations $65000000 SS 3 SS 29 47
Carlyle Special Situations $65000000 $24236270 SS 4 SS 29 47
HIG Special Situations $60000000 $17374728 SS 5 SS 26 43
LightBay Special Situations $40000000 $0 SS 6 SS 18 29
Total $2280100000 $556735918 10000 16529
CHECK
Altaris
Arcline
BlackstoneGSO
Capital Partners
CapVest
Carlyle
Dunes Point
Foundry
FTV
GTCR
HIG
Harvest
Incline
Kainos
LightBay
Main Post
Marlin
Mercato
One Rock
Providence
Reverence
Searchlight
Tritium
TSSP
Updata
Manager Fund Firm Age Year of Commitment Year Founded Fund Type Year of Commitment Vintage Year Report Name Short Name Fund Size LPAC Seat Approved ($) Commitment ($) State Street NAV ($) US Fund Div ( of Fund) Intl Fund Div ( of Fund) US Fund Div ( of Total Commits) Intl Fund Div ( of Total Commits) US Fund Div ( of Total NAV Intl Fund Div ( of Total NAV
Carlyle Carlyle Energy Mezzanine Opportunities Fund II 5 2010 2 SS 2015 2015 Special Situations Manager 3 SS 03 2819243965 Voting 65000000 65000000 2423627012 75 25 2 1 3 1
HIG HIG Bayside Loan Opportunity Fund IV 22 1993 4 SS 2015 2015 Special Situations Manager 4 SS 04 1100000000 60000000 60000000 1737472771 75 25 2 1 2 1
Harvest Harvest Partners VII 34 1981 7 BO 2015 2016 Buy-out Manager 12 BO 12 2200000000 50000000 20000000 1172567574 80 20 1 0 2 0
Searchlight Searchlight Capital II 5 2010 2 BO 2015 2015 Buy-out Manager 8 BO 08 1939000000 50000000 47000000 3345429620 60 40 1 1 4 2
Tritium Tritium I 2 2013 1 BO 2015 2014 Buy-out Manager 4 BO 04 309000000 Voting 50000000 50000000 5898813765 85 15 2 0 9 2
TSSP TSSP Adjacent Opportunities Partners (B) 6 2009 3 SS 2015 2014 Special Situations Manager 1 SS 01 3500000000 75000000 75000000 4920669401 60 40 2 1 5 4
BlackstoneGSO GSO Capital Opportunities Fund III 11 2005 3 SS 2016 2016 Special Situations Manager 2 SS 02 6000000000 75000000 75000000 32285251 80 20 3 1 5 1
BlackstoneGSO GSO COF III - Co-Investment 11 2005 3 SS 2016 2016 Special Situations Manager 8 SS 08 2000000000 18750000 18750000 4806212 80 20 1 0 1 0
Foundry Foundry Group Next Fund 9 2007 4 GE 2016 2016 GrowthVenture Manager 7 GE 07 500000000 35000000 30000000 2644022252 100 0 1 0 5 0
FTV FTV V 18 1998 5 GE 2016 2017 GrowthVenture Manager 4 GE 04 867000000 Voting 50000000 46000000 3124897116 75 25 2 1 4 1
Incline Incline Equity Partners IV 5 2011 4 BO 2016 2017 Buy-out Manager 10 BO 10 601000000 50000000 40000000 1161163584 80 20 1 0 2 0
Kainos Kainos Capital Partners II 4 2012 2 BO 2016 2016 Buy-out Manager 11 BO 11 895000000 Observer 50000000 35000000 1953918849 75 25 1 0 3 1
Mercato Mercato Partners Growth III 9 2007 3 GE 2016 2015 GrowthVenture Manager 6 GE 06 246000000 Voting 40000000 40000000 2383332060 100 0 2 0 4 0
PSG Providence Strategic Growth II 3 2013 2 GE 2016 2016 GrowthVenture Manager 2 GE 02 640000000 Voting 60000000 60000000 6665235799 100 0 3 0 12 0
Updata Updata Partners V 18 1998 5 GE 2016 2014 GrowthVenture Manager 3 GE 03 280000000 Voting 50000000 50000000 4620914142 90 10 2 0 7 1
Altaris Altaris Constellation IV 14 2003 4 BO 2017 2018 Buy-out Manager 14 BO 14 240000000 12500000 12500000 4140390 75 25 0 0 1 0
Altaris Altaris Health Partners IV 14 2003 4 BO 2017 2018 Buy-out Manager 5 BO 05 1000000000 50000000 50000000 11187778 75 25 2 1 2 1
Capital Partners Capital Partners II 13 2004 2 BO 2017 2018 Buy-out Manager 1 BO 01 500000000 Voting 70000000 58000000 12317286 100 0 3 0 2 0
Dunes Point Dunes Point Capital Fund II 4 2013 2 BO 2017 2018 Buy-out Manager 7 BO 07 535000000 Voting 50000000 50000000 - 0 80 20 2 0 0 0
GTCR GTCR XII 37 1980 12 BO 2017 2018 Buy-out Manager 6 BO 06 5250000000 75000000 50000000 498579807 75 25 2 1 1 0
LightBay LightBay Investment Partners I 0 2017 1 SS 2017 2018 Special Situations Manager 7 SS 07 615000000 Voting 50000000 40000000 - 0 80 20 1 0 0 0
Marlin Marlin Equity V 12 2005 5 BO 2017 2018 Buy-out Manager 2 BO 02 2500000000 60000000 57000000 946658473 80 20 2 0 1 0
Marlin Marlin Heritage II 12 2005 2 BO 2017 2017 Buy-out Manager 13 BO 13 750000000 15000000 14250000 525048862 75 25 0 0 1 0
One Rock One Rock Capital Partners II 7 2010 2 BO 2017 2017 Buy-out Manager 9 BO 09 964000000 50000000 45000000 1318074623 90 10 2 0 2 0
PSG Providence Strategic Growth III 4 2013 3 GE 2017 2018 GrowthVenture Manager 1 GE 01 1322000000 Voting 70000000 70000000 1547348223 100 0 3 0 3 0
CapVest CapVest Equity Partners IV 19 1999 4 BO 2018 2018 Buy-out Manager 15 BO 15 1001750000 53000000 46600000 - 0 0 100 0 2 0 0
Foundry Foundry Group Next 2018 11 2007 5 GE 2018 2018 GrowthVenture Manager 5 GE 05 750000000 45000000 45000000 439426166 90 10 2 0 1 0
HIG SPF HIG Strategic Partners Fund 25 1993 NA BO 2018 2018 Buy-out Manager 16 BO 16 1115000000 300000000 300000000 1872700007 60 40 8 5 2 1
Main Post Main Post II 4 2014 2 GE 2018 2019 GrowthVenture Manager 8 GE 08 700000000 Voting 50000000 40000000 - 0 100 0 2 0 0 0
Providence Providence Equity Partners VIII 29 1989 8 BO 2018 2017 Buy-out Manager 3 BO 03 5000000000 55000000 55000000 - 0 60 40 1 1 0 0
Tritium Tritium II 5 2013 2 BO 2018 2019 Buy-out Manager 17 BO 17 450000000 Voting 60000000 60000000 - 0 85 15 2 0 0 0
TSSP TPG Opportunities Partners IV 9 2009 4 SS 2018 2018 Special Situations Manager 6 SS 06 3000000000 50000000 25000000 - 0 60 40 1 0 0 0
TSSP TSSP Adjacent Opportunities Partners (D) 9 2009 4 SS 2018 2018 Special Situations Manager 5 SS 05 3000000000 50000000 50000000 - 0 60 40 1 1 0 0
Updata Updata Partners VI 20 1998 6 GE 2018 2014 GrowthVenture Manager 3 GE 03 300000000 Voting 75000000 75000000 - 0 90 10 3 0 0 0
PSG Providence Strategic Growth IV 6 2013 4 GE 2019 GE 09 2000000000 Voting 50000000 50000000 - 0 100 0 2 0 0 0
Foundry FGN 2018 Partner Fund 12 2007 6 GE 2019 GE 10 200000000 100000000 100000000 - 0 90 10 4 0 0 0
Reverence Reverence Capital Partners II 6 2013 2 BO 2019 BO 18 1000000000 Voting 50000000 50000000 - 0 90 10 2 0 0 0
Arcline Arcline Capital Partners 1 2018 1 BO 2019 BO 19 1500000000 50000000 50000000 - 0 90 10 2 0 0 0
Searchlight Searchlight Capital III 9 2010 3 BO 2019 2015 Buy-out Manager 8 BO 20 2750000000 50000000 50000000 - 0 60 40 1 1 0 0
Northlane Northlane Capital Partners II 5 2014 2 BO 2019 BO 21 375000000 Voting 60000000 60000000 - 0 100 0 3 0 0 0
BlackstoneBAAM Blackstone Strategic Capital Holdings II 29 1990 2 SS 2019 SS 07 4000000000 Voting 65000000 65000000 - 0 80 20 2 1 0 0
6000000000
5250000000
5000000000
3500000000
3000000000
3000000000
2800000000
2500000000
2200000000
2000000000
2000000000
1500000000
1500000000
1322000000
1115000000
1100000000
1001750000
1000000000
1000000000
964000000
895000000
867000000
750000000
750000000
700000000
640000000
615000000
601000000
535000000
500000000
500000000
450000000
309000000
300000000
280000000
246000000
240000000
200000000
Assumptions
TMRS (AUM) $ 27589122062 ltltltlt As of 12312018
PE Target () 500
PE Target ($) $ 1379456103
PE Commitments ($) $ 2280100000
PE NAV ($) $ 556735918 ltltltlt As of 12312018
PE NAV () 202
Un-Allocated () -6529
Instructions by Sheet Name
Notes Light blue-filled cells are hard-coded (not formula-driven)
The green-colored tabs are the only ones to be updated right now
The red-colored tab does not need to be updated (still under construction)
Portfolio
1) Input new Fund commitment into the next open row
2) Confirm and input the details for the row of the new Fund in columns A through G
3) Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I
4) Copy paste the formulas used in columns J and K for the row of the new Fund
Manager
1) If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated
2) Input the name of the Manager for the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Manager
4) Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option
Fund
1) Insert a row above the one beginning with UA (Un-Allocated)
2) Input the Short Name of the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Fund
4) Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option
Year of Commit Commitments of Commitments to Date of Target PE Allocation
2015 317000000 1390 2298
2016 394750000 1731 2862
2017 436750000 1915 3166
2018 481600000 2112 3491 ltltltTakes into account $75 mm of HIG SPF
Total 1630100000 7149 11817
CHECK CHECK CHECK
Geography of Commitments to Date of NAV to Date of Target PE Allocation
USA 780 822 1289
International 220 178 364
Un-Allocated -653
Total 1000 1000 1000
Strategy Commitments NAV of Commitments to Date of NAV to Date of Target PE Allocation
BO Buy-out (40 to 75) 1200350000 214575006 526 385 870
GE GrowthVenture (10 to 40) 606000000 214251758 266 385 439
SS Special Situations (5 to 35) 473750000 127909154 208 230 343
Un-Allocated -653
Total 2280100000 556735918 1000 1000 1000
Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1216 60 0
GrowthVenture 0 55 0 40 75
Special Situations 0 75 0 0 0
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1766 2366 2366
GrowthVenture 0 55 55 95 170
Special Situations 0 75 75 75 75
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Beg Year Q1 Q2 Q3 End Year
Buy-out 750 1500 600 00 00
GrowthVenture 00 833 00 00 00
Special Situations 00 00 650 00 00
Unallocated 4500 2167 917 917 917
Target 525 525 525 525 525
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 75 2250 2850 2850 2850
GrowthVenture 0 833 833 833 833
Special Situations 0 00 650 650 650
Unallocated 450 2167 917 917 917
Target 525 525 525 525 525
Short Name Commitments of Commitments to Date of Target PE Allocation
BO 01 58000000 254 420
BO 02 57000000 250 413
BO 03 55000000 241 399
BO 04 50000000 219 362
BO 05 50000000 219 362
BO 06 50000000 219 362
BO 07 50000000 219 362
BO 08 47000000 206 341
BO 09 45000000 197 326
BO 10 40000000 175 290
BO 11 35000000 154 254
BO 12 20000000 088 145
BO 13 14250000 062 103
BO 14 12500000 055 091
BO 15 46600000 204 338
BO 16 300000000 1316 2175
BO 17 60000000 263 435
BO 18 50000000 219 362
BO 19 50000000 219 362
BO 20 50000000 219 362
GE 01 70000000 307 507
GE 02 60000000 263 435
GE 03 125000000 548 906
GE 04 46000000 202 333
GE 05 45000000 197 326
GE 06 40000000 175 290
GE 07 30000000 132 217
GE 08 40000000 175 290
GE 09 50000000 219 362
GE 10 100000000 439 725
SS 01 75000000 329 544
SS 02 75000000 329 544
SS 03 65000000 285 471
SS 04 60000000 263 435
SS 05 50000000 219 362
SS 06 25000000 110 181
SS 07 105000000 461 761
SS 08 18750000 082 136
UA -6529
Total 2220100000 9737 9565
CHECK CHECK CHECK
Manager Strategy Commitment Portfolio Benchmark NAV Short Name Strategy (Abbrev) of Commitments to Date of Target PE Allocation
HIG SPF Buy-out $300000000 Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years $18727000 BO 1 BO 132 217
Tritium Buy-out $110000000 $58988138 BO 2 BO 48 80
Searchlight Buy-out $97000000 $33454296 BO 3 BO 43 70
Marlin Buy-out $71250000 $14717073 BO 4 BO 31 52
Altaris Buy-out $62500000 $15328169 BO 5 BO 27 45
Northlane Buy-out $60000000 BO 6 BO 26 43
Capital Partners Buy-out $58000000 $12317286 BO 7 BO 25 42
Providence Buy-out $55000000 $0 BO 8 BO 24 40
Dunes Point Buy-out $50000000 $0 BO 9 BO 22 36
GTCR Buy-out $50000000 $4985798 BO 10 BO 22 36
Reverence Buy-out $50000000 $0 BO 11 BO 22 36
Arcline Buy-out $50000000 $0 BO 12 BO 22 36
CapVest Buy-out $46600000 $0 BO 13 BO 20 34
One Rock Buy-out $45000000 $13180746 BO 14 BO 20 33
Incline Buy-out $40000000 $11611636 BO 15 BO 18 29
Kainos Buy-out $35000000 $19539188 BO 16 BO 15 25
Harvest Buy-out $20000000 $11725676 BO 17 BO 09 14
PSG Venture Growth $180000000 $82125840 GE 1 GE 79 130
Foundry Venture Growth $175000000 $30834484 GE 2 GE 77 127
Updata Venture Growth $125000000 $46209141 GE 3 GE 55 91
Main Post Venture Growth $40000000 $0 GE 4 GE 18 29
FTV Venture Growth $46000000 $31248971 GE 5 GE 20 33
Mercato Venture Growth $40000000 $23833321 GE 6 GE 18 29
TSSP Special Situations $150000000 $49206694 SS 1 SS 66 109
BlackstoneGSO Special Situations $93750000 $37091463 SS 2 SS 41 68
BlackstoneBAAM Special Situations $65000000 SS 3 SS 29 47
Carlyle Special Situations $65000000 $24236270 SS 4 SS 29 47
HIG Special Situations $60000000 $17374728 SS 5 SS 26 43
LightBay Special Situations $40000000 $0 SS 6 SS 18 29
Total $2280100000 $556735918 10000 16529
CHECK
Altaris
Arcline
BlackstoneGSO
Capital Partners
CapVest
Carlyle
Dunes Point
Foundry
FTV
GTCR
HIG
Harvest
Incline
Kainos
LightBay
Main Post
Marlin
Mercato
One Rock
Providence
Reverence
Searchlight
Tritium
TSSP
Updata
Manager Fund Firm Age Year of Commitment Year Founded Fund Type Year of Commitment Vintage Year Report Name Short Name Fund Size LPAC Seat Approved ($) Commitment ($) State Street NAV ($) US Fund Div ( of Fund) Intl Fund Div ( of Fund) US Fund Div ( of Total Commits) Intl Fund Div ( of Total Commits) US Fund Div ( of Total NAV Intl Fund Div ( of Total NAV
Carlyle Carlyle Energy Mezzanine Opportunities Fund II 5 2010 2 SS 2015 2015 Special Situations Manager 3 SS 03 2819243965 Voting 65000000 65000000 2423627012 75 25 2 1 3 1
HIG HIG Bayside Loan Opportunity Fund IV 22 1993 4 SS 2015 2015 Special Situations Manager 4 SS 04 1100000000 60000000 60000000 1737472771 75 25 2 1 2 1
Harvest Harvest Partners VII 34 1981 7 BO 2015 2016 Buy-out Manager 12 BO 12 2200000000 50000000 20000000 1172567574 80 20 1 0 2 0
Searchlight Searchlight Capital II 5 2010 2 BO 2015 2015 Buy-out Manager 8 BO 08 1939000000 50000000 47000000 3345429620 60 40 1 1 4 2
Tritium Tritium I 2 2013 1 BO 2015 2014 Buy-out Manager 4 BO 04 309000000 Voting 50000000 50000000 5898813765 85 15 2 0 9 2
TSSP TSSP Adjacent Opportunities Partners (B) 6 2009 3 SS 2015 2014 Special Situations Manager 1 SS 01 3500000000 75000000 75000000 4920669401 60 40 2 1 5 4
BlackstoneGSO GSO Capital Opportunities Fund III 11 2005 3 SS 2016 2016 Special Situations Manager 2 SS 02 6000000000 75000000 75000000 32285251 80 20 3 1 5 1
BlackstoneGSO GSO COF III - Co-Investment 11 2005 3 SS 2016 2016 Special Situations Manager 8 SS 08 2000000000 18750000 18750000 4806212 80 20 1 0 1 0
Foundry Foundry Group Next Fund 9 2007 4 GE 2016 2016 GrowthVenture Manager 7 GE 07 500000000 35000000 30000000 2644022252 100 0 1 0 5 0
FTV FTV V 18 1998 5 GE 2016 2017 GrowthVenture Manager 4 GE 04 867000000 Voting 50000000 46000000 3124897116 75 25 2 1 4 1
Incline Incline Equity Partners IV 5 2011 4 BO 2016 2017 Buy-out Manager 10 BO 10 601000000 50000000 40000000 1161163584 80 20 1 0 2 0
Kainos Kainos Capital Partners II 4 2012 2 BO 2016 2016 Buy-out Manager 11 BO 11 895000000 Observer 50000000 35000000 1953918849 75 25 1 0 3 1
Mercato Mercato Partners Growth III 9 2007 3 GE 2016 2015 GrowthVenture Manager 6 GE 06 246000000 Voting 40000000 40000000 2383332060 100 0 2 0 4 0
PSG Providence Strategic Growth II 3 2013 2 GE 2016 2016 GrowthVenture Manager 2 GE 02 640000000 Voting 60000000 60000000 6665235799 100 0 3 0 12 0
Updata Updata Partners V 18 1998 5 GE 2016 2014 GrowthVenture Manager 3 GE 03 280000000 Voting 50000000 50000000 4620914142 90 10 2 0 7 1
Altaris Altaris Constellation IV 14 2003 4 BO 2017 2018 Buy-out Manager 14 BO 14 240000000 12500000 12500000 4140390 75 25 0 0 1 0
Altaris Altaris Health Partners IV 14 2003 4 BO 2017 2018 Buy-out Manager 5 BO 05 1000000000 50000000 50000000 11187778 75 25 2 1 2 1
Capital Partners Capital Partners II 13 2004 2 BO 2017 2018 Buy-out Manager 1 BO 01 500000000 Voting 70000000 58000000 12317286 100 0 3 0 2 0
Dunes Point Dunes Point Capital Fund II 4 2013 2 BO 2017 2018 Buy-out Manager 7 BO 07 535000000 Voting 50000000 50000000 - 0 80 20 2 0 0 0
GTCR GTCR XII 37 1980 12 BO 2017 2018 Buy-out Manager 6 BO 06 5250000000 75000000 50000000 498579807 75 25 2 1 1 0
LightBay LightBay Investment Partners I 0 2017 1 SS 2017 2018 Special Situations Manager 7 SS 07 615000000 Voting 50000000 40000000 - 0 80 20 1 0 0 0
Marlin Marlin Equity V 12 2005 5 BO 2017 2018 Buy-out Manager 2 BO 02 2500000000 60000000 57000000 946658473 80 20 2 0 1 0
Marlin Marlin Heritage II 12 2005 2 BO 2017 2017 Buy-out Manager 13 BO 13 750000000 15000000 14250000 525048862 75 25 0 0 1 0
One Rock One Rock Capital Partners II 7 2010 2 BO 2017 2017 Buy-out Manager 9 BO 09 964000000 50000000 45000000 1318074623 90 10 2 0 2 0
PSG Providence Strategic Growth III 4 2013 3 GE 2017 2018 GrowthVenture Manager 1 GE 01 1322000000 Voting 70000000 70000000 1547348223 100 0 3 0 3 0
CapVest CapVest Equity Partners IV 19 1999 4 BO 2018 2018 Buy-out Manager 15 BO 15 1001750000 53000000 46600000 - 0 0 100 0 2 0 0
Foundry Foundry Group Next 2018 11 2007 5 GE 2018 2018 GrowthVenture Manager 5 GE 05 750000000 45000000 45000000 439426166 90 10 2 0 1 0
HIG SPF HIG Strategic Partners Fund 25 1993 NA BO 2018 2018 Buy-out Manager 16 BO 16 1115000000 300000000 300000000 1872700007 60 40 8 5 2 1
Main Post Main Post II 4 2014 2 GE 2018 2019 GrowthVenture Manager 8 GE 08 700000000 Voting 50000000 40000000 - 0 100 0 2 0 0 0
Providence Providence Equity Partners VIII 29 1989 8 BO 2018 2017 Buy-out Manager 3 BO 03 5000000000 55000000 55000000 - 0 60 40 1 1 0 0
Tritium Tritium II 5 2013 2 BO 2018 2019 Buy-out Manager 17 BO 17 450000000 Voting 60000000 60000000 - 0 85 15 2 0 0 0
TSSP TPG Opportunities Partners IV 9 2009 4 SS 2018 2018 Special Situations Manager 6 SS 06 3000000000 50000000 25000000 - 0 60 40 1 0 0 0
TSSP TSSP Adjacent Opportunities Partners (D) 9 2009 4 SS 2018 2018 Special Situations Manager 5 SS 05 3000000000 50000000 50000000 - 0 60 40 1 1 0 0
Updata Updata Partners VI 20 1998 6 GE 2018 2014 GrowthVenture Manager 3 GE 03 300000000 Voting 75000000 75000000 - 0 90 10 3 0 0 0
PSG Providence Strategic Growth IV 6 2013 4 GE 2019 GE 09 2000000000 Voting 50000000 50000000 - 0 100 0 2 0 0 0
Foundry FGN 2018 Partner Fund 12 2007 6 GE 2019 GE 10 200000000 100000000 100000000 - 0 90 10 4 0 0 0
Reverence Reverence Capital Partners II 6 2013 2 BO 2019 BO 18 1000000000 Voting 50000000 50000000 - 0 90 10 2 0 0 0
Arcline Arcline Capital Partners 1 2018 1 BO 2019 BO 19 1500000000 50000000 50000000 - 0 90 10 2 0 0 0
Searchlight Searchlight Capital III 9 2010 3 BO 2019 2015 Buy-out Manager 8 BO 20 2750000000 50000000 50000000 - 0 60 40 1 1 0 0
Northlane Northlane Capital Partners II 5 2014 2 BO 2019 BO 21 375000000 Voting 60000000 60000000 - 0 100 0 3 0 0 0
BlackstoneBAAM Blackstone Strategic Capital Holdings II 29 1990 2 SS 2019 SS 07 4000000000 Voting 65000000 65000000 - 0 80 20 2 1 0 0
6000000000
5250000000
5000000000
3500000000
3000000000
3000000000
2800000000
2500000000
2200000000
2000000000
2000000000
1500000000
1500000000
1322000000
1115000000
1100000000
1001750000
1000000000
1000000000
964000000
895000000
867000000
750000000
750000000
700000000
640000000
615000000
601000000
535000000
500000000
500000000
450000000
309000000
300000000
280000000
246000000
240000000
200000000
Assumptions
TMRS (AUM) $ 27589122062 ltltltlt As of 12312018
PE Target () 500
PE Target ($) $ 1379456103
PE Commitments ($) $ 2280100000
PE NAV ($) $ 556735918 ltltltlt As of 12312018
PE NAV () 202
Un-Allocated () -6529
Instructions by Sheet Name
Notes Light blue-filled cells are hard-coded (not formula-driven)
The green-colored tabs are the only ones to be updated right now
The red-colored tab does not need to be updated (still under construction)
Portfolio
1) Input new Fund commitment into the next open row
2) Confirm and input the details for the row of the new Fund in columns A through G
3) Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I
4) Copy paste the formulas used in columns J and K for the row of the new Fund
Manager
1) If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated
2) Input the name of the Manager for the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Manager
4) Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option
Fund
1) Insert a row above the one beginning with UA (Un-Allocated)
2) Input the Short Name of the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Fund
4) Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option
Page 10: Board Presentation • Private Equity Recommendation, June ... · Board Presentation • Private Equity Recommendation, June 20-21, 2019 Author: TMRS Subject: Board Presentation Private

10

Synthesize AnalysisDiversification Analysis

The overall goal remains identifying top quartile performers to partner with

Position sizing considerations

Continue to reduce the unallocated portion of the private equity portfolio while sensibly balancing the trade-off between diversification and concentration

Areas of focus are enhancing manager diversification and building strategic relationships where possibleappropriate

Private Equity Manager Diversification by Commitment BO 1 BO 2

BO 3 BO 4BO 5 BO 6BO 7 BO 8BO 9 BO 10BO 11 BO 12BO 13 BO 14BO 15 BO 16BO 17 GE 1GE 2 GE 3GE 4 GE 5GE 6 SS 1SS 2 SS 3SS 4 SS 5SS 6

Chart2

Private Equity Manager Diversification by Commitment

CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000

Instructions

Assumptions

Charts

Private Equity Geographic Diversification by Commitment

USA International077994934432700325022005065567299681

Private Equity Strategy Diversification by Commitment

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009

Private Equity Manager Diversification by Commitment

CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000

Private Equity Geographic Diversification by NAV

Geography

USA International082172551941443706017827448058556272

Private Equity Strategy Diversification by NAV

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444

Private Equity Manager Diversification by NAV

NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010

Portfolio

Manager

Fund

2019 Pacing

2019 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629

of Pacing Plan Utilized

2018 Pacing

2018 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977

of Pacing Plan Utilized

Strategy

Geography

Year

11

Synthesize AnalysisDiversification Analysis

TMRS is focused on taking a measured approach to global geographic diversification

The Target Portfolio keeps a conservative stance on international exposure

780

220

Private Equity Geographic Diversification by Commitment

USA

International

Chart1

Private Equity Geographic Diversification by Commitment

USA International077994934432700325022005065567299681

Instructions

Assumptions

Charts

Private Equity Geographic Diversification by Commitment

USA International077994934432700325022005065567299681

Private Equity Strategy Diversification by Commitment

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009

Private Equity Manager Diversification by Commitment

CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000

Private Equity Geographic Diversification by NAV

Geography

USA International082172551941443706017827448058556272

Private Equity Strategy Diversification by NAV

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444

Private Equity Manager Diversification by NAV

NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010

Portfolio

Manager

Fund

2019 Pacing

2019 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629

of Pacing Plan Utilized

2018 Pacing

2018 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977

of Pacing Plan Utilized

Strategy

Geography

Year

Section IV

12

13

Top Candidate Characteristics ndash Northlane II $60 million Recommendation

Northlane Capital Partners

Date of First TMRS Meeting5102018

Dates of Subsequent Meetings892018312019

5162019

Dates of Diligence AdvancementlsquoBrsquo Rating ndash 312019

lsquoArsquo Rating ndash 5162019

Reference ChecksYes

Date of Consultant IDD ReportSeptember 2018

Date of Consultant Board MemoJune 2019

Legal Negotiation InitiatedMay 2019

Comparable Strategies Reviewed18 (Business Services Buy-Out)

16 (Healthcare Buy-Out)

Northlane Capital Partners LLC (ldquoNorthlanerdquo)is a Washington DC-based buyout firmfounded in 2017 that focuses on acquiringlower-middle market companies in thebusiness services and healthcare sectorsThese target companies will be profitablemarket leaders within their niches typicallygenerating up to $30 million of EBITDA whileproviding critical outsourced services to theircustomers Northlane Capital Partners II LP(Northlane II) is targeting $375 million tobuild a portfolio of 10 to 12 businessesrequiring equity investments of up to $75million continuing to employ the prior fundrsquosstrategy that was developed during thefoundersrsquo tenure at American Capital

Section V

14

15

Approval of Recommendation

TMRS Staff and StepStone Group recommend that the Board of Trusteesapprove the selection of the following fund

Recommendations

bull Northlane Capital Partners II LP $60 million

16

  • Private EquityRecommendation June 20-21 2019
  • Agenda
  • Executive Summary
  • Slide Number 4
  • Due diligence process review
  • Due Diligence ProcessesAs part of Multi-year time periods
  • Due Diligence ProcessesAs part of Annual Search Processes
  • Portfolio construction
  • Private Equity Portfolio StatisticsStrategy Diversification
  • Private Equity Portfolio StatisticsManager Implementation
  • Private Equity Portfolio StatisticsGeographic Diversification
  • Manager selection and recommendation
  • Slide Number 13
  • Requested board action
  • Slide Number 15
  • DISCLOSURES TMRS periodically discloses public information that is not excepted from disclosure under Section 5520225(b) of the Texas Public Information Act Information provided by a manager a Managing General Partner (GP) any of its Associates or other data provider to TMRS or a TMRS service provider and contained in these materials (i) may have been independently produced or modified by TMRS or the TMRS service provider (ii) has not been reviewed or approved by the manager Managing GP or any of its Associates and (iii) may not reflect the historical performance or asset value reflected in the managerrsquos Managing GPrsquos or any of its Associatesrsquo records and therefore should not be used for comparative purposes
Year of Commit Commitments of Commitments to Date of Target PE Allocation
2015 317000000 1390 2298
2016 394750000 1731 2862
2017 436750000 1915 3166
2018 481600000 2112 3491 ltltltTakes into account $75 mm of HIG SPF
Total 1630100000 7149 11817
CHECK CHECK CHECK
Geography of Commitments to Date of NAV to Date of Target PE Allocation
USA 780 822 1289
International 220 178 364
Un-Allocated -653
Total 1000 1000 1000
Strategy Commitments NAV of Commitments to Date of NAV to Date of Target PE Allocation
BO Buy-out (40 to 75) 1200350000 214575006 526 385 870
GE GrowthVenture (10 to 40) 606000000 214251758 266 385 439
SS Special Situations (5 to 35) 473750000 127909154 208 230 343
Un-Allocated -653
Total 2280100000 556735918 1000 1000 1000
Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1216 60 0
GrowthVenture 0 55 0 40 75
Special Situations 0 75 0 0 0
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1766 2366 2366
GrowthVenture 0 55 55 95 170
Special Situations 0 75 75 75 75
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Beg Year Q1 Q2 Q3 End Year
Buy-out 750 1500 600 00 00
GrowthVenture 00 833 00 00 00
Special Situations 00 00 650 00 00
Unallocated 4500 2167 917 917 917
Target 525 525 525 525 525
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 75 2250 2850 2850 2850
GrowthVenture 0 833 833 833 833
Special Situations 0 00 650 650 650
Unallocated 450 2167 917 917 917
Target 525 525 525 525 525
Short Name Commitments of Commitments to Date of Target PE Allocation
BO 01 58000000 254 420
BO 02 57000000 250 413
BO 03 55000000 241 399
BO 04 50000000 219 362
BO 05 50000000 219 362
BO 06 50000000 219 362
BO 07 50000000 219 362
BO 08 47000000 206 341
BO 09 45000000 197 326
BO 10 40000000 175 290
BO 11 35000000 154 254
BO 12 20000000 088 145
BO 13 14250000 062 103
BO 14 12500000 055 091
BO 15 46600000 204 338
BO 16 300000000 1316 2175
BO 17 60000000 263 435
BO 18 50000000 219 362
BO 19 50000000 219 362
BO 20 50000000 219 362
GE 01 70000000 307 507
GE 02 60000000 263 435
GE 03 125000000 548 906
GE 04 46000000 202 333
GE 05 45000000 197 326
GE 06 40000000 175 290
GE 07 30000000 132 217
GE 08 40000000 175 290
GE 09 50000000 219 362
GE 10 100000000 439 725
SS 01 75000000 329 544
SS 02 75000000 329 544
SS 03 65000000 285 471
SS 04 60000000 263 435
SS 05 50000000 219 362
SS 06 25000000 110 181
SS 07 105000000 461 761
SS 08 18750000 082 136
UA -6529
Total 2220100000 9737 9565
CHECK CHECK CHECK
Manager Strategy Commitment Portfolio Benchmark NAV Short Name Strategy (Abbrev) of Commitments to Date of Target PE Allocation
HIG SPF Buy-out $300000000 Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years $18727000 BO 1 BO 132 217
Tritium Buy-out $110000000 $58988138 BO 2 BO 48 80
Searchlight Buy-out $97000000 $33454296 BO 3 BO 43 70
Marlin Buy-out $71250000 $14717073 BO 4 BO 31 52
Altaris Buy-out $62500000 $15328169 BO 5 BO 27 45
Northlane Buy-out $60000000 BO 6 BO 26 43
Capital Partners Buy-out $58000000 $12317286 BO 7 BO 25 42
Providence Buy-out $55000000 $0 BO 8 BO 24 40
Dunes Point Buy-out $50000000 $0 BO 9 BO 22 36
GTCR Buy-out $50000000 $4985798 BO 10 BO 22 36
Reverence Buy-out $50000000 $0 BO 11 BO 22 36
Arcline Buy-out $50000000 $0 BO 12 BO 22 36
CapVest Buy-out $46600000 $0 BO 13 BO 20 34
One Rock Buy-out $45000000 $13180746 BO 14 BO 20 33
Incline Buy-out $40000000 $11611636 BO 15 BO 18 29
Kainos Buy-out $35000000 $19539188 BO 16 BO 15 25
Harvest Buy-out $20000000 $11725676 BO 17 BO 09 14
PSG Venture Growth $180000000 $82125840 GE 1 GE 79 130
Foundry Venture Growth $175000000 $30834484 GE 2 GE 77 127
Updata Venture Growth $125000000 $46209141 GE 3 GE 55 91
Main Post Venture Growth $40000000 $0 GE 4 GE 18 29
FTV Venture Growth $46000000 $31248971 GE 5 GE 20 33
Mercato Venture Growth $40000000 $23833321 GE 6 GE 18 29
TSSP Special Situations $150000000 $49206694 SS 1 SS 66 109
BlackstoneGSO Special Situations $93750000 $37091463 SS 2 SS 41 68
BlackstoneBAAM Special Situations $65000000 SS 3 SS 29 47
Carlyle Special Situations $65000000 $24236270 SS 4 SS 29 47
HIG Special Situations $60000000 $17374728 SS 5 SS 26 43
LightBay Special Situations $40000000 $0 SS 6 SS 18 29
Total $2280100000 $556735918 10000 16529
CHECK
Altaris
Arcline
BlackstoneGSO
Capital Partners
CapVest
Carlyle
Dunes Point
Foundry
FTV
GTCR
HIG
Harvest
Incline
Kainos
LightBay
Main Post
Marlin
Mercato
One Rock
Providence
Reverence
Searchlight
Tritium
TSSP
Updata
Manager Fund Firm Age Year of Commitment Year Founded Fund Type Year of Commitment Vintage Year Report Name Short Name Fund Size LPAC Seat Approved ($) Commitment ($) State Street NAV ($) US Fund Div ( of Fund) Intl Fund Div ( of Fund) US Fund Div ( of Total Commits) Intl Fund Div ( of Total Commits) US Fund Div ( of Total NAV Intl Fund Div ( of Total NAV
Carlyle Carlyle Energy Mezzanine Opportunities Fund II 5 2010 2 SS 2015 2015 Special Situations Manager 3 SS 03 2819243965 Voting 65000000 65000000 2423627012 75 25 2 1 3 1
HIG HIG Bayside Loan Opportunity Fund IV 22 1993 4 SS 2015 2015 Special Situations Manager 4 SS 04 1100000000 60000000 60000000 1737472771 75 25 2 1 2 1
Harvest Harvest Partners VII 34 1981 7 BO 2015 2016 Buy-out Manager 12 BO 12 2200000000 50000000 20000000 1172567574 80 20 1 0 2 0
Searchlight Searchlight Capital II 5 2010 2 BO 2015 2015 Buy-out Manager 8 BO 08 1939000000 50000000 47000000 3345429620 60 40 1 1 4 2
Tritium Tritium I 2 2013 1 BO 2015 2014 Buy-out Manager 4 BO 04 309000000 Voting 50000000 50000000 5898813765 85 15 2 0 9 2
TSSP TSSP Adjacent Opportunities Partners (B) 6 2009 3 SS 2015 2014 Special Situations Manager 1 SS 01 3500000000 75000000 75000000 4920669401 60 40 2 1 5 4
BlackstoneGSO GSO Capital Opportunities Fund III 11 2005 3 SS 2016 2016 Special Situations Manager 2 SS 02 6000000000 75000000 75000000 32285251 80 20 3 1 5 1
BlackstoneGSO GSO COF III - Co-Investment 11 2005 3 SS 2016 2016 Special Situations Manager 8 SS 08 2000000000 18750000 18750000 4806212 80 20 1 0 1 0
Foundry Foundry Group Next Fund 9 2007 4 GE 2016 2016 GrowthVenture Manager 7 GE 07 500000000 35000000 30000000 2644022252 100 0 1 0 5 0
FTV FTV V 18 1998 5 GE 2016 2017 GrowthVenture Manager 4 GE 04 867000000 Voting 50000000 46000000 3124897116 75 25 2 1 4 1
Incline Incline Equity Partners IV 5 2011 4 BO 2016 2017 Buy-out Manager 10 BO 10 601000000 50000000 40000000 1161163584 80 20 1 0 2 0
Kainos Kainos Capital Partners II 4 2012 2 BO 2016 2016 Buy-out Manager 11 BO 11 895000000 Observer 50000000 35000000 1953918849 75 25 1 0 3 1
Mercato Mercato Partners Growth III 9 2007 3 GE 2016 2015 GrowthVenture Manager 6 GE 06 246000000 Voting 40000000 40000000 2383332060 100 0 2 0 4 0
PSG Providence Strategic Growth II 3 2013 2 GE 2016 2016 GrowthVenture Manager 2 GE 02 640000000 Voting 60000000 60000000 6665235799 100 0 3 0 12 0
Updata Updata Partners V 18 1998 5 GE 2016 2014 GrowthVenture Manager 3 GE 03 280000000 Voting 50000000 50000000 4620914142 90 10 2 0 7 1
Altaris Altaris Constellation IV 14 2003 4 BO 2017 2018 Buy-out Manager 14 BO 14 240000000 12500000 12500000 4140390 75 25 0 0 1 0
Altaris Altaris Health Partners IV 14 2003 4 BO 2017 2018 Buy-out Manager 5 BO 05 1000000000 50000000 50000000 11187778 75 25 2 1 2 1
Capital Partners Capital Partners II 13 2004 2 BO 2017 2018 Buy-out Manager 1 BO 01 500000000 Voting 70000000 58000000 12317286 100 0 3 0 2 0
Dunes Point Dunes Point Capital Fund II 4 2013 2 BO 2017 2018 Buy-out Manager 7 BO 07 535000000 Voting 50000000 50000000 - 0 80 20 2 0 0 0
GTCR GTCR XII 37 1980 12 BO 2017 2018 Buy-out Manager 6 BO 06 5250000000 75000000 50000000 498579807 75 25 2 1 1 0
LightBay LightBay Investment Partners I 0 2017 1 SS 2017 2018 Special Situations Manager 7 SS 07 615000000 Voting 50000000 40000000 - 0 80 20 1 0 0 0
Marlin Marlin Equity V 12 2005 5 BO 2017 2018 Buy-out Manager 2 BO 02 2500000000 60000000 57000000 946658473 80 20 2 0 1 0
Marlin Marlin Heritage II 12 2005 2 BO 2017 2017 Buy-out Manager 13 BO 13 750000000 15000000 14250000 525048862 75 25 0 0 1 0
One Rock One Rock Capital Partners II 7 2010 2 BO 2017 2017 Buy-out Manager 9 BO 09 964000000 50000000 45000000 1318074623 90 10 2 0 2 0
PSG Providence Strategic Growth III 4 2013 3 GE 2017 2018 GrowthVenture Manager 1 GE 01 1322000000 Voting 70000000 70000000 1547348223 100 0 3 0 3 0
CapVest CapVest Equity Partners IV 19 1999 4 BO 2018 2018 Buy-out Manager 15 BO 15 1001750000 53000000 46600000 - 0 0 100 0 2 0 0
Foundry Foundry Group Next 2018 11 2007 5 GE 2018 2018 GrowthVenture Manager 5 GE 05 750000000 45000000 45000000 439426166 90 10 2 0 1 0
HIG SPF HIG Strategic Partners Fund 25 1993 NA BO 2018 2018 Buy-out Manager 16 BO 16 1115000000 300000000 300000000 1872700007 60 40 8 5 2 1
Main Post Main Post II 4 2014 2 GE 2018 2019 GrowthVenture Manager 8 GE 08 700000000 Voting 50000000 40000000 - 0 100 0 2 0 0 0
Providence Providence Equity Partners VIII 29 1989 8 BO 2018 2017 Buy-out Manager 3 BO 03 5000000000 55000000 55000000 - 0 60 40 1 1 0 0
Tritium Tritium II 5 2013 2 BO 2018 2019 Buy-out Manager 17 BO 17 450000000 Voting 60000000 60000000 - 0 85 15 2 0 0 0
TSSP TPG Opportunities Partners IV 9 2009 4 SS 2018 2018 Special Situations Manager 6 SS 06 3000000000 50000000 25000000 - 0 60 40 1 0 0 0
TSSP TSSP Adjacent Opportunities Partners (D) 9 2009 4 SS 2018 2018 Special Situations Manager 5 SS 05 3000000000 50000000 50000000 - 0 60 40 1 1 0 0
Updata Updata Partners VI 20 1998 6 GE 2018 2014 GrowthVenture Manager 3 GE 03 300000000 Voting 75000000 75000000 - 0 90 10 3 0 0 0
PSG Providence Strategic Growth IV 6 2013 4 GE 2019 GE 09 2000000000 Voting 50000000 50000000 - 0 100 0 2 0 0 0
Foundry FGN 2018 Partner Fund 12 2007 6 GE 2019 GE 10 200000000 100000000 100000000 - 0 90 10 4 0 0 0
Reverence Reverence Capital Partners II 6 2013 2 BO 2019 BO 18 1000000000 Voting 50000000 50000000 - 0 90 10 2 0 0 0
Arcline Arcline Capital Partners 1 2018 1 BO 2019 BO 19 1500000000 50000000 50000000 - 0 90 10 2 0 0 0
Searchlight Searchlight Capital III 9 2010 3 BO 2019 2015 Buy-out Manager 8 BO 20 2750000000 50000000 50000000 - 0 60 40 1 1 0 0
Northlane Northlane Capital Partners II 5 2014 2 BO 2019 BO 21 375000000 Voting 60000000 60000000 - 0 100 0 3 0 0 0
BlackstoneBAAM Blackstone Strategic Capital Holdings II 29 1990 2 SS 2019 SS 07 4000000000 Voting 65000000 65000000 - 0 80 20 2 1 0 0
6000000000
5250000000
5000000000
3500000000
3000000000
3000000000
2800000000
2500000000
2200000000
2000000000
2000000000
1500000000
1500000000
1322000000
1115000000
1100000000
1001750000
1000000000
1000000000
964000000
895000000
867000000
750000000
750000000
700000000
640000000
615000000
601000000
535000000
500000000
500000000
450000000
309000000
300000000
280000000
246000000
240000000
200000000
Assumptions
TMRS (AUM) $ 27589122062 ltltltlt As of 12312018
PE Target () 500
PE Target ($) $ 1379456103
PE Commitments ($) $ 2280100000
PE NAV ($) $ 556735918 ltltltlt As of 12312018
PE NAV () 202
Un-Allocated () -6529
Instructions by Sheet Name
Notes Light blue-filled cells are hard-coded (not formula-driven)
The green-colored tabs are the only ones to be updated right now
The red-colored tab does not need to be updated (still under construction)
Portfolio
1) Input new Fund commitment into the next open row
2) Confirm and input the details for the row of the new Fund in columns A through G
3) Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I
4) Copy paste the formulas used in columns J and K for the row of the new Fund
Manager
1) If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated
2) Input the name of the Manager for the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Manager
4) Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option
Fund
1) Insert a row above the one beginning with UA (Un-Allocated)
2) Input the Short Name of the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Fund
4) Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option
Year of Commit Commitments of Commitments to Date of Target PE Allocation
2015 317000000 1390 2298
2016 394750000 1731 2862
2017 436750000 1915 3166
2018 481600000 2112 3491 ltltltTakes into account $75 mm of HIG SPF
Total 1630100000 7149 11817
CHECK CHECK CHECK
Geography of Commitments to Date of NAV to Date of Target PE Allocation
USA 780 822 1289
International 220 178 364
Un-Allocated -653
Total 1000 1000 1000
Strategy Commitments NAV of Commitments to Date of NAV to Date of Target PE Allocation
BO Buy-out (40 to 75) 1200350000 214575006 526 385 870
GE GrowthVenture (10 to 40) 606000000 214251758 266 385 439
SS Special Situations (5 to 35) 473750000 127909154 208 230 343
Un-Allocated -653
Total 2280100000 556735918 1000 1000 1000
Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1216 60 0
GrowthVenture 0 55 0 40 75
Special Situations 0 75 0 0 0
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1766 2366 2366
GrowthVenture 0 55 55 95 170
Special Situations 0 75 75 75 75
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Beg Year Q1 Q2 Q3 End Year
Buy-out 750 1500 600 00 00
GrowthVenture 00 833 00 00 00
Special Situations 00 00 650 00 00
Unallocated 4500 2167 917 917 917
Target 525 525 525 525 525
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 75 2250 2850 2850 2850
GrowthVenture 0 833 833 833 833
Special Situations 0 00 650 650 650
Unallocated 450 2167 917 917 917
Target 525 525 525 525 525
Short Name Commitments of Commitments to Date of Target PE Allocation
BO 01 58000000 254 420
BO 02 57000000 250 413
BO 03 55000000 241 399
BO 04 50000000 219 362
BO 05 50000000 219 362
BO 06 50000000 219 362
BO 07 50000000 219 362
BO 08 47000000 206 341
BO 09 45000000 197 326
BO 10 40000000 175 290
BO 11 35000000 154 254
BO 12 20000000 088 145
BO 13 14250000 062 103
BO 14 12500000 055 091
BO 15 46600000 204 338
BO 16 300000000 1316 2175
BO 17 60000000 263 435
BO 18 50000000 219 362
BO 19 50000000 219 362
BO 20 50000000 219 362
GE 01 70000000 307 507
GE 02 60000000 263 435
GE 03 125000000 548 906
GE 04 46000000 202 333
GE 05 45000000 197 326
GE 06 40000000 175 290
GE 07 30000000 132 217
GE 08 40000000 175 290
GE 09 50000000 219 362
GE 10 100000000 439 725
SS 01 75000000 329 544
SS 02 75000000 329 544
SS 03 65000000 285 471
SS 04 60000000 263 435
SS 05 50000000 219 362
SS 06 25000000 110 181
SS 07 105000000 461 761
SS 08 18750000 082 136
UA -6529
Total 2220100000 9737 9565
CHECK CHECK CHECK
Manager Strategy Commitment Portfolio Benchmark NAV Short Name Strategy (Abbrev) of Commitments to Date of Target PE Allocation
HIG SPF Buy-out $300000000 Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years $18727000 BO 1 BO 132 217
Tritium Buy-out $110000000 $58988138 BO 2 BO 48 80
Searchlight Buy-out $97000000 $33454296 BO 3 BO 43 70
Marlin Buy-out $71250000 $14717073 BO 4 BO 31 52
Altaris Buy-out $62500000 $15328169 BO 5 BO 27 45
Northlane Buy-out $60000000 BO 6 BO 26 43
Capital Partners Buy-out $58000000 $12317286 BO 7 BO 25 42
Providence Buy-out $55000000 $0 BO 8 BO 24 40
Dunes Point Buy-out $50000000 $0 BO 9 BO 22 36
GTCR Buy-out $50000000 $4985798 BO 10 BO 22 36
Reverence Buy-out $50000000 $0 BO 11 BO 22 36
Arcline Buy-out $50000000 $0 BO 12 BO 22 36
CapVest Buy-out $46600000 $0 BO 13 BO 20 34
One Rock Buy-out $45000000 $13180746 BO 14 BO 20 33
Incline Buy-out $40000000 $11611636 BO 15 BO 18 29
Kainos Buy-out $35000000 $19539188 BO 16 BO 15 25
Harvest Buy-out $20000000 $11725676 BO 17 BO 09 14
PSG Venture Growth $180000000 $82125840 GE 1 GE 79 130
Foundry Venture Growth $175000000 $30834484 GE 2 GE 77 127
Updata Venture Growth $125000000 $46209141 GE 3 GE 55 91
Main Post Venture Growth $40000000 $0 GE 4 GE 18 29
FTV Venture Growth $46000000 $31248971 GE 5 GE 20 33
Mercato Venture Growth $40000000 $23833321 GE 6 GE 18 29
TSSP Special Situations $150000000 $49206694 SS 1 SS 66 109
BlackstoneGSO Special Situations $93750000 $37091463 SS 2 SS 41 68
BlackstoneBAAM Special Situations $65000000 SS 3 SS 29 47
Carlyle Special Situations $65000000 $24236270 SS 4 SS 29 47
HIG Special Situations $60000000 $17374728 SS 5 SS 26 43
LightBay Special Situations $40000000 $0 SS 6 SS 18 29
Total $2280100000 $556735918 10000 16529
CHECK
Altaris
Arcline
BlackstoneGSO
Capital Partners
CapVest
Carlyle
Dunes Point
Foundry
FTV
GTCR
HIG
Harvest
Incline
Kainos
LightBay
Main Post
Marlin
Mercato
One Rock
Providence
Reverence
Searchlight
Tritium
TSSP
Updata
Manager Fund Firm Age Year of Commitment Year Founded Fund Type Year of Commitment Vintage Year Report Name Short Name Fund Size LPAC Seat Approved ($) Commitment ($) State Street NAV ($) US Fund Div ( of Fund) Intl Fund Div ( of Fund) US Fund Div ( of Total Commits) Intl Fund Div ( of Total Commits) US Fund Div ( of Total NAV Intl Fund Div ( of Total NAV
Carlyle Carlyle Energy Mezzanine Opportunities Fund II 5 2010 2 SS 2015 2015 Special Situations Manager 3 SS 03 2819243965 Voting 65000000 65000000 2423627012 75 25 2 1 3 1
HIG HIG Bayside Loan Opportunity Fund IV 22 1993 4 SS 2015 2015 Special Situations Manager 4 SS 04 1100000000 60000000 60000000 1737472771 75 25 2 1 2 1
Harvest Harvest Partners VII 34 1981 7 BO 2015 2016 Buy-out Manager 12 BO 12 2200000000 50000000 20000000 1172567574 80 20 1 0 2 0
Searchlight Searchlight Capital II 5 2010 2 BO 2015 2015 Buy-out Manager 8 BO 08 1939000000 50000000 47000000 3345429620 60 40 1 1 4 2
Tritium Tritium I 2 2013 1 BO 2015 2014 Buy-out Manager 4 BO 04 309000000 Voting 50000000 50000000 5898813765 85 15 2 0 9 2
TSSP TSSP Adjacent Opportunities Partners (B) 6 2009 3 SS 2015 2014 Special Situations Manager 1 SS 01 3500000000 75000000 75000000 4920669401 60 40 2 1 5 4
BlackstoneGSO GSO Capital Opportunities Fund III 11 2005 3 SS 2016 2016 Special Situations Manager 2 SS 02 6000000000 75000000 75000000 32285251 80 20 3 1 5 1
BlackstoneGSO GSO COF III - Co-Investment 11 2005 3 SS 2016 2016 Special Situations Manager 8 SS 08 2000000000 18750000 18750000 4806212 80 20 1 0 1 0
Foundry Foundry Group Next Fund 9 2007 4 GE 2016 2016 GrowthVenture Manager 7 GE 07 500000000 35000000 30000000 2644022252 100 0 1 0 5 0
FTV FTV V 18 1998 5 GE 2016 2017 GrowthVenture Manager 4 GE 04 867000000 Voting 50000000 46000000 3124897116 75 25 2 1 4 1
Incline Incline Equity Partners IV 5 2011 4 BO 2016 2017 Buy-out Manager 10 BO 10 601000000 50000000 40000000 1161163584 80 20 1 0 2 0
Kainos Kainos Capital Partners II 4 2012 2 BO 2016 2016 Buy-out Manager 11 BO 11 895000000 Observer 50000000 35000000 1953918849 75 25 1 0 3 1
Mercato Mercato Partners Growth III 9 2007 3 GE 2016 2015 GrowthVenture Manager 6 GE 06 246000000 Voting 40000000 40000000 2383332060 100 0 2 0 4 0
PSG Providence Strategic Growth II 3 2013 2 GE 2016 2016 GrowthVenture Manager 2 GE 02 640000000 Voting 60000000 60000000 6665235799 100 0 3 0 12 0
Updata Updata Partners V 18 1998 5 GE 2016 2014 GrowthVenture Manager 3 GE 03 280000000 Voting 50000000 50000000 4620914142 90 10 2 0 7 1
Altaris Altaris Constellation IV 14 2003 4 BO 2017 2018 Buy-out Manager 14 BO 14 240000000 12500000 12500000 4140390 75 25 0 0 1 0
Altaris Altaris Health Partners IV 14 2003 4 BO 2017 2018 Buy-out Manager 5 BO 05 1000000000 50000000 50000000 11187778 75 25 2 1 2 1
Capital Partners Capital Partners II 13 2004 2 BO 2017 2018 Buy-out Manager 1 BO 01 500000000 Voting 70000000 58000000 12317286 100 0 3 0 2 0
Dunes Point Dunes Point Capital Fund II 4 2013 2 BO 2017 2018 Buy-out Manager 7 BO 07 535000000 Voting 50000000 50000000 - 0 80 20 2 0 0 0
GTCR GTCR XII 37 1980 12 BO 2017 2018 Buy-out Manager 6 BO 06 5250000000 75000000 50000000 498579807 75 25 2 1 1 0
LightBay LightBay Investment Partners I 0 2017 1 SS 2017 2018 Special Situations Manager 7 SS 07 615000000 Voting 50000000 40000000 - 0 80 20 1 0 0 0
Marlin Marlin Equity V 12 2005 5 BO 2017 2018 Buy-out Manager 2 BO 02 2500000000 60000000 57000000 946658473 80 20 2 0 1 0
Marlin Marlin Heritage II 12 2005 2 BO 2017 2017 Buy-out Manager 13 BO 13 750000000 15000000 14250000 525048862 75 25 0 0 1 0
One Rock One Rock Capital Partners II 7 2010 2 BO 2017 2017 Buy-out Manager 9 BO 09 964000000 50000000 45000000 1318074623 90 10 2 0 2 0
PSG Providence Strategic Growth III 4 2013 3 GE 2017 2018 GrowthVenture Manager 1 GE 01 1322000000 Voting 70000000 70000000 1547348223 100 0 3 0 3 0
CapVest CapVest Equity Partners IV 19 1999 4 BO 2018 2018 Buy-out Manager 15 BO 15 1001750000 53000000 46600000 - 0 0 100 0 2 0 0
Foundry Foundry Group Next 2018 11 2007 5 GE 2018 2018 GrowthVenture Manager 5 GE 05 750000000 45000000 45000000 439426166 90 10 2 0 1 0
HIG SPF HIG Strategic Partners Fund 25 1993 NA BO 2018 2018 Buy-out Manager 16 BO 16 1115000000 300000000 300000000 1872700007 60 40 8 5 2 1
Main Post Main Post II 4 2014 2 GE 2018 2019 GrowthVenture Manager 8 GE 08 700000000 Voting 50000000 40000000 - 0 100 0 2 0 0 0
Providence Providence Equity Partners VIII 29 1989 8 BO 2018 2017 Buy-out Manager 3 BO 03 5000000000 55000000 55000000 - 0 60 40 1 1 0 0
Tritium Tritium II 5 2013 2 BO 2018 2019 Buy-out Manager 17 BO 17 450000000 Voting 60000000 60000000 - 0 85 15 2 0 0 0
TSSP TPG Opportunities Partners IV 9 2009 4 SS 2018 2018 Special Situations Manager 6 SS 06 3000000000 50000000 25000000 - 0 60 40 1 0 0 0
TSSP TSSP Adjacent Opportunities Partners (D) 9 2009 4 SS 2018 2018 Special Situations Manager 5 SS 05 3000000000 50000000 50000000 - 0 60 40 1 1 0 0
Updata Updata Partners VI 20 1998 6 GE 2018 2014 GrowthVenture Manager 3 GE 03 300000000 Voting 75000000 75000000 - 0 90 10 3 0 0 0
PSG Providence Strategic Growth IV 6 2013 4 GE 2019 GE 09 2000000000 Voting 50000000 50000000 - 0 100 0 2 0 0 0
Foundry FGN 2018 Partner Fund 12 2007 6 GE 2019 GE 10 200000000 100000000 100000000 - 0 90 10 4 0 0 0
Reverence Reverence Capital Partners II 6 2013 2 BO 2019 BO 18 1000000000 Voting 50000000 50000000 - 0 90 10 2 0 0 0
Arcline Arcline Capital Partners 1 2018 1 BO 2019 BO 19 1500000000 50000000 50000000 - 0 90 10 2 0 0 0
Searchlight Searchlight Capital III 9 2010 3 BO 2019 2015 Buy-out Manager 8 BO 20 2750000000 50000000 50000000 - 0 60 40 1 1 0 0
Northlane Northlane Capital Partners II 5 2014 2 BO 2019 BO 21 375000000 Voting 60000000 60000000 - 0 100 0 3 0 0 0
BlackstoneBAAM Blackstone Strategic Capital Holdings II 29 1990 2 SS 2019 SS 07 4000000000 Voting 65000000 65000000 - 0 80 20 2 1 0 0
6000000000
5250000000
5000000000
3500000000
3000000000
3000000000
2800000000
2500000000
2200000000
2000000000
2000000000
1500000000
1500000000
1322000000
1115000000
1100000000
1001750000
1000000000
1000000000
964000000
895000000
867000000
750000000
750000000
700000000
640000000
615000000
601000000
535000000
500000000
500000000
450000000
309000000
300000000
280000000
246000000
240000000
200000000
Assumptions
TMRS (AUM) $ 27589122062 ltltltlt As of 12312018
PE Target () 500
PE Target ($) $ 1379456103
PE Commitments ($) $ 2280100000
PE NAV ($) $ 556735918 ltltltlt As of 12312018
PE NAV () 202
Un-Allocated () -6529
Instructions by Sheet Name
Notes Light blue-filled cells are hard-coded (not formula-driven)
The green-colored tabs are the only ones to be updated right now
The red-colored tab does not need to be updated (still under construction)
Portfolio
1) Input new Fund commitment into the next open row
2) Confirm and input the details for the row of the new Fund in columns A through G
3) Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I
4) Copy paste the formulas used in columns J and K for the row of the new Fund
Manager
1) If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated
2) Input the name of the Manager for the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Manager
4) Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option
Fund
1) Insert a row above the one beginning with UA (Un-Allocated)
2) Input the Short Name of the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Fund
4) Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option
Page 11: Board Presentation • Private Equity Recommendation, June ... · Board Presentation • Private Equity Recommendation, June 20-21, 2019 Author: TMRS Subject: Board Presentation Private

11

Synthesize AnalysisDiversification Analysis

TMRS is focused on taking a measured approach to global geographic diversification

The Target Portfolio keeps a conservative stance on international exposure

780

220

Private Equity Geographic Diversification by Commitment

USA

International

Chart1

Private Equity Geographic Diversification by Commitment

USA International077994934432700325022005065567299681

Instructions

Assumptions

Charts

Private Equity Geographic Diversification by Commitment

USA International077994934432700325022005065567299681

Private Equity Strategy Diversification by Commitment

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009

Private Equity Manager Diversification by Commitment

CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000

Private Equity Geographic Diversification by NAV

Geography

USA International082172551941443706017827448058556272

Private Equity Strategy Diversification by NAV

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444

Private Equity Manager Diversification by NAV

NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010

Portfolio

Manager

Fund

2019 Pacing

2019 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629

of Pacing Plan Utilized

2018 Pacing

2018 Private Equity Pacing Plan Progress

Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977

of Pacing Plan Utilized

Strategy

Geography

Year

Section IV

12

13

Top Candidate Characteristics ndash Northlane II $60 million Recommendation

Northlane Capital Partners

Date of First TMRS Meeting5102018

Dates of Subsequent Meetings892018312019

5162019

Dates of Diligence AdvancementlsquoBrsquo Rating ndash 312019

lsquoArsquo Rating ndash 5162019

Reference ChecksYes

Date of Consultant IDD ReportSeptember 2018

Date of Consultant Board MemoJune 2019

Legal Negotiation InitiatedMay 2019

Comparable Strategies Reviewed18 (Business Services Buy-Out)

16 (Healthcare Buy-Out)

Northlane Capital Partners LLC (ldquoNorthlanerdquo)is a Washington DC-based buyout firmfounded in 2017 that focuses on acquiringlower-middle market companies in thebusiness services and healthcare sectorsThese target companies will be profitablemarket leaders within their niches typicallygenerating up to $30 million of EBITDA whileproviding critical outsourced services to theircustomers Northlane Capital Partners II LP(Northlane II) is targeting $375 million tobuild a portfolio of 10 to 12 businessesrequiring equity investments of up to $75million continuing to employ the prior fundrsquosstrategy that was developed during thefoundersrsquo tenure at American Capital

Section V

14

15

Approval of Recommendation

TMRS Staff and StepStone Group recommend that the Board of Trusteesapprove the selection of the following fund

Recommendations

bull Northlane Capital Partners II LP $60 million

16

  • Private EquityRecommendation June 20-21 2019
  • Agenda
  • Executive Summary
  • Slide Number 4
  • Due diligence process review
  • Due Diligence ProcessesAs part of Multi-year time periods
  • Due Diligence ProcessesAs part of Annual Search Processes
  • Portfolio construction
  • Private Equity Portfolio StatisticsStrategy Diversification
  • Private Equity Portfolio StatisticsManager Implementation
  • Private Equity Portfolio StatisticsGeographic Diversification
  • Manager selection and recommendation
  • Slide Number 13
  • Requested board action
  • Slide Number 15
  • DISCLOSURES TMRS periodically discloses public information that is not excepted from disclosure under Section 5520225(b) of the Texas Public Information Act Information provided by a manager a Managing General Partner (GP) any of its Associates or other data provider to TMRS or a TMRS service provider and contained in these materials (i) may have been independently produced or modified by TMRS or the TMRS service provider (ii) has not been reviewed or approved by the manager Managing GP or any of its Associates and (iii) may not reflect the historical performance or asset value reflected in the managerrsquos Managing GPrsquos or any of its Associatesrsquo records and therefore should not be used for comparative purposes
Year of Commit Commitments of Commitments to Date of Target PE Allocation
2015 317000000 1390 2298
2016 394750000 1731 2862
2017 436750000 1915 3166
2018 481600000 2112 3491 ltltltTakes into account $75 mm of HIG SPF
Total 1630100000 7149 11817
CHECK CHECK CHECK
Geography of Commitments to Date of NAV to Date of Target PE Allocation
USA 780 822 1289
International 220 178 364
Un-Allocated -653
Total 1000 1000 1000
Strategy Commitments NAV of Commitments to Date of NAV to Date of Target PE Allocation
BO Buy-out (40 to 75) 1200350000 214575006 526 385 870
GE GrowthVenture (10 to 40) 606000000 214251758 266 385 439
SS Special Situations (5 to 35) 473750000 127909154 208 230 343
Un-Allocated -653
Total 2280100000 556735918 1000 1000 1000
Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1216 60 0
GrowthVenture 0 55 0 40 75
Special Situations 0 75 0 0 0
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 0 55 1766 2366 2366
GrowthVenture 0 55 55 95 170
Special Situations 0 75 75 75 75
Unallocated 500 315 1934 934 184
Target 500 500 500 500 500
Beg Year Q1 Q2 Q3 End Year
Buy-out 750 1500 600 00 00
GrowthVenture 00 833 00 00 00
Special Situations 00 00 650 00 00
Unallocated 4500 2167 917 917 917
Target 525 525 525 525 525
Cumulative Beg Year Q1 Q2 Q3 End Year
Buy-out 75 2250 2850 2850 2850
GrowthVenture 0 833 833 833 833
Special Situations 0 00 650 650 650
Unallocated 450 2167 917 917 917
Target 525 525 525 525 525
Short Name Commitments of Commitments to Date of Target PE Allocation
BO 01 58000000 254 420
BO 02 57000000 250 413
BO 03 55000000 241 399
BO 04 50000000 219 362
BO 05 50000000 219 362
BO 06 50000000 219 362
BO 07 50000000 219 362
BO 08 47000000 206 341
BO 09 45000000 197 326
BO 10 40000000 175 290
BO 11 35000000 154 254
BO 12 20000000 088 145
BO 13 14250000 062 103
BO 14 12500000 055 091
BO 15 46600000 204 338
BO 16 300000000 1316 2175
BO 17 60000000 263 435
BO 18 50000000 219 362
BO 19 50000000 219 362
BO 20 50000000 219 362
GE 01 70000000 307 507
GE 02 60000000 263 435
GE 03 125000000 548 906
GE 04 46000000 202 333
GE 05 45000000 197 326
GE 06 40000000 175 290
GE 07 30000000 132 217
GE 08 40000000 175 290
GE 09 50000000 219 362
GE 10 100000000 439 725
SS 01 75000000 329 544
SS 02 75000000 329 544
SS 03 65000000 285 471
SS 04 60000000 263 435
SS 05 50000000 219 362
SS 06 25000000 110 181
SS 07 105000000 461 761
SS 08 18750000 082 136
UA -6529
Total 2220100000 9737 9565
CHECK CHECK CHECK
Manager Strategy Commitment Portfolio Benchmark NAV Short Name Strategy (Abbrev) of Commitments to Date of Target PE Allocation
HIG SPF Buy-out $300000000 Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years $18727000 BO 1 BO 132 217
Tritium Buy-out $110000000 $58988138 BO 2 BO 48 80
Searchlight Buy-out $97000000 $33454296 BO 3 BO 43 70
Marlin Buy-out $71250000 $14717073 BO 4 BO 31 52
Altaris Buy-out $62500000 $15328169 BO 5 BO 27 45
Northlane Buy-out $60000000 BO 6 BO 26 43
Capital Partners Buy-out $58000000 $12317286 BO 7 BO 25 42
Providence Buy-out $55000000 $0 BO 8 BO 24 40
Dunes Point Buy-out $50000000 $0 BO 9 BO 22 36
GTCR Buy-out $50000000 $4985798 BO 10 BO 22 36
Reverence Buy-out $50000000 $0 BO 11 BO 22 36
Arcline Buy-out $50000000 $0 BO 12 BO 22 36
CapVest Buy-out $46600000 $0 BO 13 BO 20 34
One Rock Buy-out $45000000 $13180746 BO 14 BO 20 33
Incline Buy-out $40000000 $11611636 BO 15 BO 18 29
Kainos Buy-out $35000000 $19539188 BO 16 BO 15 25
Harvest Buy-out $20000000 $11725676 BO 17 BO 09 14
PSG Venture Growth $180000000 $82125840 GE 1 GE 79 130
Foundry Venture Growth $175000000 $30834484 GE 2 GE 77 127
Updata Venture Growth $125000000 $46209141 GE 3 GE 55 91
Main Post Venture Growth $40000000 $0 GE 4 GE 18 29
FTV Venture Growth $46000000 $31248971 GE 5 GE 20 33
Mercato Venture Growth $40000000 $23833321 GE 6 GE 18 29
TSSP Special Situations $150000000 $49206694 SS 1 SS 66 109
BlackstoneGSO Special Situations $93750000 $37091463 SS 2 SS 41 68
BlackstoneBAAM Special Situations $65000000 SS 3 SS 29 47
Carlyle Special Situations $65000000 $24236270 SS 4 SS 29 47
HIG Special Situations $60000000 $17374728 SS 5 SS 26 43
LightBay Special Situations $40000000 $0 SS 6 SS 18 29
Total $2280100000 $556735918 10000 16529
CHECK
Altaris
Arcline
BlackstoneGSO
Capital Partners
CapVest
Carlyle
Dunes Point
Foundry
FTV
GTCR
HIG
Harvest
Incline
Kainos
LightBay
Main Post
Marlin
Mercato
One Rock
Providence
Reverence
Searchlight
Tritium
TSSP
Updata
Manager Fund Firm Age Year of Commitment Year Founded Fund Type Year of Commitment Vintage Year Report Name Short Name Fund Size LPAC Seat Approved ($) Commitment ($) State Street NAV ($) US Fund Div ( of Fund) Intl Fund Div ( of Fund) US Fund Div ( of Total Commits) Intl Fund Div ( of Total Commits) US Fund Div ( of Total NAV Intl Fund Div ( of Total NAV
Carlyle Carlyle Energy Mezzanine Opportunities Fund II 5 2010 2 SS 2015 2015 Special Situations Manager 3 SS 03 2819243965 Voting 65000000 65000000 2423627012 75 25 2 1 3 1
HIG HIG Bayside Loan Opportunity Fund IV 22 1993 4 SS 2015 2015 Special Situations Manager 4 SS 04 1100000000 60000000 60000000 1737472771 75 25 2 1 2 1
Harvest Harvest Partners VII 34 1981 7 BO 2015 2016 Buy-out Manager 12 BO 12 2200000000 50000000 20000000 1172567574 80 20 1 0 2 0
Searchlight Searchlight Capital II 5 2010 2 BO 2015 2015 Buy-out Manager 8 BO 08 1939000000 50000000 47000000 3345429620 60 40 1 1 4 2
Tritium Tritium I 2 2013 1 BO 2015 2014 Buy-out Manager 4 BO 04 309000000 Voting 50000000 50000000 5898813765 85 15 2 0 9 2
TSSP TSSP Adjacent Opportunities Partners (B) 6 2009 3 SS 2015 2014 Special Situations Manager 1 SS 01 3500000000 75000000 75000000 4920669401 60 40 2 1 5 4
BlackstoneGSO GSO Capital Opportunities Fund III 11 2005 3 SS 2016 2016 Special Situations Manager 2 SS 02 6000000000 75000000 75000000 32285251 80 20 3 1 5 1
BlackstoneGSO GSO COF III - Co-Investment 11 2005 3 SS 2016 2016 Special Situations Manager 8 SS 08 2000000000 18750000 18750000 4806212 80 20 1 0 1 0
Foundry Foundry Group Next Fund 9 2007 4 GE 2016 2016 GrowthVenture Manager 7 GE 07 500000000 35000000 30000000 2644022252 100 0 1 0 5 0
FTV FTV V 18 1998 5 GE 2016 2017 GrowthVenture Manager 4 GE 04 867000000 Voting 50000000 46000000 3124897116 75 25 2 1 4 1
Incline Incline Equity Partners IV 5 2011 4 BO 2016 2017 Buy-out Manager 10 BO 10 601000000 50000000 40000000 1161163584 80 20 1 0 2 0
Kainos Kainos Capital Partners II 4 2012 2 BO 2016 2016 Buy-out Manager 11 BO 11 895000000 Observer 50000000 35000000 1953918849 75 25 1 0 3 1
Mercato Mercato Partners Growth III 9 2007 3 GE 2016 2015 GrowthVenture Manager 6 GE 06 246000000 Voting 40000000 40000000 2383332060 100 0 2 0 4 0
PSG Providence Strategic Growth II 3 2013 2 GE 2016 2016 GrowthVenture Manager 2 GE 02 640000000 Voting 60000000 60000000 6665235799 100 0 3 0 12 0
Updata Updata Partners V 18 1998 5 GE 2016 2014 GrowthVenture Manager 3 GE 03 280000000 Voting 50000000 50000000 4620914142 90 10 2 0 7 1
Altaris Altaris Constellation IV 14 2003 4 BO 2017 2018 Buy-out Manager 14 BO 14 240000000 12500000 12500000 4140390 75 25 0 0 1 0
Altaris Altaris Health Partners IV 14 2003 4 BO 2017 2018 Buy-out Manager 5 BO 05 1000000000 50000000 50000000 11187778 75 25 2 1 2 1
Capital Partners Capital Partners II 13 2004 2 BO 2017 2018 Buy-out Manager 1 BO 01 500000000 Voting 70000000 58000000 12317286 100 0 3 0 2 0
Dunes Point Dunes Point Capital Fund II 4 2013 2 BO 2017 2018 Buy-out Manager 7 BO 07 535000000 Voting 50000000 50000000 - 0 80 20 2 0 0 0
GTCR GTCR XII 37 1980 12 BO 2017 2018 Buy-out Manager 6 BO 06 5250000000 75000000 50000000 498579807 75 25 2 1 1 0
LightBay LightBay Investment Partners I 0 2017 1 SS 2017 2018 Special Situations Manager 7 SS 07 615000000 Voting 50000000 40000000 - 0 80 20 1 0 0 0
Marlin Marlin Equity V 12 2005 5 BO 2017 2018 Buy-out Manager 2 BO 02 2500000000 60000000 57000000 946658473 80 20 2 0 1 0
Marlin Marlin Heritage II 12 2005 2 BO 2017 2017 Buy-out Manager 13 BO 13 750000000 15000000 14250000 525048862 75 25 0 0 1 0
One Rock One Rock Capital Partners II 7 2010 2 BO 2017 2017 Buy-out Manager 9 BO 09 964000000 50000000 45000000 1318074623 90 10 2 0 2 0
PSG Providence Strategic Growth III 4 2013 3 GE 2017 2018 GrowthVenture Manager 1 GE 01 1322000000 Voting 70000000 70000000 1547348223 100 0 3 0 3 0
CapVest CapVest Equity Partners IV 19 1999 4 BO 2018 2018 Buy-out Manager 15 BO 15 1001750000 53000000 46600000 - 0 0 100 0 2 0 0
Foundry Foundry Group Next 2018 11 2007 5 GE 2018 2018 GrowthVenture Manager 5 GE 05 750000000 45000000 45000000 439426166 90 10 2 0 1 0
HIG SPF HIG Strategic Partners Fund 25 1993 NA BO 2018 2018 Buy-out Manager 16 BO 16 1115000000 300000000 300000000 1872700007 60 40 8 5 2 1
Main Post Main Post II 4 2014 2 GE 2018 2019 GrowthVenture Manager 8 GE 08 700000000 Voting 50000000 40000000 - 0 100 0 2 0 0 0
Providence Providence Equity Partners VIII 29 1989 8 BO 2018 2017 Buy-out Manager 3 BO 03 5000000000 55000000 55000000 - 0 60 40 1 1 0 0
Tritium Tritium II 5 2013 2 BO 2018 2019 Buy-out Manager 17 BO 17 450000000 Voting 60000000 60000000 - 0 85 15 2 0 0 0
TSSP TPG Opportunities Partners IV 9 2009 4 SS 2018 2018 Special Situations Manager 6 SS 06 3000000000 50000000 25000000 - 0 60 40 1 0 0 0
TSSP TSSP Adjacent Opportunities Partners (D) 9 2009 4 SS 2018 2018 Special Situations Manager 5 SS 05 3000000000 50000000 50000000 - 0 60 40 1 1 0 0
Updata Updata Partners VI 20 1998 6 GE 2018 2014 GrowthVenture Manager 3 GE 03 300000000 Voting 75000000 75000000 - 0 90 10 3 0 0 0
PSG Providence Strategic Growth IV 6 2013 4 GE 2019 GE 09 2000000000 Voting 50000000 50000000 - 0 100 0 2 0 0 0
Foundry FGN 2018 Partner Fund 12 2007 6 GE 2019 GE 10 200000000 100000000 100000000 - 0 90 10 4 0 0 0
Reverence Reverence Capital Partners II 6 2013 2 BO 2019 BO 18 1000000000 Voting 50000000 50000000 - 0 90 10 2 0 0 0
Arcline Arcline Capital Partners 1 2018 1 BO 2019 BO 19 1500000000 50000000 50000000 - 0 90 10 2 0 0 0
Searchlight Searchlight Capital III 9 2010 3 BO 2019 2015 Buy-out Manager 8 BO 20 2750000000 50000000 50000000 - 0 60 40 1 1 0 0
Northlane Northlane Capital Partners II 5 2014 2 BO 2019 BO 21 375000000 Voting 60000000 60000000 - 0 100 0 3 0 0 0
BlackstoneBAAM Blackstone Strategic Capital Holdings II 29 1990 2 SS 2019 SS 07 4000000000 Voting 65000000 65000000 - 0 80 20 2 1 0 0
6000000000
5250000000
5000000000
3500000000
3000000000
3000000000
2800000000
2500000000
2200000000
2000000000
2000000000
1500000000
1500000000
1322000000
1115000000
1100000000
1001750000
1000000000
1000000000
964000000
895000000
867000000
750000000
750000000
700000000
640000000
615000000
601000000
535000000
500000000
500000000
450000000
309000000
300000000
280000000
246000000
240000000
200000000
Assumptions
TMRS (AUM) $ 27589122062 ltltltlt As of 12312018
PE Target () 500
PE Target ($) $ 1379456103
PE Commitments ($) $ 2280100000
PE NAV ($) $ 556735918 ltltltlt As of 12312018
PE NAV () 202
Un-Allocated () -6529
Instructions by Sheet Name
Notes Light blue-filled cells are hard-coded (not formula-driven)
The green-colored tabs are the only ones to be updated right now
The red-colored tab does not need to be updated (still under construction)
Portfolio
1) Input new Fund commitment into the next open row
2) Confirm and input the details for the row of the new Fund in columns A through G
3) Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I
4) Copy paste the formulas used in columns J and K for the row of the new Fund
Manager
1) If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated
2) Input the name of the Manager for the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Manager
4) Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option
Fund
1) Insert a row above the one beginning with UA (Un-Allocated)
2) Input the Short Name of the new Fund in column B
3) Copy paste the formulas used in columns C through E into the row of the new Fund
4) Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option
Page 12: Board Presentation • Private Equity Recommendation, June ... · Board Presentation • Private Equity Recommendation, June 20-21, 2019 Author: TMRS Subject: Board Presentation Private

Section IV

12

13

Top Candidate Characteristics ndash Northlane II $60 million Recommendation

Northlane Capital Partners

Date of First TMRS Meeting5102018

Dates of Subsequent Meetings892018312019

5162019

Dates of Diligence AdvancementlsquoBrsquo Rating ndash 312019

lsquoArsquo Rating ndash 5162019

Reference ChecksYes

Date of Consultant IDD ReportSeptember 2018

Date of Consultant Board MemoJune 2019

Legal Negotiation InitiatedMay 2019

Comparable Strategies Reviewed18 (Business Services Buy-Out)

16 (Healthcare Buy-Out)

Northlane Capital Partners LLC (ldquoNorthlanerdquo)is a Washington DC-based buyout firmfounded in 2017 that focuses on acquiringlower-middle market companies in thebusiness services and healthcare sectorsThese target companies will be profitablemarket leaders within their niches typicallygenerating up to $30 million of EBITDA whileproviding critical outsourced services to theircustomers Northlane Capital Partners II LP(Northlane II) is targeting $375 million tobuild a portfolio of 10 to 12 businessesrequiring equity investments of up to $75million continuing to employ the prior fundrsquosstrategy that was developed during thefoundersrsquo tenure at American Capital

Section V

14

15

Approval of Recommendation

TMRS Staff and StepStone Group recommend that the Board of Trusteesapprove the selection of the following fund

Recommendations

bull Northlane Capital Partners II LP $60 million

16

  • Private EquityRecommendation June 20-21 2019
  • Agenda
  • Executive Summary
  • Slide Number 4
  • Due diligence process review
  • Due Diligence ProcessesAs part of Multi-year time periods
  • Due Diligence ProcessesAs part of Annual Search Processes
  • Portfolio construction
  • Private Equity Portfolio StatisticsStrategy Diversification
  • Private Equity Portfolio StatisticsManager Implementation
  • Private Equity Portfolio StatisticsGeographic Diversification
  • Manager selection and recommendation
  • Slide Number 13
  • Requested board action
  • Slide Number 15
  • DISCLOSURES TMRS periodically discloses public information that is not excepted from disclosure under Section 5520225(b) of the Texas Public Information Act Information provided by a manager a Managing General Partner (GP) any of its Associates or other data provider to TMRS or a TMRS service provider and contained in these materials (i) may have been independently produced or modified by TMRS or the TMRS service provider (ii) has not been reviewed or approved by the manager Managing GP or any of its Associates and (iii) may not reflect the historical performance or asset value reflected in the managerrsquos Managing GPrsquos or any of its Associatesrsquo records and therefore should not be used for comparative purposes
Page 13: Board Presentation • Private Equity Recommendation, June ... · Board Presentation • Private Equity Recommendation, June 20-21, 2019 Author: TMRS Subject: Board Presentation Private

13

Top Candidate Characteristics ndash Northlane II $60 million Recommendation

Northlane Capital Partners

Date of First TMRS Meeting5102018

Dates of Subsequent Meetings892018312019

5162019

Dates of Diligence AdvancementlsquoBrsquo Rating ndash 312019

lsquoArsquo Rating ndash 5162019

Reference ChecksYes

Date of Consultant IDD ReportSeptember 2018

Date of Consultant Board MemoJune 2019

Legal Negotiation InitiatedMay 2019

Comparable Strategies Reviewed18 (Business Services Buy-Out)

16 (Healthcare Buy-Out)

Northlane Capital Partners LLC (ldquoNorthlanerdquo)is a Washington DC-based buyout firmfounded in 2017 that focuses on acquiringlower-middle market companies in thebusiness services and healthcare sectorsThese target companies will be profitablemarket leaders within their niches typicallygenerating up to $30 million of EBITDA whileproviding critical outsourced services to theircustomers Northlane Capital Partners II LP(Northlane II) is targeting $375 million tobuild a portfolio of 10 to 12 businessesrequiring equity investments of up to $75million continuing to employ the prior fundrsquosstrategy that was developed during thefoundersrsquo tenure at American Capital

Section V

14

15

Approval of Recommendation

TMRS Staff and StepStone Group recommend that the Board of Trusteesapprove the selection of the following fund

Recommendations

bull Northlane Capital Partners II LP $60 million

16

  • Private EquityRecommendation June 20-21 2019
  • Agenda
  • Executive Summary
  • Slide Number 4
  • Due diligence process review
  • Due Diligence ProcessesAs part of Multi-year time periods
  • Due Diligence ProcessesAs part of Annual Search Processes
  • Portfolio construction
  • Private Equity Portfolio StatisticsStrategy Diversification
  • Private Equity Portfolio StatisticsManager Implementation
  • Private Equity Portfolio StatisticsGeographic Diversification
  • Manager selection and recommendation
  • Slide Number 13
  • Requested board action
  • Slide Number 15
  • DISCLOSURES TMRS periodically discloses public information that is not excepted from disclosure under Section 5520225(b) of the Texas Public Information Act Information provided by a manager a Managing General Partner (GP) any of its Associates or other data provider to TMRS or a TMRS service provider and contained in these materials (i) may have been independently produced or modified by TMRS or the TMRS service provider (ii) has not been reviewed or approved by the manager Managing GP or any of its Associates and (iii) may not reflect the historical performance or asset value reflected in the managerrsquos Managing GPrsquos or any of its Associatesrsquo records and therefore should not be used for comparative purposes
Page 14: Board Presentation • Private Equity Recommendation, June ... · Board Presentation • Private Equity Recommendation, June 20-21, 2019 Author: TMRS Subject: Board Presentation Private

Section V

14

15

Approval of Recommendation

TMRS Staff and StepStone Group recommend that the Board of Trusteesapprove the selection of the following fund

Recommendations

bull Northlane Capital Partners II LP $60 million

16

  • Private EquityRecommendation June 20-21 2019
  • Agenda
  • Executive Summary
  • Slide Number 4
  • Due diligence process review
  • Due Diligence ProcessesAs part of Multi-year time periods
  • Due Diligence ProcessesAs part of Annual Search Processes
  • Portfolio construction
  • Private Equity Portfolio StatisticsStrategy Diversification
  • Private Equity Portfolio StatisticsManager Implementation
  • Private Equity Portfolio StatisticsGeographic Diversification
  • Manager selection and recommendation
  • Slide Number 13
  • Requested board action
  • Slide Number 15
  • DISCLOSURES TMRS periodically discloses public information that is not excepted from disclosure under Section 5520225(b) of the Texas Public Information Act Information provided by a manager a Managing General Partner (GP) any of its Associates or other data provider to TMRS or a TMRS service provider and contained in these materials (i) may have been independently produced or modified by TMRS or the TMRS service provider (ii) has not been reviewed or approved by the manager Managing GP or any of its Associates and (iii) may not reflect the historical performance or asset value reflected in the managerrsquos Managing GPrsquos or any of its Associatesrsquo records and therefore should not be used for comparative purposes
Page 15: Board Presentation • Private Equity Recommendation, June ... · Board Presentation • Private Equity Recommendation, June 20-21, 2019 Author: TMRS Subject: Board Presentation Private

15

Approval of Recommendation

TMRS Staff and StepStone Group recommend that the Board of Trusteesapprove the selection of the following fund

Recommendations

bull Northlane Capital Partners II LP $60 million

16

  • Private EquityRecommendation June 20-21 2019
  • Agenda
  • Executive Summary
  • Slide Number 4
  • Due diligence process review
  • Due Diligence ProcessesAs part of Multi-year time periods
  • Due Diligence ProcessesAs part of Annual Search Processes
  • Portfolio construction
  • Private Equity Portfolio StatisticsStrategy Diversification
  • Private Equity Portfolio StatisticsManager Implementation
  • Private Equity Portfolio StatisticsGeographic Diversification
  • Manager selection and recommendation
  • Slide Number 13
  • Requested board action
  • Slide Number 15
  • DISCLOSURES TMRS periodically discloses public information that is not excepted from disclosure under Section 5520225(b) of the Texas Public Information Act Information provided by a manager a Managing General Partner (GP) any of its Associates or other data provider to TMRS or a TMRS service provider and contained in these materials (i) may have been independently produced or modified by TMRS or the TMRS service provider (ii) has not been reviewed or approved by the manager Managing GP or any of its Associates and (iii) may not reflect the historical performance or asset value reflected in the managerrsquos Managing GPrsquos or any of its Associatesrsquo records and therefore should not be used for comparative purposes
Page 16: Board Presentation • Private Equity Recommendation, June ... · Board Presentation • Private Equity Recommendation, June 20-21, 2019 Author: TMRS Subject: Board Presentation Private

16

  • Private EquityRecommendation June 20-21 2019
  • Agenda
  • Executive Summary
  • Slide Number 4
  • Due diligence process review
  • Due Diligence ProcessesAs part of Multi-year time periods
  • Due Diligence ProcessesAs part of Annual Search Processes
  • Portfolio construction
  • Private Equity Portfolio StatisticsStrategy Diversification
  • Private Equity Portfolio StatisticsManager Implementation
  • Private Equity Portfolio StatisticsGeographic Diversification
  • Manager selection and recommendation
  • Slide Number 13
  • Requested board action
  • Slide Number 15
  • DISCLOSURES TMRS periodically discloses public information that is not excepted from disclosure under Section 5520225(b) of the Texas Public Information Act Information provided by a manager a Managing General Partner (GP) any of its Associates or other data provider to TMRS or a TMRS service provider and contained in these materials (i) may have been independently produced or modified by TMRS or the TMRS service provider (ii) has not been reviewed or approved by the manager Managing GP or any of its Associates and (iii) may not reflect the historical performance or asset value reflected in the managerrsquos Managing GPrsquos or any of its Associatesrsquo records and therefore should not be used for comparative purposes

Private Columbaria Appeal Board - PCAB

YOUR PATHWAY TO THE TOPBoard Consideration REQUIREMENT for recommendation to SSG Board Consideration REQUIREMENT for recommendation to SFC Board Consideration REQUIREMENT for recommendation

STATE INVESTMENT BOARD MEETING ND Friday ......2018/09/28  · Pacing Schedule Recommendation – Mr. Schulz reviewed the pacing schedule of the SIB private equity portfolio. Since

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Report and Recommendation of the President to the Board of ... · Report and Recommendation of the President to the Board of ... participatory irrigation management ... with agriculture

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EYRE PENINSULA LGA BOARD MEETINGeplga.com.au/wp-content/uploads/2014/07/EPLGA... · Minutes included below recommendation. RECOMMENDATION/S That the minutes of the Board meeting of

Community/Borough Board Recommendation · (CB or BP) Recommendation + (6-digit application number), e.g., “CB Recommendation #C100000ZSQ” • MAIL: Calendar Information Office,

Newport High School Letter of Recommendation …...Newport High School Letter of Recommendation Packet If you are applying to a private college or private university, certain areas

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Recommendation to nlr school board april 21 2011

DISPUTE REVIEW BOARD RECOMMENDATION · DISPUTE REVIEW BOARD RECOMMENDATION Page 1 of 22 ... (Exhibit B1/B2/B3/B4). On October ... (Exhibit F1/F2/F3/F4), …

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Report and Recommendation of the President to the Board of … › sites › default › files › project-document › ... · Report and Recommendation of the President to the Board

June 15, 2021 REPORT/RECOMMENDATION TO THE BOARD OF

Fife Health Board Patients’ Private Funds Audit Planning ...admin.fifedirect.org.uk/.../c64_Item7b-PatientsPrivateFundPlanningMemo2018.pdf · FIFE HEALTH BOARD PATIENTS’ PRIVATE

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Maryland Board of Pharmacy Public Board Meeting Meeting ......Licensing Committee’s Recommendation: No recommendation c. M. Monique - Applicant is requesting to use her current work

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Adelaide University Union Board Pack December 2016 · Recommendation: That the AUU Board accepts the AUU President’s Report. 7. SRC President’s Report – page MP Recommendation:

APPLICATION AND INITIAL RECOMMENDATION · 1/18/2011  · Ivan Rodriguez, School Board Representative, Non-Voting Member ... Staff Recommendation and Principal Reasons for Recommendation

Sea King Board of Inquiry - Implementation Progress · Sea King Board of Inquiry - Implementation Progress Completion Date: Complete Recommendation Number Recommendation Estimated

Recommendation of the European Systemic Risk Board of 7

Board Agenda Item ISSUE: RECOMMENDATION

Report/Recommendation to the Board of Supervisors of the

RCC BOARD RECOMMENDATION - Metroboardarchives.metro.net/Items/1993/07_July/items_0255.pdf · RCC BOARD RECOMMENDATION ... of firms recommended is attached for your reference on "Attachment

Outline Board Direction Tasks Completed Recommendation

2 of 2 - EPSB.ca · (Recommendation) 6. Borrowing Resolution (Recommendation) 7. Delegation of Authority – 2016 Summer Recess (Recommendation) J. Other Committee, Board Representative

Private Power & Infrastructure Board

Long Beach Transit Staff Recommendation to Board

Alinytjara Wilurara Natural Resources Management Board · Recommendation: The AW NRM Board note and discuss the analysis of social media. Decision: The Board noted the recommendation