global buyout & growth equity index and selected benchmark ... · performance information...

Global Buyout & Growth Equity Index and Selected Benchmark Statistics September 30, 2015

Data as ofSeptember 30, 2015

Note on Methodology Changes:

Beginning this quarter, we have updated our approach for the calculation and display of select data points contained in this report:

1. We have moved to a commitment-based methodology for our equal-weighted return calculation. This is a better approach than the previously used, contribution-based methodology, as it does not vary over time and is more reflective of investor decision-making. Since contributions approach total commitments over time, this change will not have a meaningful impact on older vintage yearbenchmarks, but you may see some minor shifts in younger vintage year benchmarks.

2. The minimum and maximum values have been replaces with 5th and 95th percentile breakpoints, as the percentile values are less subject to outliers.

Global Buyout & Growth Equity Index and Selected Benchmark Statistics


Our goal is to provide you with the most accurate and relevant performance information possible; as a result, Cambridge Associates’ research organization continually monitors the constantly evolving private investments space and its fund managers. When we discern material changes in the structure of an asset class and/or a fund’s investment strategy, it is in the interest of all users of our benchmark statistics that we implement the appropriate classification realignments.

In addition, Cambridge Associates is always working to grow our private investments performance database and ensure that our benchmarks are as representative as possible of investors’ institutional-quality opportunity set. As a result we continually add funds to the database (both newly-raised funds and backfill funds) and occasionally we must remove funds that cease reporting. Our private investments performance database is dynamic and will reflect both classification adjustments and changes to the underlying pool of contributing funds. As a result, you may notice quarter to quarter changes in the results of some historical benchmark return analyses.

Disclaimer



Cambridge Associates’ Private Investments Database is one of the most robust collections of institutional quality private fund performance. It contains the historical performance records of over 1,800 fund managers and their over 6,200 funds. In addition, we capture the performance information (gross) of over 71,000 investments underlying our venture capital, growth equity, buyout, mezzanine and private equity energy funds. This is one of the largest collections of portfolio-level performance information in the world and represents the investments of approximately 80% of these funds on a count basis and 86% on a total commitment basis. This fund and investment-level performance information is drawn from the quarterly and audited annual financial statements of the fund managers and each manager’s reported performance numbers are independently recreated from the financial statements and verified by Cambridge Associates.

Institutional Quality DataCambridge Associates strives to include only institutional quality funds in our benchmarks. “Institutional quality” funds, in our definition, tend to meet the following criteria: closed-end funds, commingled funds that invest 3rd party capital (we exclude firms that invest off of their balance sheet, such as a bank’s principal investing group or a corporate’s venture capital arm), and fund vehicles. This institutional quality screen seeks to provide investors with performance data consistent with their investible opportunity set.

Sources of Benchmark DataOur benchmark database utilizes the quarterly unaudited and annual audited fund financial statements produced by the fund managers (GPs) for their Limited Partners (LPs). These documents are provided to Cambridge Associates by the fund managers themselves. Unlike other data providers, Cambridge Associates does not use Freedom of Information Act (FOIA) requests, regulatory filings, manager surveys, or press “scrapings” to obtain information. Our goal is to have a complete historical record of the quarterly cash flows and net asset values for all funds in the benchmarks. We use a number of paths to encourage fund managers to submit their performance data to our database: our clients for whom we provide private investment performance reporting, our research organization’s regular meetings with thousands of managers, our special projects designed to enhance existing benchmarks or launch new ones, our exclusive relationships with over ten globally-diverse fund manager associations, and finally, our exclusive relationships with Thomson Reuters and the Institutional Limited Partners Association (ILPA). By leveraging these varied sources and proprietary relationships, Cambridge Associates has constructed a rich and diversified benchmark data set.

Vintage Year DefinitionVintage year is defined as the legal inception date as noted in a fund's financial statement. This date can usually be found in the first note to the audited financial statements and is prior to the first close or capital call.

Overview



The Cambridge Associates’ benchmarks are reported on a one-quarter lag from the end of the performance quarter due to the reporting time frame of private investments fund managers.

Published Data: When the vast majority of a benchmark group’s (organized by asset class, e.g. Venture Capital or Real Estate) performance information is updated for a performance quarter, that benchmark is considered final and the data is “published” via the quarterly benchmark reports.

Changes to Data: After a benchmark group is published, any updates to historical data for these funds, which can include adding a fund and its performance history to the database (“backfills”) and/or updating past information for an existing fund due to late-arriving, updated, or refined information, would be reflected when that group is published for the next performance quarter.

In addition, Cambridge Associates may change the classification of certain funds; this often driven by the evolution of private investments and the resulting need to introduce new benchmarks or refine our classification scheme. For example, as growth equity emerged as an asset class we reclassified certain venture capital and buyout funds accordingly.

Survivorship Bias: In order to track the performance of a fund in our benchmarks, we require the complete set of financial statements from the fund’s inception to the most current reporting date. When an active fund stops providing financial statements, we reach out to the manager and make several attempts to encourage them to continue to submit their data. We may, during this communication period, roll forward the fund’s last reported quarter’s net asset value (NAV) for several quarters. When we are convinced that the manager will not resume reporting to us, the fund’s entire performance history is removed from the database.

When fund managers stop reporting before their fund’s return history is complete, an element of “survivorship bias” may be introduced to a performance database, which could skew the reported returns upwards if the funds dropping out had poorer returns than those funds that remained. Survivorship bias can affect all investment manager databases, including those for public stock managers and hedge funds. Compared to public stocks and hedge funds, however, the illiquid nature of private investments can actually help limit this survivorship effect. Whereas an underperforming stock manager may simply close up shop or drop out of databases as clients liquidate their positions and fire the manager, private investment partnerships owning illiquid assets continue to exist and require reporting to the limited partners, even if the original manager ceases to exist.

Over the last six years the number of fund managers that stopped reporting to Cambridge Associates represented an average of 0.8% (per year) of the total number of funds in the database during the respective year, and an average of 0.6% (per year) as a percentage of total NAV in the database during that respective year. During that same period the overall number of funds in our database increased by an average of 8% (per year). The performance of the small number of funds that have stopped reporting has been spread amongst all quartiles and has not been concentrated consistently in the poorer performing quartiles.

Timing of Final Benchmarks and Data Evolution


Data as ofSeptember 30, 2015Global Buyout & Growth Equity Index and Selected Benchmark Statistics

Table of Contents

Global Buyout & Growth Equity (U.S. & ex U.S.)Fund Index Analysis 3

mPME ReturnsIndex Returns

Fund Since Inception Analysis 8mPME ReturnsSince Inception Returns

U.S. OnlyFund Index Analysis 15


Fund Since Inception Analysis 20mPME ReturnsIndex Returns

ex U.S.Fund Index Analysis 28



Global Buyout (U.S. & ex U.S.)Fund Index Analysis 40



| 1


Table of Contents

Global Buyout (U.S. & ex U.S.) (Continued)U.S. OnlyFund Index Analysis 52






Global Growth Equity (U.S. & ex U.S.)Fund Index Analysis 77



U.S. OnlyFund Index Analysis 89




Methodology 99| 2

Global Buyout & Growth Equity: Fund Index Analysis

| 3


Index 1-Quarter YTD 1-Year 3-Year 5-Year 10-Year 15-Year 20-Year 25-Year

Global Buyout & Growth Equity Index1 -1.07 5.89 8.04 13.85 13.57 11.81 11.01 13.15 13.36

Barclays Capital Government/Credit Bond Index 1.20 0.90 2.73 1.59 3.09 4.61 5.36 5.60 6.44

Dow Jones Industrial Average Index -6.98 -6.95 -2.11 9.26 11.38 7.17 5.39 8.76 10.50

Dow Jones U.S. Small Cap Index -11.40 -7.59 0.23 11.83 12.45 7.71 7.70 9.44 ---

Dow Jones U.S. TopCap Index -6.66 -5.18 -0.56 12.54 13.36 7.02 4.01 8.17 ---

MSCI Emerging Markets Index -17.78 -15.22 -18.98 -4.93 -3.25 4.60 7.79 5.34 8.46

MSCI Europe Index (US$) -8.69 -5.20 -9.33 6.03 4.28 3.31 3.43 6.38 7.59

MSCI Europe Index (€) -8.86 2.76 2.61 11.17 8.57 4.11 1.83 7.31 8.57

MSCI Pacific Index -13.21 -5.54 -7.51 4.80 3.49 2.34 2.20 1.53 2.98

MSCI World ex U.S. Index -10.57 -6.69 -10.14 4.60 3.42 2.92 3.08 4.56 5.72

MSCI World Index -8.45 -6.04 -5.09 8.58 8.29 4.73 3.23 5.97 7.29

Nasdaq Composite Index* -7.35 -2.45 2.82 14.03 14.30 7.94 1.54 7.72 10.94

Russell 1000® Index -6.83 -5.24 -0.61 12.66 13.42 6.95 4.14 8.29 10.17

Russell 2000® Index -11.92 -7.73 1.25 11.02 11.73 6.55 6.51 7.95 10.57

S&P 500 Index -6.44 -5.29 -0.61 12.40 13.34 6.80 3.96 8.14 9.90

Global Buyout & Growth Equity: Fund Index Summary: End-to-End Pooled ReturnNet to Limited Partners


The index is an end-to-end calculation based on data compiled from 1,831 global (U.S. & ex U.S.) buyout and growth equity funds including fully liquidated partnerships, formed between 1986 and 2015. 1Pooled end-to-end return, net of fees, expenses, and carried interest.

Sources: Cambridge Associates LLC, Barclays, Frank Russell Company, Standard & Poor's, Thomson Reuters Datastream, and Wilshire Associates, Inc.*Capital change only.

| 4


CA Index 1-Year 3-Year 5-Year 10-Year 15-Year 20-Year 25-Year

Global Buyout & Growth Equity Index1 8.04 13.85 13.57 11.81 11.01 13.15 13.36

mPME Analysis2

MSCI EAFE Index -8.38 6.76 4.55 2.85 3.50 3.75 3.91

Value-Add (bps) 1,642 709 902 896 751 940 945

MSCI Europe Index -9.15 7.21 4.90 3.13 3.76 4.42 4.68

Value-Add (bps) 1,719 664 867 868 725 873 868

S&P 500 Index 0.02 13.54 14.09 7.88 6.37 7.52 7.93

Value-Add (bps) 802 31 -52 393 464 563 543

Russell 3000® Index 0.22 13.80 14.09 8.03 6.62 7.75 8.20

Value-Add (bps) 782 5 -52 378 439 540 516

Global Buyout & Growth Equity: Fund Index Summary: End-to-End Pooled Return Compared to CA Modified Public Market Equivalent (mPME)Net to Limited Partners


The index is an end-to-end calculation based on data compiled from 1,831 global (U.S. & ex U.S.) buyout and growth equity funds including fully liquidated partnerships, formed between 1986 and 2015. 1Pooled end-to-end return, net of fees, expenses, and carried interest.2CA Modified Public Market Equivalent (mPME) replicates private investment performance under public market conditions. The public index’s shares are purchased and sold according to the private fund cash flow schedule, with distributions calculated in the same proportion as the private fund, and mPME NAV is a function of mPME cash flows and public index returns. “Value-Add” shows (in basis points) the difference between the actual private investment return and the mPME calculated return. Refer to Methodology page for details.Sources: Cambridge Associates LLC, Frank Russell Company, MSCI Inc., Standard & Poor's and Thomson Reuters Datastream.

| 5


QuarterEnding

End to EndReturn

1986 Q1 ---

1986 Q2 4.55

1986 Q3 -2.66

1986 Q4 1.16

1987 Q1 4.37

1987 Q2 1.24

1987 Q3 1.87

1987 Q4 -1.46

1988 Q1 1.44

1988 Q2 3.54

1988 Q3 3.02

1988 Q4 3.04

1989 Q1 1.26

1989 Q2 3.03

1989 Q3 1.51

1989 Q4 1.44

1990 Q1 -0.15

1990 Q2 5.86

1990 Q3 -0.25

1990 Q4 1.51

1991 Q1 1.98

1991 Q2 0.46

1991 Q3 3.15

1991 Q4 4.02

Global Buyout & Growth Equity: Fund Index Details: One Quarter End-to-End Pooled ReturnNet to Limited Partners


QuarterEnding

End to EndReturn

1992 Q1 0.87

1992 Q2 1.79

1992 Q3 1.85

1992 Q4 8.16

1993 Q1 2.63

1993 Q2 5.58

1993 Q3 6.24

1993 Q4 8.29

1994 Q1 2.26

1994 Q2 2.83

1994 Q3 1.97

1994 Q4 6.22

1995 Q1 3.97

1995 Q2 3.94

1995 Q3 4.12

1995 Q4 9.74

1996 Q1 5.34

1996 Q2 6.66

1996 Q3 6.35

1996 Q4 8.73

1997 Q1 0.54

1997 Q2 10.27

1997 Q3 6.35

1997 Q4 8.75

QuarterEnding

End to EndReturn

1998 Q1 9.25

1998 Q2 5.49

1998 Q3 -5.27

1998 Q4 6.92

1999 Q1 4.47

1999 Q2 9.64

1999 Q3 3.98

1999 Q4 17.09

2000 Q1 12.48

2000 Q2 -0.95

2000 Q3 -0.60

2000 Q4 -5.14

2001 Q1 -6.03

2001 Q2 2.08

2001 Q3 -6.25

2001 Q4 -1.39

2002 Q1 -0.64

2002 Q2 -0.30

2002 Q3 -4.47

2002 Q4 1.50

2003 Q1 -0.02

2003 Q2 7.30

2003 Q3 4.72

2003 Q4 10.65

QuarterEnding

End to EndReturn

2004 Q1 2.73

2004 Q2 3.83

2004 Q3 3.04

2004 Q4 16.22

2005 Q1 1.51

2005 Q2 6.84

2005 Q3 7.16

2005 Q4 9.09

2006 Q1 6.23

2006 Q2 7.89

2006 Q3 4.02

2006 Q4 15.77

2007 Q1 5.74

2007 Q2 10.57

2007 Q3 3.17

2007 Q4 4.00

2008 Q1 -0.73

2008 Q2 -1.36

2008 Q3 -10.80

2008 Q4 -18.48

2009 Q1 -4.94

2009 Q2 6.68

2009 Q3 7.29

2009 Q4 7.43

QuarterEnding

End to EndReturn

2010 Q1 2.73

2010 Q2 0.24

2010 Q3 7.39

2010 Q4 8.66

2011 Q1 5.35

2011 Q2 5.15

2011 Q3 -6.31

2011 Q4 3.11

2012 Q1 6.32

2012 Q2 -0.64

2012 Q3 4.36

2012 Q4 4.10

2013 Q1 3.34

2013 Q2 2.58

2013 Q3 5.74

2013 Q4 7.43

2014 Q1 3.20

2014 Q2 4.73

2014 Q3 -0.48

2014 Q4 2.03

2015 Q1 1.60

2015 Q2 5.24

2015 Q3 -1.07

End-to-end calculation based on data compiled from 1,831 global (U.S. & ex U.S.) buyout and growth equity funds, including fully liquidated partnerships, formed between 1986 and 2015. All returns are net of fees, expenses, and carried interest. Historic quarterly returns are updated in each year-end report to adjust for changes in the index sample. Benchmarks with --- (not applicable) have an insufficient number of funds in the vintage year sample to produce a meaningful return.

| 6


Global Buyout & Growth Equity: Fund Index Details: End-to-End Pooled ReturnNet to Limited Partners

Multi-Year Returns

Years End to End Return (%) Years End to End Return

(%)

1 Year 8.04 16 Years 11.75

2 Years 12.20 17 Years 12.26

3 Years 13.85 18 Years 12.41

4 Years 13.77 19 Years 12.77

5 Years 13.57 20 Years 13.15

6 Years 14.51 21 Years 13.28

7 Years 10.49 22 Years 13.33

8 Years 7.94 23 Years 13.52

9 Years 10.42 24 Years 13.44

10 Years 11.81 25 Years 13.36

11 Years 13.40 26 Years 13.28

12 Years 14.01

13 Years 14.02

14 Years 12.68

15 Years 11.01

One Year Rolling Returns

One Year Ended

End to End Return (%)

One Year Ended


9/30/2015 8.04 9/30/2000 28.03

9/30/2014 15.95 9/30/1999 27.19

9/30/2013 16.65 9/30/1998 17.79

9/30/2012 13.56 9/30/1997 28.27

9/30/2011 12.89 9/30/1996 31.02

9/30/2010 18.86 9/30/1995 19.49

9/30/2009 -10.45 9/30/1994 16.09

9/30/2008 -10.23 9/30/1993 24.50

9/30/2007 39.50 9/30/1992 8.68

9/30/2006 29.98 9/30/1991 7.33

9/30/2005 35.55 9/30/1990 6.89

9/30/2004 21.89

9/30/2003 14.25

9/30/2002 -6.76

9/30/2001 -14.64

End-to-end calculation based on data compiled from 1,831 global (U.S. & ex U.S.) buyout and growth equity funds, including fully liquidated partnerships, formed between 1986 and 2015. All returns are net of fees, expenses, and carried interest.

| 7

Global Buyout & Growth Equity: Fund Since Inception Analysis

| 8


VintageYear

Pooled Return(%)

Arithmetic Mean (%)

Median (%)

Equal-WeightedPooled Return

(%)

UpperQuartile

(%)

Lower Quartile

(%)

Standard Deviation

(%)DPI RVPI TVPI Number

of Funds

1986 20.46 14.03 13.88 14.83 --- --- --- 3.96 0.00 3.96 7

1987 10.79 13.30 10.82 13.49 15.23 8.52 7.50 1.86 0.00 1.86 12

1988 15.99 13.41 11.84 13.45 15.18 8.97 8.18 1.82 0.00 1.82 18

1989 23.17 18.81 18.12 20.56 25.61 12.14 23.05 2.60 0.00 2.60 20

1990 15.54 15.04 15.52 15.39 22.44 6.83 9.64 1.89 0.00 1.89 15

1991 31.83 29.45 26.87 26.92 42.38 7.26 20.05 3.18 0.00 3.18 13

1992 28.27 21.85 19.05 20.67 23.19 12.22 19.81 2.52 0.00 2.52 20

1993 26.07 17.80 20.31 21.20 32.75 9.50 27.82 2.37 0.00 2.37 28

1994 24.39 15.53 9.74 14.97 23.86 1.02 17.61 2.47 0.00 2.47 37

1995 21.31 14.89 11.11 17.48 28.60 -2.08 24.53 1.97 0.00 1.97 46

1996 11.20 9.60 8.49 9.37 13.45 -1.79 19.66 1.62 0.01 1.63 52

1997 9.39 8.88 9.34 9.72 16.26 0.63 21.08 1.58 0.02 1.59 85

1998 8.39 11.17 10.26 13.04 18.98 4.83 11.26 1.49 0.05 1.54 80

1999 15.12 13.66 13.05 13.47 21.91 4.86 14.91 1.86 0.03 1.89 80

2000 18.23 15.60 14.63 15.85 24.37 8.27 14.62 1.91 0.07 1.98 114

2001 24.15 20.52 18.31 20.94 31.68 10.86 18.15 1.98 0.15 2.13 43

2002 19.41 15.75 16.43 17.70 26.79 8.42 27.71 1.81 0.18 1.99 56

2003 16.20 17.36 14.18 17.62 24.98 7.02 16.42 1.60 0.22 1.82 49

2004 11.34 16.51 10.55 14.23 16.77 5.61 28.83 1.44 0.27 1.71 102

2005 7.70 8.49 7.90 9.57 14.35 2.84 12.06 1.07 0.41 1.49 149

2006 7.51 8.82 8.71 9.81 14.46 3.90 13.81 0.89 0.56 1.45 133

2007 10.76 8.61 9.40 9.13 13.47 3.41 13.11 0.75 0.74 1.49 169

2008 13.81 12.54 11.09 12.59 18.68 5.06 11.95 0.69 0.87 1.55 106

2009 15.37 14.40 13.87 16.37 18.58 5.87 12.52 0.33 1.13 1.46 50

2010 12.58 13.54 10.78 15.49 19.25 4.45 19.45 0.25 1.07 1.32 57

2011 13.60 9.57 8.91 12.24 16.84 2.82 14.37 0.14 1.12 1.26 97

2012 9.56 7.43 8.89 10.90 17.14 -2.97 21.09 0.08 1.06 1.13 79

2013 2.50 -4.02 -4.13 5.07 8.14 -16.95 25.65 0.02 1.00 1.02 67

Global Buyout & Growth Equity: Since Inception IRR & Multiples by Fund Vintage YearNet to Limited Partners


Notes: Based on data compiled from 1,784 global (U.S. & ex U.S.) buyout and growth equity funds, including fully liquidated partnerships, formed between 1986 and 2013. Internal rates of returns are net of fees, expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with --- (not applicable) have an insufficient number of funds in the vintage year sample to produce a meaningful return. | 9


Global Buyout & Growth Equity: Since Inception IRR & Multiples Compared to CA Modified Public Market Equivalent (mPME)Net to Limited Partners

Pooled IRR (%) and IRR-Based Value-Add (bps)

Vintage Year

Number of

Funds

CABenchmark MSCI EAFE Index MSCI Europe Index

IRR mPME IRR Value-Add mPME IRR Value-Add

1986 7 20.46 9.74 1,072 12 8111987 12 10.79 5.45 534 11 -451988 18 15.99 6.00 999 12 3911989 20 23.17 7.74 1,543 13 1,0371990 15 15.54 9.05 649 14 1321991 13 31.83 9.80 2,202 17 1,5011992 20 28.27 8.84 1,944 17 1,1621993 28 26.07 6.87 1,920 15 1,0951994 37 24.39 6.69 1,770 13 1,1711995 46 21.31 5.32 1,599 10 1,1051996 52 11.20 3.87 733 5 6081997 85 9.39 3.33 606 4 5761998 80 8.39 3.80 459 4 4291999 80 15.12 6.52 860 7 8042000 114 18.23 9.71 851 10 8062001 43 24.15 11.20 1,295 12 1,2432002 56 19.41 7.84 1,157 8 1,1062003 49 16.20 4.90 1,130 5 1,0852004 102 11.34 2.20 913 2 8942005 149 7.70 1.06 664 1 6642006 133 7.51 1.48 603 1 6042007 169 10.76 3.96 680 4 6572008 106 13.81 5.29 852 6 8112009 50 15.37 3.93 1,144 4 1,0952010 57 12.58 3.44 914 4 8642011 97 13.60 0.45 1,315 1 1,2842012 79 9.56 -3.72 1,329 -4 1,3272013 67 2.50 -9.39 1,189 -10 1,218


Total Value to Paid In (TVPI)

CA Benchmark

MSCI EAFE Index

MSCI Europe Index

TVPI mPME TVPI mPME TVPI

3.96 1.61 2.051.86 1.37 1.981.82 1.23 1.532.60 1.33 1.631.89 1.39 1.703.18 1.31 1.632.52 1.29 1.612.37 1.25 1.582.47 1.27 1.531.97 1.19 1.371.63 1.19 1.261.59 1.18 1.201.54 1.21 1.221.89 1.29 1.321.98 1.38 1.402.13 1.39 1.411.99 1.30 1.321.82 1.20 1.221.71 1.11 1.121.49 1.06 1.061.45 1.08 1.071.49 1.16 1.171.55 1.18 1.201.46 1.10 1.111.32 1.08 1.091.26 1.01 1.011.13 0.95 0.951.02 0.92 0.91

Distributions to Paid In (DPI)

CA Benchmark

MSCI EAFE Index

MSCI Europe Index

DPI mPME DPI mPME DPI

3.96 1.61 2.051.86 1.37 1.981.82 1.23 1.532.60 1.33 1.631.89 1.39 1.703.18 1.31 1.632.52 1.29 1.612.37 1.25 1.582.47 1.27 1.531.97 1.19 1.361.62 1.19 1.251.58 1.17 1.191.49 1.18 1.201.86 1.28 1.311.91 1.35 1.371.98 1.32 1.341.81 1.21 1.231.60 1.09 1.101.44 0.96 0.971.07 0.80 0.800.89 0.70 0.700.75 0.63 0.640.69 0.58 0.580.33 0.29 0.300.25 0.23 0.240.14 0.13 0.130.08 0.07 0.070.02 0.02 0.02

Notes: Based on data compiled from 1,784 global (U.S. & ex U.S.) buyout and growth equity funds, including fully liquidated partnerships, formed between 1986 and 2013. Internal rates of returns are net of fees, expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. mPME Note: Refer to Methodology page for further details on Cambridge Associates Modified PME (mPME).Sources: Cambridge Associates LLC, Frank Russell Company, MSCI Inc., Standard & Poor's and Thomson Reuters Datastream.

| 10


Global Buyout & Growth Equity: Since Inception IRR & Multiples Compared to CA Modified Public Market Equivalent (mPME)Net to Limited Partners


Vintage Year

Number of

Funds

CABenchmark S&P 500 Index Russell 3000® Index


1986 7 20.46 13.46 700 14 6251987 12 10.79 14.22 -343 14 -3641988 18 15.99 15.59 40 16 341989 20 23.17 15.51 767 16 7601990 15 15.54 17.35 -182 18 -2051991 13 31.83 19.35 1,247 20 1,1721992 20 28.27 18.66 961 20 8661993 28 26.07 18.62 745 20 6251994 37 24.39 15.42 897 16 8101995 46 21.31 12.62 869 13 7971996 52 11.20 5.44 576 5 6121997 85 9.39 2.45 694 2 7741998 80 8.39 2.43 595 2 6761999 80 15.12 3.66 1,146 3 1,2242000 114 18.23 6.31 1,192 6 1,2612001 43 24.15 7.99 1,616 7 1,6802002 56 19.41 7.01 1,240 7 1,2862003 49 16.20 6.06 1,014 6 1,0472004 102 11.34 5.67 566 5 5912005 149 7.70 6.42 127 6 1502006 133 7.51 7.88 -37 8 -162007 169 10.76 11.50 -74 11 -602008 106 13.81 13.45 36 13 442009 50 15.37 12.54 283 13 2722010 57 12.58 12.01 57 12 432011 97 13.60 9.25 435 10 4062012 79 9.56 5.39 417 6 3682013 67 2.50 -0.65 315 0 243



CA Benchmark

S&P 500 Index

Russell 3000® Index


3.96 2.30 2.401.86 2.39 2.431.82 1.72 1.742.60 1.81 1.831.89 1.91 1.943.18 1.76 1.812.52 1.71 1.752.37 1.72 1.772.47 1.63 1.661.97 1.44 1.461.63 1.26 1.241.59 1.13 1.081.54 1.13 1.081.89 1.16 1.121.98 1.26 1.232.13 1.32 1.291.99 1.32 1.301.82 1.29 1.271.71 1.33 1.311.49 1.40 1.381.45 1.48 1.461.49 1.53 1.521.55 1.53 1.521.46 1.36 1.361.32 1.30 1.301.26 1.17 1.171.13 1.07 1.081.02 0.99 1.00


CA Benchmark

S&P 500 Index



3.96 2.30 2.401.86 2.39 2.431.82 1.72 1.742.60 1.81 1.831.89 1.91 1.943.18 1.76 1.812.52 1.71 1.752.37 1.72 1.772.47 1.63 1.661.97 1.44 1.461.62 1.25 1.231.58 1.11 1.071.49 1.09 1.051.86 1.15 1.111.91 1.21 1.191.98 1.22 1.201.81 1.19 1.171.60 1.13 1.111.44 1.11 1.101.07 1.01 0.990.89 0.92 0.900.75 0.80 0.790.69 0.71 0.700.33 0.34 0.340.25 0.27 0.270.14 0.14 0.140.08 0.08 0.080.02 0.03 0.03

Notes: Based on data compiled from 1,784 global (U.S. & ex U.S.) buyout and growth equity funds, including fully liquidated partnerships, formed between 1986 and 2013. Internal rates of returns are net of fees, expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with --- (not applicable) have an insufficient number of funds in the vintage year sample to produce a meaningful return.mPME Note: Refer to Methodology page for further details on Cambridge Associates Modified PME (mPME).Sources: Cambridge Associates LLC, Frank Russell Company, MSCI Inc., Standard & Poor's and Thomson Reuters Datastream. | 11


Vintage Year Pooled Return Arithmetic Mean Median Upper Quartile Lower Quartile Number of Funds

1986 3.96 2.56 2.36 --- --- 7

1987 1.86 2.24 1.83 2.26 1.63 12

1988 1.82 1.79 1.65 1.93 1.52 18

1989 2.60 2.36 2.07 3.08 1.71 20

1990 1.89 1.91 1.89 2.48 1.32 15

1991 3.18 2.71 2.85 3.61 1.54 13

1992 2.52 2.13 1.99 2.52 1.48 20

1993 2.37 2.12 2.02 2.75 1.56 28

1994 2.47 1.85 1.53 2.44 1.04 37

1995 1.97 1.75 1.57 2.18 0.89 46

1996 1.63 1.56 1.51 1.89 0.91 52

1997 1.59 1.56 1.62 1.93 1.03 85

1998 1.54 1.88 1.61 2.09 1.28 80

1999 1.89 1.84 1.63 2.24 1.22 80

2000 1.98 1.90 1.87 2.31 1.41 114

2001 2.13 1.96 1.97 2.29 1.47 43

2002 1.99 1.99 1.91 2.41 1.50 56

2003 1.82 1.81 1.74 2.15 1.32 49

2004 1.71 1.79 1.59 2.02 1.34 102

2005 1.49 1.59 1.51 1.89 1.17 149

2006 1.45 1.57 1.51 1.77 1.20 133

2007 1.49 1.43 1.44 1.70 1.15 169

2008 1.55 1.57 1.45 1.76 1.20 106

2009 1.46 1.54 1.44 1.70 1.20 50

2010 1.32 1.44 1.32 1.58 1.08 57

2011 1.26 1.21 1.16 1.34 1.03 97

2012 1.13 1.12 1.10 1.23 0.96 79

2013 1.02 1.00 0.96 1.08 0.83 67

Global Buyout & Growth Equity: Total Value to Paid In Capital Multiple (TVPI)Net to Limited Partners


Notes: Based on data compiled from 1,784 global (U.S. & ex U.S.) buyout and growth equity funds, including fully liquidated partnerships, formed between 1986 and 2013. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with --- (not applicable) have an insufficient number of funds in the vintage year sample to produce a meaningful return.

| 12



1986 3.96 2.56 2.36 --- --- 7

1987 1.86 2.24 1.83 2.26 1.63 12

1988 1.82 1.79 1.65 1.93 1.52 18

1989 2.60 2.36 2.07 3.08 1.71 20

1990 1.89 1.91 1.89 2.48 1.32 15

1991 3.18 2.71 2.85 3.61 1.54 13

1992 2.52 2.13 1.99 2.52 1.48 20

1993 2.37 2.12 2.02 2.75 1.56 28

1994 2.47 1.85 1.53 2.44 1.04 37

1995 1.97 1.75 1.57 2.18 0.89 46

1996 1.62 1.55 1.51 1.89 0.91 52

1997 1.58 1.54 1.62 1.93 1.03 85

1998 1.49 1.84 1.60 2.09 1.23 80

1999 1.86 1.80 1.57 2.23 1.18 80

2000 1.91 1.78 1.71 2.20 1.31 114

2001 1.98 1.87 1.91 2.17 1.38 43

2002 1.81 1.83 1.66 2.26 1.26 56

2003 1.60 1.61 1.54 1.94 0.99 49

2004 1.44 1.50 1.32 1.63 1.00 102

2005 1.07 1.14 1.02 1.48 0.67 149

2006 0.89 0.98 0.94 1.23 0.55 133

2007 0.75 0.73 0.63 0.97 0.37 169

2008 0.69 0.68 0.49 0.88 0.26 106

2009 0.33 0.38 0.27 0.56 0.10 50

2010 0.25 0.26 0.18 0.38 0.04 57

2011 0.14 0.15 0.04 0.21 0.00 97

2012 0.08 0.09 0.02 0.11 0.00 79

2013 0.02 0.04 0.00 0.00 0.00 67

Global Buyout & Growth Equity: Distribution to Paid In Capital Multiple (DPI)Net to Limited Partners



| 13



1986 0.00 0.00 0.00 --- --- 7

1987 0.00 0.00 0.00 0.00 0.00 12

1988 0.00 0.00 0.00 0.00 0.00 18

1989 0.00 0.00 0.00 0.00 0.00 20

1990 0.00 0.00 0.00 0.00 0.00 15

1991 0.00 0.00 0.00 0.00 0.00 13

1992 0.00 0.00 0.00 0.00 0.00 20

1993 0.00 0.00 0.00 0.00 0.00 28

1994 0.00 0.01 0.00 0.00 0.00 37

1995 0.00 0.00 0.00 0.00 0.00 46

1996 0.01 0.01 0.00 0.00 0.00 52

1997 0.02 0.02 0.00 0.00 0.00 85

1998 0.05 0.04 0.00 0.01 0.00 80

1999 0.03 0.03 0.00 0.05 0.00 80

2000 0.07 0.12 0.02 0.13 0.00 114

2001 0.15 0.09 0.04 0.16 0.00 43

2002 0.18 0.16 0.07 0.25 0.00 56

2003 0.22 0.20 0.16 0.30 0.01 49

2004 0.27 0.29 0.20 0.39 0.08 102

2005 0.41 0.45 0.40 0.57 0.22 149

2006 0.56 0.59 0.52 0.74 0.33 133

2007 0.74 0.70 0.73 0.91 0.44 169

2008 0.87 0.89 0.89 1.11 0.64 106

2009 1.13 1.16 1.14 1.32 0.88 50

2010 1.07 1.17 1.04 1.27 0.85 57

2011 1.12 1.06 1.08 1.17 0.89 97

2012 1.06 1.03 0.98 1.16 0.92 79

2013 1.00 0.96 0.94 1.06 0.81 67

Global Buyout & Growth Equity: Residual Value to Paid In Capital Multiple (RVPI) Net to Limited Partners



| 14

U.S. Buyout & Growth Equity: Fund Index Analysis

| 15



Cambridge Associates LLC U.S. Buyout & Growth Equity Index1 -0.16 8.12 11.68 16.68 16.18 12.23 10.53 13.48 13.80

Barclays Government/Credit Bond Index 1.20 0.90 2.73 1.59 3.09 4.61 5.36 5.60 6.44





Russell 1000® Index -6.83 -5.24 -0.61 12.66 13.42 6.95 4.14 8.29 10.17

Russell 2000® Index -11.92 -7.73 1.25 11.02 11.73 6.55 6.51 7.95 10.57

S&P 500 Index -6.44 -5.29 -0.61 12.40 13.34 6.80 3.96 8.14 9.90

Wilshire 5000 Total Market Index -6.92 -5.36 -0.39 12.42 13.16 6.97 4.41 8.19 10.11

U.S. Buyout & Growth Equity: Fund Index Summary: End-to-End Pooled ReturnNet to Limited Partners


The index is an end-to-end calculation based on data compiled from 945 U.S. buyout and growth equity funds including fully liquidated partnerships, formed between 1986 and 2015. 1Pooled end-to-end return, net of fees, expenses, and carried interest.


| 16



Cambridge Associates LLC U.S. Buyout & Growth Equity Index1 11.68 16.68 16.18 12.23 10.53 13.48 13.80

mPME Analysis2

Russell 2000® Index 2.52 13.04 13.10 7.56 7.65 8.17 8.92

Value-Add (bps) 916 364 308 467 288 531 488

Russell 2500™ Index 1.45 14.47 14.02 8.40 8.59 9.47 10.32

Value-Add (bps) 1,023 221 216 383 194 401 348

Russell 3000® Index 0.20 13.91 14.24 7.74 6.17 7.58 8.19

Value-Add (bps) 1,148 277 194 449 436 590 561

Russell Midcap® Index 0.65 15.83 14.48 8.75 8.63 9.87 10.70

Value-Add (bps) 1,103 85 170 348 190 361 310

S&P 500 Index -0.01 13.62 14.23 7.59 5.90 7.35 7.91

Value-Add (bps) 1,169 306 195 464 463 613 589

Constructed Index: NASDAQ Composite Price Index/NASDAQ Composite Total Return3 4.81 16.56 16.38 9.95 6.19 8.83 9.82

Value-Add (bps) 687 12 -20 228 434 465 398

U.S. Buyout & Growth Equity: Fund Index Summary: End-to-End Pooled Return Compared to CA Modified Public Market Equivalent (mPME)Net to Limited Partners


The index is an end-to-end calculation based on data compiled from 945 U.S. buyout and growth equity funds, including fully liquidated partnerships, formed between 1986 and 2015. 1 Pooled end-to-end return, net of fees, expenses, and carried interest.2 CA Modified Public Market Equivalent (mPME) replicates private investment performance under public market conditions. The public index’s shares are purchased and sold according to the private fund cash flow schedule, with distributions calculated in the same proportion as the private fund, and mPME NAV is a function of mPME cash flows and public index returns. “Value-Add” shows (in basis points) the difference between the actual private investment return and the mPME calculated return. Refer to Methodology page for details.3 Constructed Index: Data from 1/1/1986 to 10/31/2003 represented by NASDAQ Price Index. Data from 11/1/2003 to present represented by NASDAQ Composite.Sources: Cambridge Associates LLC, Frank Russell Company, Global Financial Data, Inc., Standard & Poor's and Thomson Reuters Datastream.

| 17


QuarterEnding

End to EndReturn

1986 Q1 ---

1986 Q2 4.55

1986 Q3 -2.66

1986 Q4 1.16

1987 Q1 4.37

1987 Q2 1.29

1987 Q3 1.97

1987 Q4 -2.12

1988 Q1 2.59

1988 Q2 4.30

1988 Q3 4.18

1988 Q4 2.10

1989 Q1 1.67

1989 Q2 3.98

1989 Q3 1.49

1989 Q4 1.46

1990 Q1 -0.20

1990 Q2 5.65

1990 Q3 -0.40

1990 Q4 1.22

1991 Q1 3.13

1991 Q2 1.12

1991 Q3 2.93

1991 Q4 3.93

U.S. Buyout & Growth Equity: Fund Index Details: One Quarter End-to-End Pooled ReturnNet to Limited Partners


QuarterEnding

End to EndReturn

1992 Q1 1.75

1992 Q2 1.18

1992 Q3 2.71

1992 Q4 9.80

1993 Q1 2.83

1993 Q2 6.08

1993 Q3 6.68

1993 Q4 7.21

1994 Q1 1.30

1994 Q2 3.19

1994 Q3 1.78

1994 Q4 6.94

1995 Q1 3.86

1995 Q2 4.05

1995 Q3 4.29

1995 Q4 11.27

1996 Q1 6.10

1996 Q2 6.91

1996 Q3 6.60

1996 Q4 6.73

1997 Q1 0.85

1997 Q2 11.65

1997 Q3 7.39

1997 Q4 9.33

QuarterEnding

End to EndReturn

1998 Q1 10.58

1998 Q2 4.92

1998 Q3 -7.07

1998 Q4 8.42

1999 Q1 5.85

1999 Q2 10.47

1999 Q3 3.49

1999 Q4 19.10

2000 Q1 14.80

2000 Q2 -1.51

2000 Q3 -0.19

2000 Q4 -7.02

2001 Q1 -6.36

2001 Q2 3.04

2001 Q3 -8.94

2001 Q4 -0.11

2002 Q1 -0.67

2002 Q2 -2.88

2002 Q3 -5.11

2002 Q4 0.04

2003 Q1 -0.36

2003 Q2 6.97

2003 Q3 5.74

2003 Q4 9.33

QuarterEnding

End to EndReturn

2004 Q1 3.12

2004 Q2 3.50

2004 Q3 2.08

2004 Q4 15.16

2005 Q1 1.22

2005 Q2 7.93

2005 Q3 7.55

2005 Q4 7.58

2006 Q1 5.99

2006 Q2 3.45

2006 Q3 3.73

2006 Q4 12.51

2007 Q1 5.79

2007 Q2 7.82

2007 Q3 1.08

2007 Q4 2.73

2008 Q1 -2.64

2008 Q2 -0.19

2008 Q3 -7.39

2008 Q4 -16.05

2009 Q1 -3.62

2009 Q2 4.80

2009 Q3 6.50

2009 Q4 6.26

QuarterEnding

End to EndReturn

2010 Q1 4.99

2010 Q2 1.99

2010 Q3 4.91

2010 Q4 8.26

2011 Q1 5.39

2011 Q2 4.75

2011 Q3 -4.41

2011 Q4 5.05

2012 Q1 5.56

2012 Q2 0.28

2012 Q3 5.07

2012 Q4 3.68

2013 Q1 5.00

2013 Q2 3.35

2013 Q3 5.69

2013 Q4 7.60

2014 Q1 3.30

2014 Q2 4.77

2014 Q3 1.51

2014 Q4 3.21

2015 Q1 3.38

2015 Q2 4.40

2015 Q3 -0.16

End-to-end calculation based on data compiled from 945 U.S. buyout and growth equity funds, including fully liquidated partnerships, formed between 1986 and 2015. All returns are net of fees, expenses, and carried interest. Historic quarterly returns are updated in each year-end report to adjust for changes in the index sample.

| 18


U.S. Buyout & Growth Equity: Fund Index Details: End-to-End Pooled ReturnNet to Limited Partners

Multi-Year Returns


(%)

1 Year 11.68 16 Years 11.57

2 Years 15.35 17 Years 12.29

3 Years 16.68 18 Years 12.45

4 Years 16.71 19 Years 12.90

5 Years 16.18 20 Years 13.48

6 Years 16.77 21 Years 13.66

7 Years 12.36 22 Years 13.67

8 Years 9.67 23 Years 13.99

9 Years 11.38 24 Years 13.90

10 Years 12.23 25 Years 13.80

11 Years 13.87 26 Years 13.68

12 Years 14.30 27 Years 13.63

13 Years 14.20

14 Years 12.60

15 Years 10.53


One Year Ended


One Year Ended


9/30/2015 11.68 9/30/2000 32.90

9/30/2014 18.60 9/30/1999 30.92

9/30/2013 18.80 9/30/1998 17.12

9/30/2012 16.79 9/30/1997 29.03

9/30/2011 14.48 9/30/1996 34.50

9/30/2010 19.29 9/30/1995 20.53

9/30/2009 -9.06 9/30/1994 14.02

9/30/2008 -8.10 9/30/1993 27.75

9/30/2007 29.40 9/30/1992 9.85

9/30/2006 22.30 9/30/1991 8.70

9/30/2005 35.71 9/30/1990 6.42

9/30/2004 19.43 9/30/1989 9.74

9/30/2003 13.02

9/30/2002 -8.68

9/30/2001 -18.26

End-to-end calculation based on data compiled from 945 U.S. buyout and growth equity funds, including fully liquidated partnerships, formed between 1986 and 2015. All returns are net of fees, expenses, and carried interest.

| 19

U.S. Buyout & Growth Equity: Fund Since Inception Analysis

| 20


VintageYear

Pooled Return(%)

Arithmetic Mean (%)

Median (%)


(%)

UpperQuartile

(%)

Lower Quartile

(%)

Standard Deviation


of Funds

1986 20.46 14.03 13.88 14.83 --- --- --- 3.96 0.00 3.96 7

1987 10.91 14.31 11.33 14.16 14.22 10.09 7.77 1.88 0.00 1.88 9

1988 16.20 13.88 11.54 14.16 15.48 9.24 8.43 1.83 0.00 1.83 13

1989 25.14 21.45 20.72 23.99 29.18 13.83 27.10 2.75 0.00 2.75 14

1990 19.49 18.98 --- 19.35 --- --- --- 2.04 0.00 2.04 4

1991 33.18 34.57 39.90 32.26 45.15 25.10 19.71 3.34 0.00 3.34 10

1992 34.96 30.27 19.75 27.89 48.00 13.38 23.49 2.75 0.00 2.75 10

1993 27.58 19.75 25.28 24.67 34.24 12.73 32.17 2.43 0.00 2.43 20

1994 25.33 12.94 8.58 13.81 16.68 0.65 16.05 2.57 0.00 2.57 16

1995 21.87 18.52 15.36 22.47 33.17 -0.49 25.71 2.00 0.00 2.00 26

1996 10.42 8.20 7.44 8.15 12.30 -0.54 18.84 1.59 0.01 1.60 28

1997 7.13 4.84 7.06 5.76 12.55 -1.67 19.34 1.45 0.00 1.45 41

1998 6.82 9.63 9.61 10.23 14.68 3.92 10.22 1.37 0.06 1.43 47

1999 14.70 11.05 12.14 11.69 17.69 5.00 11.84 1.85 0.03 1.88 46

2000 15.26 13.39 13.21 13.11 20.79 7.69 11.83 1.74 0.08 1.82 70

2001 20.14 18.95 17.20 17.76 31.70 11.35 18.06 1.90 0.25 2.15 18

2002 16.80 12.62 16.36 14.68 23.68 6.32 25.31 1.76 0.18 1.94 27

2003 15.01 14.08 11.71 13.42 16.79 6.78 13.44 1.66 0.31 1.97 26

2004 10.67 11.12 10.61 11.28 13.87 7.95 7.36 1.42 0.29 1.71 56

2005 9.17 9.82 9.42 11.04 14.66 4.77 9.56 1.15 0.48 1.63 76

2006 8.92 12.21 12.40 11.71 15.67 7.42 14.34 0.96 0.60 1.56 58

2007 12.95 13.17 11.60 12.67 19.08 8.92 11.82 0.80 0.79 1.59 75

2008 16.74 17.92 15.92 17.18 22.87 8.62 11.96 0.77 0.88 1.65 52

2009 18.38 20.39 18.25 21.40 28.26 12.31 12.33 0.39 1.15 1.54 24

2010 19.05 23.78 18.89 21.68 25.66 9.84 24.63 0.31 1.19 1.50 20

2011 17.03 14.30 10.65 16.70 18.22 7.99 12.85 0.17 1.14 1.31 52

2012 13.11 12.83 10.70 18.39 21.74 -0.82 19.25 0.06 1.10 1.16 36

2013 9.17 -3.38 -0.84 8.46 9.76 -13.62 28.89 0.03 1.06 1.09 35

U.S. Buyout & Growth Equity: Since Inception IRR & Multiples by Fund Vintage YearNet to Limited Partners


Notes: Based on data compiled from 916 U.S. buyout and growth equity funds, including fully liquidated partnerships, formed between 1986 and 2013. Internal rates of returns are net of fees, expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with --- (not applicable) have an insufficient number of funds in the vintage year sample to produce a meaningful return.

| 21



Vintage Year

Number of

Funds

CABenchmark Russell 2000® Index Russell 2500™ Index


1986 7 20.46 9.71 1,075 11.48 8981987 9 10.91 12.31 -140 13.86 -2951988 13 16.20 13.97 223 15.26 941989 14 25.14 14.86 1,028 15.86 9271990 4 19.49 15.35 414 16.44 3051991 10 33.18 15.69 1,748 16.96 1,6221992 10 34.96 13.96 2,100 15.81 1,9151993 20 27.58 11.85 1,573 14.36 1,3221994 16 25.33 9.34 1,600 11.85 1,3481995 26 21.87 8.28 1,359 10.89 1,0981996 28 10.42 6.86 356 8.91 1511997 41 7.13 7.34 -20 9.11 -1981998 47 6.82 7.31 -49 8.87 -2051999 46 14.70 8.27 643 9.41 5292000 70 15.26 9.35 591 10.25 5002001 18 20.14 8.61 1,153 9.53 1,0612002 27 16.80 7.87 893 8.81 7982003 26 15.01 6.02 899 6.90 8112004 56 10.67 5.73 494 6.63 4032005 76 9.17 6.82 235 7.74 1422006 58 8.92 7.39 153 8.28 642007 75 12.95 11.29 166 12.31 642008 52 16.74 12.48 426 13.60 3142009 24 18.38 10.63 776 11.81 6582010 20 19.05 10.00 905 11.18 7872011 52 17.03 6.03 1,100 7.45 9582012 36 13.11 -0.80 1,391 0.73 1,2382013 35 9.17 -4.09 1,327 -2.67 1,184



CA Benchmark


Russell 2500™ Index


3.96 1.83 2.051.88 2.14 2.401.83 1.63 1.712.75 1.72 1.792.04 1.71 1.803.34 1.54 1.602.75 1.45 1.542.43 1.46 1.592.57 1.45 1.612.00 1.33 1.451.60 1.39 1.521.45 1.45 1.581.43 1.44 1.561.88 1.38 1.441.82 1.40 1.452.15 1.41 1.471.94 1.38 1.441.97 1.33 1.381.71 1.34 1.411.63 1.43 1.511.56 1.44 1.511.59 1.48 1.541.65 1.44 1.491.54 1.28 1.311.50 1.24 1.271.31 1.10 1.131.16 0.99 1.011.09 0.96 0.97


CA Benchmark




3.96 1.83 2.051.88 2.14 2.401.83 1.63 1.712.75 1.72 1.792.04 1.71 1.803.34 1.54 1.602.75 1.45 1.542.43 1.46 1.592.57 1.45 1.612.00 1.33 1.451.59 1.38 1.511.45 1.44 1.571.37 1.38 1.491.85 1.37 1.431.74 1.35 1.391.90 1.26 1.301.76 1.25 1.291.66 1.15 1.191.42 1.13 1.181.15 1.05 1.090.96 0.93 0.960.80 0.81 0.830.77 0.74 0.760.39 0.38 0.390.31 0.30 0.310.17 0.17 0.170.06 0.06 0.060.03 0.04 0.04

U.S. Buyout & Growth Equity: Since Inception IRR & Multiples Compared to CA Modified Public Market Equivalent (mPME)Net to Limited Partners

Notes: Based on data compiled from 916 U.S. buyout and growth equity funds, including fully liquidated partnerships, formed between 1986 and 2013. Internal rates of returns are net of fees, expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to thissettling they typically rank in 2-3 other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with --- (not applicable) have an insufficient number of funds in the vintage year sample to produce a meaningful return.mPME Note: Refer to Methodology page for further details on Cambridge Associates Modified PME (mPME).Sources: Cambridge Associates LLC, Frank Russell Company, Global Financial Data, Inc., Standard & Poor's and Thomson Reuters Datastream. | 22



Vintage Year

Number of

Funds

CABenchmark Russell 3000® Index Russell Midcap® Index


1986 7 20.46 13.46 700 13.07 7391987 9 10.91 14.27 -337 14.64 -3731988 13 16.20 15.76 44 16.04 161989 14 25.14 15.77 936 16.13 9001990 4 19.49 16.63 286 16.64 2851991 10 33.18 19.37 1,381 17.76 1,5421992 10 34.96 19.07 1,589 17.02 1,7941993 20 27.58 18.42 916 16.28 1,1301994 16 25.33 13.61 1,173 13.34 1,1991995 26 21.87 12.61 926 12.44 9431996 28 10.42 4.97 545 9.12 1301997 41 7.13 2.50 464 8.58 -1441998 47 6.82 2.58 424 8.39 -1571999 46 14.70 3.64 1,106 9.31 5392000 70 15.26 6.23 903 10.51 4752001 18 20.14 7.28 1,286 10.22 9922002 27 16.80 6.84 996 9.47 7332003 26 15.01 5.56 945 7.31 7702004 56 10.67 5.53 513 6.91 3752005 76 9.17 6.71 246 7.96 1212006 58 8.92 7.35 157 8.48 442007 75 12.95 11.76 119 12.85 102008 52 16.74 13.38 336 14.37 2372009 24 18.38 12.66 572 13.02 5362010 20 19.05 12.24 682 12.57 6492011 52 17.03 9.23 780 9.39 7652012 36 13.11 3.49 962 3.05 1,0062013 35 9.17 0.37 880 -0.46 963



CA Benchmark


Russell Midcap®

Index


3.96 2.30 2.261.88 2.41 2.531.83 1.76 1.762.75 1.81 1.822.04 1.83 1.823.34 1.75 1.652.75 1.65 1.602.43 1.69 1.672.57 1.60 1.692.00 1.46 1.511.60 1.25 1.541.45 1.14 1.541.43 1.14 1.531.88 1.16 1.441.82 1.27 1.472.15 1.35 1.511.94 1.33 1.481.97 1.30 1.411.71 1.33 1.431.63 1.43 1.531.56 1.44 1.521.59 1.51 1.571.65 1.48 1.521.54 1.34 1.351.50 1.30 1.301.31 1.16 1.161.16 1.04 1.041.09 1.00 1.00


CA Benchmark


Russell Midcap®

Index


3.96 2.30 2.261.88 2.41 2.531.83 1.76 1.762.75 1.81 1.822.04 1.83 1.823.34 1.75 1.652.75 1.65 1.602.43 1.69 1.672.57 1.60 1.692.00 1.46 1.511.59 1.24 1.521.45 1.13 1.541.37 1.09 1.461.85 1.15 1.431.74 1.22 1.411.90 1.19 1.331.76 1.20 1.321.66 1.12 1.211.42 1.11 1.191.15 1.03 1.100.96 0.91 0.960.80 0.81 0.840.77 0.74 0.770.39 0.39 0.390.31 0.31 0.310.17 0.17 0.170.06 0.06 0.060.03 0.04 0.04


Notes: Based on data compiled from 916 U.S. buyout and growth equity funds, including fully liquidated partnerships, formed between 1986 and 2013. Internal rates of returns are net of fees, expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to thissettling they typically rank in 2-3 other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with --- (not applicable) have an insufficient number of funds in the vintage year sample to produce a meaningful return.mPME Note: Refer to Methodology page for further details on Cambridge Associates Modified PME (mPME).Sources: Cambridge Associates LLC, Frank Russell Company, Global Financial Data, Inc., Standard & Poor's and Thomson Reuters Datastream. | 23



Vintage Year

Number of

Funds

CABenchmark S&P 500 Index Constructed Index

NASDAQ Composite1


1986 7 20.46 14.21 625 11.44 9021987 9 10.91 14.48 -357 14.56 -3651988 13 16.20 15.87 33 17.26 -1061989 14 25.14 15.88 926 17.66 7481990 4 19.49 16.87 262 19.10 391991 10 33.18 20.11 1,307 21.50 1,1681992 10 34.96 20.05 1,491 21.09 1,3871993 20 27.58 19.60 798 21.98 5601994 16 25.33 14.28 1,106 22.02 3321995 26 21.87 13.31 856 18.33 3541996 28 10.42 4.56 586 5.13 5301997 41 7.13 1.67 546 -0.26 7401998 47 6.82 1.80 503 -0.21 7031999 46 14.70 2.86 1,184 0.92 1,3782000 70 15.26 5.57 969 6.30 8962001 18 20.14 6.78 1,336 8.19 1,1952002 27 16.80 6.38 1,042 8.06 8742003 26 15.01 5.23 978 7.17 7842004 56 10.67 5.28 539 7.62 3052005 76 9.17 6.48 269 9.22 -52006 58 8.92 7.14 178 9.86 -952007 75 12.95 11.61 134 14.29 -1342008 52 16.74 13.29 346 15.95 802009 24 18.38 12.76 562 15.70 2682010 20 19.05 12.37 668 15.48 3572011 52 17.03 9.54 750 13.22 3812012 36 13.11 4.09 902 7.98 5132013 35 9.17 1.08 809 5.08 409



CA Benchmark

S&P 500 Index

Constructed Index

NASDAQ Composite1


3.96 2.40 2.091.88 2.45 2.471.83 1.78 1.892.75 1.82 1.932.04 1.86 2.003.34 1.80 1.872.75 1.69 1.742.43 1.74 1.842.57 1.62 1.902.00 1.47 1.631.60 1.22 1.231.45 1.09 0.991.43 1.10 0.991.88 1.12 1.041.82 1.24 1.282.15 1.33 1.431.94 1.31 1.421.97 1.28 1.421.71 1.32 1.491.63 1.41 1.641.56 1.43 1.641.59 1.51 1.661.65 1.48 1.601.54 1.34 1.441.50 1.30 1.391.31 1.17 1.231.16 1.05 1.101.09 1.01 1.05


CA Benchmark

S&P 500 Index

Constructed Index

NASDAQ Composite1


3.96 2.40 2.091.88 2.45 2.471.83 1.78 1.892.75 1.82 1.932.04 1.86 2.003.34 1.80 1.872.75 1.69 1.742.43 1.73 1.832.57 1.62 1.902.00 1.47 1.631.59 1.22 1.231.45 1.08 0.981.37 1.05 0.941.85 1.11 1.031.74 1.19 1.221.90 1.17 1.241.76 1.17 1.261.66 1.10 1.201.42 1.10 1.221.15 1.01 1.150.96 0.90 1.010.80 0.80 0.860.77 0.74 0.780.39 0.39 0.410.31 0.31 0.320.17 0.17 0.180.06 0.06 0.060.03 0.04 0.04


Notes: Based on data compiled from 916 U.S. buyout and growth equity funds, including fully liquidated partnerships, formed between 1986 and 2013. Internal rates of returns are net of fees, expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to thissettling they typically rank in 2-3 other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with --- (not applicable) have an insufficient number of funds in the vintage year sample to produce a meaningful return.mPME Note: Refer to Methodology page for further details on Cambridge Associates Modified PME (mPME).1Constructed Index: Data from 1/1/1986 to 10/31/2003 represented by NASDAQ Price Index. Data from 11/1/2003 to present represented by NASDAQ Composite.Sources: Cambridge Associates LLC, Frank Russell Company, Global Financial Data, Inc., Standard & Poor's and Thomson Reuters Datastream.

| 24



1986 3.96 2.56 2.36 --- --- 7

1987 1.88 2.45 1.90 2.30 1.74 9

1988 1.83 1.86 1.63 1.96 1.54 13

1989 2.75 2.53 2.54 3.41 1.70 14

1990 2.04 2.00 --- --- --- 4

1991 3.34 3.03 3.09 3.65 2.83 10

1992 2.75 2.43 2.18 3.25 1.54 10

1993 2.43 2.22 2.11 3.31 1.58 20

1994 2.57 1.73 1.38 2.08 1.03 16

1995 2.00 1.95 1.82 2.30 0.98 26

1996 1.60 1.45 1.30 1.83 0.97 28

1997 1.45 1.33 1.39 1.71 0.90 41

1998 1.43 1.63 1.49 1.98 1.27 47

1999 1.88 1.72 1.55 2.20 1.26 46

2000 1.82 1.79 1.77 2.20 1.36 70

2001 2.15 1.84 1.95 2.22 1.45 18

2002 1.94 1.89 1.94 2.43 1.40 27

2003 1.97 1.71 1.72 2.03 1.30 26

2004 1.71 1.75 1.62 1.97 1.46 56

2005 1.63 1.73 1.62 2.07 1.31 76

2006 1.56 1.67 1.63 1.88 1.41 58

2007 1.59 1.61 1.60 1.84 1.37 75

2008 1.65 1.81 1.63 1.92 1.39 52

2009 1.54 1.70 1.55 1.98 1.44 24

2010 1.50 1.58 1.48 1.80 1.27 20

2011 1.31 1.30 1.22 1.38 1.14 52

2012 1.16 1.20 1.14 1.25 0.99 36

2013 1.09 1.02 0.99 1.11 0.83 35

U.S. Buyout & Growth Equity: Total Value to Paid In Capital Multiple (TVPI)Net to Limited Partners



| 25



1986 3.96 2.56 2.36 --- --- 7

1987 1.88 2.45 1.90 2.30 1.74 9

1988 1.83 1.86 1.63 1.96 1.54 13

1989 2.75 2.53 2.54 3.41 1.70 14

1990 2.04 2.00 --- --- --- 4

1991 3.34 3.03 3.09 3.65 2.83 10

1992 2.75 2.43 2.18 3.25 1.54 10

1993 2.43 2.22 2.11 3.31 1.58 20

1994 2.57 1.73 1.38 2.08 1.03 16

1995 2.00 1.95 1.81 2.30 0.98 26

1996 1.59 1.44 1.30 1.83 0.97 28

1997 1.45 1.32 1.39 1.71 0.87 41

1998 1.37 1.57 1.45 1.91 1.16 47

1999 1.85 1.68 1.53 2.13 1.21 46

2000 1.74 1.63 1.67 2.07 1.26 70

2001 1.90 1.70 1.77 2.01 1.37 18

2002 1.76 1.71 1.68 2.24 1.22 27

2003 1.66 1.46 1.46 1.80 0.93 26

2004 1.42 1.40 1.32 1.58 1.07 56

2005 1.15 1.21 1.10 1.55 0.85 76

2006 0.96 1.08 1.02 1.36 0.76 58

2007 0.80 0.86 0.77 1.06 0.48 75

2008 0.77 0.90 0.65 1.07 0.41 52

2009 0.39 0.53 0.46 0.66 0.19 24

2010 0.31 0.34 0.31 0.42 0.13 20

2011 0.17 0.20 0.10 0.24 0.00 52

2012 0.06 0.13 0.06 0.12 0.00 36

2013 0.03 0.06 0.00 0.00 0.00 35

U.S. Buyout & Growth Equity: Distribution to Paid In Capital Multiple (DPI)Net to Limited Partners



| 26



1986 0.00 0.00 0.00 --- --- 7

1987 0.00 0.00 0.00 0.00 0.00 9

1988 0.00 0.00 0.00 0.00 0.00 13

1989 0.00 0.00 0.00 0.00 0.00 14

1990 0.00 0.00 --- --- --- 4

1991 0.00 0.00 0.00 0.00 0.00 10

1992 0.00 0.00 0.00 0.00 0.00 10

1993 0.00 0.00 0.00 0.00 0.00 20

1994 0.00 0.00 0.00 0.00 0.00 16

1995 0.00 0.00 0.00 0.00 0.00 26

1996 0.01 0.00 0.00 0.00 0.00 28

1997 0.00 0.01 0.00 0.00 0.00 41

1998 0.06 0.06 0.00 0.04 0.00 47

1999 0.03 0.04 0.01 0.05 0.00 46

2000 0.08 0.16 0.05 0.15 0.00 70

2001 0.25 0.14 0.10 0.26 0.02 18

2002 0.18 0.18 0.18 0.25 0.01 27

2003 0.31 0.25 0.20 0.37 0.05 26

2004 0.29 0.35 0.28 0.44 0.19 56

2005 0.48 0.52 0.48 0.68 0.33 76

2006 0.60 0.59 0.59 0.73 0.39 58

2007 0.79 0.75 0.78 0.93 0.58 75

2008 0.88 0.91 0.91 1.12 0.64 52

2009 1.15 1.17 1.26 1.33 1.03 24

2010 1.19 1.25 1.24 1.38 0.90 20

2011 1.14 1.11 1.14 1.23 1.01 52

2012 1.10 1.07 1.02 1.19 0.94 36

2013 1.06 0.96 0.95 1.05 0.80 35

U.S. Buyout & Growth Equity: Residual Value to Paid In Capital Multiple (RVPI)Net to Limited Partners



| 27

Global ex U.S. Buyout & Growth Equity: Fund Index Analysis

| 28



Global ex U.S. Buyout & Growth Equity Index1 -2.38 2.75 3.06 9.92 9.84 11.06 12.09 12.50 12.43










MSCI World Index -8.45 -6.04 -5.09 8.58 8.29 4.73 3.23 5.97 7.29


Russell 1000® Index -6.83 -5.24 -0.61 12.66 13.42 6.95 4.14 8.29 10.17

Russell 2000® Index -11.92 -7.73 1.25 11.02 11.73 6.55 6.51 7.95 10.57

S&P 500 Index -6.44 -5.29 -0.61 12.40 13.34 6.80 3.96 8.14 9.90

Global ex U.S. Buyout & Growth Equity: Fund Index Summary: End-to-End Pooled ReturnNet to Limited Partners


The index is an end-to-end calculation based on data compiled from 886 global ex U.S. buyout and growth equity funds including fully liquidated partnerships, formed between 1986 and 2015. 1Pooled end-to-end return, net of fees, expenses, and carried interest.Sources: Cambridge Associates LLC, Barclays, Frank Russell Company, Standard & Poor's, Thomson Reuters Datastream, and Wilshire Associates, Inc.*Capital change only.

| 29



Global ex U.S. Buyout & Growth Equity Index1 3.06 9.92 9.84 11.06 12.09 12.50 12.43

mPME Analysis2

MSCI EAFE Index -8.35 6.48 4.43 2.84 3.48 3.63 3.69

Value-Add (bps) 1,141 344 541 822 861 887 874


Value-Add (bps) 1,219 301 507 798 837 844 826

S&P 500 Index 0.04 13.44 13.90 8.29 7.13 7.78 7.93

Value-Add (bps) 302 -352 -406 277 496 472 450

Russell 3000® Index 0.25 13.67 13.88 8.43 7.35 8.02 8.18

Value-Add (bps) 281 -375 -404 263 474 448 425

Global ex U.S. Buyout & Growth Equity: Fund Index Summary: End-to-End Pooled Return Compared to CA Modified Public Market Equivalent (mPME)Net to Limited Partners


The index is an end-to-end calculation based on data compiled from 886 global ex U.S. buyout and growth equity funds including fully liquidated partnerships, formed between 1986 and 2015. 1Pooled end-to-end return, net of fees, expenses, and carried interest.2CA Modified Public Market Equivalent (mPME) replicates private investment performance under public market conditions. The public index’s shares are purchased and sold according to the private fund cash flow schedule, with distributions calculated in the same proportion as the private fund, and mPME NAV is a function of mPME cash flows and public index returns. “Value-Add” shows (in basis points) the difference between the actual private investment return and the mPME calculated return. Refer to Methodology page for details.Sources: Cambridge Associates LLC, Frank Russell Company, MSCI Inc., Standard & Poor's and Thomson Reuters Datastream.

| 30


QuarterEnding

End to EndReturn

1986 Q1 ---

1986 Q2 ---

1986 Q3 ---

1986 Q4 ---

1987 Q1 ---

1987 Q2 0.00

1987 Q3 0.58

1987 Q4 6.44

1988 Q1 -9.48

1988 Q2 -5.13

1988 Q3 -11.37

1988 Q4 13.75

1989 Q1 -3.59

1989 Q2 -9.18

1989 Q3 1.76

1989 Q4 1.27

1990 Q1 0.34

1990 Q2 7.79

1990 Q3 1.16

1990 Q4 3.95

1991 Q1 -6.56

1991 Q2 -4.73

1991 Q3 4.86

1991 Q4 4.65

Global ex U.S. Buyout & Growth Equity: Fund Index Details: One Quarter End-to-End Pooled ReturnNet to Limited Partners


QuarterEnding

End to EndReturn

1992 Q1 -4.88

1992 Q2 5.78

1992 Q3 -3.71

1992 Q4 -3.27

1993 Q1 1.09

1993 Q2 1.86

1993 Q3 3.04

1993 Q4 16.70

1994 Q1 9.36

1994 Q2 0.42

1994 Q3 3.24

1994 Q4 1.68

1995 Q1 4.63

1995 Q2 3.29

1995 Q3 3.08

1995 Q4 0.99

1996 Q1 0.96

1996 Q2 5.25

1996 Q3 4.94

1996 Q4 19.63

1997 Q1 -0.85

1997 Q2 4.37

1997 Q3 1.78

1997 Q4 6.08

QuarterEnding

End to EndReturn

1998 Q1 3.48

1998 Q2 7.97

1998 Q3 2.09

1998 Q4 1.75

1999 Q1 -0.27

1999 Q2 6.71

1999 Q3 5.75

1999 Q4 10.55

2000 Q1 4.93

2000 Q2 1.01

2000 Q3 -1.99

2000 Q4 0.96

2001 Q1 -5.02

2001 Q2 -0.71

2001 Q3 1.82

2001 Q4 -4.81

2002 Q1 -0.56

2002 Q2 6.83

2002 Q3 -2.87

2002 Q4 5.06

2003 Q1 0.77

2003 Q2 8.06

2003 Q3 2.50

2003 Q4 13.53

QuarterEnding

End to EndReturn

2004 Q1 1.93

2004 Q2 4.51

2004 Q3 4.99

2004 Q4 18.30

2005 Q1 2.05

2005 Q2 4.79

2005 Q3 6.40

2005 Q4 12.11

2006 Q1 6.69

2006 Q2 16.66

2006 Q3 4.56

2006 Q4 21.59

2007 Q1 5.66

2007 Q2 15.13

2007 Q3 6.51

2007 Q4 5.98

2008 Q1 2.19

2008 Q2 -3.05

2008 Q3 -15.67

2008 Q4 -22.22

2009 Q1 -7.12

2009 Q2 9.86

2009 Q3 8.57

2009 Q4 9.22

QuarterEnding

End to EndReturn

2010 Q1 -0.60

2010 Q2 -2.48

2010 Q3 11.44

2010 Q4 9.24

2011 Q1 5.29

2011 Q2 5.72

2011 Q3 -8.97

2011 Q4 0.22

2012 Q1 7.51

2012 Q2 -2.01

2012 Q3 3.31

2012 Q4 4.72

2013 Q1 0.99

2013 Q2 1.48

2013 Q3 5.82

2013 Q4 7.19

2014 Q1 3.06

2014 Q2 4.68

2014 Q3 -3.20

2014 Q4 0.35

2015 Q1 -0.98

2015 Q2 6.53

2015 Q3 -2.38

End-to-end calculation based on data compiled from 886 global ex U.S. buyout and growth equity funds, including fully liquidated partnerships, formed between 1986 and 2015. All returns are net of fees, expenses, and carried interest. Historic quarterly returns are updated in each year-end report to adjust for changes in the index sample.

| 31


Global ex U.S. Buyout & Growth Equity: Fund Index Details: End-to-End Pooled ReturnNet to Limited Partners

Multi-Year Returns


(%)

1 Year 3.06 16 Years 12.13

2 Years 7.88 17 Years 12.21

3 Years 9.92 18 Years 12.35

4 Years 9.63 19 Years 12.49

5 Years 9.84 20 Years 12.50

6 Years 11.19 21 Years 12.50

7 Years 7.70 22 Years 12.62

8 Years 5.34 23 Years 12.56

9 Years 8.84 24 Years 12.50

10 Years 11.06 25 Years 12.43

11 Years 12.55 26 Years 12.43

12 Years 13.46

13 Years 13.68

14 Years 12.86

15 Years 12.09


One Year Ended


One Year Ended


9/30/2015 3.06 9/30/2000 13.25

9/30/2014 12.38 9/30/1999 15.19

9/30/2013 13.61 9/30/1998 20.58

9/30/2012 8.86 9/30/1997 24.52

9/30/2011 10.59 9/30/1996 13.04

9/30/2010 18.21 9/30/1995 13.36

9/30/2009 -12.57 9/30/1994 32.39

9/30/2008 -13.49 9/30/1993 3.14

9/30/2007 57.54 9/30/1992 0.95

9/30/2006 45.74 9/30/1991 -3.03

9/30/2005 35.25 9/30/1990 11.32

9/30/2004 27.15

9/30/2003 17.21

9/30/2002 -1.69

9/30/2001 -2.98

End-to-end calculation based on data compiled from 886 global ex U.S. buyout and growth equity funds, including fully liquidated partnerships, formed between 1986 and 2015. All returns are net of fees, expenses, and carried interest.

| 32

Global ex U.S. Buyout & Growth Equity: Fund Since Inception Analysis

| 33


VintageYear

Pooled Return(%)

Arithmetic Mean (%)

Median (%)


(%)

UpperQuartile

(%)

Lower Quartile

(%)

Standard Deviation


of Funds

1987 7.91 10.27 --- 10.71 --- --- --- 1.45 0.00 1.45 3

1988 15.17 12.19 12.15 11.49 --- --- --- 1.78 0.00 1.78 5

1989 15.46 12.65 14.21 13.57 --- --- --- 1.94 0.00 1.94 6

1990 13.72 13.61 12.96 14.12 24.35 3.28 10.94 1.82 0.00 1.82 11

1991 18.58 12.40 --- 10.59 --- --- --- 1.89 0.00 1.89 3

1992 14.89 13.43 17.88 14.51 20.50 7.37 10.92 1.91 0.00 1.91 10

1993 16.12 12.94 10.26 15.56 20.86 7.53 11.77 1.89 0.00 1.89 8

1994 22.57 17.51 10.71 15.76 33.67 3.32 18.86 2.26 0.00 2.26 21

1995 19.32 10.18 6.04 11.05 14.55 -3.02 22.68 1.88 0.00 1.88 20

1996 15.33 11.24 10.24 10.65 16.74 -2.53 20.85 1.76 0.01 1.77 24

1997 12.20 12.65 11.14 13.22 19.02 4.88 22.14 1.74 0.03 1.77 44

1998 14.42 13.38 14.11 16.37 20.91 6.28 12.43 2.01 0.02 2.03 33

1999 15.91 17.18 17.30 15.94 23.04 4.41 17.85 1.88 0.03 1.91 34

2000 25.26 19.12 18.22 19.97 35.00 8.52 17.79 2.36 0.05 2.41 44

2001 28.75 21.66 18.55 22.60 31.16 10.58 18.51 2.07 0.04 2.11 25

2002 23.24 18.66 18.69 20.26 32.15 9.37 29.92 1.87 0.17 2.04 29

2003 18.40 21.07 16.98 22.41 34.26 10.49 18.86 1.53 0.12 1.65 23

2004 13.06 23.08 10.09 19.03 27.09 4.43 41.46 1.47 0.23 1.70 46

2005 5.63 7.11 7.11 7.81 12.12 0.10 14.14 0.99 0.33 1.32 73

2006 5.57 6.20 6.81 8.41 12.04 0.49 12.88 0.80 0.51 1.31 75

2007 7.63 4.98 6.49 6.37 10.95 0.75 13.01 0.68 0.67 1.35 94

2008 10.83 7.37 7.06 8.20 14.68 0.52 9.46 0.59 0.85 1.45 54

2009 10.24 8.87 10.85 12.16 15.21 4.18 10.07 0.22 1.10 1.32 26

2010 9.91 8.01 8.24 12.15 17.29 -0.14 13.35 0.23 1.02 1.25 37

2011 8.37 4.10 3.38 6.80 11.90 -5.80 14.21 0.08 1.08 1.16 45

2012 6.91 2.91 3.39 5.52 12.42 -8.88 21.72 0.09 1.02 1.10 43

2013 -3.03 -4.73 -4.73 2.05 7.32 -20.73 22.01 0.02 0.96 0.97 32

Global ex U.S. Buyout & Growth Equity: Since Inception IRR & Multiples by Fund Vintage YearNet to Limited Partners


Notes: Based on data compiled from 868 global ex U.S. buyout and growth equity funds, including fully liquidated partnerships, formed between 1987 and 2013. Internal rates of returns are net of fees, expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with --- (not applicable) have an insufficient number of funds in the vintage year sample to produce a meaningful return.

| 34


Global ex U.S. Buyout & Growth Equity: Since Inception IRR & Multiples Compared to CA Modified Public Market Equivalent (mPME)Net to Limited Partners


Vintage Year

Number of

Funds



1987 3 7.91 4.86 305 10.61 -2701988 5 15.17 5.57 960 11.35 3821989 6 15.46 7.24 822 11.98 3481990 11 13.72 8.81 491 14.22 -501991 3 18.58 9.77 881 17.53 1051992 10 14.89 8.35 654 15.39 -501993 8 16.12 7.22 890 16.65 -531994 21 22.57 6.25 1,631 14.99 7581995 20 19.32 5.30 1,402 10.63 8691996 24 15.33 5.45 988 7.51 7821997 44 12.20 2.82 939 3.02 9191998 33 14.42 3.74 1,067 4.04 1,0381999 34 15.91 6.28 963 6.89 9022000 44 25.26 10.70 1,456 11.13 1,4132001 25 28.75 14.04 1,471 14.47 1,4282002 29 23.24 8.11 1,513 8.60 1,4642003 23 18.40 5.91 1,249 6.52 1,1882004 46 13.06 2.78 1,028 3.01 1,0052005 73 5.63 0.83 481 0.83 4802006 75 5.57 1.97 360 1.97 3602007 94 7.63 3.67 397 3.86 3772008 54 10.83 5.35 548 5.75 5082009 26 10.24 3.86 638 4.40 5842010 37 9.91 3.40 651 3.89 6022011 45 8.37 0.53 784 0.80 7562012 43 6.91 -2.25 916 -2.12 9032013 32 -3.03 -10.08 706 -10.35 733



CA Benchmark

MSCI EAFE Index

MSCI Europe Index


1.45 1.26 1.681.78 1.20 1.451.94 1.34 1.641.82 1.38 1.731.89 1.36 1.781.91 1.35 1.741.89 1.33 1.822.26 1.21 1.541.88 1.17 1.341.77 1.21 1.301.77 1.14 1.152.03 1.18 1.191.91 1.28 1.312.41 1.40 1.412.11 1.41 1.432.04 1.29 1.301.65 1.21 1.231.70 1.12 1.131.32 1.04 1.041.31 1.10 1.101.35 1.15 1.161.45 1.20 1.211.32 1.11 1.131.25 1.08 1.091.16 1.01 1.011.10 0.97 0.970.97 0.91 0.91


CA Benchmark

MSCI EAFE Index

MSCI Europe Index


1.45 1.26 1.681.78 1.20 1.451.94 1.34 1.641.82 1.38 1.731.89 1.36 1.781.91 1.35 1.741.89 1.33 1.822.26 1.21 1.541.88 1.17 1.341.76 1.21 1.291.74 1.12 1.132.01 1.17 1.191.88 1.27 1.292.36 1.38 1.392.07 1.40 1.411.87 1.20 1.211.53 1.11 1.131.47 0.99 0.990.99 0.79 0.790.80 0.70 0.700.68 0.62 0.620.59 0.53 0.540.22 0.22 0.220.23 0.22 0.220.08 0.08 0.080.09 0.08 0.080.02 0.02 0.02

Notes: Based on data compiled from 868 global ex U.S. buyout and growth equity funds, including fully liquidated partnerships, formed between 1987 and 2013. Internal rates of returns are net of fees, expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with --- (not applicable) have an insufficient number of funds in the vintage year sample to produce a meaningful return.mPME Note: Refer to Methodology page for further details on Cambridge Associates Modified PME (mPME).Sources: Cambridge Associates LLC, Frank Russell Company, MSCI Inc., Standard & Poor's and Thomson Reuters Datastream.

| 35


Global ex U.S. Buyout & Growth Equity: Since Inception IRR & Multiples Compared to CA Modified Public Market Equivalent (mPME)Net to Limited Partners


Vintage Year

Number of

Funds



1987 3 7.91 13.67 -575 13.37 -5461988 5 15.17 14.67 50 14.81 371989 6 15.46 14.40 106 14.47 991990 11 13.72 17.90 -418 17.67 -3951991 3 18.58 20.17 -159 19.32 -741992 10 14.89 18.58 -369 17.67 -2781993 8 16.12 21.22 -510 19.87 -3751994 21 22.57 19.89 268 18.72 3851995 20 19.32 13.57 576 12.74 6591996 24 15.33 8.45 688 8.46 6871997 44 12.20 1.71 1,049 2.48 9731998 33 14.42 1.11 1,331 1.98 1,2441999 34 15.91 2.93 1,298 3.73 1,2182000 44 25.26 5.64 1,961 6.42 1,8842001 25 28.75 8.04 2,071 8.87 1,9882002 29 23.24 6.73 1,651 7.19 1,6062003 23 18.40 6.45 1,195 6.76 1,1642004 46 13.06 5.73 733 5.97 7092005 73 5.63 5.83 -19 6.05 -422006 75 5.57 8.38 -281 8.59 -3012007 94 7.63 11.03 -340 11.17 -3532008 54 10.83 13.44 -261 13.52 -2692009 26 10.24 12.43 -219 12.31 -2082010 37 9.91 12.07 -216 11.92 -2012011 45 8.37 9.52 -115 9.25 -892012 43 6.91 7.19 -28 6.78 132013 32 -3.03 -0.74 -228 -1.48 -155



CA Benchmark

S&P 500 Index



1.45 2.00 1.971.78 1.62 1.621.94 1.82 1.821.82 1.99 1.961.89 1.96 1.901.91 1.97 1.901.89 2.08 2.002.26 1.75 1.701.88 1.42 1.401.77 1.30 1.311.77 1.08 1.122.03 1.05 1.091.91 1.13 1.162.41 1.21 1.242.11 1.25 1.282.04 1.28 1.301.65 1.27 1.291.70 1.30 1.321.32 1.35 1.361.31 1.51 1.531.35 1.54 1.551.45 1.57 1.581.32 1.39 1.391.25 1.31 1.301.16 1.19 1.181.10 1.11 1.100.97 0.99 0.99


CA Benchmark

S&P 500 Index



1.45 2.00 1.971.78 1.62 1.621.94 1.82 1.821.82 1.99 1.961.89 1.96 1.901.91 1.97 1.901.89 2.08 2.002.26 1.75 1.701.88 1.42 1.401.76 1.30 1.301.74 1.06 1.102.01 1.04 1.081.88 1.11 1.142.36 1.18 1.212.07 1.23 1.251.87 1.16 1.181.53 1.13 1.141.47 1.10 1.110.99 0.96 0.970.80 0.91 0.930.68 0.78 0.790.59 0.66 0.660.22 0.26 0.260.23 0.26 0.260.08 0.09 0.090.09 0.09 0.090.02 0.02 0.02

Notes: Based on data compiled from 868 global ex U.S. buyout and growth equity funds, including fully liquidated partnerships, formed between 1987 and 2013. Internal rates of returns are net of fees, expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with --- (not applicable) have an insufficient number of funds in the vintage year sample to produce a meaningful return.mPME Note: Refer to Methodology page for further details on Cambridge Associates Modified PME (mPME).Sources: Cambridge Associates LLC, Frank Russell Company, MSCI Inc., Standard & Poor's and Thomson Reuters Datastream.

| 36


Global ex U.S. Buyout & Growth Equity: Total Value to Paid In Capital Multiple (TVPI)Net to Limited Partners


Notes: Based on data compiled from 868 global ex U.S. buyout and growth equity funds, including fully liquidated partnerships, formed between 1987 and 2013. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with --- (not applicable) have an insufficient number of funds in the vintage year sample to produce a meaningful return.


1987 1.45 1.61 --- --- --- 3

1988 1.78 1.62 1.80 --- --- 5

1989 1.94 1.94 1.78 --- --- 6

1990 1.82 1.88 1.89 2.54 1.18 11

1991 1.89 1.65 --- --- --- 3

1992 1.91 1.83 1.94 2.41 1.40 10

1993 1.89 1.88 1.65 2.08 1.46 8

1994 2.26 1.95 1.65 2.50 1.30 21

1995 1.88 1.50 1.21 1.92 0.87 20

1996 1.77 1.69 1.59 2.02 0.85 24

1997 1.77 1.77 1.81 2.12 1.27 44

1998 2.03 2.24 1.74 2.22 1.46 33

1999 1.91 2.00 1.95 2.39 1.19 34

2000 2.41 2.07 1.99 2.78 1.58 44

2001 2.11 2.05 2.04 2.54 1.51 25

2002 2.04 2.08 1.79 2.28 1.52 29

2003 1.65 1.92 1.80 2.20 1.51 23

2004 1.70 1.84 1.50 2.10 1.24 46

2005 1.32 1.44 1.32 1.67 1.01 73

2006 1.31 1.49 1.38 1.58 1.03 75

2007 1.35 1.28 1.31 1.57 1.03 94

2008 1.45 1.33 1.26 1.53 1.02 54

2009 1.32 1.39 1.32 1.51 1.12 26

2010 1.25 1.36 1.21 1.46 1.00 37

2011 1.16 1.10 1.08 1.22 0.89 45

2012 1.10 1.05 1.06 1.20 0.91 43

2013 0.97 0.98 0.95 1.07 0.83 32

| 37



1987 1.45 1.61 --- --- --- 3

1988 1.78 1.62 1.80 --- --- 5

1989 1.94 1.94 1.78 --- --- 6

1990 1.82 1.88 1.89 2.54 1.18 11

1991 1.89 1.65 --- --- --- 3

1992 1.91 1.83 1.94 2.41 1.40 10

1993 1.89 1.88 1.65 2.08 1.46 8

1994 2.26 1.94 1.65 2.50 1.30 21

1995 1.88 1.50 1.21 1.92 0.87 20

1996 1.76 1.67 1.59 2.00 0.85 24

1997 1.74 1.75 1.76 2.12 1.27 44

1998 2.01 2.22 1.74 2.22 1.44 33

1999 1.88 1.97 1.87 2.36 1.14 34

2000 2.36 2.01 1.90 2.77 1.51 44

2001 2.07 2.00 1.94 2.53 1.51 25

2002 1.87 1.94 1.63 2.23 1.33 29

2003 1.53 1.78 1.58 2.04 1.39 23

2004 1.47 1.62 1.32 1.98 0.95 46

2005 0.99 1.07 0.98 1.43 0.60 73

2006 0.80 0.89 0.79 1.20 0.44 75

2007 0.68 0.62 0.50 0.88 0.30 94

2008 0.59 0.46 0.34 0.61 0.19 54

2009 0.22 0.25 0.19 0.33 0.05 26

2010 0.23 0.22 0.16 0.35 0.00 37

2011 0.08 0.09 0.00 0.12 0.00 45

2012 0.09 0.06 0.01 0.07 0.00 43

2013 0.02 0.02 0.00 0.00 0.00 32

Global ex U.S. Buyout & Growth Equity: Distribution to Paid In Capital Multiple (DPI)Net to Limited Partners



| 38



1987 0.00 0.00 --- --- --- 3

1988 0.00 0.00 0.00 --- --- 5

1989 0.00 0.00 0.00 --- --- 6

1990 0.00 0.00 0.00 0.00 0.00 11

1991 0.00 0.00 --- --- --- 3

1992 0.00 0.00 0.00 0.00 0.00 10

1993 0.00 0.00 0.00 0.00 0.00 8

1994 0.00 0.01 0.00 0.00 0.00 21

1995 0.00 0.00 0.00 0.00 0.00 20

1996 0.01 0.02 0.00 0.00 0.00 24

1997 0.03 0.02 0.00 0.00 0.00 44

1998 0.02 0.02 0.00 0.00 0.00 33

1999 0.03 0.03 0.00 0.01 0.00 34

2000 0.05 0.06 0.00 0.04 0.00 44

2001 0.04 0.06 0.01 0.07 0.00 25

2002 0.17 0.14 0.05 0.17 0.00 29

2003 0.12 0.14 0.12 0.22 0.00 23

2004 0.23 0.22 0.11 0.19 0.02 46

2005 0.33 0.37 0.29 0.50 0.18 73

2006 0.51 0.60 0.48 0.76 0.31 75

2007 0.67 0.66 0.61 0.88 0.37 94

2008 0.85 0.87 0.87 1.09 0.65 54

2009 1.10 1.15 1.12 1.24 0.80 26

2010 1.02 1.13 1.00 1.16 0.81 37

2011 1.08 1.01 1.01 1.13 0.87 45

2012 1.02 0.99 0.98 1.14 0.90 43

2013 0.96 0.96 0.92 1.07 0.82 32

Global ex U.S. Buyout & Growth Equity: Residual Value to Paid In Capital Multiple (RVPI)Net to Limited Partners



| 39

Global Buyout: Fund Index Analysis

| 40



Global Buyout Index1 -0.60 5.96 8.40 13.92 13.72 11.83 11.35 12.99 13.17










MSCI World Index -8.45 -6.04 -5.09 8.58 8.29 4.73 3.23 5.97 7.29


Russell 1000® Index -6.83 -5.24 -0.61 12.66 13.42 6.95 4.14 8.29 10.17

Russell 2000® Index -11.92 -7.73 1.25 11.02 11.73 6.55 6.51 7.95 10.57

S&P 500 Index -6.44 -5.29 -0.61 12.40 13.34 6.80 3.96 8.14 9.90

Global Buyout: Fund Index Summary: End-to-End Pooled ReturnNet to Limited Partners

The index is an end-to-end calculation based on data compiled from 1,365 global (U.S. & ex U.S.) buyout funds, including fully liquidated partnerships, formed between 1986 and 2015. 1Pooled end-to-end return, net of fees, expenses, and carried interest.Sources: Cambridge Associates LLC, Barclays, Frank Russell Company, Standard & Poor's, Thomson Reuters Datastream, and Wilshire Associates, Inc.*Capital change only.


| 41



Global Buyout Index1 8.40 13.92 13.72 11.83 11.35 12.99 13.17

mPME Analysis2

MSCI EAFE Index -8.30 7.03 4.64 2.88 3.53 3.76 3.94

Value-Add (bps) 1,670 689 908 895 782 923 923


Value-Add (bps) 1,750 643 873 868 756 855 844

S&P 500 Index 0.13 13.74 14.20 7.83 6.29 7.45 7.89

Value-Add (bps) 827 18 -48 400 506 554 528

Russell 3000® Index 0.35 14.01 14.21 7.99 6.55 7.69 8.17

Value-Add (bps) 805 -9 -49 384 480 530 500

Global Buyout: Fund Index Summary: End-to-End Pooled Return Compared to CA Modified Public Market Equivalent (mPME)Net to Limited Partners

The index is an end-to-end calculation based on data compiled from 1,365 global (U.S. & ex U.S.) buyout funds, including fully liquidated partnerships, formed between 1986 and 2015. 1Pooled end-to-end return, net of fees, expenses, and carried interest.2CA Modified Public Market Equivalent (mPME) replicates private investment performance under public market conditions. The public index’s shares are purchased and sold according to the private fund cash flow schedule, with distributions calculated in the same proportion as the private fund, and mPME NAV is a function of mPME cash flows and public index returns. “Value-Add” shows (in basis points) the difference between the actual private investment return and the mPME calculated return. Refer to Methodology page for details.Sources: Cambridge Associates LLC, Frank Russell Company, MSCI Inc., Standard & Poor's and Thomson Reuters Datastream.


| 42


QuarterEnding

End to EndReturn

1986 Q1 ---

1986 Q2 4.55

1986 Q3 -1.67

1986 Q4 0.73

1987 Q1 4.24

1987 Q2 1.20

1987 Q3 1.23

1987 Q4 -1.19

1988 Q1 1.44

1988 Q2 3.65

1988 Q3 3.10

1988 Q4 3.12

1989 Q1 1.25

1989 Q2 3.11

1989 Q3 1.53

1989 Q4 1.38

1990 Q1 -0.24

1990 Q2 6.01

1990 Q3 -0.25

1990 Q4 1.61

1991 Q1 1.95

1991 Q2 0.44

1991 Q3 2.89

1991 Q4 3.86

Global Buyout: Fund Index Details: One Quarter End-to-End Pooled ReturnNet to Limited Partners

QuarterEnding

End to EndReturn

1992 Q1 0.76

1992 Q2 1.89

1992 Q3 1.74

1992 Q4 8.14

1993 Q1 2.96

1993 Q2 5.69

1993 Q3 5.97

1993 Q4 8.06

1994 Q1 1.99

1994 Q2 3.10

1994 Q3 1.62

1994 Q4 6.26

1995 Q1 3.43

1995 Q2 3.65

1995 Q3 3.78

1995 Q4 10.00

1996 Q1 5.19

1996 Q2 6.22

1996 Q3 6.43

1996 Q4 9.39

1997 Q1 0.44

1997 Q2 8.64

1997 Q3 5.77

1997 Q4 10.57

QuarterEnding

End to EndReturn

1998 Q1 8.79

1998 Q2 7.03

1998 Q3 -5.20

1998 Q4 6.88

1999 Q1 3.97

1999 Q2 8.86

1999 Q3 3.53

1999 Q4 11.27

2000 Q1 11.33

2000 Q2 -1.67

2000 Q3 -2.21

2000 Q4 -4.69

2001 Q1 -5.36

2001 Q2 2.06

2001 Q3 -5.81

2001 Q4 -1.61

2002 Q1 -0.33

2002 Q2 0.36

2002 Q3 -3.76

2002 Q4 1.87

2003 Q1 0.48

2003 Q2 7.43

2003 Q3 4.52

2003 Q4 11.12

QuarterEnding

End to EndReturn

2004 Q1 2.51

2004 Q2 4.20

2004 Q3 3.39

2004 Q4 17.08

2005 Q1 1.51

2005 Q2 6.74

2005 Q3 7.11

2005 Q4 9.84

2006 Q1 6.02

2006 Q2 8.98

2006 Q3 3.89

2006 Q4 16.50

2007 Q1 5.40

2007 Q2 10.64

2007 Q3 3.01

2007 Q4 3.52

2008 Q1 -0.06

2008 Q2 -1.56

2008 Q3 -11.38

2008 Q4 -18.99

2009 Q1 -5.17

2009 Q2 6.37

2009 Q3 7.35

2009 Q4 7.61

QuarterEnding

End to EndReturn

2010 Q1 2.40

2010 Q2 0.29

2010 Q3 7.57

2010 Q4 8.36

2011 Q1 5.65

2011 Q2 5.31

2011 Q3 -6.45

2011 Q4 3.10

2012 Q1 6.31

2012 Q2 -0.49

2012 Q3 4.65

2012 Q4 4.20

2013 Q1 3.45

2013 Q2 2.77

2013 Q3 5.65

2013 Q4 7.18

2014 Q1 3.13

2014 Q2 4.78

2014 Q3 -0.97

2014 Q4 2.31

2015 Q1 1.28

2015 Q2 5.30

2015 Q3 -0.60

End-to-end calculation based on data compiled from 1,365 global (U.S. & ex U.S.) buyout funds, including fully liquidated partnerships, formed between 1986 and 2015. All returns are net of fees, expenses, and carried interest. Historic quarterly returns are updated in each year-end report to adjust for changes in the index sample.


| 43


Global Buyout: Fund Index Details: End-to-End Pooled ReturnNet to Limited Partners

Multi-Year Returns


(%)

1 Year 8.40 16 Years 11.63

2 Years 12.04 17 Years 12.07

3 Years 13.92 18 Years 12.30

4 Years 13.96 19 Years 12.61

5 Years 13.72 20 Years 12.99

6 Years 14.66 21 Years 13.10

7 Years 10.36 22 Years 13.14

8 Years 7.70 23 Years 13.35

9 Years 10.27 24 Years 13.26

10 Years 11.83 25 Years 13.17

11 Years 13.51 26 Years 13.09

12 Years 14.21 27 Years 13.06

13 Years 14.28

14 Years 12.99

15 Years 11.35


One Year Ended


One Year Ended


9/30/2015 8.40 9/30/2000 17.46

9/30/2014 15.23 9/30/1999 25.06

9/30/2013 17.02 9/30/1998 21.03

9/30/2012 14.06 9/30/1997 26.32

9/30/2011 12.93 9/30/1996 30.76

9/30/2010 18.86 9/30/1995 18.21

9/30/2009 -11.43 9/30/1994 15.44

9/30/2008 -10.86 9/30/1993 24.67

9/30/2007 39.82 9/30/1992 8.39

9/30/2006 31.76 9/30/1991 7.10

9/30/2005 36.47 9/30/1990 6.89

9/30/2004 23.05 9/30/1989 9.06

9/30/2003 15.15

9/30/2002 -5.36

9/30/2001 -13.26

End-to-end calculation based on data compiled from 1,365 global (U.S. & ex U.S.) buyout funds, including fully liquidated partnerships, formed between 1986 and 2015. All returns are net of fees, expenses, and carried interest.


| 44

Global Buyout: Fund Since Inception Analysis

| 45


VintageYear

Pooled Return(%)

Arithmetic Mean (%)

Median (%)


(%)

UpperQuartile

(%)

Lower Quartile

(%)

Standard Deviation


of Funds

1986 20.62 13.62 12.51 14.57 --- --- --- 4.04 0.00 4.04 6

1987 10.79 13.30 10.82 13.49 15.23 8.52 7.50 1.86 0.00 1.86 12

1988 13.16 11.21 11.42 10.85 13.88 8.70 5.38 1.65 0.00 1.65 16

1989 23.90 20.80 20.36 22.83 27.35 16.29 24.47 2.64 0.00 2.64 17

1990 16.17 15.13 14.12 15.58 24.35 6.83 10.36 1.94 0.00 1.94 11

1991 28.61 28.11 26.87 28.28 40.95 23.65 15.51 3.15 0.00 3.15 9

1992 28.64 24.55 20.21 22.52 25.22 13.38 18.85 2.50 0.00 2.50 14

1993 26.56 18.76 20.46 22.86 32.49 9.92 28.46 2.40 0.00 2.41 25

1994 16.01 17.85 11.16 17.32 28.86 5.49 16.96 1.91 0.00 1.91 26

1995 16.14 14.17 11.34 15.44 22.08 -0.46 21.66 1.76 0.00 1.76 35

1996 11.38 10.38 8.60 9.23 13.00 -0.86 21.71 1.62 0.01 1.63 39

1997 9.11 7.21 8.20 8.37 14.44 0.38 20.63 1.56 0.02 1.58 73

1998 8.05 11.73 11.27 13.57 19.88 5.77 11.52 1.48 0.06 1.54 67

1999 16.49 14.89 13.16 14.74 22.52 6.85 14.60 1.92 0.03 1.95 68

2000 20.56 18.56 18.43 19.31 26.56 10.57 14.68 2.00 0.06 2.07 85

2001 26.86 23.95 22.75 24.55 34.16 13.46 17.85 1.99 0.13 2.12 35

2002 19.96 15.24 19.55 18.45 29.14 9.64 27.97 1.82 0.18 2.00 46

2003 16.15 16.26 12.45 16.03 24.51 6.86 15.98 1.59 0.22 1.81 43

2004 11.53 14.07 10.56 14.22 16.12 7.70 15.98 1.46 0.27 1.73 83

2005 6.84 7.75 7.67 8.46 13.33 2.91 11.11 1.02 0.41 1.43 111

2006 7.45 8.87 9.11 9.11 14.79 4.37 14.64 0.90 0.54 1.44 102

2007 11.13 9.84 10.17 10.13 14.28 5.24 13.83 0.76 0.74 1.50 118

2008 14.27 13.86 14.25 14.01 18.91 5.44 12.98 0.73 0.84 1.56 72

2009 16.14 16.36 15.83 17.36 22.93 7.96 13.35 0.34 1.13 1.47 33

2010 10.69 10.98 9.95 13.90 23.23 -2.08 15.03 0.23 1.02 1.25 29

2011 11.52 8.73 9.00 11.39 15.28 2.86 13.91 0.13 1.08 1.21 64

2012 8.30 8.10 8.90 11.98 17.34 -2.85 21.07 0.08 1.04 1.11 54

2013 -1.35 -6.41 -5.83 1.78 7.48 -15.11 25.71 0.03 0.96 0.99 43

Global Buyout: Since Inception IRR & Multiples by Fund Vintage YearNet to Limited Partners

Notes: Based on data compiled from 1,336 global (U.S. & ex U.S.) buyout funds, including fully liquidated partnerships, formed between 1986 and 2013. Internal rates of returns are net of fees, expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with --- (not applicable) have an insufficient number of funds in the vintage year sample to produce a meaningful return.


| 46


Global Buyout: Since Inception IRR & Multiples Compared to CA Modified Public Market Equivalent (mPME)Net to Limited Partners


Vintage Year

Number of

Funds



1986 6 20.62 9.87 1,075 12.40 8221987 12 10.79 5.45 534 11.24 -401988 16 13.16 6.15 701 12.45 711989 17 23.90 7.87 1,602 12.87 1,1031990 11 16.17 8.81 737 14.38 1791991 9 28.61 9.72 1,888 17.03 1,1581992 14 28.64 8.89 1,975 16.14 1,2501993 25 26.56 6.91 1,965 15.24 1,1331994 26 16.01 4.54 1,147 9.62 6391995 35 16.14 4.62 1,152 9.10 7031996 39 11.38 3.86 751 5.12 6261997 73 9.11 3.32 579 3.62 5491998 67 8.05 4.11 394 4.43 36201999 68 16.49 6.87 962 7.43 9062000 85 20.56 10.24 1,032 10.70 9862001 35 26.86 11.85 1,501 12.38 1,4482002 46 19.96 7.70 1,226 8.22 1,1742003 43 16.15 4.94 1,122 5.40 1,0752004 83 11.53 2.19 933 2.38 9142005 111 6.84 1.10 574 1.09 5742006 102 7.45 1.48 596 1.47 5982007 118 11.13 4.02 712 4.25 6882008 72 14.27 5.38 889 5.80 8482009 33 16.14 3.88 1,226 4.31 1,1832010 29 10.69 3.18 752 3.66 7032011 64 11.52 0.30 1,122 0.59 1,0932012 54 8.30 -4.00 1,230 -4.01 1,2312013 43 -1.35 -9.89 854 -10.19 884


CA Benchmark

MSCI EAFE Index

MSCI Europe Index


4.04 1.62 2.071.86 1.37 1.981.65 1.25 1.582.64 1.33 1.621.94 1.37 1.713.15 1.33 1.682.50 1.27 1.552.41 1.25 1.581.91 1.20 1.421.76 1.18 1.361.63 1.19 1.261.58 1.18 1.201.54 1.23 1.251.95 1.30 1.332.07 1.38 1.402.12 1.38 1.392.00 1.29 1.311.81 1.20 1.221.73 1.11 1.121.43 1.06 1.061.44 1.08 1.071.50 1.15 1.161.56 1.18 1.191.47 1.10 1.111.25 1.07 1.081.21 1.00 1.011.11 0.95 0.950.99 0.91 0.91


CA Benchmark

MSCI EAFE Index

MSCI Europe Index


4.04 1.62 2.071.86 1.37 1.981.65 1.25 1.582.64 1.33 1.621.94 1.37 1.713.15 1.33 1.682.50 1.27 1.552.40 1.25 1.581.91 1.19 1.421.76 1.18 1.361.62 1.19 1.251.56 1.17 1.191.48 1.20 1.221.92 1.29 1.322.00 1.35 1.371.99 1.32 1.341.82 1.20 1.221.59 1.09 1.101.46 0.97 0.971.02 0.79 0.790.90 0.72 0.720.76 0.63 0.640.73 0.61 0.610.34 0.30 0.300.23 0.22 0.220.13 0.13 0.130.08 0.07 0.070.03 0.03 0.03

Notes: Based on data compiled from 1,336 global (U.S. & ex U.S.) buyout funds, including fully liquidated partnerships, formed between 1986 and 2013. Internal rates of returns are net of fees, expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with --- (not applicable) have an insufficient number of funds in the vintage year sample to produce a meaningful return.mPME Note: Refer to Methodology page for further details on Cambridge Associates Modified PME (mPME).Sources: Cambridge Associates LLC, Frank Russell Company, MSCI Inc., Standard & Poor's and Thomson Reuters Datastream.


| 47


Global Buyout: Since Inception IRR & Multiples Compared to CA Modified Public Market Equivalent (mPME)Net to Limited Partners


Vintage Year

Number of

Funds



1986 6 20.62 14.26 636 13.49 7121987 12 10.79 14.43 -364 14.22 -3431988 16 13.16 16.05 -289 15.92 -2751989 17 23.90 15.67 823 15.60 8291990 11 16.17 17.77 -159 17.47 -1291991 9 28.61 20.48 813 19.66 8951992 14 28.64 18.85 980 18.00 1,0641993 25 26.56 19.97 659 18.75 7811994 26 16.01 12.27 374 11.70 4311995 35 16.14 11.55 459 10.98 5151996 39 11.38 5.15 623 5.50 5881997 73 9.11 1.64 747 2.44 6671998 67 8.05 1.90 615 2.69 5361999 68 16.49 3.12 1,337 3.91 1,2582000 85 20.56 5.86 1,471 6.58 1,3992001 35 26.86 7.63 1,922 8.29 1,8572002 46 19.96 6.54 1,343 6.98 1,2982003 43 16.15 5.74 1,041 6.06 1,0092004 83 11.53 5.43 610 5.68 5852005 111 6.84 6.39 45 6.62 222006 102 7.45 7.65 -21 7.87 -422007 118 11.13 11.47 -34 11.61 -472008 72 14.27 13.40 87 13.50 772009 33 16.14 12.58 356 12.48 3662010 29 10.69 11.97 -128 11.82 -1132011 64 11.52 9.40 212 9.11 2412012 54 8.30 5.64 266 5.14 3152013 43 -1.35 -0.55 -80 -1.26 -9


CA Benchmark

S&P 500 Index



4.04 2.42 2.321.86 2.43 2.391.65 1.82 1.802.64 1.82 1.801.94 1.95 1.913.15 1.88 1.832.50 1.68 1.642.41 1.77 1.721.91 1.51 1.491.76 1.43 1.421.63 1.24 1.261.58 1.08 1.131.54 1.10 1.151.95 1.13 1.162.07 1.22 1.252.12 1.27 1.302.00 1.29 1.311.81 1.27 1.291.73 1.31 1.331.43 1.40 1.421.44 1.46 1.481.50 1.51 1.521.56 1.51 1.521.47 1.35 1.341.25 1.28 1.271.21 1.17 1.161.11 1.08 1.070.99 1.00 0.99


CA Benchmark

S&P 500 Index



4.04 2.42 2.321.86 2.43 2.391.65 1.82 1.802.64 1.82 1.801.94 1.95 1.913.15 1.88 1.832.50 1.68 1.642.40 1.77 1.721.91 1.51 1.491.76 1.43 1.421.62 1.24 1.261.56 1.07 1.111.48 1.06 1.101.92 1.12 1.152.00 1.19 1.221.99 1.20 1.221.82 1.16 1.181.59 1.11 1.131.46 1.10 1.121.02 0.99 1.010.90 0.92 0.940.76 0.79 0.800.73 0.74 0.740.34 0.35 0.350.23 0.26 0.260.13 0.14 0.140.08 0.08 0.080.03 0.04 0.04

Notes: Based on data compiled from 1,336 global (U.S. & ex U.S.) buyout funds, including fully liquidated partnerships, formed between 1986 and 2013. Internal rates of returns are net of fees, expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with --- (not applicable) have an insufficient number of funds in the vintage year sample to produce a meaningful return.mPME Note: Refer to Methodology page for further details on Cambridge Associates Modified PME (mPME).Sources: Cambridge Associates LLC, Frank Russell Company, MSCI Inc., Standard & Poor's and Thomson Reuters Datastream.


| 48



1986 4.04 2.60 2.29 --- --- 6

1987 1.86 2.24 1.83 2.26 1.63 12

1988 1.65 1.63 1.62 1.82 1.50 16

1989 2.64 2.50 2.39 3.14 1.73 17

1990 1.94 1.96 2.06 2.54 1.32 11

1991 3.15 2.79 2.85 3.29 2.00 9

1992 2.50 2.22 2.18 2.70 1.49 14

1993 2.41 2.24 2.10 3.29 1.62 25

1994 1.91 1.88 1.61 2.39 1.32 26

1995 1.76 1.67 1.59 2.16 0.98 35

1996 1.63 1.50 1.52 1.78 0.96 39

1997 1.58 1.46 1.50 1.89 1.01 73

1998 1.54 1.96 1.61 2.20 1.38 67

1999 1.95 1.88 1.68 2.24 1.35 68

2000 2.07 2.04 2.03 2.54 1.53 85

2001 2.12 2.07 2.04 2.47 1.65 35

2002 2.00 1.96 1.94 2.39 1.51 46

2003 1.81 1.76 1.70 2.16 1.29 43

2004 1.73 1.81 1.62 2.02 1.43 83

2005 1.43 1.50 1.51 1.80 1.16 111

2006 1.44 1.50 1.53 1.77 1.24 102

2007 1.50 1.46 1.45 1.71 1.21 118

2008 1.56 1.63 1.52 1.85 1.22 72

2009 1.47 1.55 1.45 1.72 1.26 33

2010 1.25 1.32 1.25 1.49 0.95 29

2011 1.21 1.18 1.15 1.31 1.04 64

2012 1.11 1.13 1.12 1.22 0.97 54

2013 0.99 0.98 0.95 1.07 0.84 43

Global Buyout: Total Value to Paid In Capital Multiple (TVPI)Net to Limited Partners

Notes: Based on data compiled from 1,336 global (U.S. & ex U.S.) buyout funds, including fully liquidated partnerships, formed between 1986 and 2013. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with --- (not applicable) have an insufficient number of funds in the vintage year sample to produce a meaningful return.


| 49



1986 4.04 2.60 2.29 --- --- 6

1987 1.86 2.24 1.83 2.26 1.63 12

1988 1.65 1.63 1.62 1.82 1.50 16

1989 2.64 2.50 2.39 3.14 1.73 17

1990 1.94 1.96 2.06 2.54 1.32 11

1991 3.15 2.79 2.85 3.29 2.00 9

1992 2.50 2.22 2.18 2.70 1.49 14

1993 2.40 2.24 2.10 3.29 1.62 25

1994 1.91 1.88 1.61 2.39 1.32 26

1995 1.76 1.67 1.58 2.16 0.98 35

1996 1.62 1.49 1.52 1.78 0.96 39

1997 1.56 1.45 1.50 1.89 1.01 73

1998 1.48 1.92 1.61 2.20 1.28 67

1999 1.92 1.84 1.60 2.23 1.27 68

2000 2.00 1.92 1.92 2.43 1.47 85

2001 1.99 2.00 1.94 2.35 1.54 35

2002 1.82 1.81 1.71 2.23 1.28 46

2003 1.59 1.55 1.54 1.93 0.95 43

2004 1.46 1.53 1.34 1.70 1.08 83

2005 1.02 1.09 1.01 1.46 0.76 111

2006 0.90 1.00 1.01 1.28 0.61 102

2007 0.76 0.79 0.69 1.02 0.42 118

2008 0.73 0.81 0.64 1.03 0.32 72

2009 0.34 0.46 0.33 0.63 0.11 33

2010 0.23 0.22 0.18 0.35 0.04 29

2011 0.13 0.16 0.04 0.22 0.00 64

2012 0.08 0.11 0.04 0.13 0.00 54

2013 0.03 0.06 0.00 0.02 0.00 43

Global Buyout: Distribution to Paid In Capital Multiple (DPI)Net to Limited Partners



| 50



1986 0.00 0.00 0.00 --- --- 6

1987 0.00 0.00 0.00 0.00 0.00 12

1988 0.00 0.00 0.00 0.00 0.00 16

1989 0.00 0.00 0.00 0.00 0.00 17

1990 0.00 0.00 0.00 0.00 0.00 11

1991 0.00 0.00 0.00 0.00 0.00 9

1992 0.00 0.00 0.00 0.00 0.00 14

1993 0.00 0.00 0.00 0.00 0.00 25

1994 0.00 0.00 0.00 0.00 0.00 26

1995 0.00 0.00 0.00 0.00 0.00 35

1996 0.01 0.00 0.00 0.00 0.00 39

1997 0.02 0.01 0.00 0.00 0.00 73

1998 0.06 0.04 0.00 0.01 0.00 67

1999 0.03 0.03 0.00 0.02 0.00 68

2000 0.06 0.12 0.02 0.09 0.00 85

2001 0.13 0.07 0.02 0.12 0.00 35

2002 0.18 0.15 0.07 0.25 0.00 46

2003 0.22 0.21 0.17 0.31 0.05 43

2004 0.27 0.28 0.20 0.38 0.09 83

2005 0.41 0.41 0.40 0.56 0.24 111

2006 0.54 0.50 0.50 0.71 0.32 102

2007 0.74 0.67 0.70 0.87 0.44 118

2008 0.84 0.82 0.81 1.07 0.60 72

2009 1.13 1.09 1.15 1.32 0.87 33

2010 1.02 1.09 0.92 1.26 0.85 29

2011 1.08 1.02 1.06 1.16 0.87 64

2012 1.04 1.03 0.98 1.15 0.92 54

2013 0.96 0.93 0.92 1.03 0.80 43

Global Buyout: Residual Value to Paid In Capital Multiple (RVPI)Net to Limited Partners



| 51

U.S. Buyout: Fund Index Analysis

| 52



Cambridge Associates LLC U.S. Buyout Index1 0.10 8.30 12.26 16.81 16.17 12.22 10.82 12.88 13.17

U.S. Buyout Small Cap Index1 2.23 8.93 16.36 16.69 18.43 16.02 13.08 13.10 13.47

U.S. Buyout Mid Cap Index1 1.00 7.38 13.26 14.06 13.96 12.84 10.63 14.81 14.71

U.S. Buyout Large Cap Index1 -0.20 7.20 9.74 15.19 15.93 13.11 10.90 15.45 15.56

U.S. Buyout Mega Cap Index1 -0.17 8.91 12.70 18.18 16.66 11.41 10.65 11.19 ---

Barclays Government/Credit Bond Index 1.20 0.90 2.73 1.59 3.09 4.61 5.36 5.60 6.44





Russell 1000® Index -6.83 -5.24 -0.61 12.66 13.42 6.95 4.14 8.29 10.17

Russell 2000® Index -11.92 -7.73 1.25 11.02 11.73 6.55 6.51 7.95 10.57

S&P 500 Index -6.44 -5.29 -0.61 12.40 13.34 6.80 3.96 8.14 9.90

Wilshire 5000 Total Market Index -6.92 -5.36 -0.39 12.42 13.16 6.97 4.41 8.19 10.11

U.S. Buyout: Fund Index Summary: End-to-End Pooled ReturnNet to Limited Partners

The index is an end-to-end calculation based on data compiled from 766 U.S. buyout funds (254 small cap, 263 mid cap, 160 large cap and 89 mega cap funds), including fully liquidated partnerships, formed between 1986 and 2015. 1Pooled end-to-end return, net of fees, expenses, and carried interest.



| 53



Cambridge Associates LLC U.S. Buyout Index1 12.26 16.81 16.17 12.22 10.82 12.88 13.17

mPME Analysis2

Russell 2000® Index 2.67 13.23 13.21 7.55 7.61 8.15 8.96

Value-Add (bps) 959 358 296 467 321 473 421

Russell 2500™ Index 1.57 14.65 14.12 8.39 8.54 9.45 10.38

Value-Add (bps) 1,069 216 205 383 228 343 279

Russell 3000® Index 0.28 14.05 14.32 7.72 6.05 7.50 8.16

Value-Add (bps) 1,198 276 185 450 477 538 501

Russell Midcap® Index 0.74 16.00 14.57 8.73 8.55 9.83 10.74

Value-Add (bps) 1,152 81 160 349 227 305 243

S&P 500 Index 0.06 13.76 14.30 7.56 5.78 7.27 7.87

Value-Add (bps) 1,220 305 187 466 504 561 530

Constructed Index: NASDAQ Composite Price Index/ NASDAQ Composite Total Return3 4.89 16.69 16.44 9.92 5.94 8.54 9.59

Value-Add (bps) 737 12 -27 230 488 434 358

U.S. Buyout: Fund Index Summary: End-to-End Pooled Return Compared to CA Modified Public Market Equivalent (mPME)Net to Limited Partners

The index is an end-to-end calculation based on data compiled from 766 U.S. buyout funds (254 small cap, 263 mid cap, 160 large cap and 89 mega cap funds), including fully liquidated partnerships, formed between 1986 and 2015.1 Pooled end-to-end return, net of fees, expenses, and carried interest.2 CA Modified Public Market Equivalent (mPME) replicates private investment performance under public market conditions. The public index’s shares are purchased and sold according to the private fund cash flow schedule, with distributions calculated in the same proportion as the private fund, and mPME NAV is a function of mPME cash flows and public index returns. “Value-Add” shows (in basis points) the difference between the actual private investment return and the mPME calculated return. Refer to Methodology page for details.3 Constructed Index: Data from 1/1/1986 to 10/31/2003 represented by NASDAQ Price Index. Data from 11/1/2003 to present represented by NASDAQ Composite.Sources: Cambridge Associates LLC, Frank Russell Company, Global Financial Data, Inc., Standard & Poor's and Thomson Reuters Datastream.


| 54


QuarterEnding

End to EndReturn

1986 Q1 ---

1986 Q2 4.55

1986 Q3 -1.67

1986 Q4 0.73

1987 Q1 4.24

1987 Q2 1.24

1987 Q3 1.28

1987 Q4 -1.86

1988 Q1 2.63

1988 Q2 4.45

1988 Q3 4.32

1988 Q4 2.15

1989 Q1 1.67

1989 Q2 4.03

1989 Q3 1.52

1989 Q4 1.38

1990 Q1 -0.27

1990 Q2 5.75

1990 Q3 -0.43

1990 Q4 1.34

1991 Q1 3.13

1991 Q2 1.15

1991 Q3 2.53

1991 Q4 3.70

U.S. Buyout: Fund Index Details: One Quarter End-to-End Pooled ReturnNet to Limited Partners

QuarterEnding

End to EndReturn

1992 Q1 1.67

1992 Q2 1.25

1992 Q3 2.57

1992 Q4 9.57

1993 Q1 3.21

1993 Q2 6.15

1993 Q3 6.34

1993 Q4 6.96

1994 Q1 0.87

1994 Q2 3.41

1994 Q3 1.44

1994 Q4 6.77

1995 Q1 3.10

1995 Q2 3.60

1995 Q3 3.82

1995 Q4 11.10

1996 Q1 5.80

1996 Q2 6.17

1996 Q3 6.49

1996 Q4 7.10

1997 Q1 0.98

1997 Q2 9.23

1997 Q3 6.31

1997 Q4 10.71

QuarterEnding

End to EndReturn

1998 Q1 9.88

1998 Q2 6.13

1998 Q3 -7.11

1998 Q4 8.53

1999 Q1 5.20

1999 Q2 9.56

1999 Q3 2.54

1999 Q4 11.54

2000 Q1 13.45

2000 Q2 -2.69

2000 Q3 -2.36

2000 Q4 -6.90

2001 Q1 -5.29

2001 Q2 2.99

2001 Q3 -8.26

2001 Q4 -0.65

2002 Q1 -0.06

2002 Q2 -2.53

2002 Q3 -4.56

2002 Q4 0.14

2003 Q1 0.11

2003 Q2 7.03

2003 Q3 5.74

2003 Q4 9.59

QuarterEnding

End to EndReturn

2004 Q1 3.06

2004 Q2 3.73

2004 Q3 2.45

2004 Q4 15.90

2005 Q1 1.45

2005 Q2 7.89

2005 Q3 7.51

2005 Q4 8.42

2006 Q1 5.78

2006 Q2 4.01

2006 Q3 3.63

2006 Q4 13.22

2007 Q1 5.60

2007 Q2 7.66

2007 Q3 0.69

2007 Q4 2.54

2008 Q1 -2.49

2008 Q2 -0.22

2008 Q3 -8.03

2008 Q4 -16.52

2009 Q1 -3.58

2009 Q2 4.61

2009 Q3 6.70

2009 Q4 6.65

QuarterEnding

End to EndReturn

2010 Q1 5.07

2010 Q2 2.17

2010 Q3 4.98

2010 Q4 7.87

2011 Q1 5.59

2011 Q2 4.67

2011 Q3 -4.58

2011 Q4 4.91

2012 Q1 5.45

2012 Q2 0.41

2012 Q3 5.34

2012 Q4 3.78

2013 Q1 5.23

2013 Q2 3.41

2013 Q3 5.24

2013 Q4 7.42

2014 Q1 3.32

2014 Q2 4.76

2014 Q3 1.50

2014 Q4 3.53

2015 Q1 3.40

2015 Q2 4.24

2015 Q3 0.10

End-to-end calculation based on data compiled from 766 U.S. buyout funds, including fully liquidated partnerships, formed between 1986 and 2015. All returns are net of fees, expenses, and carried interest. Historic quarterly returns are updated in each year-end report to adjust for changes in the index sample.


| 55


U.S. Buyout: Fund Index Details: End-to-End Pooled ReturnNet to Limited Partners

Multi-Year Returns


(%)

1 Year 12.26 16 Years 11.19

2 Years 15.57 17 Years 11.78

3 Years 16.81 18 Years 12.00

4 Years 16.85 19 Years 12.36

5 Years 16.17 20 Years 12.88

6 Years 16.92 21 Years 13.02

7 Years 12.35 22 Years 13.02

8 Years 9.55 23 Years 13.34

9 Years 11.26 24 Years 13.26

10 Years 12.22 25 Years 13.17

11 Years 13.96 26 Years 13.06

12 Years 14.46 27 Years 13.02

13 Years 14.40

14 Years 12.82

15 Years 10.82


One Year Ended


One Year Ended


9/30/2015 12.26 9/30/2000 18.46

9/30/2014 18.45 9/30/1999 27.92

9/30/2013 18.79 9/30/1998 19.07

9/30/2012 16.94 9/30/1997 25.58

9/30/2011 14.02 9/30/1996 32.91

9/30/2010 20.08 9/30/1995 18.42

9/30/2009 -9.53 9/30/1994 13.11

9/30/2008 -8.81 9/30/1993 27.63

9/30/2007 29.25 9/30/1992 9.45

9/30/2006 23.57 9/30/1991 8.40

9/30/2005 36.93 9/30/1990 6.35

9/30/2004 20.42 9/30/1989 9.88

9/30/2003 13.76

9/30/2002 -7.75

9/30/2001 -16.64

End-to-end calculation based on data compiled from 766 U.S. buyout funds, including fully liquidated partnerships, formed between 1986 and 2015. All returns are net of fees, expenses, and carried interest.


| 56

U.S. Buyout: Fund Since Inception Analysis

| 57


VintageYear

Pooled Return(%)

Arithmetic Mean (%)

Median (%)


(%)

UpperQuartile

(%)

Lower Quartile

(%)

Standard Deviation


of Funds

1986 20.62 13.62 12.51 14.57 --- --- --- 4.04 0.00 4.04 6

1987 10.91 14.31 11.33 14.16 14.22 10.09 7.77 1.88 0.00 1.88 9

1988 12.54 10.76 11.30 10.57 13.25 9.06 3.90 1.62 0.00 1.62 11

1989 25.14 21.45 20.72 23.99 29.18 13.83 27.10 2.75 0.00 2.75 14

1990 --- --- --- --- --- --- --- --- --- --- 1

1991 29.31 31.87 38.85 32.97 --- --- --- 3.32 0.00 3.32 7

1992 33.54 31.00 20.87 28.74 --- --- --- 2.65 0.00 2.65 7

1993 27.65 20.13 25.28 25.66 33.75 14.63 33.12 2.45 0.00 2.45 18

1994 7.41 8.80 6.21 8.82 13.27 0.65 10.09 1.50 0.00 1.50 12

1995 13.61 12.55 11.14 13.73 28.49 -1.47 19.53 1.66 0.00 1.66 22

1996 10.24 8.64 7.94 8.39 11.80 0.54 20.04 1.59 0.01 1.60 23

1997 6.82 4.10 6.92 5.16 12.29 -1.91 18.99 1.43 0.00 1.43 40

1998 6.05 9.90 9.61 10.25 14.68 5.12 10.63 1.32 0.07 1.39 39

1999 16.04 12.37 12.15 12.72 19.64 8.35 11.43 1.91 0.03 1.94 39

2000 16.96 15.72 14.37 15.47 22.70 9.89 10.70 1.81 0.08 1.88 54

2001 23.56 21.59 20.59 20.73 33.51 11.55 17.95 1.89 0.24 2.12 15

2002 17.72 13.37 19.25 16.42 25.80 7.84 27.35 1.78 0.19 1.97 23

2003 15.05 12.65 11.71 12.81 16.13 6.23 10.85 1.67 0.31 1.98 24

2004 11.06 11.37 10.68 11.46 13.99 7.98 7.26 1.45 0.29 1.74 51

2005 8.34 9.05 8.23 10.02 14.16 3.77 8.46 1.07 0.50 1.57 56

2006 9.14 12.93 13.63 12.35 16.13 8.64 15.27 0.97 0.60 1.58 50

2007 13.56 14.25 12.96 13.66 18.71 9.17 11.35 0.80 0.80 1.60 60

2008 16.23 18.20 15.92 17.32 22.07 8.62 12.22 0.76 0.86 1.63 44

2009 18.98 22.36 20.35 23.91 28.79 15.37 12.91 0.38 1.18 1.56 19

2010 18.07 18.16 16.59 20.04 25.22 8.38 13.99 0.20 1.24 1.44 12

2011 14.66 13.56 11.29 15.54 18.27 8.19 11.84 0.16 1.10 1.27 38

2012 11.65 13.26 11.39 19.18 21.20 0.21 20.52 0.04 1.08 1.13 29

2013 3.23 -7.99 -6.18 3.80 8.38 -19.20 29.44 0.05 0.98 1.03 26

U.S. Buyout: Since Inception IRR & Multiples by Fund Vintage YearNet to Limited Partners

Notes: Based on data compiled from 749 U.S. buyout funds, including fully liquidated partnerships, formed between 1986 and 2013. Internal rates of returns are net of fees, expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with --- (not applicable) have an insufficient number of funds in the vintage year sample to produce a meaningful return.


| 58


U.S. Buyout: Since Inception IRR & Multiples Compared to CA Modified Public Market Equivalent (mPME)Net to Limited Partners


Vintage Year

Number of

Funds

CABenchmark Russell 2000® Index Russell 2500™ Index


1986 6 20.62 9.71 1,091 11.49 9131987 9 10.91 12.31 -140 13.86 -2951988 11 12.54 13.92 -138 15.30 -2761989 14 25.14 14.86 1,028 15.86 9271990 1 --- --- --- --- ---1991 7 29.31 15.67 1,364 16.98 1,2341992 7 33.54 13.78 1,975 15.62 1,7911993 18 27.65 11.84 1,581 14.35 1,3301994 12 7.41 7.47 -6 9.63 -2221995 22 13.61 7.69 592 10.18 3431996 23 10.24 6.83 341 8.87 1381997 40 6.82 7.29 -47 9.05 -2241998 39 6.05 7.51 -146 9.03 -2981999 39 16.04 8.47 757 9.58 6462000 54 16.96 9.72 723 10.61 6342001 15 23.56 8.77 1,479 9.66 1,3892002 23 17.72 7.68 1,003 8.63 9092003 24 15.05 5.97 907 6.85 8192004 51 11.06 5.72 533 6.63 4432005 56 8.34 7.11 123 8.05 292006 50 9.14 7.36 178 8.25 892007 60 13.56 11.21 236 12.24 1322008 44 16.23 12.49 374 13.61 2612009 19 18.98 10.59 840 11.78 7202010 12 18.07 9.11 896 10.40 7672011 38 14.66 5.95 871 7.36 7302012 29 11.65 -3.11 1,476 -1.56 1,3202013 26 3.23 -5.62 884 -4.34 756

Notes: Based on data compiled from 749 U.S. buyout funds, including fully liquidated partnerships, formed between 1986 and 2013. Internal rates of returns are net of fees, expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with --- (not applicable) have an insufficient number of funds in the vintage year sample to produce a meaningful return.mPME Note: Refer to Methodology page for further details on Cambridge Associates Modified PME (mPME).Sources: Cambridge Associates LLC, Frank Russell Company, Global Financial Data, Inc., Standard & Poor's and Thomson Reuters Datastream.


CA Benchmark




4.04 1.83 2.061.88 2.14 2.401.62 1.70 1.802.75 1.72 1.79--- --- ---

3.32 1.59 1.662.65 1.44 1.532.45 1.46 1.591.50 1.51 1.701.66 1.36 1.501.60 1.39 1.531.43 1.45 1.581.39 1.48 1.601.94 1.38 1.441.88 1.40 1.452.12 1.37 1.421.97 1.36 1.421.98 1.32 1.381.74 1.34 1.411.57 1.46 1.541.58 1.44 1.501.60 1.46 1.511.63 1.44 1.491.56 1.28 1.311.44 1.20 1.231.27 1.10 1.131.13 0.97 0.981.03 0.95 0.96


CA Benchmark




4.04 1.83 2.061.88 2.14 2.401.62 1.70 1.802.75 1.72 1.79--- --- ---

3.32 1.59 1.662.65 1.44 1.532.45 1.46 1.591.50 1.51 1.701.66 1.36 1.501.59 1.38 1.521.43 1.44 1.571.32 1.40 1.511.91 1.37 1.431.81 1.35 1.401.89 1.24 1.281.78 1.23 1.271.67 1.15 1.201.45 1.14 1.191.07 1.03 1.080.97 0.93 0.960.80 0.79 0.810.76 0.74 0.760.38 0.37 0.370.20 0.20 0.210.16 0.16 0.170.04 0.04 0.040.05 0.05 0.05


| 59




Vintage Year

Number of

Funds

CABenchmark Russell 3000® Index Russell Midcap® Index


1986 6 20.62 13.49 712 11.49 9131987 9 10.91 14.27 -337 13.86 -2951988 11 12.54 16.22 -368 15.30 -2761989 14 25.14 15.77 936 15.86 9271990 1 --- --- --- --- ---1991 7 29.31 19.67 964 16.98 1,2341992 7 33.54 18.30 1,523 15.62 1,7911993 18 27.65 18.47 918 14.35 1,3301994 12 7.41 7.46 -5 9.63 -2221995 22 13.61 10.30 331 10.18 3431996 23 10.24 4.90 534 8.87 1381997 40 6.82 2.45 436 9.05 -2241998 39 6.05 2.98 306 9.03 -2981999 39 16.04 3.90 1,214 9.58 6462000 54 16.96 6.49 1,047 10.61 6342001 15 23.56 7.52 1,604 9.66 1,3892002 23 17.72 6.75 1,097 8.63 9092003 24 15.05 5.52 953 6.85 8192004 51 11.06 5.52 553 6.63 4432005 56 8.34 7.05 129 8.05 292006 50 9.14 7.31 183 8.25 892007 60 13.56 11.74 183 12.24 1322008 44 16.23 13.37 286 13.61 2612009 19 18.98 12.60 638 11.78 7202010 12 18.07 11.59 648 10.40 7672011 38 14.66 9.14 552 7.36 7302012 29 11.65 1.53 1,011 -1.56 1,3202013 26 3.23 -1.48 470 -4.34 756


CA Benchmark


Russell Midcap®

Index


4.04 2.32 2.061.88 2.41 2.401.62 1.88 1.802.75 1.81 1.79--- --- ---

3.32 1.84 1.662.65 1.61 1.532.45 1.70 1.591.50 1.45 1.701.66 1.43 1.501.60 1.25 1.531.43 1.13 1.581.39 1.18 1.601.94 1.17 1.441.88 1.27 1.452.12 1.33 1.421.97 1.32 1.421.98 1.30 1.381.74 1.33 1.411.57 1.46 1.541.58 1.44 1.501.60 1.49 1.511.63 1.48 1.491.56 1.34 1.311.44 1.26 1.231.27 1.16 1.131.13 1.02 0.981.03 0.99 0.96


CA Benchmark


Russell Midcap®

Index


4.04 2.32 2.061.88 2.41 2.401.62 1.88 1.802.75 1.81 1.79--- --- ---

3.32 1.84 1.662.65 1.61 1.532.45 1.70 1.591.50 1.45 1.701.66 1.43 1.501.59 1.24 1.521.43 1.13 1.571.32 1.11 1.511.91 1.16 1.431.81 1.22 1.401.89 1.19 1.281.78 1.18 1.271.67 1.12 1.201.45 1.12 1.191.07 1.02 1.080.97 0.91 0.960.80 0.78 0.810.76 0.75 0.760.38 0.37 0.370.20 0.21 0.210.16 0.17 0.170.04 0.04 0.040.05 0.05 0.05

Notes: Based on data compiled from 749 U.S. buyout funds, including fully liquidated partnerships, formed between 1986 and 2013. Internal rates of returns are net of fees, expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with --- (not applicable) have an insufficient number of funds in the vintage year sample to produce a meaningful return.mPME Note: Refer to Methodology page for further details on Cambridge Associates Modified PME (mPME).Sources: Cambridge Associates LLC, Frank Russell Company, Global Financial Data, Inc., Standard & Poor's and Thomson Reuters Datastream.


| 60



Vintage Year

Number of

Funds

CABenchmark S&P 500 Index Constructed Index

NASDAQ Composite1


1986 6 20.62 14.26 636 11.48 9141987 9 10.91 14.48 -357 14.56 -3651988 11 12.54 16.44 -390 17.73 -5191989 14 25.14 15.88 926 17.66 7481990 1 --- --- --- --- ---1991 7 29.31 20.47 884 21.79 7521992 7 33.54 19.18 1,436 20.25 1,3291993 18 27.65 19.66 799 22.07 5581994 12 7.41 7.46 -5 7.02 391995 22 13.61 10.77 284 12.93 681996 23 10.24 4.49 575 4.93 5311997 40 6.82 1.63 519 -0.40 7211998 39 6.05 2.21 383 0.39 5651999 39 16.04 3.13 1,291 1.37 1,4672000 54 16.96 5.81 1,114 6.67 1,0292001 15 23.56 7.03 1,652 8.47 1,5092002 23 17.72 6.31 1,141 7.99 9722003 24 15.05 5.19 986 7.12 7922004 51 11.06 5.27 579 7.61 3442005 56 8.34 6.82 152 9.62 -1282006 50 9.14 7.10 204 9.82 -682007 60 13.56 11.60 197 14.30 -742008 44 16.23 13.27 296 15.96 262009 19 18.98 12.69 629 15.70 3282010 12 18.07 11.76 632 14.90 3172011 38 14.66 9.45 521 13.14 1522012 29 11.65 2.24 941 6.09 5562013 26 3.23 -0.79 401 3.29 -6


CA Benchmark

S&P 500 Index

Constructed Index

NASDAQ Composite1


4.04 2.42 2.111.88 2.45 2.471.62 1.91 2.042.75 1.82 1.93--- --- ---

3.32 1.89 1.972.65 1.64 1.692.45 1.74 1.841.50 1.44 1.391.66 1.44 1.501.60 1.22 1.231.43 1.09 0.981.39 1.13 1.021.94 1.13 1.061.88 1.24 1.292.12 1.30 1.391.97 1.30 1.411.98 1.28 1.421.74 1.31 1.491.57 1.45 1.681.58 1.43 1.631.60 1.49 1.631.63 1.48 1.601.56 1.34 1.441.44 1.27 1.351.27 1.16 1.231.13 1.02 1.071.03 0.99 1.03


CA Benchmark

S&P 500 Index

Constructed Index

NASDAQ Composite1


4.04 2.42 2.111.88 2.45 2.471.62 1.91 2.042.75 1.82 1.93--- --- ---

3.32 1.89 1.972.65 1.64 1.692.45 1.74 1.841.50 1.44 1.391.66 1.44 1.501.59 1.22 1.221.43 1.08 0.971.32 1.07 0.951.91 1.12 1.051.81 1.19 1.241.89 1.17 1.231.78 1.16 1.241.67 1.10 1.201.45 1.10 1.231.07 1.00 1.150.97 0.90 1.010.80 0.78 0.840.76 0.74 0.790.38 0.37 0.390.20 0.21 0.220.16 0.17 0.170.04 0.04 0.050.05 0.05 0.05


Notes: Based on data compiled from 749 U.S. buyout funds, including fully liquidated partnerships, formed between 1986 and 2013. Internal rates of returns are net of fees, expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with --- (not applicable) have an insufficient number of funds in the vintage year sample to produce a meaningful return.mPME Note: Refer to Methodology page for further details on Cambridge Associates Modified PME (mPME).1Constructed Index: Data from 1/1/1986 to 10/31/2003 represented by NASDAQ Price Index. Data from 11/1/2003 to present represented by NASDAQ Composite.Sources: Cambridge Associates LLC, Frank Russell Company, Global Financial Data, Inc., Standard & Poor's and Thomson Reuters Datastream.


| 61



1986 4.04 2.60 2.29 --- --- 6

1987 1.88 2.45 1.90 2.30 1.74 9

1988 1.62 1.63 1.62 1.68 1.53 11

1989 2.75 2.53 2.54 3.41 1.70 14

1990 --- --- --- --- --- 1

1991 3.32 3.09 2.90 --- --- 7

1992 2.65 2.40 2.37 --- --- 7

1993 2.45 2.32 2.16 3.36 1.72 18

1994 1.50 1.47 1.33 1.69 1.03 12

1995 1.66 1.60 1.57 2.21 0.91 22

1996 1.60 1.47 1.33 1.76 1.04 23

1997 1.43 1.30 1.38 1.71 0.89 40

1998 1.39 1.66 1.49 2.01 1.33 39

1999 1.94 1.74 1.56 2.20 1.35 39

2000 1.88 1.89 1.90 2.20 1.51 54

2001 2.12 1.89 1.93 2.19 1.48 15

2002 1.97 1.93 1.98 2.43 1.47 23

2003 1.98 1.73 1.72 2.08 1.29 24

2004 1.74 1.75 1.62 1.92 1.47 51

2005 1.57 1.65 1.58 1.93 1.22 56

2006 1.58 1.71 1.69 1.93 1.48 50

2007 1.60 1.64 1.62 1.83 1.42 60

2008 1.63 1.83 1.65 1.92 1.42 44

2009 1.56 1.77 1.69 2.02 1.44 19

2010 1.44 1.54 1.38 1.79 1.23 12

2011 1.27 1.28 1.22 1.37 1.13 38

2012 1.13 1.20 1.15 1.24 1.00 29

2013 1.03 0.98 0.95 1.07 0.81 26

U.S. Buyout: Total Value to Paid In Capital Multiple (TVPI)Net to Limited Partners



| 62



1986 4.04 2.60 2.29 --- --- 6

1987 1.88 2.45 1.90 2.30 1.74 9

1988 1.62 1.63 1.62 1.68 1.53 11

1989 2.75 2.53 2.54 3.41 1.70 14

1990 --- --- --- --- --- 1

1991 3.32 3.09 2.90 --- --- 7

1992 2.65 2.40 2.37 --- --- 7

1993 2.45 2.32 2.16 3.36 1.72 18

1994 1.50 1.47 1.33 1.69 1.03 12

1995 1.66 1.60 1.57 2.21 0.91 22

1996 1.59 1.47 1.33 1.76 1.01 23

1997 1.43 1.29 1.38 1.70 0.87 40

1998 1.32 1.60 1.45 1.95 1.26 39

1999 1.91 1.70 1.54 2.09 1.26 39

2000 1.81 1.72 1.74 2.08 1.37 54

2001 1.89 1.77 1.76 2.09 1.37 15

2002 1.78 1.73 1.85 2.24 1.22 23

2003 1.67 1.47 1.46 1.84 0.92 24

2004 1.45 1.40 1.34 1.58 1.11 51

2005 1.07 1.13 1.04 1.48 0.83 56

2006 0.97 1.13 1.13 1.41 0.76 50

2007 0.80 0.89 0.79 1.10 0.55 60

2008 0.76 0.94 0.66 1.07 0.42 44

2009 0.38 0.59 0.56 0.76 0.18 19

2010 0.20 0.22 0.19 0.35 0.08 12

2011 0.16 0.20 0.11 0.29 0.01 38

2012 0.04 0.14 0.05 0.11 0.00 29

2013 0.05 0.07 0.00 0.02 0.00 26

U.S. Buyout: Distribution to Paid In Capital Multiple (DPI)Net to Limited Partners



| 63



1986 0.00 0.00 0.00 --- --- 6

1987 0.00 0.00 0.00 0.00 0.00 9

1988 0.00 0.00 0.00 0.00 0.00 11

1989 0.00 0.00 0.00 0.00 0.00 14

1990 --- --- --- --- --- 1

1991 0.00 0.00 0.00 --- --- 7

1992 0.00 0.00 0.00 --- --- 7

1993 0.00 0.00 0.00 0.00 0.00 18

1994 0.00 0.00 0.00 0.00 0.00 12

1995 0.00 0.00 0.00 0.00 0.00 22

1996 0.01 0.00 0.00 0.00 0.00 23

1997 0.00 0.01 0.00 0.00 0.00 40

1998 0.07 0.06 0.00 0.03 0.00 39

1999 0.03 0.04 0.00 0.05 0.00 39

2000 0.08 0.16 0.04 0.15 0.00 54

2001 0.24 0.12 0.07 0.20 0.01 15

2002 0.19 0.19 0.18 0.26 0.01 23

2003 0.31 0.26 0.20 0.38 0.05 24

2004 0.29 0.35 0.27 0.44 0.16 51

2005 0.50 0.52 0.47 0.65 0.35 56

2006 0.60 0.58 0.61 0.74 0.38 50

2007 0.80 0.75 0.78 0.92 0.55 60

2008 0.86 0.88 0.89 1.11 0.63 44

2009 1.18 1.18 1.27 1.35 0.99 19

2010 1.24 1.32 1.25 1.39 1.01 12

2011 1.10 1.07 1.13 1.19 0.93 38

2012 1.08 1.07 1.05 1.18 0.94 29

2013 0.98 0.91 0.93 1.02 0.79 26

U.S. Buyout: Residual Value to Paid In Capital Multiple (RVPI)Net to Limited Partners



| 64

Global ex U.S. Buyout: Fund Index Analysis

| 65


Global ex U.S. Buyout: Fund Index Summary: End-to-End Pooled ReturnNet to Limited Partners

The index is an end-to-end calculation based on data compiled from 599 global ex U.S. buyout funds including fully liquidated partnerships, formed between 1987 and 2015. 1Pooled end-to-end return, net of fees, expenses, and carried interest.Sources: Cambridge Associates LLC, Barclays, Frank Russell Company, Standard & Poor's, Thomson Reuters Datastream, and Wilshire Associates, Inc.*Capital change only.


Global ex U.S. Buyout Index1 -1.70 2.45 2.81 9.73 10.10 11.11 12.59 13.24 13.18










MSCI World Index -8.45 -6.04 -5.09 8.58 8.29 4.73 3.23 5.97 7.29


Russell 1000® Index -6.83 -5.24 -0.61 12.66 13.42 6.95 4.14 8.29 10.17

Russell 2000® Index -11.92 -7.73 1.25 11.02 11.73 6.55 6.51 7.95 10.57

S&P 500 Index -6.44 -5.29 -0.61 12.40 13.34 6.80 3.96 8.14 9.90


| 66



Global ex U.S. Buyout Index1 2.81 9.73 10.10 11.11 12.59 13.24 13.18

mPME Analysis2

MSCI EAFE Index -8.24 6.85 4.54 2.89 3.61 3.74 3.80

Value-Add (bps) 1,105 288 556 822 898 950 938


Value-Add (bps) 1,188 244 522 799 875 910 894

S&P 500 Index 0.21 13.71 14.05 8.22 7.17 7.76 7.90

Value-Add (bps) 260 -398 -395 289 542 548 528

Russell 3000® Index 0.44 13.96 14.05 8.37 7.41 8.01 8.17

Value-Add (bps) 237 -423 -395 274 518 523 501

Global ex U.S. Buyout: Fund Index Summary: End-to-End Pooled Return Compared to CA Modified Public Market Equivalent (mPME)Net to Limited Partners

The index is an end-to-end calculation based on data compiled from 599 global ex U.S. buyout funds including fully liquidated partnerships, formed between 1987 and 2015. 1Pooled end-to-end return, net of fees, expenses, and carried interest.2CA Modified Public Market Equivalent (mPME) replicates private investment performance under public market conditions. The public index’s shares are purchased and sold according to the private fund cash flow schedule, with distributions calculated in the same proportion as the private fund, and mPME NAV is a function of mPME cash flows and public index returns. “Value-Add” shows (in basis points) the difference between the actual private investment return and the mPME calculated return. Refer to Methodology page for details.Sources: Cambridge Associates LLC, Frank Russell Company, MSCI Inc., Standard & Poor's and Thomson Reuters Datastream.


| 67


QuarterEnding

End to EndReturn

1987 Q1 ---

1987 Q2 0.00

1987 Q3 0.58

1987 Q4 6.44

1988 Q1 -9.48

1988 Q2 -5.13

1988 Q3 -11.37

1988 Q4 13.75

1989 Q1 -3.59

1989 Q2 -9.18

1989 Q3 1.71

1989 Q4 1.42

1990 Q1 0.06

1990 Q2 8.67

1990 Q3 1.49

1990 Q4 4.03

1991 Q1 -7.52

1991 Q2 -5.60

1991 Q3 6.17

1991 Q4 5.14

Global ex U.S. Buyout: Fund Index Details: One Quarter End-to-End Pooled ReturnNet to Limited Partners

QuarterEnding

End to EndReturn

1992 Q1 -5.89

1992 Q2 6.65

1992 Q3 -4.28

1992 Q4 -3.23

1993 Q1 0.78

1993 Q2 1.86

1993 Q3 2.86

1993 Q4 17.81

1994 Q1 11.57

1994 Q2 0.69

1994 Q3 3.08

1994 Q4 2.55

1995 Q1 5.72

1995 Q2 4.00

1995 Q3 3.49

1995 Q4 2.53

1996 Q1 0.98

1996 Q2 6.54

1996 Q3 6.06

1996 Q4 24.06

QuarterEnding

End to EndReturn

1997 Q1 -2.30

1997 Q2 5.78

1997 Q3 3.08

1997 Q4 9.90

1998 Q1 3.70

1998 Q2 11.28

1998 Q3 3.03

1998 Q4 0.94

1999 Q1 -0.48

1999 Q2 6.28

1999 Q3 7.31

1999 Q4 10.35

2000 Q1 4.23

2000 Q2 2.10

2000 Q3 -1.67

2000 Q4 2.79

2001 Q1 -5.57

2001 Q2 -0.74

2001 Q3 1.72

2001 Q4 -4.28

QuarterEnding

End to EndReturn

2002 Q1 -1.10

2002 Q2 8.56

2002 Q3 -1.73

2002 Q4 6.11

2003 Q1 1.35

2003 Q2 8.33

2003 Q3 1.89

2003 Q4 14.42

2004 Q1 1.40

2004 Q2 5.13

2004 Q3 5.23

2004 Q4 19.32

2005 Q1 1.60

2005 Q2 4.67

2005 Q3 6.37

2005 Q4 12.60

2006 Q1 6.46

2006 Q2 18.44

2006 Q3 4.33

2006 Q4 22.07

End-to-end calculation based on data compiled from 599 global ex U.S. buyout funds, including fully liquidated partnerships, formed between 1987 and 2015. All returns are net of fees, expenses, and carried interest. Historic quarterly returns are updated in each year-end report to adjust for changes in the index sample.

QuarterEnding

End to EndReturn

2007 Q1 5.09

2007 Q2 15.41

2007 Q3 6.62

2007 Q4 5.01

2008 Q1 3.60

2008 Q2 -3.44

2008 Q3 -16.07

2008 Q4 -22.71

2009 Q1 -7.74

2009 Q2 9.31

2009 Q3 8.36

2009 Q4 9.07

2010 Q1 -1.51

2010 Q2 -2.67

2010 Q3 11.85

2010 Q4 9.10

2011 Q1 5.74

2011 Q2 6.21

2011 Q3 -9.06

2011 Q4 0.39

QuarterEnding

End to EndReturn

2012 Q1 7.66

2012 Q2 -1.82

2012 Q3 3.62

2012 Q4 4.85

2013 Q1 0.89

2013 Q2 1.82

2013 Q3 6.25

2013 Q4 6.81

2014 Q1 2.86

2014 Q2 4.81

2014 Q3 -4.47

2014 Q4 0.47

2015 Q1 -2.02

2015 Q2 7.06

2015 Q3 -1.70


| 68


Global ex U.S. Buyout: Fund Index Details: End-to-End Pooled ReturnNet to Limited Partners

Multi-Year Returns


(%)

1 Year 2.81 16 Years 12.64

2 Years 7.00 17 Years 12.72

3 Years 9.73 18 Years 13.00

4 Years 9.76 19 Years 13.20

5 Years 10.10 20 Years 13.24

6 Years 11.27 21 Years 13.28

7 Years 7.37 22 Years 13.43

8 Years 4.93 23 Years 13.36

9 Years 8.62 24 Years 13.27

10 Years 11.11 25 Years 13.18

11 Years 12.71 26 Years 13.18

12 Years 13.75

13 Years 14.04

14 Years 13.34

15 Years 12.59


One Year Ended


One Year Ended


9/30/2015 2.81 9/30/2000 14.09

9/30/2014 10.76 9/30/1999 15.38

9/30/2013 14.50 9/30/1998 29.94

9/30/2012 9.83 9/30/1997 30.58

9/30/2011 11.33 9/30/1996 17.27

9/30/2010 17.02 9/30/1995 16.76

9/30/2009 -14.25 9/30/1994 37.07

9/30/2008 -13.92 9/30/1993 2.75

9/30/2007 57.96 9/30/1992 0.60

9/30/2006 47.94 9/30/1991 -3.64

9/30/2005 35.63 9/30/1990 12.64

9/30/2004 28.56

9/30/2003 18.51

9/30/2002 1.14

9/30/2001 -1.99

End-to-end calculation based on data compiled from 599 global ex U.S. buyout funds, including fully liquidated partnerships, formed between 1987 and 2015. All returns are net of fees, expenses, and carried interest.


| 69

Global ex U.S. Buyout: Fund Since Inception Analysis

| 70


VintageYear

Pooled Return(%)

Arithmetic Mean (%)

Median (%)


(%)

UpperQuartile

(%)

Lower Quartile

(%)

Standard Deviation


of Funds

1987 7.91 10.27 --- 10.71 --- --- --- 1.45 0.00 1.45 3

1988 15.17 12.19 12.15 11.49 --- --- --- 1.78 0.00 1.78 5

1989 17.37 17.79 --- 17.95 --- --- --- 2.05 0.00 2.05 3

1990 15.68 14.74 13.54 15.30 24.79 5.54 10.83 1.91 0.00 1.91 10

1991 --- --- --- --- --- --- --- --- --- --- 2

1992 17.98 18.09 19.64 17.94 --- --- --- 2.04 0.00 2.04 7

1993 18.60 15.25 10.60 18.12 --- --- --- 2.01 0.00 2.01 7

1994 31.62 25.61 18.94 23.76 45.76 10.82 18.06 2.75 0.00 2.75 14

1995 27.62 16.91 11.98 18.44 20.04 0.57 25.48 2.14 0.00 2.14 13

1996 20.47 12.88 10.78 10.60 18.54 -2.53 24.36 1.86 0.01 1.86 16

1997 12.39 10.98 11.21 12.36 18.92 4.68 22.17 1.75 0.03 1.78 33

1998 15.02 14.29 13.60 17.30 21.61 6.33 12.39 2.12 0.02 2.15 28

1999 17.35 18.28 17.62 17.42 23.08 6.24 17.68 1.94 0.02 1.96 29

2000 28.62 23.50 24.99 25.54 37.82 15.48 19.01 2.52 0.03 2.54 31

2001 29.11 25.72 25.74 26.47 33.75 15.16 18.03 2.08 0.04 2.11 20

2002 22.99 17.12 20.06 20.15 33.12 11.82 29.08 1.86 0.17 2.03 23

2003 18.42 20.81 16.98 20.85 34.26 9.87 20.16 1.50 0.12 1.62 19

2004 12.74 18.37 10.09 19.65 25.10 6.27 23.65 1.46 0.24 1.70 32

2005 5.04 6.43 7.41 6.66 11.21 0.28 13.22 0.96 0.32 1.28 55

2006 4.95 4.97 6.74 5.90 11.05 -0.39 12.99 0.82 0.46 1.27 52

2007 7.71 5.28 6.17 6.47 10.98 1.35 14.74 0.70 0.65 1.34 58

2008 11.94 7.04 7.76 8.76 15.63 -0.97 11.23 0.68 0.81 1.49 28

2009 7.54 8.23 10.97 8.16 13.88 3.16 9.16 0.22 0.99 1.21 14

2010 7.64 5.91 4.45 8.76 17.29 -4.73 13.95 0.24 0.93 1.17 17

2011 6.45 1.67 3.18 3.35 7.91 -5.86 13.88 0.08 1.03 1.12 26

2012 6.48 2.12 4.79 5.14 10.23 -8.34 20.48 0.10 1.00 1.10 25

2013 -4.04 -4.01 -4.78 -0.33 7.23 -14.07 19.26 0.02 0.94 0.96 17

Global ex U.S. Buyout: Since Inception IRR & Multiples by Fund Vintage YearNet to Limited Partners

Notes: Based on data compiled from 587 global ex U.S. buyout funds, including fully liquidated partnerships, formed between 1987 and 2013. Internal rates of returns are net of fees, expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with --- (not applicable) have an insufficient number of funds in the vintage year sample to produce a meaningful return.


| 71


Global ex U.S. Buyout: Since Inception IRR & Multiples Compared to CA Modified Public Market Equivalent (mPME)Net to Limited Partners


Vintage Year

Number of

Funds



1987 3 7.91 4.86 305 10.61 -2701988 5 15.17 5.57 960 11.35 3821989 3 17.37 7.82 955 12.09 5271990 10 15.68 8.80 689 14.37 1311991 2 --- --- --- --- ---1992 7 17.98 8.87 911 15.04 2941993 7 18.60 7.58 1,102 17.46 1141994 14 31.62 6.67 2,495 15.80 1,5821995 13 27.62 6.07 2,155 11.84 1,5781996 16 20.47 6.25 1,422 9.01 1,1451997 33 12.39 2.80 959 2.98 9411998 28 15.02 3.43 1,160 3.71 1,1311999 29 17.35 6.58 1,077 7.20 1,0152000 31 28.62 11.49 1,713 11.92 1,6702001 20 29.11 14.15 1,497 14.58 1,4532002 23 22.99 8.16 1,484 8.65 1,4342003 19 18.42 6.07 1,235 6.70 1,1722004 32 12.74 2.83 991 3.06 9682005 55 5.04 0.84 420 0.84 4202006 52 4.95 2.04 292 2.03 2922007 58 7.71 3.88 384 4.09 3622008 28 11.94 5.52 641 5.92 6022009 14 7.54 3.55 399 4.07 3462010 17 7.64 3.37 427 3.87 3782011 26 6.45 0.35 610 0.62 5832012 25 6.48 -1.97 845 -1.83 8312013 17 -4.04 -9.93 590 -10.28 624


CA Benchmark

MSCI EAFE Index

MSCI Europe Index


1.45 1.26 1.681.78 1.20 1.452.05 1.34 1.591.91 1.36 1.69--- --- ---

2.04 1.32 1.622.01 1.32 1.802.75 1.20 1.502.14 1.17 1.331.86 1.22 1.321.78 1.14 1.152.15 1.16 1.181.96 1.28 1.312.54 1.39 1.402.11 1.41 1.432.03 1.29 1.311.62 1.21 1.231.70 1.13 1.141.28 1.04 1.041.27 1.10 1.101.34 1.16 1.171.49 1.20 1.211.21 1.09 1.111.17 1.07 1.081.12 1.01 1.011.10 0.97 0.970.96 0.91 0.91


CA Benchmark

MSCI EAFE Index

MSCI Europe Index


1.45 1.26 1.681.78 1.20 1.452.05 1.34 1.591.91 1.36 1.69--- --- ---

2.04 1.32 1.622.01 1.32 1.802.75 1.20 1.502.14 1.17 1.321.86 1.21 1.311.75 1.12 1.132.12 1.16 1.171.94 1.27 1.302.52 1.38 1.402.08 1.40 1.411.86 1.20 1.221.50 1.11 1.121.46 0.99 1.000.96 0.79 0.790.82 0.74 0.740.70 0.64 0.640.68 0.59 0.600.22 0.22 0.230.24 0.24 0.240.08 0.08 0.080.10 0.09 0.090.02 0.02 0.02

Notes: Based on data compiled from 587 global ex U.S. buyout funds, including fully liquidated partnerships, formed between 1987 and 2013. Internal rates of returns are net of fees, expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with --- (not applicable) have an insufficient number of funds in the vintage year sample to produce a meaningful return.mPME Note: Refer to Methodology page for further details on Cambridge Associates Modified PME (mPME).Sources: Cambridge Associates LLC, Frank Russell Company, MSCI Inc., Standard & Poor's and Thomson Reuters Datastream.


| 72


Global ex U.S. Buyout: Since Inception IRR & Multiples Compared to CA Modified Public Market Equivalent (mPME)Net to Limited Partners


Vintage Year

Number of

Funds



1987 3 7.91 13.67 -575 13.37 -5461988 5 15.17 14.67 50 14.81 371989 3 17.37 14.48 289 14.62 2751990 10 15.68 17.96 -228 17.67 -1991991 2 --- --- --- --- ---1992 7 17.98 18.09 -10 17.26 721993 7 18.60 22.27 -367 20.85 -2251994 14 31.62 20.90 1,072 19.65 1,1981995 13 27.62 15.20 1,242 14.17 1,3451996 16 20.47 10.99 948 10.71 9761997 33 12.39 1.78 1,061 2.53 9861998 28 15.02 0.85 1,417 1.72 1,3301999 29 17.35 3.14 1,421 3.94 1,3412000 31 28.62 5.92 2,271 6.74 2,1882001 20 29.11 8.10 2,101 8.93 2,0182002 23 22.99 6.77 1,622 7.22 1,5772003 19 18.42 6.59 1,184 6.88 1,1542004 32 12.74 5.78 696 6.02 6722005 55 5.04 5.92 -88 6.15 -1112006 52 4.95 8.43 -348 8.64 -3692007 58 7.71 11.32 -361 11.45 -3742008 28 11.94 13.57 -163 13.67 -1732009 14 7.54 12.21 -468 12.08 -4552010 17 7.64 12.06 -441 11.91 -4272011 26 6.45 9.31 -286 9.04 -2592012 25 6.48 7.45 -96 7.06 -582013 17 -4.04 -0.40 -364 -1.12 -292


CA Benchmark

S&P 500 Index



1.45 2.00 1.971.78 1.62 1.622.05 1.76 1.761.91 1.94 1.91--- --- ---

2.04 1.81 1.762.01 2.06 1.982.75 1.69 1.652.14 1.40 1.381.86 1.35 1.351.78 1.08 1.122.15 1.04 1.081.96 1.13 1.162.54 1.19 1.222.11 1.25 1.282.03 1.29 1.311.62 1.28 1.291.70 1.31 1.331.28 1.36 1.371.27 1.51 1.531.34 1.54 1.551.49 1.56 1.571.21 1.36 1.351.17 1.28 1.281.12 1.18 1.171.10 1.11 1.110.96 1.00 0.99


CA Benchmark

S&P 500 Index



1.45 2.00 1.971.78 1.62 1.622.05 1.76 1.761.91 1.94 1.91--- --- ---

2.04 1.81 1.762.01 2.06 1.982.75 1.69 1.652.14 1.40 1.381.86 1.34 1.341.75 1.06 1.102.12 1.03 1.071.94 1.11 1.152.52 1.19 1.222.08 1.23 1.261.86 1.16 1.181.50 1.12 1.141.46 1.10 1.120.96 0.97 0.980.82 0.96 0.970.70 0.81 0.810.68 0.74 0.740.22 0.26 0.260.24 0.28 0.280.08 0.09 0.090.10 0.10 0.100.02 0.02 0.02

Notes: Based on data compiled from 587 global ex U.S. buyout funds, including fully liquidated partnerships, formed between 1987 and 2013. Internal rates of returns are net of fees, expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with --- (not applicable) have an insufficient number of funds in the vintage year sample to produce a meaningful return.mPME Note: Refer to Methodology page for further details on Cambridge Associates Modified PME (mPME).Sources: Cambridge Associates LLC, Frank Russell Company, MSCI Inc., Standard & Poor's and Thomson Reuters Datastream.


| 73



1987 1.45 1.61 --- --- --- 3

1988 1.78 1.62 1.80 --- --- 5

1989 2.05 2.36 --- --- --- 3

1990 1.91 1.95 2.07 2.57 1.26 10

1991 --- --- --- --- --- 2

1992 2.04 2.05 1.99 --- --- 7

1993 2.01 2.03 1.68 --- --- 7

1994 2.75 2.23 2.01 2.62 1.56 14

1995 2.14 1.79 1.59 1.96 1.06 13

1996 1.86 1.53 1.59 1.81 0.85 16

1997 1.78 1.65 1.80 2.12 1.18 33

1998 2.15 2.39 1.78 2.41 1.47 28

1999 1.96 2.06 2.03 2.40 1.37 29

2000 2.54 2.32 2.18 2.94 1.82 31

2001 2.11 2.21 2.14 2.85 1.73 20

2002 2.03 1.99 1.79 2.25 1.51 23

2003 1.62 1.80 1.67 2.20 1.36 19

2004 1.70 1.91 1.58 2.23 1.34 32

2005 1.28 1.35 1.38 1.64 1.02 55

2006 1.27 1.31 1.35 1.55 0.98 52

2007 1.34 1.27 1.31 1.52 1.06 58

2008 1.49 1.33 1.24 1.56 0.97 28

2009 1.21 1.26 1.29 1.39 1.08 14

2010 1.17 1.16 1.08 1.45 0.92 17

2011 1.12 1.03 1.06 1.14 0.89 26

2012 1.10 1.05 1.07 1.17 0.91 25

2013 0.96 0.99 0.95 1.04 0.88 17

Global ex U.S. Buyout: Total Value to Paid In Capital Multiple (TVPI)Net to Limited Partners

Notes: Based on data compiled from 587 global ex U.S. buyout funds, including fully liquidated partnerships, formed between 1987 and 2013. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with --- (not applicable) have an insufficient number of funds in the vintage year sample to produce a meaningful return.


| 74



1987 1.45 1.61 --- --- --- 3

1988 1.78 1.62 1.80 --- --- 5

1989 2.05 2.36 --- --- --- 3

1990 1.91 1.95 2.07 2.57 1.26 10

1991 --- --- --- --- --- 2

1992 2.04 2.05 1.99 --- --- 7

1993 2.01 2.03 1.68 --- --- 7

1994 2.75 2.23 2.01 2.62 1.56 14

1995 2.14 1.79 1.58 1.96 1.06 13

1996 1.86 1.53 1.59 1.81 0.85 16

1997 1.75 1.64 1.70 2.12 1.18 33

1998 2.12 2.36 1.78 2.39 1.47 28

1999 1.94 2.03 1.97 2.40 1.37 29

2000 2.52 2.26 2.18 2.93 1.66 31

2001 2.08 2.17 2.05 2.81 1.73 20

2002 1.86 1.89 1.68 2.23 1.35 23

2003 1.50 1.65 1.58 1.98 1.27 19

2004 1.46 1.73 1.35 2.23 1.06 32

2005 0.96 1.05 0.99 1.42 0.66 55

2006 0.82 0.88 0.92 1.20 0.55 52

2007 0.70 0.69 0.62 0.87 0.36 58

2008 0.68 0.60 0.50 0.85 0.27 28

2009 0.22 0.30 0.19 0.48 0.09 14

2010 0.24 0.23 0.16 0.38 0.03 17

2011 0.08 0.09 0.00 0.15 0.00 26

2012 0.10 0.07 0.01 0.17 0.00 25

2013 0.02 0.03 0.00 0.02 0.00 17

Global ex U.S. Buyout: Distribution to Paid In Capital Multiple (DPI)Net to Limited Partners



| 75



1987 0.00 0.00 --- --- --- 3

1988 0.00 0.00 0.00 --- --- 5

1989 0.00 0.00 --- --- --- 3

1990 0.00 0.00 0.00 0.00 0.00 10

1991 --- --- --- --- --- 2

1992 0.00 0.00 0.00 --- --- 7

1993 0.00 0.00 0.00 --- --- 7

1994 0.00 0.00 0.00 0.00 0.00 14

1995 0.00 0.00 0.00 0.00 0.00 13

1996 0.01 0.00 0.00 0.00 0.00 16

1997 0.03 0.01 0.00 0.01 0.00 33

1998 0.02 0.03 0.00 0.00 0.00 28

1999 0.02 0.03 0.00 0.00 0.00 29

2000 0.03 0.05 0.00 0.03 0.00 31

2001 0.04 0.04 0.01 0.07 0.00 20

2002 0.17 0.11 0.05 0.16 0.00 23

2003 0.12 0.15 0.15 0.22 0.00 19

2004 0.24 0.18 0.10 0.19 0.02 32

2005 0.32 0.30 0.29 0.46 0.17 55

2006 0.46 0.43 0.38 0.57 0.24 52

2007 0.65 0.58 0.59 0.79 0.38 58

2008 0.81 0.73 0.74 0.98 0.47 28

2009 0.99 0.97 1.01 1.21 0.78 14

2010 0.93 0.93 0.91 1.00 0.81 17

2011 1.03 0.94 0.93 1.10 0.81 26

2012 1.00 0.98 0.98 1.07 0.91 25

2013 0.94 0.96 0.92 1.03 0.87 17

Global ex U.S. Buyout: Residual Value to Paid In Capital Multiple (RVPI)Net to Limited Partners



| 76

Global Growth Equity: Fund Index Analysis

| 77



Global Growth Equity Index1 -2.99 5.58 6.48 13.53 12.75 11.71 9.19 14.31 14.79










MSCI World Index -8.45 -6.04 -5.09 8.58 8.29 4.73 3.23 5.97 7.29


Russell 1000® Index -6.83 -5.24 -0.61 12.66 13.42 6.95 4.14 8.29 10.17

Russell 2000® Index -11.92 -7.73 1.25 11.02 11.73 6.55 6.51 7.95 10.57

S&P 500 Index -6.44 -5.29 -0.61 12.40 13.34 6.80 3.96 8.14 9.90

Global Growth Equity: Fund Index Summary: End-to-End Pooled ReturnNet to Limited Partners

The index is an end-to-end calculation based on data compiled from 466 global (U.S. & ex U.S.) growth equity funds including fully liquidated partnerships, formed between 1986 and 2015. 1Pooled end-to-end return, net of fees, expenses, and carried interest.



| 78



Global Growth Equity Index1 6.48 13.53 12.75 11.71 9.19 14.31 14.79

mPME Analysis2

MSCI EAFE Index -8.70 5.46 4.05 2.71 3.29 3.58 3.66

Value-Add (bps) 1,518 807 870 900 590 1,073 1,113


Value-Add (bps) 1,584 768 834 872 563 1,011 1,046

S&P 500 Index -0.46 12.60 13.49 8.13 6.72 7.79 7.99

Value-Add (bps) 694 93 -74 358 247 652 680

Russell 3000® Index -0.31 12.77 13.46 8.24 6.94 7.98 8.20

Value-Add (bps) 679 76 -71 347 225 633 659

Global Growth Equity: Fund Index Summary: End-to-End Pooled Return Compared to CA Modified Public Market Equivalent (mPME)Net to Limited Partners

The index is an end-to-end calculation based on data compiled from 466 global (U.S. & ex U.S.) growth equity funds including fully liquidated partnerships, formed between 1986 and 2015. 1Pooled end-to-end return, net of fees, expenses, and carried interest.2CA Modified Public Market Equivalent (mPME) replicates private investment performance under public market conditions. The public index’s shares are purchased and sold according to the private fund cash flow schedule, with distributions calculated in the same proportion as the private fund, and mPME NAV is a function of mPME cash flows and public index returns. “Value-Add” shows (in basis points) the difference between the actual private investment return and the mPME calculated return. Refer to Methodology page for details.Sources: Cambridge Associates LLC, Frank Russell Company, MSCI Inc., Standard & Poor's and Thomson Reuters Datastream.


| 79


QuarterEnding

End to EndReturn

1986 Q1 ---

1986 Q2 ---

1986 Q3 -19.34

1986 Q4 13.82

1987 Q1 8.38

1987 Q2 2.95

1987 Q3 25.54

1987 Q4 -9.87

1988 Q1 1.44

1988 Q2 0.67

1988 Q3 1.07

1988 Q4 1.03

1989 Q1 1.56

1989 Q2 0.33

1989 Q3 1.05

1989 Q4 2.81

1990 Q1 1.97

1990 Q2 2.31

1990 Q3 -0.15

1990 Q4 -0.58

1991 Q1 2.52

1991 Q2 0.78

1991 Q3 7.59

1991 Q4 6.56

Global Growth Equity: Fund Index Details: One Quarter End-to-End Pooled ReturnNet to Limited Partners

QuarterEnding

End to EndReturn

1992 Q1 2.54

1992 Q2 0.36

1992 Q3 3.35

1992 Q4 8.36

1993 Q1 -2.16

1993 Q2 3.84

1993 Q3 10.34

1993 Q4 11.60

1994 Q1 6.03

1994 Q2 -0.64

1994 Q3 6.56

1994 Q4 5.65

1995 Q1 10.13

1995 Q2 7.02

1995 Q3 7.49

1995 Q4 7.33

1996 Q1 6.61

1996 Q2 10.10

1996 Q3 5.72

1996 Q4 4.17

1997 Q1 1.24

1997 Q2 21.01

1997 Q3 9.74

1997 Q4 -1.66

QuarterEnding

End to EndReturn

1998 Q1 12.15

1998 Q2 -3.77

1998 Q3 -5.76

1998 Q4 7.21

1999 Q1 7.72

1999 Q2 14.34

1999 Q3 6.60

1999 Q4 53.01

2000 Q1 18.49

2000 Q2 2.87

2000 Q3 8.10

2000 Q4 -7.55

2001 Q1 -9.72

2001 Q2 2.21

2001 Q3 -8.67

2001 Q4 -0.14

2002 Q1 -2.32

2002 Q2 -4.00

2002 Q3 -8.72

2002 Q4 -0.94

2003 Q1 -3.62

2003 Q2 6.34

2003 Q3 6.23

2003 Q4 7.16

QuarterEnding

End to EndReturn

2004 Q1 4.37

2004 Q2 1.30

2004 Q3 0.68

2004 Q4 10.34

2005 Q1 1.55

2005 Q2 7.52

2005 Q3 7.49

2005 Q4 3.69

2006 Q1 7.86

2006 Q2 -0.17

2006 Q3 5.08

2006 Q4 10.38

2007 Q1 8.42

2007 Q2 10.11

2007 Q3 4.35

2007 Q4 7.47

2008 Q1 -5.28

2008 Q2 0.03

2008 Q3 -6.65

2008 Q4 -14.99

2009 Q1 -3.46

2009 Q2 8.64

2009 Q3 6.96

2009 Q4 6.29

QuarterEnding

End to EndReturn

2010 Q1 4.85

2010 Q2 -0.03

2010 Q3 6.27

2010 Q4 10.49

2011 Q1 3.51

2011 Q2 4.18

2011 Q3 -5.47

2011 Q4 3.19

2012 Q1 6.39

2012 Q2 -1.49

2012 Q3 2.77

2012 Q4 3.52

2013 Q1 2.73

2013 Q2 1.55

2013 Q3 6.25

2013 Q4 8.78

2014 Q1 3.55

2014 Q2 4.49

2014 Q3 1.83

2014 Q4 0.77

2015 Q1 3.07

2015 Q2 5.00

2015 Q3 -2.99

End-to-end calculation based on data compiled from 466 global (U.S. & ex U.S.) growth equity funds, including fully liquidated partnerships, formed between 1986 and 2015. All returns are net of fees, expenses, and carried interest. Historic quarterly returns are updated in each year-end report to adjust for changes in the index sample.


| 80


Global Growth Equity: Fund Index Details: End-to-End Pooled ReturnNet to Limited Partners

Multi-Year Returns


(%)

1 Year 6.48 16 Years 12.57

2 Years 12.97 17 Years 13.70

3 Years 13.53 18 Years 13.18

4 Years 12.78 19 Years 13.90

5 Years 12.75 20 Years 14.31

6 Years 13.72 21 Years 14.61

7 Years 11.25 22 Years 14.75

8 Years 9.35 23 Years 14.83

9 Years 11.33 24 Years 14.81

10 Years 11.71 25 Years 14.79

11 Years 12.76 26 Years 14.75

12 Years 12.82 27 Years 14.71

13 Years 12.56

14 Years 10.99

15 Years 9.19


One Year Ended


One Year Ended


9/30/2015 6.48 9/30/2000 108.43

9/30/2014 19.65 9/30/1999 41.05

9/30/2013 14.58 9/30/1998 -0.41

9/30/2012 10.72 9/30/1997 40.99

9/30/2011 12.66 9/30/1996 33.15

9/30/2010 18.86 9/30/1995 33.97

9/30/2009 -3.80 9/30/1994 25.28

9/30/2008 -5.73 9/30/1993 22.00

9/30/2007 37.22 9/30/1992 12.93

9/30/2006 17.35 9/30/1991 11.75

9/30/2005 29.44 9/30/1990 6.86

9/30/2004 13.85 9/30/1989 3.91

9/30/2003 8.07

9/30/2002 -14.63

9/30/2001 -22.00

End-to-end calculation based on data compiled from 466 global (U.S. & ex U.S.) growth equity funds, including fully liquidated partnerships, formed between 1986 and 2015. All returns are net of fees, expenses, and carried interest.


| 81

Global Growth Equity: Fund Since Inception Analysis

| 82


VintageYear

Pooled Return(%)

Arithmetic Mean (%)

Median (%)


(%)

UpperQuartile

(%)

Lower Quartile

(%)

Standard Deviation


of Funds

1986 --- --- --- --- --- --- --- --- --- --- 1

1987 --- --- --- --- --- --- --- --- --- --- ---

1988 --- --- --- --- --- --- --- --- --- --- 2

1989 9.29 7.51 --- 8.69 --- --- --- 1.53 0.00 1.53 3

1990 14.12 14.80 --- 14.85 --- --- --- 1.79 0.00 1.79 4

1991 45.61 32.46 --- 24.33 --- --- --- 3.29 0.00 3.29 4

1992 27.28 15.57 13.46 16.51 --- --- --- 2.59 0.00 2.59 6

1993 7.19 9.76 --- 2.43 --- --- --- 1.27 0.00 1.27 3

1994 35.13 10.05 0.22 10.68 9.70 -1.29 18.72 3.61 0.00 3.62 11

1995 49.48 17.21 2.78 23.35 30.55 -3.54 33.24 3.44 0.00 3.44 11

1996 10.05 7.26 6.95 9.67 14.76 -3.55 11.91 1.59 0.01 1.60 13

1997 13.33 19.05 14.59 16.52 26.78 9.24 21.82 1.82 0.01 1.83 12

1998 10.11 8.30 9.73 9.41 15.18 0.11 9.74 1.56 0.02 1.57 13

1999 3.09 6.66 1.01 8.22 16.45 -4.09 15.30 1.19 0.04 1.23 12

2000 9.05 6.94 7.51 7.32 14.70 2.20 10.56 1.47 0.12 1.59 29

2001 14.51 5.52 7.87 7.27 13.49 1.27 10.68 1.93 0.27 2.20 8

2002 10.08 18.06 9.05 15.11 15.60 6.24 27.79 1.55 0.15 1.69 10

2003 17.30 25.27 16.47 28.67 --- --- --- 1.75 0.16 1.92 6

2004 7.92 27.20 8.36 14.27 28.06 0.97 57.90 1.13 0.27 1.41 19

2005 12.13 10.64 10.07 12.52 15.63 2.89 14.45 1.39 0.44 1.83 38

2006 8.19 8.64 7.36 11.70 13.24 2.43 10.84 0.73 0.77 1.50 31

2007 9.03 5.78 7.66 7.05 11.61 -0.55 10.87 0.74 0.73 1.47 51

2008 11.74 9.77 7.53 9.92 14.76 3.92 8.95 0.49 1.01 1.50 34

2009 13.90 10.59 11.36 14.87 16.27 4.27 10.04 0.31 1.13 1.44 17

2010 15.21 16.20 12.90 16.71 18.71 7.53 23.15 0.29 1.16 1.45 28

2011 19.57 11.19 8.07 13.42 17.39 1.86 15.31 0.15 1.25 1.40 33

2012 14.09 5.96 3.39 8.92 16.84 -2.96 21.51 0.08 1.13 1.21 25

2013 9.96 0.26 0.51 8.22 14.35 -19.79 25.52 0.00 1.10 1.10 24

Global Growth Equity: Since Inception IRR & Multiples by Fund Vintage YearNet to Limited Partners

Notes: Based on data compiled from 448 global (U.S. & ex U.S.) growth equity funds, including fully liquidated partnerships, formed between 1986 and 2013. Internal rates of returns are net of fees, expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with --- (not applicable) have an insufficient number of funds in the vintage year sample to produce a meaningful return.


| 83


Global Growth Equity: Since Inception IRR & Multiples Compared to CA Modified Public Market Equivalent (mPME)Net to Limited Partners


Vintage Year

Number of

Funds



1986 1 --- --- --- --- ---1987 --- --- --- --- --- ---1988 2 --- --- --- --- ---1989 3 9.29 5.32 397 11.32 -2041990 4 14.12 9.55 458 13.87 251991 4 45.61 9.81 3,580 16.36 2,9261992 6 27.28 8.75 1,853 18.00 9281993 3 7.19 4.83 236 9.90 -2711994 11 35.13 8.43 2,670 15.01 2,0121995 11 49.48 7.72 4,176 14.46 3,5021996 13 10.05 3.92 613 5.08 4971997 12 13.33 3.35 998 3.59 9741998 13 10.11 2.33 778 2.56 7551999 12 3.09 3.70 -62 4.33 -1252000 29 9.05 7.46 159 7.87 1192001 8 14.51 8.28 623 8.73 5782002 10 10.08 10.23 -15 10.64 -562003 6 17.30 3.88 1,342 4.14 1,3162004 19 7.92 2.36 556 2.58 5342005 38 12.13 0.94 1,120 0.99 1,1142006 31 8.19 1.49 670 1.48 6712007 51 9.03 3.70 532 3.89 5142008 34 11.74 4.88 686 5.27 6472009 17 13.90 4.05 985 4.63 9262010 28 15.21 3.85 1,136 4.36 1,0842011 33 19.57 0.91 1,866 1.25 1,8322012 25 14.09 -2.67 1,675 -2.57 1,6662013 24 9.96 -8.40 1,836 -8.67 1,862


CA Benchmark

MSCI EAFE Index

MSCI Europe Index


--- --- ------ --- ------ --- ---

1.53 1.30 1.771.79 1.42 1.703.29 1.28 1.542.59 1.34 1.801.27 1.29 1.623.62 1.38 1.733.44 1.21 1.411.60 1.19 1.251.83 1.16 1.181.57 1.11 1.121.23 1.23 1.271.59 1.40 1.432.20 1.51 1.541.69 1.62 1.651.92 1.16 1.171.41 1.11 1.121.83 1.05 1.051.50 1.08 1.081.47 1.17 1.181.50 1.18 1.201.44 1.11 1.131.45 1.10 1.111.40 1.02 1.021.21 0.96 0.961.10 0.92 0.91


CA Benchmark

MSCI EAFE Index

MSCI Europe Index


--- --- ------ --- ------ --- ---

1.53 1.30 1.771.79 1.42 1.703.29 1.28 1.542.59 1.34 1.801.27 1.16 1.463.61 1.38 1.733.44 1.21 1.411.59 1.18 1.241.82 1.15 1.171.56 1.10 1.111.19 1.22 1.261.47 1.31 1.331.93 1.32 1.351.55 1.52 1.551.75 1.07 1.081.13 0.89 0.901.39 0.85 0.850.73 0.56 0.550.74 0.63 0.640.49 0.42 0.430.31 0.28 0.290.29 0.26 0.260.15 0.13 0.130.08 0.07 0.070.00 0.00 0.00

Notes: Based on data compiled from 448 global (U.S. & ex U.S.) growth equity funds, including fully liquidated partnerships, formed between 1986 and 2013. Internal rates of returns are net of fees, expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with --- (not applicable) have an insufficient number of funds in the vintage year sample to produce a meaningful return.mPME Note: Refer to Methodology page for further details on Cambridge Associates Modified PME (mPME).Sources: Cambridge Associates LLC, Frank Russell Company, MSCI Inc., Standard & Poor's and Thomson Reuters Datastream.


| 84


Global Growth Equity: Since Inception IRR & Multiples Compared to CA Modified Public Market Equivalent (mPME)Net to Limited Partners


Vintage Year

Number of

Funds



1986 1 --- --- --- --- ---1987 --- --- --- --- --- ---1988 2 --- --- --- --- ---1989 3 9.29 13.80 -452 13.70 -4411990 4 14.12 17.20 -308 17.11 -2981991 4 45.61 19.00 2,662 18.39 2,7221992 6 27.28 21.62 566 20.40 6881993 3 7.19 12.41 -522 12.04 -4851994 11 35.13 19.16 1,597 18.11 1,7021995 11 49.48 19.21 3,026 18.04 3,1431996 13 10.05 4.58 547 5.04 5011997 12 13.33 1.66 1,167 2.52 1,0811998 13 10.11 0.29 982 1.15 8961999 12 3.09 0.95 214 1.75 1332000 29 9.05 4.75 431 5.34 3722001 8 14.51 6.19 832 6.71 7802002 10 10.08 6.98 310 7.62 2462003 6 17.30 5.61 1,169 5.99 1,1302004 19 7.92 5.33 260 5.58 2342005 38 12.13 5.24 689 5.47 6662006 31 8.19 7.88 30 8.06 132007 51 9.03 10.86 -183 11.03 -2002008 34 11.74 13.18 -144 13.21 -1472009 17 13.90 12.78 111 12.66 1232010 28 15.21 12.43 278 12.30 2912011 33 19.57 9.96 961 9.67 9902012 25 14.09 6.77 732 6.31 7782013 24 9.96 1.29 867 0.55 941


CA Benchmark

S&P 500 Index



--- --- ------ --- ------ --- ---

1.53 2.03 2.011.79 1.94 1.923.29 1.67 1.642.59 2.02 1.941.27 1.77 1.763.62 1.94 1.893.44 1.55 1.521.60 1.20 1.231.83 1.08 1.121.57 1.01 1.051.23 1.06 1.101.59 1.27 1.302.20 1.41 1.451.69 1.46 1.511.92 1.27 1.291.41 1.30 1.321.83 1.31 1.321.50 1.49 1.501.47 1.59 1.601.50 1.57 1.571.44 1.39 1.391.45 1.35 1.351.40 1.19 1.181.21 1.10 1.091.10 1.01 1.01


CA Benchmark

S&P 500 Index



--- --- ------ --- ------ --- ---

1.53 2.03 2.011.79 1.94 1.923.29 1.67 1.642.59 2.02 1.941.27 1.59 1.573.61 1.94 1.893.44 1.55 1.521.59 1.20 1.221.82 1.06 1.101.56 1.01 1.051.19 1.04 1.091.47 1.15 1.181.93 1.18 1.211.55 1.33 1.371.75 1.14 1.161.13 0.97 0.981.39 1.01 1.020.73 0.70 0.710.74 0.80 0.810.49 0.52 0.520.31 0.34 0.340.29 0.30 0.300.15 0.15 0.150.08 0.08 0.080.00 0.00 0.00

Notes: Based on data compiled from 448 global (U.S. & ex U.S.) growth equity funds, including fully liquidated partnerships, formed between 1986 and 2013. Internal rates of returns are net of fees, expenses and carried interest. Vintage year funds formed since 2010 are too young to have produced meaningful returns. Analysis and comparison of partnership returns to benchmark statistics may be irrelevant. Benchmarks with --- (not applicable) have an insufficient number of funds in the vintage year sample to produce a meaningful return.mPME Note: Refer to Methodology page for further details on Cambridge Associates Modified PME (mPME).Sources: Cambridge Associates LLC, Frank Russell Company, MSCI Inc., Standard & Poor's and Thomson Reuters Datastream.


| 85



1986 --- --- --- --- --- 1

1987 --- --- --- --- --- ---

1988 --- --- --- --- --- 2

1989 1.53 1.53 --- --- --- 3

1990 1.79 1.77 --- --- --- 4

1991 3.29 2.53 --- --- --- 4

1992 2.59 1.90 1.84 --- --- 6

1993 1.27 1.12 --- --- --- 3

1994 3.62 1.79 1.02 2.02 0.94 11

1995 3.44 2.03 1.18 2.31 0.85 11

1996 1.60 1.75 1.44 2.02 0.77 13

1997 1.83 2.16 1.88 2.52 1.58 12

1998 1.57 1.46 1.50 1.78 1.01 13

1999 1.23 1.62 1.09 2.22 0.80 12

2000 1.59 1.48 1.41 1.86 1.13 29

2001 2.20 1.48 1.41 2.19 1.08 8

2002 1.69 2.13 1.67 2.46 1.40 10

2003 1.92 2.20 1.77 --- --- 6

2004 1.41 1.72 1.36 1.81 1.05 19

2005 1.83 1.83 1.63 2.11 1.18 38

2006 1.50 1.79 1.39 1.74 1.13 31

2007 1.47 1.35 1.35 1.68 0.98 51

2008 1.50 1.42 1.29 1.55 1.15 34

2009 1.44 1.52 1.41 1.55 1.13 17

2010 1.45 1.56 1.38 1.64 1.16 28

2011 1.40 1.27 1.17 1.42 1.03 33

2012 1.21 1.09 1.06 1.29 0.95 25

2013 1.10 1.03 1.01 1.10 0.83 24

Global Growth Equity: Total Value to Paid In Capital Multiple (TVPI)Net to Limited Partners

Notes: Based on data compiled from 448 global (U.S. & ex U.S.) growth equity funds, including fully liquidated partnerships, formed between 1986 and 2013. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with --- (not applicable) have an insufficient number of funds in the vintage year sample to produce a meaningful return.


| 86



1986 --- --- --- --- --- 1

1987 --- --- --- --- --- ---

1988 --- --- --- --- --- 2

1989 1.53 1.53 --- --- --- 3

1990 1.79 1.77 --- --- --- 4

1991 3.29 2.53 --- --- --- 4

1992 2.59 1.90 1.84 --- --- 6

1993 1.27 1.12 --- --- --- 3

1994 3.61 1.78 1.02 2.02 0.94 11

1995 3.44 2.03 1.18 2.31 0.85 11

1996 1.59 1.71 1.40 1.98 0.77 13

1997 1.82 2.11 1.88 2.52 1.58 12

1998 1.56 1.43 1.49 1.78 0.95 13

1999 1.19 1.58 1.01 2.20 0.73 12

2000 1.47 1.36 1.35 1.69 1.00 29

2001 1.93 1.32 1.28 1.82 0.87 8

2002 1.55 1.92 1.39 2.19 1.06 10

2003 1.75 2.07 1.64 --- --- 6

2004 1.13 1.37 1.16 1.49 0.75 19

2005 1.39 1.29 1.18 1.56 0.45 38

2006 0.73 0.90 0.69 1.01 0.38 31

2007 0.74 0.58 0.45 0.92 0.17 51

2008 0.49 0.39 0.33 0.51 0.19 34

2009 0.31 0.22 0.21 0.34 0.10 17

2010 0.29 0.30 0.19 0.42 0.04 28

2011 0.15 0.13 0.03 0.20 0.00 33

2012 0.08 0.06 0.02 0.07 0.00 25

2013 0.00 0.01 0.00 0.00 0.00 24

Global Growth Equity: Distribution to Paid In Capital Multiple (DPI)Net to Limited Partners



| 87



1986 --- --- --- --- --- 1

1987 --- --- --- --- --- ---

1988 --- --- --- --- --- 2

1989 0.00 0.00 --- --- --- 3

1990 0.00 0.00 --- --- --- 4

1991 0.00 0.00 --- --- --- 4

1992 0.00 0.00 0.00 --- --- 6

1993 0.00 0.00 --- --- --- 3

1994 0.00 0.02 0.00 0.00 0.00 11

1995 0.00 0.00 0.00 0.00 0.00 11

1996 0.01 0.03 0.00 0.04 0.00 13

1997 0.01 0.05 0.00 0.00 0.00 12

1998 0.02 0.03 0.00 0.01 0.00 13

1999 0.04 0.04 0.04 0.05 0.00 12

2000 0.12 0.12 0.04 0.18 0.00 29

2001 0.27 0.16 0.17 0.28 0.00 8

2002 0.15 0.21 0.13 0.34 0.00 10

2003 0.16 0.12 0.06 --- --- 6

2004 0.27 0.35 0.19 0.42 0.03 19

2005 0.44 0.55 0.47 0.76 0.20 38

2006 0.77 0.89 0.64 0.89 0.41 31

2007 0.73 0.77 0.79 1.02 0.43 51

2008 1.01 1.03 0.97 1.21 0.79 34

2009 1.13 1.30 1.11 1.33 0.97 17

2010 1.16 1.26 1.08 1.29 0.88 28

2011 1.25 1.14 1.14 1.23 0.96 33

2012 1.13 1.03 0.99 1.19 0.92 25

2013 1.10 1.02 1.01 1.07 0.83 24

Global Growth Equity: Residual Value to Paid In Capital Multiple (RVPI)Net to Limited Partners



| 88

U.S. Growth Equity: Fund Index Analysis

| 89


Index 1-Quarter YTD 1-Year 3-Year 5-Year 10-Year

Cambridge Associates LLC U.S. Growth Equity Index1 -1.43 7.19 8.81 15.91 16.23 12.28

Barclays Government/Credit Bond Index 1.20 0.90 2.73 1.59 3.09 4.61

Dow Jones Industrial Average Index -6.98 -6.95 -2.11 9.26 11.38 7.17

Dow Jones U.S. Small Cap Index -11.40 -7.59 0.23 11.83 12.45 7.71

Dow Jones U.S. TopCap Index -6.66 -5.18 -0.56 12.54 13.36 7.02

Nasdaq Composite Index* -7.35 -2.45 2.82 14.03 14.30 7.94

Russell 1000® Index -6.83 -5.24 -0.61 12.66 13.42 6.95

Russell 2000® Index -11.92 -7.73 1.25 11.02 11.73 6.55

S&P 500 Index -6.44 -5.29 -0.61 12.40 13.34 6.80

Wilshire 5000 Total Market Index -6.92 -5.36 -0.39 12.42 13.16 6.97

U.S. Growth Equity: Fund Index Summary: End-to-End Pooled ReturnNet to Limited Partners

The index is an end-to-end calculation based on data compiled from 179 U.S. growth equity funds including fully liquidated partnerships, formed between 1986 and 2015. 1Pooled end-to-end return, net of fees, expenses, and carried interest.



| 90


CA Index 1-Year 3-Year 5-Year 10-Year

Cambridge Associates LLC U.S Growth Equity Index1 8.81 15.91 16.23 12.28

mPME Analysis2

Russell 2000® Index 1.78 12.02 12.50 7.58

Value-Add (bps) 703 389 373 470

Russell 2500™ Index 0.84 13.48 13.47 8.44

Value-Add (bps) 797 243 276 384

Russell 3000® Index -0.20 13.10 13.77 7.89

Value-Add (bps) 901 281 246 439

Russell Midcap® Index 0.16 14.91 14.02 8.84

Value-Add (bps) 865 100 221 344

S&P 500 Index -0.36 12.87 13.79 7.76

Value-Add (bps) 917 304 244 452

Constructed Index: NASDAQ Composite Price Index/ NASDAQ Composite Total Return3 4.38 15.85 16.00 10.10

Value-Add (bps) 443 6 23 218

U.S. Growth Equity: Fund Index Summary: End-to-End Pooled Return Compared to CA Modified Public Market Equivalent (mPME)Net to Limited Partners

The index is an end-to-end calculation based on data compiled from 179 U.S. growth equity funds, including fully liquidated partnerships, formed between 1986 and 2015. 1 Pooled end-to-end return, net of fees, expenses, and carried interest.2 CA Modified Public Market Equivalent (mPME) replicates private investment performance under public market conditions. The public index’s shares are purchased and sold according to the private fund cash flow schedule, with distributions calculated in the same proportion as the private fund, and mPME NAV is a function of mPME cash flows and public index returns. “Value-Add” shows (in basis points) the difference between the actual private investment return and the mPME calculated return. Refer to Methodology page for details.3Constructed Index: Data from 1/1/1986 to 10/31/2003 represented by NASDAQ Price Index. Data from 11/1/2003 to present represented by NASDAQ Composite.Sources: Cambridge Associates LLC, Frank Russell Company, Global Financial Data, Inc., Standard & Poor's and Thomson Reuters Datastream.


| 91


U.S. Growth Equity: Fund Index Details: One Quarter End-to-End Pooled ReturnNet to Limited Partners

QuarterEnding

End to EndReturn

2003 Q1 -3.74

2003 Q2 6.48

2003 Q3 5.70

2003 Q4 7.46

2004 Q1 3.51

2004 Q2 1.97

2004 Q3 -0.25

2004 Q4 10.49

2005 Q1 -0.26

2005 Q2 8.19

2005 Q3 7.79

2005 Q4 2.15

2006 Q1 7.46

2006 Q2 -0.34

2006 Q3 4.37

2006 Q4 7.82

2007 Q1 7.12

QuarterEnding

End to EndReturn

2007 Q2 8.91

2007 Q3 3.71

2007 Q4 4.03

2008 Q1 -3.59

2008 Q2 0.01

2008 Q3 -3.28

2008 Q4 -13.08

2009 Q1 -3.84

2009 Q2 5.97

2009 Q3 5.28

2009 Q4 3.97

2010 Q1 4.53

2010 Q2 0.85

2010 Q3 4.45

2010 Q4 10.77

2011 Q1 4.19

2011 Q2 5.19

QuarterEnding

End to EndReturn

2011 Q3 -3.40

2011 Q4 5.85

2012 Q1 6.23

2012 Q2 -0.45

2012 Q3 3.56

2012 Q4 3.13

2013 Q1 3.68

2013 Q2 2.97

2013 Q3 8.35

2013 Q4 8.62

2014 Q1 3.20

2014 Q2 4.85

2014 Q3 1.55

2014 Q4 1.55

2015 Q1 3.30

2015 Q2 5.21

2015 Q3 -1.43

End-to-end calculation based on data compiled from 179 U.S. growth equity funds, including fully liquidated partnerships, formed between 1986 and 2015. All returns are net of fees, expenses, and carried interest. Historic quarterly returns are updated in each year-end report to adjust for changes in the index sample.


| 92


U.S. Growth Equity: Fund Index Details: End-to-End Pooled ReturnNet to Limited Partners

Multi-Year Returns

Years End to End Return (%)

1 Year 8.81

2 Years 14.18

3 Years 15.91

4 Years 15.90

5 Years 16.23

6 Years 15.91

7 Years 12.39

8 Years 10.43

9 Years 12.12

10 Years 12.28


One Year Ended End to End Return (%)

9/30/2015 8.81

9/30/2014 19.47

9/30/2013 18.90

9/30/2012 15.88

9/30/2011 17.37

9/30/2010 14.48

9/30/2009 -6.06

9/30/2008 -3.39

9/30/2007 30.38

9/30/2006 14.19

End-to-end calculation based on data compiled from 179 U.S. growth equity funds, including fully liquidated partnerships, formed between 1986 and 2015. All returns are net of fees, expenses, and carried interest.


| 93

Global ex U.S. Growth Equity: Fund Index Analysis

| 94


Global ex U.S. Growth Equity: Fund Index Summary: End-to-End Pooled ReturnNet to Limited Partners

The index is an end-to-end calculation based on data compiled from 287 global ex U.S. growth equity funds including fully liquidated partnerships, formed between 1989 and 2015. 1Pooled end-to-end return, net of fees, expenses, and carried interest.


Index 1-Quarter YTD 1-Year 3-Year 5-Year 10-Year

Global ex U.S. Growth Equity Index1 -4.65 3.85 3.97 10.78 8.58 10.75

Barclays Capital Government/Credit Bond Index 1.20 0.90 2.73 1.59 3.09 4.61

Dow Jones Industrial Average Index -6.98 -6.95 -2.11 9.26 11.38 7.17

Dow Jones U.S. Small Cap Index -11.40 -7.59 0.23 11.83 12.45 7.71

Dow Jones U.S. TopCap Index -6.66 -5.18 -0.56 12.54 13.36 7.02

MSCI Emerging Markets Index -17.78 -15.22 -18.98 -4.93 -3.25 4.60

MSCI Europe Index (US$) -8.69 -5.20 -9.33 6.03 4.28 3.31

MSCI Europe Index (€) -8.86 2.76 2.61 11.17 8.57 4.11

MSCI Pacific Index -13.21 -5.54 -7.51 4.80 3.49 2.34

MSCI World ex U.S. Index -10.57 -6.69 -10.14 4.60 3.42 2.92

MSCI World Index -8.45 -6.04 -5.09 8.58 8.29 4.73

Nasdaq Composite Index* -7.35 -2.45 2.82 14.03 14.30 7.94

Russell 1000® Index -6.83 -5.24 -0.61 12.66 13.42 6.95

Russell 2000® Index -11.92 -7.73 1.25 11.02 11.73 6.55

S&P 500 Index -6.44 -5.29 -0.61 12.40 13.34 6.80


| 95


CA Index 1-Year 3-Year 5-Year 10-Year

Global ex U.S. Growth Equity Index1 3.97 10.78 8.58 10.75

mPME Analysis2

MSCI EAFE Index -8.72 4.90 3.84 2.58

Value-Add (bps) 1,269 588 474 817

MSCI Europe Index -9.37 5.31 4.23 2.86

Value-Add (bps) 1,334 547 435 789

S&P 500 Index -0.56 12.28 13.13 8.63

Value-Add (bps) 453 -150 -455 212

Russell 3000® Index -0.43 12.38 13.06 8.70

Value-Add (bps) 440 -160 -448 205

Global ex U.S. Growth Equity: Fund Index Summary: End-to-End Pooled Return Compared to CA Modified Public Market Equivalent (mPME)Net to Limited Partners

The index is an end-to-end calculation based on data compiled from 287 global ex U.S. growth equity funds including fully liquidated partnerships, formed between 1989 and 2015. 1Pooled end-to-end return, net of fees, expenses, and carried interest.2Refer to Methodology page for further details on Cambridge Associates Modified PME (mPME).Sources: Cambridge Associates LLC, Frank Russell Company, MSCI Inc., Standard & Poor's and Thomson Reuters Datastream.


| 96


Global ex U.S. Growth Equity: Fund Index Details: End-to-End Pooled ReturnNet to Limited Partners

QuarterEnding

End to EndReturn

2003 Q1 -3.34

2003 Q2 6.00

2003 Q3 7.49

2003 Q4 6.42

2004 Q1 6.45

2004 Q2 -0.30

2004 Q3 3.04

2004 Q4 9.97

2005 Q1 6.13

2005 Q2 5.80

2005 Q3 6.69

2005 Q4 7.77

2006 Q1 8.88

2006 Q2 0.27

2006 Q3 6.95

2006 Q4 16.89

2007 Q1 11.36

QuarterEnding

End to EndReturn

2007 Q2 12.67

2007 Q3 5.60

2007 Q4 13.95

2008 Q1 -8.14

2008 Q2 0.07

2008 Q3 -12.47

2008 Q4 -18.45

2009 Q1 -2.71

2009 Q2 13.72

2009 Q3 9.97

2009 Q4 10.22

2010 Q1 5.34

2010 Q2 -1.35

2010 Q3 9.01

2010 Q4 10.09

2011 Q1 2.54

2011 Q2 2.76

QuarterEnding

End to EndReturn

2011 Q3 -8.39

2011 Q4 -0.75

2012 Q1 6.64

2012 Q2 -3.02

2012 Q3 1.64

2012 Q4 4.07

2013 Q1 1.49

2013 Q2 -0.28

2013 Q3 3.65

2013 Q4 8.98

2014 Q1 3.95

2014 Q2 4.10

2014 Q3 2.15

2014 Q4 -0.11

2015 Q1 2.81

2015 Q2 4.78

2015 Q3 -4.65

The index is an end-to-end calculation based on data compiled from 287 global ex U.S. growth equity funds including fully liquidated partnerships, formed between 1989 and 2015. All returns are net of fees, expenses, and carried interest. Historic quarterly returns are updated in each year-end report to adjust for changes in the index sample.


| 97


Global ex U.S. Growth Equity: Fund Index Details: End-to-End Pooled ReturnNet to Limited Partners

Multi-Year Returns

Years End to End Return (%)

1 Year 3.97

2 Years 11.61

3 Years 10.78

4 Years 9.08

5 Years 8.58

6 Years 10.78

7 Years 9.59

8 Years 7.78

9 Years 10.08

10 Years 10.75

11 Years 11.65


One Year Ended End to End Return (%)

9/30/2015 3.97

9/30/2014 19.86

9/30/2013 9.02

9/30/2012 3.53

9/30/2011 6.17

9/30/2010 25.93

9/30/2009 0.28

9/30/2008 -10.02

9/30/2007 53.71

9/30/2006 26.06

9/30/2005 32.08

End-to-end calculation based on data compiled 287 global ex U.S. growth equity funds including fully liquidated partnerships, formed between 1989 and 2015. All returns are net of fees, expenses, and carried interest.


| 98


Cambridge Associates LLC (CA) has established a database to monitor investments made by venture capital and other alternative asset partnerships. On September 30, 2015, 1,831 U.S. and ex U.S. buyout and growth equity funds, including fully liquidated partnerships, formed between 1986 and 2015 were included in this sample. Users of the analysis may find the following description of the data sources and calculation techniques helpful to their interpretation of information presented in the report:

1. Partnership financial statements and narratives are the primary source of information concerning cash flows and ending residual/ net asset values (NAV) for both partnerships and portfolio company investments.

2. Recognizing the alternative asset community's sensitivity to the distribution of information pertaining to individual fund investments, as a matter of policy CA only releases aggregated figures in its benchmark report.

3. Vintage year is defined as the legal inception date as noted in a fund's financial statement. This date can usually be found in the first note to the audited financial statements and is prior to the first close or capital call.

4. CA uses both the since inception internal rate of return and the end-to-end or horizon performance calculation in its benchmark reports:

a. The since inception internal rate of return (SI IRR) is a since inception calculation that solves for the discount rate, which makes thenet present value of an investment equal to zero. The calculation is based on cash-on-cash returns over equal periods modified forthe residual value of the partnership’s equity or portfolio company’s NAV. The residual value attributed to each respective groupbeing measured is incorporated as its ending value. Transactions are accounted for on a quarterly basis, and annualized values areused for reporting purposes. Please note that all transactions are recorded on the 45th day or midpoint of the quarter.

b. Cambridge Associates uses the end-to-end or horizon internal rate of return calculation to calculate the official quarterly, annual,and multi-year index figures. The horizon IRR performance calculation is a money-weighted return similar to the since inceptionIRR; however, it is measuring performance between two points in time. The calculation incorporates the beginning NAV (if any,treated as an inflow), interim cash flows and the ending NAV (if any, treated as an outflow). All interim cash flows are recorded onthe mid-period date of the quarter. In order for a fund to be included in a horizon IRR calculation, the fund must have at least onequarterly contribution, distribution or NAV during the time frame being measured. Similar to the since inception IRR, the horizonIRR is annualized for time frames greater than one year.

Description of Performance Measurement Methodology


| 99


5. Additional Calculation Definitions:In order to provide meaningful statistics, Cambridge Associates has applied minimum fund count thresholds for each calculation.. See

minimum counts in parenthesis after each calculation.a. Pooled return aggregates all cash flows and ending NAVs in a sample to calculate a dollar-weighted return.(minimum 3 funds)b. Arithmetic mean averages the individual fund IRRs included in a vintage year. (minimum 3 funds)c. Median is the middle fund IRR of the group of individual fund IRRs included in a vintage year. (minimum 5 funds)d. Equal-weighted pooled return equally weights all cash flows and ending NAVs based on paid in capital to calculate a dollar-

weighted return. (minimum 3 funds)e. Upper/ lower quartile are the thresholds for the upper (top 25%) and lower (bottom 25%) quartiles based on the individual

fund IRRs included in a vintage year. Can be used in conjunction with the median to determine quartile placement. (minimum8 funds)

f. Standard deviation is measure of the dispersion of the individual returns. The calculation employs the standard methodologyfor calculating a sample mean (not a population mean). (minimum 3 funds)

6. Realization ratio exhibits (TVPI, DPI, RVPI): CA has independently calculated the proper realization ratio for each fund in eachvintage year. Please note that each fund has been ranked within its respective vintage year by the corresponding realization ratio, asopposed to being ranked by IRR as they are ranked in the since inception IRR exhibit. As a result a fund's ranking within its vintageyear may change. For example, it is possible that a vintage year can have a different median fund when ranked by IRR vs. when rankedby TVPI, DPI or RVPI.

7. Cambridge Associates Modified Public Market Equivalent (mPME): The mPME calculation is a private-to-public comparison that seeks to replicate private investment performance under public market conditions. The public index’s shares are purchased and sold according to the private fund cash flow schedule, with distributions calculated in the same proportion as the private fund, and the mPME NAV (the value of the shares held by the public equivalent) is a function of mPME cash flows and public index returns. The mPME attempts to evaluate what return would have been earned had the dollars been deployed in the public markets instead of in private investments while avoiding the “negative NAV” issue inherent in some PME methodologies. “Value-Add” shows (in basis points) the difference between the actual private investment return and the mPME calculated return.

8. Exhibits detailing data for portfolio companies are grouped by year of the fund’s initial investment in a company, as opposed to vintage year.Returns are gross returns.

Description of Performance Measurement Methodology (Continued)


| 100

Copyright © 2016 by Cambridge Associates (“CA”). All rights reserved. Confidential.

This report may not be displayed, reproduced, distributed, transmitted, or used to create derivative works in any form, in whole or in portion, by any means, without written permission from CA. Copying of this publication is a violation of U.S. and global copyright laws (e.g., 17 U.S.C. 101 et seq.). Violators of this copyright may be subject to liability for substantial monetary damages. The information and material published in this report are confidential and non-transferable. Therefore, recipients may not disclose any information or material derived from this report to third parties, or use information or material from this report, without prior written authorization. This report is provided for informational purposes only. It is not intended to constitute an offer of securities of any of the issuers that may be described in the report. No part of this report is intended as a recommendation of any firm or any security, unless expressly stated otherwise. Nothing contained in this report should be construed as the provision of tax or legal advice. Past performance is not indicative of future performance. Any information or opinions provided in this report are as of the date of the report and CA is under no obligation to update the information or communicate that any updates have been made. Information contained herein may have been provided by third parties, including investment firms providing information on returns and assets under management, and may not have been independently verified. CA can neither assure nor accept responsibility for accuracy, but substantial legal liability may apply to misrepresentations of results made by a manager that are delivered to CA electronically, by wire, or through the mail. Managers may report returns to CA gross (before the deduction of management fees), net (after the deduction of management fees), or both.

CA includes the following: Cambridge Associates, LLC, a Massachusetts limited liability company with offices in Arlington, VA; Boston, MA; Dallas, TX; and Menlo Park, CA. Cambridge Associates Fiduciary Trust, LLC, a New Hampshire limited liability company chartered to serve as a non-depository trust company, and a wholly-owned subsidiary of Cambridge Associates, LLC. Cambridge Associates Limited, a limited company in England and Wales No. 06135829 authorised and regulated by the Financial Conduct Authority in the conduct of Investment Business. Cambridge Associates Limited, LLC, a Massachusetts limited liability company with a branch office in Sydney, Australia (ARBN 109 366 654). Cambridge Associates Asia Pte Ltd, a Singapore corporation (Registration No. 200101063G), and Cambridge Associates Investment Consultancy (Beijing) Ltd, a wholly owned subsidiary of Cambridge Associates, LLC registered with the Beijing Administration for Industry and Commerce (Registration No. 110000450174972).

global buyout & growth equity index and selected benchmark ... · performance information...

Documents