Hg Genesis 10, L.P. Recommendation Report

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Financial

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2021

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#1#2Important Disclosures All information contained within this report has been gathered from sources believed to be reliable, including but not limited to the general partner(s), other industry participants and the Hamilton Lane Investment Database, but its accuracy cannot be guaranteed. Hamilton Lane The information contained in this report may include forward-looking statements regarding the fund presented or its portfolio companies. Forward-looking statements include a number of risks, uncertainties and other factors beyond the control of the fund or the portfolio companies, which may result in material differences in actual results, performance or other expectations. The opinions, estimates and analyses reflect our current judgment, which may change in the future. The past performance information contained in this report is not necessarily indicative of future results and there is no assurance that the fund will achieve comparable results or that it will be able to implement its investment strategy or achieve its investment objectives. The actual realized value of currently unrealized investments will depend on a variety of factors, including future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions and circumstances on which the current unrealized valuations are based. Any tables, graphs or charts relating to past performance included in this report are intended only to illustrate the performance of the fund or the portfolio companies referred to for the historical periods shown. Such tables, graphs and charts are not intended to predict future performance and should not be used as the basis for an investment decision. By accepting receipt of this investment report and in consideration of access to the information contained herein (together with the investment report, the “Confidential Information”), the recipient agrees to maintain the strict confidentiality of any and all Confidential Information in accordance with the terms of this paragraph. The recipient acknowledges that (i) the Confidential Information constitutes proprietary trade secrets, and (ii) disclosure of any Confidential Information may cause significant harm to Hamilton Lane Advisors, L.L.C. ("Hamilton Lane"), its affiliates or any of their respective businesses. Unless otherwise required by law, the recipient shall not disclose any Confidential Information to any third party. If required by law to disclose any Confidential Information, the recipient shall provide Hamilton Lane with prompt written notice of such requirement prior to any such disclosure so that Hamilton Lane may seek a protective order or other appropriate remedy. Prior to making any disclosure of any Confidential Information required by law, the recipient shall use its reasonable best efforts to claim any potential exemption to such requirement and otherwise shall limit disclosure only to such information that is necessary to comply with such requirement. The calculations contained in this document are made by Hamilton Lane based on information provided by the general partner (e.g. cash flows and valuations), and have not been prepared, reviewed or approved by the general partner. Stacked bar charts or pie charts presented in the Strategy section in this report may not equate to 100% per the data labels on the charts due to rounding; however, all stacked bar charts and pie charts equate to 100% using exact proportions. 12/13/21 | Proprietary and Confidential Hg Genesis 10, L.P. | Page 1#3#4Hamilton Lane Fund Information Organization Overview General Partner: Hg Capital LLP ("General Partner"), (“Hg”) Firm Inception: 1990 (independent since 2000) Team:¹ 53 investment professionals Senior Partners:² Nic Humphries, Matthew Brockman, Justin von Simson and Steven Batchelor Location: London, Munich, New York and Luxembourg Fund Overview Fund: Hg Genesis 10, L.P. ("Fund") 12/13/21 | Proprietary and Confidential Target Size/Hard Cap:³ €5.5 billion/not provided Asset Class: Private equity Strategy: Corporate finance/buyout Substrategy: Large buyout Geography: Primarily Western Europe 1 Includes investment professionals dedicated to the Fund and Hg Board members 2 Represents members of the Hg Board 3 The hard cap for the Fund had not been set, as of January 2022 Industries: Software and technology services Executive Summary Portfolio Construction Enterprise Values: €500 million to €1.5 billion Equity Investments: €450 million to €750 million Target Number of Investments: Not provided Max Single Investment Exposure: 20% Expected Hold Period Per Investment: Not provided Target Returns: 2.5x TVPI; 25% net IRR Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices Hg Genesis 10, L.P. | Page 3#5Net Performance and Benchmarks Hamilton Lane (€mm) Fund Fund VI Fund VII Fund VIII Fund IX Total ● HgCapital Prior Investment Performance¹ As of 9/30/21 Vintage Fund Size 2009 2013 2017 2020 €2,030 2,256 2,876 4,500 % Drawn 2,3 91% 94% 69% 19% DPI 1.8x 1.7x 0.4x 0.0x 1.1x 12/13/21 | Proprietary and Confidential TVPI 1.8x 2.1x 2.1x 1.5x 1.9x Fundraise Update The Fund is anticipated to launch in January 2022 Net IRR 12.4% 18.8% 61.3% 561.1% 18.4% Quarters to Break J-Curve 1 10 8 2 DPI Executive Summary (cont.) HL Benchmark Buyout As of 6/30/21 Spread vs. Top-Quartile -0.5x 0.6x -0.1x 0.0x TVPI -0.7x -0.1x 0.3x 0.2x Net IRR -1264 bps -478 bps +2870 bps +48021 bps PME Benchmark Buyout As of 9/30/21 Spread vs. PME +374 bps +1378 bps +4669 bps +55807 bps +1067 bps Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices J-Curve Benchmark Large Buyout As of 6/30/21 Comparison to Peers (quarters) 1 Capital Drawn, Distributed and NAV are calculated from the cash flows of fee-paying limited partners and excludes and cash flows from the General Partner's commitment; Fund VI through Fund IX net cash flows are reflective of net cash flows for limited partners investing in Hg A-E fund vehicles, and are not reflective of Hg co-investment vehicles and HGT commitments; net cash flows provided on a quarterly basis; Funds VI, VII and VIII cash flows and fund sizes converted from GBP to EUR 2 Percent drawn calculated from net cash flows for limited partners investing in Hg A-E fund vehicles 3 As of 9/30/21, Fund IX was 37% invested 11 earlier 4 later 4 later n/a Hg Genesis 10, L.P. | Page 4#6#7#8#9#10#11#12#13#14#15#16#17#18#19#20#21#22#23#24#25#26#27#28#29#30

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