paid by sdcera sdcera's pro-rata share€¦ · global infrastructure partners $272,308 $43,087...

Fees and Expenses Paid by SDCERA

Directly to the AIV, Fund Manager or

Related Parties

SDCERA's Pro-rata Share of Fees and Expenses Paid from the AIV to the Fund

Manager or Related Parties

SDCERA's Pro-rata Share of Carried

Interest Distributed to the Fund Manager or

Related Parties

SDCERA's Pro-rata Share of Aggregate Fees and Expenses Paid by the AIV's Portfolio

Companies to the Fund Manager or Related Parties

Section 7514.7 (d)(1)1 Expenses $3,234,548 $412,448 $5,547,611 $301,205Section 7514.7 (d)(2)2 Expenses $29,316,536 $3,457,884 $29,060,819 $1,651,444

Total $32,551,084 $3,870,333 $34,608,430 $1,952,649

Section 7514.7 Expenses by Investment CategoryPrivate Equity $10,734,600 $1,328,587 $20,367,328 $1,834,669Private Real Assets $9,556,204 $1,213,217 $5,659,611 $117,980Real Estate $7,087,452 $419,051 $7,303,664 $0Alternative Fund Structures $5,172,829 $909,478 $1,277,827 $0

Total $32,551,084 $3,870,333 $34,608,430 $1,952,649

1. From January 1, 2017 through June 30, 2018, SDCERA entered into four contracts into alternative investment vehicles and made one new capital commitment toan existing alternative investment vehicle.

2. Pursuant to Section 7514.7, SDCERA has undertaken reasonable efforts to obtain information with respect to existing alternative investment vehicles.

Alternative Investment Vehicle (AIV) Fees, Expenses and Carried InterestReported Pursuant to California Government Code Section 7514.7

For Fiscal Year 2018July 1, 2017 through June 30, 2018

1



Related Parties




Interest Distributed to the Fund Manager

or Related Parties



Gross Internal Rate of Return

(IRR) Since Inception2

Net Internal Rate of Return (IRR) Since Inception

Apollo Credit III $601,246 $155,718 $0 $18,574 - 0.3%Bain Cap IX Co-Inv $3,401 $227 $0 $0 - 7.8%Bain Cap Fund IX -$7,071 $682 $0 $0 - 7.6%Bain Cap Fund X $113,090 $32,641 $0 $0 - 11.3%Baring PE Asia V $757,155 $0 $2,048,835 $103,999 - 11.5%Blackstone Cap IV $0 $0 -$21,863 $0 - 54.2%Blackstone Cap V $1,372 $0 $0 $1,173 - 8.9%Blackstone Cap VI $400,624 $0 $1,977,421 $0 - 14.4%Blackstone VII LP $1,350,000 $25,192 $567,533 $0 - 16.9%Cap Intl PE Fund V $21,580 $0 $0 $194 - -2.3%Capital Intl Private Eq VI $222,916 $0 $0 $553 - -1.7%Cerberus Instl II $0 $112 -$4,454 $0 - 26.7%Cerberus Instl IV $16,518 $3,837 $393,873 $263 - 9.3%Charterhouse VIII $0 $0 $0 $0 - -0.7%Coller V $34,143 $0 $37,689 $0 - 8.1%DE Shaw Alkali II $508,302 $118,402 $0 $0 - 8.4%DE Shaw Opportunistic $0 $0 $0 $0 - 0.0%Drug Royalty III $466,743 $138,547 $0 $0 - 6.8%Emerging Europe Gwth $44,485 $413 $0 $0 - 4.3%EQT Partners VI $493,625 $17,930 $2,967,508 $2,354 - 15.5%EQT VII $807,151 $239,987 $580,369 $1,737 - 16.6%Fountainvest $620,101 $0 $928,232 $0 - 13.5%Gores Cap Part III $0 $0 $0 $438,249 - 4.8%Gores Small Cap Fd $0 $0 $0 $757,255 - 15.1%Graham Partners $491 $10,087 $0 $4,924 - 11.9%Greenbriar Eq Fd II $73,376 $0 $0 $16,875 - 8.0%GSO Cap Sol Fd $114,202 $0 -$194,888 $0 - 10.7%GSO Cap Solutions Fd II $555,658 $13,870 $464,764 $0 - 13.1%Harbourvest Int'l PE $0 $597 $0 -$3,417 - 9.0%H&F Cap Part VI3 $12,063 $0 $111,329 $0 - 13.8%H&F VII3 $62,102 $0 $2,277,584 $0 - 24.8%Lexington Cap V $0 $2,558 $0 $0 - 18.1%Lexington Cap VI B $410 $3,287 $82,694 $0 - 6.9%New Mountain IV $120,507 $95,940 $3,391,783 $160,092 - 22.3%Northgate PE Part II3 $91,968 $0 $0 $0 - 7.6%

Detail of Alternative Investment Vehicle (AIV) Fees, Expenses and Carried Interest1

Reported Pursuant to California Government Code Section 7514.7

July 1, 2017 through June 30, 2018For Fiscal Year 2018

2



Related Parties





or Related Parties









Northgate PE III3 $81,058 $0 $0 $0 - 7.1%Oak Hill Cap Mgmt $0 $940 $0 $0 - 10.6%Oaktree Euro Fd LP $214,742 $93,060 $365,210 $0 - 10.9%Oaktree Euro Principal Fd III $934,082 $157,488 $1,769,254 $0 - 10.5%OCM OppFund III $0 $0 -$37,095 $0 - 11.8%OCM Opp Fund IV $0 $0 -$7,272 $0 - 28.6%OCM Opp VI $0 $557 -$482 $0 - 8.7%OCM Opp Fund VII $18,986 $2,821 $3,251 $0 - 7.5%OCM Opp Fund VII-B $14,075 $4,361 $38,009 $0 - 16.6%Onex Partners III $62,925 $3,713 $334,730 $12,220 - 14.3%Paul cap Part IX $160,025 $0 $0 $0 - 3.9%Paul Cap Partners $0 $0 $0 $0 - 9.0%Providence Eq Part V3 $0 $0 $0 $0 - 3.3%Public Pension Capital LLC $633,552 $0 $0 $301,205 23.2% 18.5%RMF 2 CO-Invest LP $0 $197,162 $0 $0 - 13.4%Silver Point Opportunistic -$19,802 $5,695 $17,142 $3,082 - 0.0%SSG Capital III $860,785 $2,762 $1,446,390 $0 - 10.3%Stark Investment Opportunistic -$131 $0 $187 $0 - 0.0%Stark Investments $0 $0 $0 $0 - 0.0%TA Sub II $0 $0 $72,033 $0 - 8.2%TA Associates X $0 $0 $14,857 $0 - 5.1%TPG Asia VI $288,144 $0 $688,403 $15,337 - 7.7%Texas Pacific Group $0 $0 $54,302 $0 - 20.7%Actis Energy III $457,000 $0 $1,005,000 $0 - 12.0%Actis Energy 3 Co-Invest $0 $0 $0 $0 15.2%Amerra Agr Fd II $431,000 $15,587 -$320,065 $0 - 5.7%Brookfield Americas $1,007,562 $634,156 $1,345,209 $0 - 10.6%Brookfield Brazil Agrtland Fd $1,285,000 $0 -$199,000 $0 - -3.6%Denham Comm Fd VI $204,740 $57,230 $350,493 $0 - 7.9%EMB Co-Invest AE NO $0 $9,262 $0 $0 - -18.0%EMG Co-Invest AE NO $0 $21,775 $0 $1 - 9.3%EMG Fd III $956,874 $3,347 $0 $2,211 - -4.8%ENCAP Energy Cap VI $0 $3,038 $11,937 $0 - 26.7%ENCAP Energy Cap VII $1,256 $2,107 -$29,250 $0 - 16.6%Envst Engy Instl X-B $0 $0 $0 $0 - 0.6%

3



Related Parties





or Related Parties









Envst Engy Instl X1-B $27,812 $0 $0 $0 - -2.2%Falcon E&P Opp $510,137 $8,684 $0 $0 - 1.8%Global Infrastructure Partners $272,308 $43,087 $2,263,541 $0 - 18.7%Hancock Agr Invest $328,482 $0 $0 $0 - 1.7%JPM Glbl Maritime Fd $754,776 $26,630 $0 $7,353 - -8.1%Kayne and Engy V $49,797 $0 $5,817 $36,606 - 10.2%Macquarie Infrastructure II $765,109 $0 $0 $0 - 9.1%Merit Energy Partners F -$1,727 $645 $0 $0 - -2.2%Molpus Woodlands Group $475,506 $384,195 $0 $0 - 4.6%Red Kite Mine Finance Fd $1,232,498 $0 $1,225,929 $71,809 - 9.0%Taurus Resource Fd II $798,072 $3,475 $0 $0 - 5.3%Allegis Val Trust $62,310 $33,941 $0 $0 - 3.0%Ascentris SD Partners $2,280,052 $237,349 $5,547,611 $0 20.6% 17.5%Blackstone RE Par VI $78,832 $1,247 $576,279 $0 - 14.3%Brookfield Sr Mezz RE Fin Fd $42,943 $0 $0 $0 1.7% 1.7%Cal Smart Gwth IV $62,151 $14,346 $0 $0 - 2.4%Canyon John URB II $0 $0 $0 $0 - -10.7%Cornerstone $0 $0 $0 $0 - -JPM Strategic Property Fd $2,033,740 $34,080 -$581 $0 - 10.8%Lasalle Asia Opp II $0 $0 $0 $0 - 1.7%RREEF IMA $2,377,860 $60,000 $1,180,355 $0 - 10.0%RREEF Rio San Diego $122,232 $0 $0 $0 - 4.1%Socal Smart Growth $0 $16,017 $0 $0 - -1.5%Trophy Prop Devel $27,332 $22,071 $0 $0 - -3.6%Allianz Multi-Asset Long Short $82,990 $47,427 $0 $0 -3.1% -3.2%AQR Delta $1,718,900 $327,360 $1,277,827 $0 - -Cantab $3,175,928 $407,019 $0 $0 - -PAAMCO Alternative Beta $195,011 $127,672 $0 $0 8.6% 8.1%

-Total $32,551,084 $3,870,333 $34,608,430 $1,952,649

1. Negative amounts reflect reversals of previously accrued or paid fees.2. The Gross Internal Rate of Return calculation requires a complete record of the dates and amounts of all expenses paid to the AIV since inception that will be maintainted for all AIV investments made

after January 1, 2017.3. Manager did not provide the requested information.

4

Manager/Fund Address

Cash Distributions Plus Remaining Value

of AIV

Total Management

Fees and Costs for Fiscal Year

2018 Cash Profit1

Private EquityPrivate Credit

2014 Apollo Credit Opportunities Fund III LP 9 West 57th Street, 43rd Floor, 10019, New York, New York, United States $100,000,000 $196,044,452 $157,617,938 $198,870,994 0.3% 101.4% $775,538.15 $2,826,5422006 Bain Capital Fund IX Coinvestment Fund, L.P. John Hancock Tower, 200 Clarendon Street, 02116, Boston, Massachusetts, United States $1,500,000 $1,819,500 $2,529,139 $2,833,076 7.8% 155.7% $3,628.44 $1,013,5762006 Bain Capital Fund IX, L.P. John Hancock Tower, 200 Clarendon Street, 02116, Boston, Massachusetts, United States $7,000,000 $7,350,000 $10,725,666 $11,626,621 7.6% 158.2% -$6,389.28 $4,276,6212008 BAIN Capital Fund X, L.P. John Hancock Tower, 200 Clarendon Street, 02116, Boston, Massachusetts, United States $15,000,000 $15,225,521 $20,494,583 $26,319,259 11.3% 172.9% $145,731.46 $11,093,7382010 Baring Asia Private Equity Fund V Suite 3801, Two International Finance Center, 1 Harbour Street, Central, Hong Kong $50,000,000 $60,501,053 $38,211,403 $92,883,978 11.5% 153.5% $2,909,989.00 $32,382,9252001 Blackstone Capital Partners IV, L.P. 345 Park Avenue, 31st Floor, 10154, New York, New York, United States $15,000,000 $18,136,444 $45,009,696 $46,746,048 54.2% 257.7% -$21,863.17 $28,609,6042006 Blackstone Capital Partners V, L.P. 345 Park Avenue, 31st Floor, 10154, New York, New York, United States $15,000,000 $15,440,356 $25,167,541 $26,901,341 8.9% 174.2% $2,544.81 $11,460,9852010 Blackstone Capital Partners VI, L.P. 345 Park Avenue, 31st Floor, 10154, New York, New York, United States $100,000,000 $97,571,829 $59,511,492 $165,048,206 14.4% 169.2% $2,378,045.32 $67,476,3772016 Blackstone Capital Partners VII LP 345 Park Avenue, 31st Floor, 10154, New York, New York, United States $100,000,000 $21,449,424 $1,429,073 $27,430,410 16.9% 127.9% $1,942,725.00 $5,980,9862007 Capital International Private Equity Fund V, L.P. 40 Grosvenor Place, SW1X 7GG, London, United Kingdom $10,000,000 $10,763,006 $9,993,854 $10,310,231 -2.3% 95.8% $21,774.00 -$452,7752010 Capital International Private Equity Fund VI, L.P. 40 Grosvenor Place, SW1X 7GG, London, United Kingdom $50,000,000 $53,878,143 $15,495,484 $55,112,802 -1.7% 102.3% $223,469.00 $1,234,6592001 Cerberus Institutional Partners, L.P. Series Two 875 Third Avenue, 11th Floor, 10022, New York, New York, United States $10,000,000 $8,600,227 $26,711,752 $26,716,928 26.7% 310.7% -$4,342.19 $18,116,7012006 Cerberus Institutional Partners, L.P. Series Four 875 Third Avenue, 11th Floor, 10022, New York, New York, United States $15,000,000 $13,851,643 $22,083,576 $25,022,458 9.3% 180.6% $414,491.05 $11,170,8152006 Charterhouse Capital Partners VIII, L.P. Warwick Court, Paternoster Square, 7th Floor, EC4M 7DX, London, United Kingdom $11,675,500 $12,057,898 $11,745,684 $11,770,715 -0.7% 97.6% $0.00 -$287,1832006 Coller International Partners V-A, L.P. Park House, 116 Park Street, W1K 6AF, London, United Kingdom $10,000,000 $7,820,000 $10,763,983 $11,921,611 8.1% 152.5% $71,832.00 $4,101,6112014 D.E. Shaw Alkali Fund II LP 1166 Avenue of the Americas, Ninth Floor, 10036, New York, United States $45,000,000 $52,878,255 $41,098,133 $66,721,603 8.4% 126.2% $626,703.35 $13,843,348

DE Shaw Opportunistic2 1166 Avenue of the Americas, Ninth Floor, 10036, New York, United States $0 $0.00 $02012 Drug Royalty III LP 22 St. Clair Avenue East, Suite 200, M4T 2S5, Toronto, Ontario, Canada $41,488,181 $25,027,591 $16,490,078 $31,004,619 6.8% 123.4% $605,290.00 $5,977,0282008 Emerging Europe Growth Fund II 4 Mykoly Rayevskoho Street, 01042, Kyiv, Ukraine $10,000,000 $9,106,432 $5,676,961 $12,082,425 4.3% 132.7% $44,897.94 $2,975,9932011 EQT VI Hovslagargatan 3, PO Box 16409, SE-111 48, Stockholm, Sweden $46,702,000 $51,868,260 $49,386,496 $92,894,163 15.5% 179.1% $3,481,417.19 $41,025,9032015 EQT VII (No.2) Limited Partnership Hovslagargatan 3, PO Box 16409, SE-111 48, Stockholm, Sweden $58,377,500 $37,781,780 $3,723,275 $47,539,646 16.6% 125.8% $1,629,243.55 $9,757,8662012 FountainVest China Growth capital Fund II ICBC Tower, 3 Garden Road, Suite 705-8, Central, Hong Kong $50,000,000 $47,502,756 $30,872,062 $68,886,951 13.5% 145.0% $1,548,333.00 $21,384,1952010 Gores Capital Partners III, L.P. 9800 Wilshire Blvd, 90212, Los Angeles, California, United States $75,000,000 $79,254,819 $65,934,204 $93,298,704 4.8% 117.7% $438,249.00 $14,043,8852011 Gores Small Capital Partners 9800 Wilshire Blvd, 90212, Los Angeles, California, United States $30,000,000 $28,441,744 $28,597,663 $38,479,564 15.1% 135.3% $757,255.00 $10,037,8202004 Graham Partners II, L.P. Building 2, 3811 West Chester Pike, Suite 200, 19073, Newtown Square, Pennsylvania, United States $7,500,000 $7,639,477 $12,378,005 $14,335,836 11.9% 187.7% $15,501.85 $6,696,3592007 Greenbriar Equity Fund II, L.P. 555 Theodore Fremd Avenue, Suite A-201, 10580, Rye, New York, United States $10,000,000 $8,101,309 $11,712,375 $12,284,039 8.0% 151.6% $90,251.00 $4,182,7302009 GSO Capital Solutions Fund 345 Park Avenue, 31st Floor, 10154, New York, New York, United States $50,000,000 $70,335,944 $89,441,361 $95,650,162 10.7% 136.0% -$80,685.94 $25,314,2182012 GSO Capital Solutions Fund II, LP 345 Park Avenue, 31st Floor, 10154, New York, New York, United States $90,000,000 $64,227,015 $47,979,219 $79,713,563 13.1% 124.1% $1,034,292.42 $15,486,5481997 HarbourVest Int'l Priv Eq Prtnrs III - Prtnrship One Financial Center, 44th Floor, 02111, Boston, Massachusetts, United States $34,700,000 $34,179,500 $53,997,454 $54,072,748 9.0% 158.2% -$2,820.00 $19,893,2482006 Hellman & Friedman Capital Partners VI, L.P. One Maritime Plaza, 12th Floor, 94111, San Francisco, California, United States $15,000,000 $15,060,795 $28,825,714 $29,942,487 13.8% 198.8% $123,392.00 $14,881,6922009 Hellman & Friedman Capital Partners VII, L.P. One Maritime Plaza, 12th Floor, 94111, San Francisco, California, United States $15,000,000 $13,250,919 $14,741,188 $35,140,421 24.8% 265.2% $2,339,686.00 $21,889,5022001 Lexington Capital Partners V, L.P. 660 Madison Avenue, 23rd Floor, 10065, New York, New York, United States $10,000,000 $11,026,975 $17,520,957 $17,809,829 18.1% 161.5% $2,558.00 $6,782,8542005 Lexington Capital partners VI-B, L.P. 660 Madison Avenue, 23rd Floor, 10065, New York, New York, United States $10,000,000 $10,774,432 $13,619,566 $14,852,306 6.9% 137.8% $86,391.38 $4,077,8742013 New Mountain Partners IV, L.P. 49th Floor, 787 7th Avenue, 10019, New York, New York, United States $90,000,000 $76,245,141 $34,077,918 $118,717,503 22.3% 155.7% $3,768,322.00 $42,472,3622005 Northgate Private Equity Partners II, L.P. 50 Pall Mall, SW1Y 5JH, London, United Kingdom $15,000,000 $14,250,000 $19,294,739 $21,177,043 7.6% 148.6% $91,967.55 $6,927,0432006 Northgate Private Equity Partners III, L.P. 50 Pall Mall, SW1Y 5JH, London, United Kingdom $15,000,000 $13,950,000 $15,987,024 $20,723,234 7.1% 148.6% $81,058.01 $6,773,2341998 Oak Hill Capital Partners (Bermuda) 2775 Sand Hill Road, Suite 220, 94025, Menlo Park, California, United States $10,000,000 $11,069,477 $18,858,513 $18,879,029 10.6% 170.6% $940.49 $7,809,5522013 Oaktree European Dislocation Fund (US) LP 27 Knightsbridge, SW1X 7LY, London, United Kingdom $90,000,000 $51,516,000 $51,333,655 $59,136,450 10.9% 114.8% $673,012.00 $7,620,4502010 OCM European Principal Fund III, L.P. 1301 Avenue of the Americas, 34th Floor, 10019, New York, New York, United States $70,053,000 $64,898,091 $39,179,608 $100,240,070 10.5% 154.5% $2,860,823.18 $35,341,9791999 OCM Opportunities Fund III, L.P.3 1301 Avenue of the Americas, 34th Floor, 10019, New York, New York, United States $10,500,000 $10,500,000 $15,801,730 $15,801,730 11.8% 150.5% -$37,095.00 $5,301,7302001 OCM Opportunities Fund IV, L.P.3 1301 Avenue of the Americas, 34th Floor, 10019, New York, New York, United States $10,000,000 $10,000,000 $16,503,319 $16,503,319 28.6% 165.0% -$7,272.00 $6,503,3192005 OCM Opportunities Fund VI, L.P. 1301 Avenue of the Americas, 34th Floor, 10019, New York, New York, United States $5,000,000 $5,000,000 $7,852,326 $7,852,354 8.7% 157.0% $75.00 $2,852,3542007 OCM Opportunities Fund VII, L.P. 1301 Avenue of the Americas, 34th Floor, 10019, New York, New York, United States $7,500,000 $7,500,000 $9,847,552 $10,379,503 7.5% 138.4% $25,058.20 $2,879,5032007 OCM Opportunities Fund VIIb, L.P. 1301 Avenue of the Americas, 34th Floor, 10019, New York, New York, United States $12,500,000 $11,250,000 $18,710,226 $19,490,626 16.6% 173.3% $56,445.00 $8,240,6262008 Onex Partners III, L.P. 161 Bay Street, P.O. Box 700, M8J 2S1, Toronto, Ontario, Canada $15,000,000 $15,555,306 $22,520,577 $30,967,763 14.3% 199.1% $413,588.00 $15,412,4572006 Paul Capital Partners IX, L.P. Two Grand Central Tower, 140 East 45th Street, 44th Floor, NY 10017, New York, New York, United States $20,000,000 $17,699,666 $15,944,830 $21,477,582 3.9% 121.3% $160,025.24 $3,777,9162004 Paul Capital Partners VIII-B Two Grand Central Tower, 140 East 45th Street, 44th Floor, NY 10017, New York, New York, United States $15,000,000 $15,040,667 $20,008,165 $21,317,593 9.0% 141.7% $0.00 $6,276,9262004 Providence Equity Partners V, L.P. 50 Kennedy Plaza, 18th Floor, 02903, Providence, Rhode Island, United States $10,000,000 $12,414,814 $14,605,332 $14,928,931 3.3% 120.3% $0.00 $2,514,1172017 SDCERA Public Pension Capital LLC 500 Park Avenue, 4th Floor, 10022, New York, New York, United States $50,000,000 $10,550,221 $1,261,730 $12,609,221 18.5% 119.5% $934,757.31 $2,059,0002010 RMF 2 Co-Investment Fund, L.P. 22 St. Clair Avenue East, Suite 200, M4T 2S5, Toronto, Ontario, Canada $25,000,000 $8,974,920 $9,163,005 $14,630,459 13.4% 148.4% $197,162.00 $5,655,539

Silver Point Opportunistic2 Two Greenwich Plaza, 06830, Greenwich, Connecticut, United States $0 $6,117.10 $02014 SSG III Room 4202, Gloucester Tower, The Landmark, 15 Queen's Road Central, Hong Kong, Hong Kong $60,000,000 $85,997,731 $62,085,522 $100,715,764 10.3% 117.1% $2,309,937.18 $14,718,033

Stark Investment Opportunistic2 735 North Water Street, Suite 790, 53202, Milwaukee, Wisconsin, United States $0 $56.19 $0Stark Investments2 735 North Water Street, Suite 790, 53202, Milwaukee, Wisconsin, United States $0 $0.00 $0

2006 TA Subordinated Debt Fund II, L.P. John Hancock Tower, 200 Clarendon Street, 56th Floor, 02116, Boston, Massachusetts, United States $8,000,000 $6,960,000 $9,069,576 $9,377,808 8.2% 134.7% $72,033.00 $2,417,8082006 TA X, L.P. John Hancock Tower, 200 Clarendon Street, 56th Floor, 02116, Boston, Massachusetts, United States $13,000,000 $12,545,000 $16,250,000 $16,490,333 5.1% 131.4% $14,857.00 $3,945,333

Vintage Year


July 1, 2017 through June 30, 2018

Summary of Alternative Investment Vehicle (AIV) Assets, Distributions and Returns

Dollar Commitment Made to AIV

Cash Contributions Made to AIV

Cash Distributions Received from AIV

Net Internal Rate of Return Since

Inception

Investment Multiple Since

Inception (percent)

For Fiscal Year 2018

5

Manager/Fund Address

Cash Distributions Plus Remaining Value

of AIV

Total Management

Fees and Costs for Fiscal Year

2018 Cash Profit1Vintage

Year


July 1, 2017 through June 30, 2018

Summary of Alternative Investment Vehicle (AIV) Assets, Distributions and Returns

Dollar Commitment Made to AIV

Cash Contributions Made to AIV

Cash Distributions Received from AIV

Net Internal Rate of Return Since

Inception

Investment Multiple Since

Inception (percent)

For Fiscal Year 2018

2012 TPG Asia VI, L.P. 301 Commerce Street, Suite 3300, 76102, Fort Worth, Texas, United States $75,000,000 $74,519,996 $27,299,052 $87,861,139 7.7% 117.9% $991,884.00 $13,341,1432003 TPG Partners IV, L.P. 301 Commerce Street, Suite 3300, 76102, Fort Worth, Texas, United States $10,000,000 $11,158,085 $22,833,553 $23,335,489 20.7% 209.1% $54,302.00 $12,177,404

Private Real Assets2013 Actis Energy 3 2 More London Riverside, SE1 2JT, London, United Kingdom $50,000,000 $39,748,437 $21,912,206 $51,618,206 12.0% 129.9% $1,462,000.00 $11,869,7692013 Actis Energy 3 Co-Investment, LP 2 More London Riverside, SE1 2JT, London, United Kingdom $13,750,000 $11,825,513 $5,380,698 $16,480,698 15.2% 139.4% $0.00 $4,655,1852012 Amerra Agri Fund II 1185 Avenue of the Americas, 17th Floor, 10036, New York, New York, United States $50,000,000 $50,934,555 $32,131,981 $62,039,339 5.7% 121.8% $126,522.70 $11,104,7842010 Brookfield Americas Infrastructure Fund, L.P. Three World Financial Center, 200 Vesey Street, 11th Floor, 10281-1021, New York, New York, United States $75,000,000 $76,311,699 $42,448,218 $135,449,461 10.6% 177.5% $2,986,926.94 $59,137,7622011 Brookfield Brazil Agriland Brookfield Place, 181 Bay Street, MSJ 2T3, Toronto, Ontario, Canada $75,000,000 $72,902,296 $0 $60,192,000 -3.6% 82.6% $1,086,000.00 -$12,710,2962011 Denham Commodity Partners Fund VI, L.P. 700 Louisiana Street, Suite 3700, 77002, Houston, Texas, United States $50,000,000 $45,247,609 $22,068,175 $58,620,438 7.9% 129.6% $612,462.61 $13,372,8292014 EMG AEPB Co-Investment 2229 San Felipe Street, Suite 1300, Houston TX 77019 $6,000,000 $6,000,000 $2,513,364 $3,200,965 -18.0% 53.3% $9,262.00 -$2,799,0352014 EMG AENO Co-Investment LP 2229 San Felipe Street, Suite 1300, Houston TX 77019 $4,342,137 $4,342,137 $0 $6,002,621 9.3% 138.2% $21,776.00 $1,660,4842014 Energy & Minerals Group Fund III LP 2229 San Felipe Street, Suite 1300, Houston TX 77019 $75,000,000 $67,370,918 $4,045,627 $61,049,998 -4.8% 90.6% $962,432.00 -$6,320,9202006 EnCap Energy Capital Fund VI, L.P. 1100 Louisiana, Suite 4900, 77002, Houston, Texas, United States $9,000,000 $9,931,900 $17,460,399 $17,778,070 26.7% 179.0% $14,975.19 $7,846,1702007 EnCap Energy Capital Fund VII, L.P. 1100 Louisiana, Suite 4900, 77002, Houston, Texas, United States $10,000,000 $10,678,022 $14,576,423 $15,181,797 16.6% 142.2% -$25,886.30 $4,503,7752005 EnerVest Energy Institutional Fund X-B, L.P. 1001 Fannin Street, Suite 800, 77002-6707, Houston, Texas, United States $10,000,000 $10,043,273 $10,205,182 $10,265,271 0.6% 102.2% $0.00 $221,9982007 EnerVest Energy Institutional Fund XI-B, L.P. 1001 Fannin Street, Suite 800, 77002-6707, Houston, Texas, United States $15,000,000 $14,296,094 $11,621,655 $13,647,175 -2.2% 95.5% $27,812.00 -$648,9192010 Falcon E&P 3333 Lee Parkway, Suite 750, Dallas TX 75219 $75,000,000 $80,580,882 $54,032,109 $90,421,649 1.8% 112.2% $518,820.94 $9,840,7672008 Global Infrastructure Partners A, L.P. 1345 Avenue of the Americas, 30th Floor, New York, New Yok 10105 $75,000,000 $81,833,974 $147,470,651 $188,213,176 18.7% 230.0% $2,578,935.80 $106,379,2022012 Hancock Agricultural Investment Group-SA 99 High Street, 26th Floor, 02110, Boston, Massachusetts, United States $100,000,000 $38,800,000 $400,000 $41,893,272 1.7% 108.0% $328,482.00 $3,093,2722010 J.P.M. Global Maritime Investment Fund 20 Finsbury Street, EC2Y 9AQ, London, United Kingdom $75,000,000 $75,257,810 $5,965,640 $56,917,920 -8.1% 75.6% $788,758.90 -$18,339,8902008 Kayne Anderson Energy Fund V, L.P. 811 Main Street, 14th Floor, 77002, Houston, Texas, United States $15,000,000 $19,453,116 $18,326,656 $23,712,553 10.2% 121.9% $92,220.00 $4,259,4372008 Macquarie Infrastructure Partners II 125 West 55th Street, 15th Floor, 10019, New York, New York, United States $75,000,000 $85,408,350 $60,517,149 $136,059,433 9.1% 159.3% $765,108.94 $50,651,0832005 Merit Energy Partners F, L.P. Tower 2, 13727 Noel Road, Suite 1200, 75240, Dallas, Texas, United States $8,000,000 $4,761,830 $2,200,846 $4,164,971 -2.2% 87.5% -$1,081.64 -$596,8592011 Molpus Woodlands Fund III 654 North State Street, 39202, Jackson, Mississippi, United States $50,000,000 $47,250,000 $12,968,989 $59,756,349 4.6% 126.5% $859,701.00 $12,506,3492011 Red Kite Mine Finance Fund 1 Bartholomew Lane, 6th Floor, EC2N 2AX, London, United Kingdom $50,000,000 $50,000,000 $0 $78,410,845 9.0% 156.8% $2,530,236.32 $28,410,8452011 Taurus Resources Fund II Ltd. 88 Philip Street, Suite 2 Level 40, NSW 2000, Sydney, New South Wales, Australia $75,000,000 $82,184,347 $33,542,097 $107,186,322 5.3% 130.4% $801,546.58 $25,001,975

Real Estate2007 Allegis Value Trust 10 State House Square, 15th Floor, 06103, Hartford, Connecticut, United States $25,000,000 $25,550,296 $25,659,296 $32,872,957 3.0% 128.7% $96,251.52 $7,322,6612017 Ascentris SD Partners LP 1200 17th Street, Suite 2050, 80202, Denver, Colorado, United States $300,000,000 $372,668,756 $314,934,958 $534,871,860 17.5% 143.5% $8,065,012.06 $162,203,1042007 Blackstone Real Estate Partners VI 345 Park Avenue, 30th floor, 10154, New York, New York, United States $50,000,000 $49,688,041 $104,213,520 $110,470,130 14.3% 222.3% $656,357.57 $60,782,0892018 Brookfield Senior Mezzanine Real Estate Finance Fund LP 181 Bay Street, P.O. Box 762, M5J 2T3, Toronto, Ontario, Canada $100,000,000 $57,780,263 $0 $58,459,931 1.7% 101.2% $42,943.36 $679,6682006 California Smart Growth Fund IV 10100 Santa Monica Boulevard, Suite 1000, 90067, Los Angeles, California, United States $25,000,000 $23,370,715 $26,906,191 $30,437,270 2.4% 130.2% $76,497.00 $7,066,5552018 Canyon-Johnson Urban Fund II, L.P. 2000 Avenue of the Stars, 11th Floor, 90067, Los Angeles, California, United States $30,000,000 $26,966,111 $11,923,957 $12,025,665 -10.7% 44.6% $0.00 -$14,940,4462011 JPMCB Strategic Property Fund 270 Park Avenue, 10017, New York, United States $200,000,000 $202,147,605 $168,838,638 $394,675,615 10.8% 195.2% $2,067,238.84 $192,528,0102005 LaSalle Asia Opportunity Fund II, L.P. 33 Cavendish Square, London UK W1A2NF $25,000,000 $24,013,609 $25,752,817 $25,983,914 1.7% 108.2% $0.00 $1,970,3052000 RREEF I.M.A. 1325 Avenue of the Americas, 10019-6026, New York, New York, United States $255,126,000 $547,047,201 $458,455,931 $903,171,378 10.0% 165.1% $3,618,215.00 $356,124,1772005 RREEF Rio San Diego Plaza II 1325 Avenue of the Americas, 10019-6026, New York, New York, United States $25,925,218 $27,050,000 $14,625,000 $40,514,542 4.1% 149.8% $122,232.00 $13,464,5422004 Southern California Smart Growth Fund 10100 Santa Monica Boulevard, Suite 1000, 90067, Los Angeles, California, United States $25,000,000 $36,721,206 $35,075,912 $37,607,087 -1.5% 102.4% $16,016.59 $885,8812018 Trophy Property Development, L.P. Rm 406, St. George's Building, 2 Ice House Street, Central, H..K., Hong Kong, Hong Kong $15,000,000 $14,259,190 $10,907,159 $10,961,808 -3.6% 76.9% $49,403.00 -$3,297,382

Alternative Investment Fund StructuresAllianz Multi-Asset Long-Short 1633 Broadway, 43rd Floor, 10019, New York, New York, United States $100,000,000 $100,000,000 $0 $96,813,823 -3.2% 97.8% $130,416.97 -$3,186,177AQR Delta2 Two Greenwich Plaza, 3rd Floor, 06830, Greenwich, Connecticut, United States $0 $3,324,087.15 $0Cantab2 City House, 126-130 Hills Road, Cambridge, CB2 1RE, United Kingdom $0 $3,582,946.69 $0PAAMCO Alternative Beta 19540 Jamboree Road, Suite 400, 92612, Irvine, California, United States $100,000,000 $100,000,000 $0 $102,969,205 8.1% 103.0% $322,683.00 $2,969,205

Data sources: The Burgiss Group Private I Module, Albourne LLC, and Aon Hewitt Investment Consulting1Cash profit is calculated as the Cash Distributions Plus Remaining Value of AIV less the Cash Contributions Made to AIV since inception.2Total Management Fees and Costs is the only AIV metric that applies to this investment.3This investment was fully realized during FY2018. Information as of March 31, 2018.

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paid by sdcera sdcera's pro-rata share€¦ · global infrastructure partners $272,308 $43,087...

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