#1Mesirow Private Equity September 30, 2021 TRADE SECRET, CONFIDENTIAL AND PROPRIETARY FOR INSTITUTIONAL USE ONLY PLOYEES Mesirow MWRA MWRA Employees' Retirement System Bob DeBolt Chief Investment Officer Tom Hynes Senior Managing Director#2Table of Contents 1. Mesirow Private Equity Overview 2. Mesirow Financial Private Equity Fund VIII-B, L.P. 3. Appendix Mesirow Mesirow Financial Private Equity Advisors, Inc. ("MFPEA") is an SEC-registered investment advisor. Reference to an SEC registration of an entity of Mesirow Financial Holdings, Inc. ("Mesirow") neither implies a certain level of skill or training nor constitutes an endorsement by the SEC of such entity's advisory services or practices. 2 | MESIROW PRIVATE EQUITY TRADE SECRET, CONFIDENTIAL AND PROPRIETARY FOR INSTITUTIONAL USE ONLY#3Mesirow Private Equity Overview 3 | MESIROW PRIVATE EQUITY Mesirow TRADE SECRET, CONFIDENTIAL AND PROPRIETARY FOR INSTITUTIONAL USE ONLY#4Focus ■ Mesirow Private Equity Competitive Advantages ■ Moderate assets under management, right-sized to maximize investment opportunity set Highly selective portfolio construction strategy resulting in only 8 to 12 fund commitments and 4 to 7 co-investments each year Transparent, client-centric allocation policy and appropriate number of accounts results in meaningful allocations As of 3/31/2021. Past performance is not necessarily indicative of future results. 4 | MESIROW PRIVATE EQUITY Experience $6.6 billion in assets under management in Mesirow Private Equity managed fund-of- funds, co-investment funds and customized account vehicles ■ ■ ■ Team ■ Mesirow ■ History of consistent outperformance across primary partnership commitments, secondaries and co-investments Recognized for providing high quality client service to institutional client base Single integrated investment team creates synergy of expertise across strategies Investment committee averages 25 years of investment experience Long-term relationships with top-tier, oversubscribed managers TRADE SECRET, CONFIDENTIAL AND PROPRIETARY FOR INSTITUTIONAL USE ONLY#5Investment I ■ Employment Culture and Spending Mesirow's Diversity, Equity and Inclusion (DEI) council which includes Eugene Duffy, partners with Chairman Richard Price and senior managers in creating and promoting best practices for a culturally enlightened business environment. Recent initiatives include: ■ Diversity and Inclusion in Investment, Employment and Recruitment ■ Mesirow Private Equity is committed to building relationships with and committing client capital to premier private equity managers, particularly those that have diversity in their leadership, and minority-owned and women-owned businesses E Since 2014, Mesirow Private Equity has committed over $200 million to five minority- and women-owned private equity firms Recognition of Juneteenth as a company holiday A company-wide diversity audit focused on Mesirow employees, corporate spending and philanthropic contributions Recruitment Mesirow's Investment Management Rotational Analyst Program serves as an additional point of entry for diverse talent. The program consists of four six-month rotations across the firm's investment management businesses. Upon completion of the program and a successful performance review, individuals will have an opportunity to be placed directly into one of the firm's business units Expanded recruitment at historically black colleges and universities In June 2020, our second cohort of analysts started the program, pictured here The Mesirow board has announced a forthcoming expansion of minority and female board members The promotion and recruitment of two African Americans to head business units in real estate and traditional investment strategies The election of Natalie Brown as the first female President of Mesirow 5 | MESIROW PRIVATE EQUITY Rotational Analysts: 2020 Anthony Deras Jaida Nabayan Mesirow Joshua Nichols ■ - 2022 Cohort B.A., Claremont McKenna College Economics Major Joined Mesirow in 2020 Participated in Private Equity rotation in 2021 B.A., University of Chicago Environmental and Urban Studies Major Joined Mesirow in 2020 Participating in Private Equity rotation in 2022 B.A., University of lowa Finance Major Joined Mesirow in 2020 Currently participating in Private Equity rotation TRADE SECRET, CONFIDENTIAL AND PROPRIETARY FOR INSTITUTIONAL USE ONLY#61. Mesirow Experience Managing Private Equity Portfolios for Institutional Clients Representative Mesirow Private Equity Investors¹ Public Pension Plans Adams County Retirement Plan Alberta Teachers' Retirement Fund, Canada Allegheny County Retirement System Arizona PSPRS Trust ATU/Trimet Pension Trust Australian Super Investments Pty Ltd Baltimore County Employees Retirement System Bloomington Fire Dept. Relief Assoc. Pension Fund Bristol County Retirement System Cape Coral Municipal General Empl. Pension Fund Chicago Firemen's Annuity & Benefit Fund Chicago Laborers' Annuity & Benefit Fund Chicago Park Employees' Annuity & Benefit Fund Chicago Teachers' Pension Fund Chicago Transit Authority Employees Ret. Plan City of Detroit General Retirement System City of Milwaukee Employes' Retirement System City of Pontiac General Employees' Ret. System City of St. Louis Public School Retirement System Cook County Employees' Annuity & Benefit Fund Falmouth Retirement System Firefighters' Retirement System of Louisiana Holyoke Contributory Retirement System Louisiana State Employees' Retirement System MARTA/ATU Local 732 Employee Retirement Fund Milwaukee County Employee's Retirement System New Bedford Contributory Retirement System New Orleans Employees' Retirement System New York City Board of Education Ret. System Norfolk County Retirement System Oklahoma City Employee Retirement System Orange County Employees Retirement System Plymouth County Retirement Association Puerto Rico Electric Power Authority Empl. Ret. System Regional Transportation Authority (RTA) Southeastern Pennsylvania Transportation Authority Town of Fairfield Pension Plans Transit Employees' Retirement Plan (WMATA) Transit Management of Southeast Louisiana U.S. Virgin Islands Government Employees' Ret. System Waterford Township Employees Retirement System Multiemployer Pension Plans 1199 SEIU Regional Pension Fund Amalgamated Retail Retirement Fund Bakery & Confectionery Union & Industry Int'l Pension Fund Brick Masons' Pension Trust Fund Bricklayers & Trowel Trades International Pension Fund Bricklayers & Masons' Local Union No. 5 Connecticut Health Care Associates Pension Fund Construction & Building Unions Super. Fund, Australia Construction Laborers' Pension Trust for Southern California The Construction Workers Pension Trust Fund CTTransit Edison Pension Trust - IBEW Local 48 (Portland, OR) Fox Valley & Vicinity Construction Workers Pension Plan GSA-ILA Pension Fund Hospital and Health Employees Pension Fund (Philadelphia, PA) IBEW Local 99 Pension Plan (Providence, RI) IBEW Local Union No. 124 Pension Trust Fund (Kansas City, MO) IBEW Local 223 Pension Fund IBEW Local 573 Pension Plan Indiana Laborers Pension Fund 6 | MESIROW PRIVATE EQUITY International Brotherhood of Boilermakers, Iron Ship Builders, Blacksmiths, Forgers and Helpers International Painters and Allied Trades Industry Pension Plan Iron Workers Local 25 Pension Fund Jacksonville Plumbers & Pipefitters Pension Fund Kern County Electrical Workers Pension Fund Laborers' Pension Fund (Chicago and Vicinity) Labourers' Pension Fund of Central and Eastern Canada Massachusetts Service Employees Pension Fund New England Health Care Employees Pension Fund Omaha Construction Industry Pension Fund Operating Engineers Local 324 Pension Fund Operating Engineers Local 701 Pension Fund Painters and Allied Trades DC #35 Pension Fund Pipe Trades Services MN Pension Fund Pipefitters Union Local 537 Pension Fund Plumbers & Steamfitters Local 267 Pension Plan Roofers' Pension Plan San Diego County Construction Laborers' Pension Trust Fund SEIU Local #1 Pension Trust Fund Southern Nevada Culinary and Bartenders Pension Trust Structural Iron Workers Local No. 1 Pension Trust Fund U.A. General Officers and Employees Pension Fund U.A. Local Union Officers and Employees Pension Fund UFCW International Union Employees Pension Plan UFCW Local 919 & Contributing Employers' Food Pension Fund UFCW Unions and Employers Midwest Pension Fund United Association National Pension Fund United Mine Workers of America Pension Plan West Michigan Plumbers, Fitters and Service Trades Local No. 174 Corporate Pension Plans The American Family Insurance Group Baystate Health Blue Cross Blue Shield of Michigan BMW Pension Plan Brown-Forman Corporation Daimler Duke Energy Corporation BCBSA National Retirement Trust Henry Ford Health System Portland General Electric Company Regions Financial Corporation Endowments and Foundations Babson College Catholic Health Initiatives Children's Hospital of Michigan Foundation DMC Foundation El Pomar Foundation Gates Family Foundation Guide Dogs for the Blind, Inc. The Health Foundation of Central Mass Jewish Community Federation of San Fran. Niagara University Endowment Ohio Northern University The Ohio State University The Ohio University Foundation The Rotary Foundation of Rotary Int'l Rush University Medical Center San Francisco Symphony Endowment Insurance Companies/Other Institutional Investors Auto-Owners Insurance Company HSBC Life (International) Limited IMT Insurance Company StarStone National Insurance Company Travelers Casualty and Surety Company Approximately 47% of our assets under management are from public pension plans, 28% are from multiemployer pension plans, 6% are from corporate pension plans, 2% are from endowments and foundations, 16% are from insurance companies and other institutional investors, and 1% are from high net worth individuals Approximately 88% of our assets under management are from U.S. clients and 12% are from non-U.S. clients Composition of client base calculated based on assets under management since inception as of 3/31/2021. This listing of representative clients was not selected based on specific performance criteria but rather lists significant institutional relationships. We do not represent that any client listed specifically approves or disapproves of our advisory services. TRADE SECRET, CONFIDENTIAL AND PROPRIETARY FOR INSTITUTIONAL USE ONLY#71. 2. 3. History of Consistent Outperformance Mature Fund-of-Funds as of 6/30/2021¹ 4. ■ Conservative approach and careful manager selection has held Mesirow Private Equity loss rates on invested capital below 0.6%² 12.1% 10.8% Fund II (2001) 8.4% Fund-of-Funds Net IRRs3,4 7.0% 11.6% 7.2% Fund IV (2006) Fund III (2005) ■ Mesirow Private Equity 18.4% 11.6% Fund V (2009) 27.2% 18.3% Fund VI (2013) ■Cambridge Median 30.1% 25.0% Fund VII-A (2017) 1.91x 1.70x Fund II (2001) 1.72x 1.50x Fund III (2005) Fund-of-Funds TVPIS ³,4 2.00x 1.53x Fund IV (2006) ▪ Mesirow Private Equity Mesirow 2.52x Fund V (2009) 2.66x 1.97x 1.81x 1.65x bh Fund VI (2013) Cambridge Median Fund I (1999) pursued a different portfolio investment allocation strategy, which focused a majority of its investments in venture capital and has generated a 2.3% net IRR and 1.16x TVPI as of 6/30/2021. All Funds were permitted to make an opportunistic allocation to secondary investments, but only Funds IV, V, VI and VII-A invested in secondaries. Loss rate represents the average capital weighted fund-level loss rates for Mesirow Private Equity's six mature fund-of-funds (Fund II through Fund VII-A) as of 6/30/2021. Net IRRs represent the net IRRs to a Limited Partner (an "LP") whose management fee rate equaled the average management fee rate paid by all LPs. Net IRRS are net of the partnerships fees, expenses and carried interest and net of the fees and other expenses of MFPEA. These net IRRs have been calculated using actual LP monthly cash outflows and inflows, and include a terminal value equal to the aggregate value of LP capital accounts as of 6/30/2021. Returns to the investors paying the highest management fees for Funds II, III, IV, V, VI and VII-A are 12.0%, 8.1%, 11.2%, 17.6%, 26.5% and 28.8%, respectively. TVPI represents total value to paid-in capital, calculated by dividing the investment's cumulative distributions and unrealized value (net of underlying fees, expenses and carried interest) by the total invested capital. Cambridge Median represents the median returns for fund-of-funds listed on the Cambridge Associates Benchmark Calculator as of 3/31/2021, the latest available data. The Cambridge Associates database comprises performance information on 687 fund-of-funds. Additional explanation of benchmark construction is available upon request. Unaudited returns are unlevered as of 6/30/2021. Please see "Notes on Performance Data" section and disclosure at the end of this presentation for additional important performance information. Past performance is not indicative of future results. These funds are closed to new investors. 7 | MESIROW PRIVATE EQUITY 1.54x Fund VII-A (2017) TRADE SECRET, CONFIDENTIAL AND PROPRIETARY FOR INSTITUTIONAL USE ONLY#81. 1 2. History of Consistent Outperformance Vintage Year IRRs as of 6/30/2021 Average outperformance of 650 basis points over the Cambridge Private Equity & Venture Capital median benchmark from 2001 to 2019 14.8% 13.6% 13.0% haban 10.3% 7.7% 7.8% 7.0% 4.8% 21.9% 2001 2002 2003 2004 7.5% 2005 11.8% 8.0% 2006 17.9% 10.1%.7% 2007 Vintage Year Gross IRRs¹,2 2008 16.8% 9.4% 12.7% 2009 18.8% ■ Mesirow Private Equity 17.7% 14.9% 2010 26.6% 14.6% 2011 22.5% 15.2% 2012 29.6% 16.9% 2013 2014 ■Cambridge Private Equity & Venture Capital 25.3% 19.9% 20.3% 29.3% 2015 Mesirow 2016 37.5% 23.2% 42.5% 21.2% 2017 27.3%7.4% 25.2% 2018 Mesirow Private Equity performance provided is net of underlying managers' fees and expenses but does not represent the net return to limited partners as it does not reflect the deduction of Mesirow Private Equity's management fees and other expenses. The returns presented in the chart above do not represent returns achieved by any particular Mesirow Private Equity fund or any investor in a Mesirow Private Equity fund. Cambridge Private Equity & Venture Capital represents the median returns for private equity and venture capital funds listed on the Cambridge Associates Benchmark Calculator as of 3/31/2021, the latest available data. Additional explanation of benchmark construction is available upon request. Unaudited returns are unlevered as of 6/30/2021. Please see "Notes on Performance Data" section and disclosure at the end of this presentation for additional important performance information. Past performance is not indicative of future results. These funds are closed to new investors. 8 MESIROW PRIVATE EQUITY TRADE SECRET, CONFIDENTIAL AND PROPRIETARY FOR INSTITUTIONAL USE ONLY 2019#9History of Consistent Outperformance Core Co-Investment Track Record as of 6/30/2021 2. Mesirow Private Equity has pursued co-investments since 2001, well ahead of broader market adoption $903.7 million $442.5 million 9 | MESIROW PRIVATE EQUITY $461.2 million Core Co-Investment Track Record as of 6/30/20211 30.7% Gross IRR, 2.5x MOIC² 30.7% Gross IRR, 3.2x MOIC² $2,250.9 million $813.9 million Unrealized Value $1,437.0 million Realized Value Investment Cost Total Value The core co-investment track record excludes discontinued strategies, which account for 8% of cumulative invested capital, specifically five early-stage venture capital co-investments and one lead sponsored buyout investment that are not reflective of the ongoing co-investment strategy. 1. The core co-investment track record as of 6/30/2021 includes $903.7 million invested in 61 buyout, growth equity and late-stage venture capital co-investments. Estimated 25.3% net IRR and 2.8x TVPI on realized co-investments; 30.9% gross IRR, 1.8x MOIC, estimated 24.9% net IRR and 1.6x TVPI on unrealized co-investments. Estimated 24.7% net IRR and 2.3x TVPI on core co-investment track record. Realized co-investments include partially realized co-investments if realized proceeds are greater than total investment. To the extent values include unrealized investments, MFPEA believes the values used for such investments are reasonable and appropriate for these types of investments; however, there can be no assurance that proceeds will be realized on these investments or that, if and when realized, the proceeds will be equal to the values used. References herein to Mesirow's portfolio companies are not to be considered a recommendation or solicitation for any such company. Use of the names and logos herein does not represent an endorsement of Mesirow's investment strategy by such manager or company. Gross IRR is net of the sponsor's fees, expenses and carried interest, but gross of the fees and other expenses of MFPEA. Performance information that is provided gross of fees does not reflect the deduction of advisory fees. Client returns will be reduced by such fees and other expenses that may be incurred in the management of the account. Advisory fees are described in Part 2A of Form ADV of MFPEA, Inc. MOIC represents multiple on invested capital, calculated by dividing the investment's cumulative distributions and unrealized value by the total invested capital. Accordingly, it is not reduced by fees incurred by the fund. Mesirow Unaudited returns are as of 6/30/2021. Please see "Notes on Performance Data" section for net performance and explanation on how net performance is constructed and the disclosure at the end of this presentation for additional important information. Past performance is not indicative of future results. Numbers may not add due to rounding. TRADE SECRET, CONFIDENTIAL AND PROPRIETARY FOR INSTITUTIONAL USE ONLY#10Mesirow Mesirow Financial Private Equity Fund VIII-B, L.P. 10 MESIROW PRIVATE EQUITY TRADE SECRET, CONFIDENTIAL AND PROPRIETARY FOR INSTITUTIONAL USE ONLY#11Mesirow Financial Private Equity Fund VIII-B, L.P. Target Investment Strategy and Portfolio Construction I ■ Target Fund Size: $400 million Continuation of Mesirow Private Equity's co-investment strategy Portfolio will be comprised of approximately 20 to 30 co-investments over a four- to five-year investment period Emphasis on middle-market buyout and growth equity investments in cash flow positive businesses Geographic focus on developed market opportunities, particularly in the U.S. and Canada Co-investments sourced from the Firm's extensive network of elite managers, those with a deep domain expertise in their respective sectors, proven track record of successfully executing operational improvements and attractive historical performance with low loss ratios Industry exposure expected to reflect key U.S. growth sectors that are most attractive for private equity investment Grow th Equity 15-20% Venture Capital 5-10% Buyout 70-75% Sub-Asset Class Expected Diversification as a Percentage of Committed Capital¹ Non-U.S. 15-20% U.S. & Canada 80-85% Geography Mesirow 2021 2024 2022 2023 Vintage Year 1. There can be no assurance that targets will be achieved. These are estimates and are subject to change. Actual allocations may differ from estimates. Please see the disclosure page at the end of this presentation for additional information. Nothing contained herein constitutes an offer to sell nor a solicitation of an offer to buy an interest in any Mesirow investment vehicle(s). Any offer can only be made to qualified investors through the appropriate Offering Memorandum which contains important information concerning risk factors, including liquidity risks, and other material aspects of the investment and should be read carefully before an investment decision is made and has been delivered to you previously or in conjunction with this presentation. 11 | MESIROW PRIVATE EQUITY TRADE SECRET, CONFIDENTIAL AND PROPRIETARY FOR INSTITUTIONAL USE ONLY#12Approach to Co-Investment Sourcing Leverage longstanding relationships with leading buyout, growth equity and venture capital managers for co-investment opportunities Reputation as a reliable partner has produced serial co-investment opportunities with key managers Demonstrated ability to cultivate new sourcing relationships further broadens our reach ■ H ■ Core Co-Investment Relationships¹ Active Co-Investment Dialogue Developing Co- Investment Dialogue New Relationships Legacy Relationships abry partners 12 MESIROW PRIVATE EQUITY Lightspeed SILVERSMITH Advent International GLOBAL PRIVATE EQUITY EMK Capital HELLMAN & Enterprise Management Knowledge FRIEDMAN 8 EQT MC PARTNERS SPECTRUM EQUITY MERITECH NMS CAPITAL H. I. G. GTCR PRIVATE EQUITY MILL POINT CAPITAL JMI EQUITY THOMABRAVO NEWVIEW CAPITAL- NEW HARBOR CAPITAL SVERICA CAPITAL Selectively Adding One to Two New Manager Relationships Each Year 8 99% 9. Mesirow Maintain Opportunistic Sourcing Relationships with High Quality Managers KPS CAPITAL PARTNERS, LP PROVIDENCE EQUITY TSG CONSUMER Olympus TA ASSOCIATES VITRUVIAN PARTNERS 1. Core co-investment relationships have shared multiple co-investment opportunities and have produced at least one closed co-investment, excluding those managers which are no longer actively supported by Mesirow Private Equity's Fund-of-Funds program. Use of the logos and names herein does not represent an endorsement of Mesirow Private Equity's investment strategy by such manager or company. Please see the disclosure page at the end of this presentation for additional information. Nothing contained herein constitutes an offer to sell nor a solicitation of an offer to buy an interest in any Mesirow investment vehicle(s). Any offer can only be made to qualified investors through the appropriate Offering Memorandum which contains important information concerning risk factors, including liquidity risks, and other material aspects of the investment and should be read carefully before an investment decision is made and has been delivered to you previously or in conjunction with this presentation. TRADE SECRET, CONFIDENTIAL AND PROPRIETARY FOR INSTITUTIONAL USE ONLY#131. 2. 3. Mesirow Financial Private Equity Fund VII-B, L.P. Portfolio Summary as of 6/30/2021 Vintage Year Total Commitments Fund Status¹ Capital Drawn to Date TVPI Net IRR 2017 $411.0 million 96.3% 2.4x 48.8% ($ in millions) Investment Realized Unrealized 13 MESIROW PRIVATE EQUITY Total Performance Summary² Total Value $387.0 Top-quartile DPI: Over $387 million of realized proceeds to date 3 dividend recaps: Omni, DCM, Duckhorn 4 full and partial sales: Ellie Mae, IVC, Absorb, PDFTron 4 IPOS: Duckhorn, DoubleVerify, SUSE, Dutch Bros. $91.1 $327.4 $676.7 Fund Summary³ 24 co-investments alongside 12 unique GP sponsors to date; 1 additional co-investment in due diligence Latest investment in Stamps.com closed in September 2021 $418.5 $1,063.7 Total portfolio investments, including likely funded reserves, is expected to approach 115%-120% of committed capital MOIC 4.2x 2.1x 2.5x absorb (4.8x) Early Value Drivers (MOIC)2,3 DUTCH BROS Mesirow DUCKHORN (3.7x) Ellie Mae (4.1x) pathway PDFTRON (2.2x) (6.1x) Industrial 10% (2.7x) Howden (1.9x) Consumer 14% Industry Diversification Healthcare 17% (1.9x) Communications 2% IVC GROUP internation Business Services 25% DV DoubleVerify (2.5x) Software 31% (4.8x) SUSE (3.2x) TVPI represents total value to paid-in capital, calculated by dividing the investment's cumulative distributions and unrealized value (net of underlying fees, expenses and carried interest) by the total invested capital. Net IRR is net of underlying fees, expenses and carried interest and has been calculated using actual LP monthly cash outflows, and includes a terminal value equal to the aggregate value of LP capital accounts. The total value of unrealized investments was determined by the fund's general partner in accordance with the fund's valuation policies. Actual realized returns on unrealized investments will depend on a number 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) that may differ significantly from the assumptions used in determining the unrealized values. Accordingly, the actual realized returns on these unrealized investments may differ materially from returns indicated herein. MOIC represents multiple on invested capital, calculated by dividing the investment's cumulative distributions and unrealized value by the total invested capital. Accordingly, it is not reduced by fees incurred by the fund. Complete portfolio included in this presentation. The above referenced companies have been included to illustrate MPE's investment process and portfolio construction. The inclusion is not designed to convey that such past specific selections would have been successful for any person. It should not be assumed that this or similar investment opportunity selections made in the future will be successful or will equal the past performance of that described above. Unaudited returns as of 6/30/2021. Use of the logos and names herein does not represent an endorsement of Mesirow Private Equity's investment strategy by such manager or company. Please see "Notes on Performance Data" section and disclosure page at the end of this presentation for additional important information. Past performance is not indicative of future results. This fund is closed to new investors. Numbers may not add due to rounding. TRADE SECRET, CONFIDENTIAL AND PROPRIETARY FOR INSTITUTIONAL USE ONLY#14Investments ($ in millions) Absorb Software Asurion Mesirow Financial Private Equity Fund VII-B, L.P. Portfolio Summary as of 6/30/2021 Bloomerang Cast & Crew Connectivity Wireless DCM Services Double Verify Duckhorn Wine Company Dutch Bros. Ellie Mae Howden IVC Mavis Tire Express Services Millennium Trust Omni Eye Services Pathway Vet Alliance PDF Tron PowerStop RealPage SUSE 1. 2. Sponsor Silversmith Providence 14 JMI Equity EQT M/C Partners NMS MESIROW PRIVATE EQUITY Providence TSG Consumer TSG Consumer Thoma Bravo KPS EQT TSG Consumer Abry NMS TSG Consumer Silversmith TSG Consumer Thoma Bravo EQT Industry Software Consumer Software Software Communications Business Services Software Consumer Consumer Software Industrial Healthcare Services Consumer Business Services Healthcare Services Healthcare Services Software Consumer Software Software Date of Investment Aug-17 Aug-18 Dec-20 Apr-19 Feb-19 Feb-20 Nov-20 Feb-17 Nov-18 Apr-19 Nov-19 Jul-19 May-21 Mar-19 Jul-17 Mar-20 May-19 Oct-18 Apr-21 Mar-19 Total (Gross) Total (Net to Limited Partners) Funded Investment $26.5 42.6 8.5 6.2 11.0 20.1 8.5 14.7 4.0 30.0 30.0 22.6 29.6 49.0 16.9 34.0 22.0 10.1 16.0 16.3 $418.5 $385.8 Realized Proceeds $127.4 1.7 7.0 - 6.1 0.7 122.8 21.8 I 12.1 I 82.1 1.4 - 3.8 $387.0 $264.2 Mesirow Unrealized Value $- 70.9 11.8 9.4 10.2 25.3 20.9 47.8 10.2 56.4 87.0 29.6 76.6 10.6 74.9 53.1 17.3 16.0 48.7 $676.7 $672.9 Total Value 1 $127.4 72.6 11.8 9.4 10.2 32.4 20.9 53.9 11.0 122.8 56.4 108.8 29.6 76.6 22.7 74.9 135.2 18.7 16.0 52.5 $1,063.7 $937.1 MOIC² 4.8x 1.7x 1.4x 1.5x 0.9x 1.6x 2.5x 3.7x 2.7x 4.1x 1.9x 4.8x 1.0x 1.6x 1.3x 2.2x 6.1x 1.9x 1.0x 3.2x 2.5x The total value of unrealized investments was determined by the fund's general partner in accordance with the fund's valuation policies, a copy of which can be provided upon request. Actual realized returns on unrealized investments will depend on a number 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) that may differ significantly from the assumptions used in determining the unrealized values. Accordingly, the actual realized returns on these unrealized investments may differ materially from returns indicated herein. MOIC represents multiple on invested capital, calculated by dividing the investment's cumulative distributions and unrealized value by the total invested capital. Accordingly it is not reduced by fees incurred by the fund. Past performance is not indicative of future results. Please see "Notes on Performance Data" section and disclosure at the end of this presentation for additional important information. Unaudited returns as of 6/30/2021. Please see "Notes on Performance Data" section and disclosure page at the end of this presentation for additional important information. Past performance is not indicative of future results. This fund is closed to new investors. Numbers may not add due to rounding. 2.4x TRADE SECRET, CONFIDENTIAL AND PROPRIETARY FOR INSTITUTIONAL USE ONLY#15Mesirow Financial Private Equity Fund VIII-B, L.P. Closed Commitments to Date I Investment¹ Sub-Asset Class Source Fund VIII-B has already invested $118 million in nine portfolio companies, not including reserves applitools Wealthsimple greenphire Description Closing Date ..REALPAGE $16.0 million Buyout Thoma Bravo Provides software and data analytics that help the rental real estate industry manage property operations including marketing, pricing, screening, leasing and accounting April 2021 MAVIS DISCOUNT TIRE 15 MESIROW PRIVATE EQUITY $28.6 million Buyout TSG Consumer Largest independent tire dealer and automotive service provider in the U.S. with locations in New England, the Midwest and Southern U.S. May 2021 $20.5 million Buyout Thoma Bravo Explore Visual testing software that uses Al powered computer vision algorithms to detect differences across customers' web pages and applications May 2021 ALVARIA™ $17.0 million Buyout Abry Partners Leading provider of contact center and workforce optimization software to blue chip enterprises; acquired in conjunction with competitor Noble Systems May 2021 1. Investment for Fund VIII-B only. Use of the company logo herein does not represent an endorsement of Mesirow Private Equity's strategy by such company. $8.8 million Late-Stage Venture Capital Meritech Leading Canadian fintech app featuring commission-free stock trading, a robo-advisor, peer-to-peer money transfers, tax prep and crypto trading May 2021 $6.8 million Buyout Thoma Bravo Discover Leading provider of end-to-end, SaaS participant and site payment solutions for clinical trials July 2021 ROUGH COUNTRY. $2.25 million Buyout TSG Consumer Branded aftermarket accessories to the truck, Jeep and SUV enthusiast markets July 2021 Mesirow proofpoint. $11.3 million Buyout Thoma Bravo Leading cybersecurity vendor for enterprise e-mail security and e- mail archiving, with emerging presence in the fast-growing DLP, CASB and Browser Isolation markets stamps .com $6.8 million Buyout Thoma Bravo Collection of shipping software assets with a leading position in the U.S. SMB e- commerce market August 2021 September 2021 TRADE SECRET, CONFIDENTIAL AND PROPRIETARY FOR INSTITUTIONAL USE ONLY#16Co-Investment Example IVC Group International ("IVC") Sector Stage Headquarters CEO Description Veterinary Services Buyout Bristol, U.K. IVC Stephen Clarke Largest and most diversified European veterinary services platform with more than 1,500 clinics and hospitals across 11 European countries Investment Thesis Veterinary services is a large and fast growing industry that demonstrates resilient underlying growth driven by market trends such as the humanization of pets and increased pet insurance penetration Revenue Adjusted EBITDA Margin Net Debt / EBITDA Significant consolidation opportunity as market remains highly fragmented and the company has strong M&A execution team ▪ IVC is the market leader at approximately twice the size of its closest competitor; the company manages nearly 12,000 employees including 3,000 veterinarians, a portion of which are recruited through the internal development program IVC GROUP International ▪ Additional value creation levers include strategic partnership with Nestle, operational improvements and promotion of branded products Financial Performance (£ in millions)¹ 2017 £450 2019 2020 £1,024 £1,314 122 190 51 11% 12% 15% 5.2x (exc. PIK note as of 3/31/2021) 16 MESIROW PRIVATE EQUITY 2018 £664 80 12% 3/31 LTM £1,519 263 17% Source Other Key Investors Initial Investment Investment / Ownership Description ■ Mesirow Investment Overview EQT Select Co-Investors July 11, 2019 $22.6 million / 1.2% - Status: Performing ahead of expectations ▪ In January 2020, Paul Kenyon assumed the role as new CFO New CEO Stephen Clarke started his position in April 2020 Acquisition activity continues to be very strong in both the UK and Rest of Europe with more than 250 practices added in the last twelve months Invested alongside EQT at an enterprise value of €2.6 billion as negotiated by new investors Nestle Purina and LGT, providing liquidity to EQT's original investment in the company Post-Investment Activity Fund VII-B Valuation ▪ On February 11, 2021, IVC announced a recapitalization led by Silver Lake and Nestle, valuing the company at €12.3 billion. As result of this transaction, Fund VII-B realized almost $22 million of proceeds while retaining 80% of its original share position ■ For the six months ended March 31, 2021, revenue and EBITDA increased 37% and 59%, respectively, as compared to the prior year period 6/30/2021 Valuation ($ in millions) Realized Total Value Cost $22.6 MOIC² 4.8x $21.8 $108.8 Valued at 19.7x forward EBITDA based on lead sponsor analysis 1. September 30th fiscal year-end. Gross MOIC represents multiple of invested capital, calculated by dividing the investment's cumulative distributions and unrealized value by the total invested capital. Accordingly, it is not reduced by fees incurred by the fund. The above referenced company and general partner relationship have been included to illustrate Mesirow Private Equity's investment process. The inclusion is not designed to convey that such past specific selections would have been successful for any person. It should not be assumed that this or similar investment opportunity selections made in the future will be successful or will equal the past performance of that described above. 2. TRADE SECRET, CONFIDENTIAL AND PROPRIETARY FOR INSTITUTIONAL USE ONLY#17Sector Stage Headquarters Co-Investment Example PDFTron Systems, Inc. CEO Description M PDFTron Systems, Inc. ■ Enterprise Software Buyout Vancouver, BC, Canada Catherine Andersz Developer of software tools to help enable document processing, conversion, viewing and collaboration Investment Thesis ■ Core product is a software development kit ("SDK") which is a set of tools, libraries, code and processes that 3rd party developers utilize to enable document processing capabilities ▪ Leader in the highly-fragmented PDF SDK ecosystem, due to its comprehensive offering, superior developer experience, strong technical support and high quality cross-platform capabilities PDFTRON Diversified base of 650+ paying customers with the top customer accounting for 3% of March 2019 ACV Fragmented market provides substantial opportunity for growth via tuck-in acquisitions Financial Performance ($ in millions)¹ 2019 $14 11 75% 2017 $10 8 84% 2.5x (as of 6/30/2021) 2018 $13 11 83% 2020 $33 18 56% 6/30 LTM $55 31 56% Source Other Key Investors Initial Investment Investment / Ownership Description ■ ■ Mesirow Status: Partial realization ▪ The integration of prior acquisitions are on plan as the company continues to selectively pursue additional M&A opportunities Investment Overview Silversmith Capital Partners Thoma Bravo Discover May 14, 2019 $22.0 million / 9.6% (post sale to Thoma Bravo) Participated alongside Silversmith in the acquisition of 85% of the company at a $150 million enterprise value; Post-Investment Activity For the quarter ending June 30, 2021, the Company generated revenue of $16.7 million and Adjusted EBITDA of $9.7 million, representing growth of 125% and 171%, respectively, relative to the comparable quarter in the prior year Fund VII-B Valuation ▪ On May 28, 2021, Thoma Bravo Discover acquired a majority stake in PDFTron at an enterprise value of $625 million. As part of the transaction, Fund VII-B realized $82.1 million and retains an interest valued at $53.1 million 6/30/2021 Valuation ($ in millions) Realized Total Value Cost $22.0 MOIC² 6.1x $82.1 $135.2 Valued at 20.3x LTM pro forma adjusted EBITDA based on recent recapitalization of the business Revenue PF Adjusted EBITDA Margin Net Debt / EBITDA 1. April 31st fiscal year. LTM figures are pro forma acquisitions. 2. Gross MOIC represents multiple of invested capital, calculated by dividing the investment's cumulative distributions and unrealized value by the total invested capital. Accordingly, it is not reduced by fees incurred by the fund. The above referenced company and general partner relationship have been included to illustrate Mesirow Private Equity's investment process. The inclusion is not designed to convey that such past specific selections would have been successful for any person. It should not be assumed that this or similar investment opportunity selections made in the future will be successful or will equal the past performance of that described above. 17 | MESIROW PRIVATE EQUITY TRADE SECRET, CONFIDENTIAL AND PROPRIETARY FOR INSTITUTIONAL USE ONLY#18Mesirow Financial Private Equity Fund VIII-B, L.P. Summary of Principal Terms Target Fund Size 18 Term Management Fees Carried Interest GP Commitment Counsel Auditor Credit Facility $400 million MESIROW PRIVATE EQUITY 10 years, with three one-year extensions Management fees will not commence until at least April 16, 2022 and possibly later at the General Partner's discretion. The initial annual management fee on committed capital will be reduced annually by 10% of the prior year's fee after the seventh anniversary of the Commencement Date. Average Annual Fee¹ 0.82% 10%, increasing to 15% after achieving a 2.25x gross multiple of investment capital; European-style waterfall with 7% preferred return 1% of total committed capital, in addition to an Employee Side Fund Proskauer LLP Mesirow KPMG LLP Silicon Valley Bank 1. Average annual management fees are calculated over 13 years and assume the Fund's term is extended for three one-year extensions, which can be exercised at the General Partner's discretion. There can be no assurance that the terms referenced herein will be achieved and materially different terms and results may be achieved. Please see the disclosure page at the end of this presentation for additional information. Nothing contained herein constitutes an offer to sell nor a solicitation of an offer to buy an interest in any Mesirow investment vehicle(s). Any offer can only be made to qualified investors through the appropriate Offering Memorandum which contains important information concerning risk factors, including liquidity risks, and other material aspects of the investment and should be read carefully before an investment decision is made and has been delivered to you previously or in conjunction with this presentation. TRADE SECRET, CONFIDENTIAL AND PROPRIETARY FOR INSTITUTIONAL USE ONLY#19Appendix 19 MESIROW PRIVATE EQUITY Mesirow TRADE SECRET, CONFIDENTIAL AND PROPRIETARY FOR INSTITUTIONAL USE ONLY#20Mesirow Private Equity Team Investments Marc Sacks* Chief Executive Officer Joined 2004 Bob DeBolt* Chief Investment Officer Joined 2004 Kristina Pierce* Managing Director Joined 2007 Patrick Ryan Investment Associate Joined 2018 Legal & Compliance Brian Kolva Associate General Counsel Joined 2019 Joshua Nichols Rotational Analyst Joined 2021 Mary Jo Hayes Chief Compliance Officer Joined 2011 Nancy Anderson Senior Vice President Joined 1997 Miles Matheson Vice President Joined 2017 * Denotes participation on Investment Committee. 20 MESIROW PRIVATE EQUITY Tom Galuhn* President Joined 1987 Ryan Fedronich* Managing Director Joined 2007 Alec Coleman Investment Associate Joined 2019 Emmanuel Williamson Investment Analyst Expected to Join 2022 Ketan Shah General Counsel Joined 2016 Renee Schreiber Senior Managing Director Joined 2009 Nick Kopoulos Senior Vice President Joined 2007 +7 Person Legal & Compliance Team Investor Relations & Business Development Courtney Haynes Senior Managing Director Joined 2006 Brad Karelitz Senior Vice President Joined 2021 Martha Payne Senior Vice President Joined 2009 Mike Aleshire Vice President Joined 2016 Christie Lacy Marketing Associate Joined 2017 Frances Perez Administrative Associate Joined 1987 Holly Waterman Administrative Associate Joined 2011 Tom Hynes Senior Managing Director Joined 1997 Represents Mesirow Private Equity Team Members Steve Swierczewski Senior Managing Director Joined 2012 Eugene Duffy Managing Director Joined 2016 Administrative & Additional Support Nancy Bocek Administrative Associate Joined 1990 Andy Pataky Senior Vice President Joined 1998 +15 Person Distribution Team Sarah Chodera Chief Marketing Officer Joined 2019 +14 Person Marketing Team Represents Mesirow Shared Resources Accounting & Operations Matt Coen Managing Director Joined 2009 Jessica Marta Senior Vice President Joined 2006 Steve Stober Vice President Joined 2015 Matt Scherer Accounting Associate Joined 2019 David Egan Head of Human Resources Joined 2011 Mesirow Carl Davis Head of D&I and Recruitment Joined 2016 Michelle Bean Assistant Vice President Joined 2015 +5 Person Human Resources Team Jesse Keig Chief Financial Officer Joined 2006 + 15 Person Corporate Accounting Team Laura Sullivan Managing Director Joined 2013 Chris Farr Managing Director Joined 2006 Shuhani Patel Assistant Vice President Joined 2017 Chris Heim Chief Technology Officer Joined 2019 Ryan Surratt Chief Info. Security Officer Joined 2000 Peter Wallin Senior Vice President Joined 2010 + 28 Person Information Technology Team TRADE SECRET, CONFIDENTIAL AND PROPRIETARY FOR INSTITUTIONAL USE ONLY#21■ Co-Investment Due Diligence Process ■ H Selection Criteria ■ ■ High-quality management team Sustainable competitive advantage Clear and growing market opportunity Clear path to value creation and realization Quality and experience of investment partners Capital-efficient business model Acceptable financial risk profile Attractive initial valuation Sourcing and Initial Screen Referral from top-tier managers Log and screen every co- investment opportunity Initial market research using publicly available information Utilize private company databases to learn company background Past performance is not indicative of future results. 21 | MESIROW PRIVATE EQUITY Introduction and Initial Review Introductory discussions with managers and company management Review investor materials provided by the company ■ Intensive Due Diligence Comprehensive review of data room materials Independent review of industry, competitors, trends, drivers and company positioning In-depth quantitative analysis Vetting calls with the Mesirow network Reference calls with customers, suppliers and strategic partners On-site due diligence ESG evaluation ■ H Investment Recommendation Refine underwriting model Prepare investment memorandum Approval of investment committee ■ Mesirow Closing Negotiation of terms and structure Detailed legal and tax review Closing TRADE SECRET, CONFIDENTIAL AND PROPRIETARY FOR INSTITUTIONAL USE ONLY#22Notes on Performance Data Mesirow Fund-of-Funds Gross IRRS: The gross IRRs of Funds I, II, III, IV, V, VI and VII-A described herein represent the annualized performance of the underlying partnerships investments of such Funds for the periods since inception (1999, 2001, 2005, 2006, 2009, 2013 and 2017, respectively) through 6/30/2021 and reflect the reinvestment of certain realized proceeds and other earnings by Mesirow Private Equity funds and the underlying partnerships. The gross IRRs have been calculated using actual monthly cash outflows and inflows related to the underlying partnerships investments and include the following non-cash values generally as determined by the respective general partner in accordance with valuation policies contained in the applicable partnership agreement: securities distributed to such Fund and terminal value which is such Fund's capital account balance as of 6/30/2021. The gross IRRs are net of underlying managers' fees and expenses but do not represent net return to limited partners as they do not reflect the deduction of Mesirow Private Equity's management fees and other expenses. The actual performance to limited partners is reduced by Mesirow Private Equity fees and other expenses. In the event an investee partnership presents capital account data in a currency other than the United States Dollar (USD), values are translated into USD using exchange rates provided by a major financial data reporting service as of 6/30/2021. The gross IRRS include valuations of realized and unrealized investments. Actual realized returns on unrealized investments will depend on a number 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) that may differ significantly from the assumptions used in determining the unrealized values. Accordingly, the actual realized returns on these unrealized investments may differ materially from returns indicated herein. Net IRRS: The net IRRs of Funds I, II, III, IV, V, VI and VII-A as of 6/30/2021 (2.3%, 12.1%, 8.4%, 11.6%, 18.4%, 27.2% and 30.1%, respectively) have been calculated using actual limited partner monthly cash outflows and inflows, and include a terminal value equal to the aggregate value of limited partner capital accounts as of 6/30/2021. Such limited partner capital accounts reflect the limited partners' pro rata share of Funds I, II, III, IV, V, VI and VII-A's capital account balances for all investee partnerships, as determined by the respective general partners in accordance with valuation policies contained in the applicable partnership agreement, as well as cash and other net assets. The net IRRs are net of the underlying managers' fees, expenses and carried interest and net of Mesirow Private Equity's management fees and related fund expenses. Advisory fees are described in Part 2A of Form ADV of Mesirow Financial Private Equity Advisors, Inc. (MFPEA). The net IRRS include valuations of realized and unrealized investments. Actual realized returns on unrealized investments will depend on a number 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) that may differ significantly from the assumptions used in determining the unrealized values. Accordingly, the actual realized returns on these unrealized investments may differ materially from retums indicated herein. A client-specific net IRR may differ from the aggregate limited partner net IRR due to differences among clients in terms of commitment size, management fee rate and closing date. Benchmark: The "Cambridge Median" PE Benchmark shows the median net returns for fund-of-funds listed on the Cambridge Associates Benchmark Calculator as of 3/31/2021. The Cambridge Associates database comprises performance information on 687 fund-of-funds. Additional explanation of benchmark construction is available upon request. General: The performance information shown in this presentation has not been audited. MFPEA's advisory fees are described in Part 2A of its Form ADV. Past performance is not indicative of future results, and there is a possibility of loss in connection with any investment. Additional performance information is available upon request. Please refer to important disclosure information included in the "Disclosure" at the end of this section. 22 | MESIROW PRIVATE EQUITY TRADE SECRET, CONFIDENTIAL AND PROPRIETARY FOR INSTITUTIONAL USE ONLY#23Notes on Performance Data Mesirow Co-Investment Funds Gross IRRs: Gross IRR is net of the sponsor's fees, expenses and carried interest, but gross of the fees and other expenses of MFPEA. Performance information that is provided gross of fees does not reflect the deduction of advisory fees. Client returns will be reduced by such fees and other expenses that may be incurred in the management of the account. Advisory fees are described in Part 2A of Form ADV of MFPEA. Net IRRS: The net IRR of VII-B described herein for the period since inception (2017) through 6/30/2021 (48.8%) has been calculated using actual limited partner monthly cash outflows and inflows, and include terminal values equal to the aggregate values of limited partner capital accounts. Such limited partner capital accounts reflect the limited partners' pro rata share of the fund's net assets including investments, the values of which are determined by the general partner in accordance with valuation policies. Actual realized returns on unrealized investments will depend on a number 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) that may differ significantly from the assumptions used in determining the unrealized values. Accordingly, the actual realized returns on these unrealized investments may differ materially from returns indicated herein. The performance results of VII-B also reflect the reinvestment of certain proceeds and other earnings. A client-specific net IRR may differ from the aggregate limited partner net IRR due to differences among clients in terms of commitment size, management fee rate and closing date. Core Co-Investment Track Record as of 6/30/2021: The gross core co-investment composite was constructed by aggregating the actual cash flows of the 61 buyout, growth equity and late-stage venture capital co-investments in which the Firm has participated since the inception of the co-investment strategy in 2001. These 61 investments were made by the Firm's four commingled co-investment funds, Mesirow Capital Partners VIII, L.P. (MCP VIII), a 2001 vintage year fund, Mesirow Financial Capital Partners IX, L.P. (MCP IX), a 2005 vintage year fund, Mesirow Financial Capital Partners X, L.P. (MCP X), a 2009 vintage year fund, Mesirow Financial Private Equity Fund VII-B, L.P. (Fund VII-B), a 2017 vintage year fund and Mesirow Financial Private Equity Fund VIII-B, L.P. (Fund VIII-B), a 2021 vintage year fund. The Firm no longer participates in early-stage venture capital co-investments or lead sponsored buyout investments. Therefore, all early-stage venture capital co-investments (5) and lead sponsored buyout investments (1) have been excluded from the core co-investment track record. The total value of unrealized investments was determined by the general partner in accordance with valuation policies, a copy of which can be provided upon request. Actual realized returns on unrealized investments will depend on a number 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) that may differ significantly from the assumptions used in determining the unrealized values. Accordingly, the actual realized returns on these unrealized investments may differ materially from returns indicated herein. The estimated net core co-investment composite was constructed by applying hypothetical management fees and expenses to the gross core co-investment composite for MCP VIII, MCP IX and MCP X and actual net cash flows for Fund VII-B and Fund VIII-B. A hypothetical annual management fee of 1% of committed capital was applied over the first seven years, and was reduced by 10% of the prior year's fee beginning in year eight for MCP VIII, MCP IX and MCP X. The composite maintains the original timing of the management fee reduction for each of the four commingled co-investment funds comprising the composite. The composite also applies the average annual expenses of each commingled co-investment fund on a quarterly basis (MCP VIII was 8 bps, MCP IX was 8 bps, MCP X was 14 bps). Finally, the net composite assumes a carried interest charge of 10% of cumulative net gain after full return of contributed capital per each commingled co-investment fund, 15% after 2.25x (gross). Model or hypothetical performance information and results do not reflect actual trading or asset or fund advisory management and the results may not reflect the impact that material economic and market factors may have had, and can reflect the benefit of hindsight, on Mesirow Financial Private Equity Advisor, Inc.'s (MFPEA) decision-making if MFPEA were actually managing client's money. Past performance is not indicative of future results. The returns presented in the chart above do not represent returns achieved by any particular Mesirow Private Equity fund or any investor in a Mesirow Private Equity fund. General: The performance information shown in this presentation has not been audited. Past performance is not indicative of future results, and there is a possibility of loss in connection with any investment. Additional performance information is available upon request. Please refer to important disclosure information included in the "Disclosure" at the end of this section. 23 | MESIROW PRIVATE EQUITY TRADE SECRET, CONFIDENTIAL AND PROPRIETARY FOR INSTITUTIONAL USE ONLY#24($ in millions) Core Strategy Wealthsimple Applitools Alvaria Mavis Notes on Performance Data Core Co-Investment Track Record as of 6/30/2021¹ RealPage Bloomerang DoubleVerify Pathway Vet Alliance DCM Services Howden Group IVC Group PDF Tron Ellie Mae Cast & Crew Millennium Trust SUSE Connectivity (fka "NCN") Dutch Bros. Power Stop Asurion Absorb Holdings Corporation Omni Eye Services, Inc. Duckhorn Wine Company Compuware Corporation Verafin Inc. Inmar Digital Insight, Inc. Securus Technologies, Inc. Planet Fitness Holdings, LLC Mosaic Energy Ltd. Deltek, Inc. Zayo Group, LLC Blue Coat Systems, Inc. Studer Group, Inc. GrubHub Seamless, Inc. Barra Energia do Brasil Petróleo e Gás Gruppo Coin S.p.A. SonicWALL, Inc. Acteon Group Ltd. 1. 2. 3. 4. Sponsor Meritech Capital Partners Thoma Bravo Abry Partners TSG Consumer Partners Thoma Bravo JMI Equity Providence Equity Partners TSG Consumer Partners NMS Capital KPS Capital Partners EQT Silversmith Capital Partners Thoma Bravo EQT Abry Partners EQT M/C Partners TSG Consumer Partners TSG Consumer Partners Providence Equity Partners Silversmith Capital Partners NMS Capital TSG Consumer Partners Thoma Bravo Spectrum Equity Investors Abry Partners Thoma Bravo Abry Partners TSG Consumer Partners NGP Thoma Bravo GTCR, M/C Partners Thoma Bravo JMI Equity Lightspeed, Spectrum First Reserve, Riverstone BC Partners Thoma Bravo First Reserve Type Late-Stage VC Buyout Buyout Buyout Buyout Growth Equity Growth Equity Buyout Buyout Buyout Buyout Buyout Buyout Buyout Buyout Buyout Growth Equity Growth Equity Buyout Buyout Growth Equity Buyout Buyout Buyout Growth Equity Buyout Buyout Buyout Buyout Growth Equity Buyout Buyout Buyout Buyout Late-Stage VC Growth Equity Buyout Buyout Buyout Date of Investment May-21 May-21 May-21 May-21 Apr-21 Dec-20 Nov-20 Mar-20 Feb-20 Nov-19 Jul-19 May-19 Apr-19 Apr-19 Mar-19 Mar-19 Feb-19 Nov-18 Oct-18 Aug-18 Aug-17 Jul-17 Feb-17 Dec-14 Jun-14 Jan-14 Jul-13 Apr-13 Dec-12 Nov-12 Oct-12 Jun-12 Feb-12 Sep-11 Sep-11 Jun-11 Jun-11 Jul-10 Jul-10 Investment Realized Proceeds Unrealized Value Total Value² $8.8 20.5 17.0 58.2 32.1 8.5 8.5 34.0 20.1 30.0 22.6 22.0 30.0 6.2 49.0 16.3 11.0 4.0 10.1 42.6 26.5 16.9 14.7 10.0 6.9 21.0 20.0 18.1 24.0 20.1 25.0 5.0 20.0 10.0 9.0 11.6 17.8 10.0 10.0 $- ATTITI11101000 1100 7.0 21.8 82.1 122.8 3.8 OFEN 0.7 7474 1.4 1.7 127.4 12.1 6.1 108.7 32.5 67.3 39.3 58.6 183.2 4.9 102.4 20.5 64.8 20.8 39.8 1.9 5.9 35.9 17.4 $8.8 20.5 17.0 58.2 32.0 11.8 20.9 74.9 25.3 56.4 87.0 53.1 9.4 76.6 48.7 10.2 10.2 17.3 70.9 10.6 47.8 ITIGIII|||||0|| 26.6 18.3 Mesirow 1.5 $8.8 20.5 17.0 58.2 32.0 11.8 20.9 74.9 32.4 56.4 108.8 135.2 122.8 9.4 76.6 52.5 10.2 11.0 18.7 72.6 127.4 22.7 53.9 108.7 32.5 93.9 39.3 58.6 201.6 4.9 102.4 20.5 64.8 20.8 39.8 3.3 5.9 35.9 17.4 MOIC³ 1.0x 1.0x 1.0x 1.0x 1.0x 1.4x 2.5x 2.2x 1.6x 1.9x 4.8x 6.1x 4.1x 1.5x 1.6x 3.2x 0.9x 2.7x 1.9x 1.7x 4.8x 1.3x 3.7x 10.9x 4.7x 4.5x 2.0x 3.2x 8.4x 0.2x 4.1x 4.1x 3.2x 2.1x 4.4x 0.3x 0.3x 3.6x 1.7x Gross IRR4 -2.9% 0.0% 0.0% -0.1% -0.7% 92.3% 367.9% 88.3% 45.3% 49.0% 126.9% 144.4% 167.7% 21.5% 22.0% 71.9% -3.6% 48.2% 27.2% 21.4% 52.0% 17.4% 37.8% 53.2% 34.2% 45.4% 285.6% 29.5% 86.6% -27.2% 56.2% 29.0% 53.1% 25.1% 56.0% -16.5% -15.0% 97.9% 26.9% Core Strategy includes all buyout, growth equity and late-stage venture capital co-investments since inception of the strategy in 2001. Discontinued Strategies represents all early-stage venture capital co-investments (5) and lead sponsored buyout investments (1) since the establishment of the aforementioned strategy. The total value of unrealized investments was determined by the fund's general partner in accordance with the fund's valuation policies. Actual realized returns on unrealized investments will depend on a number 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) that may differ significantly from the assumptions used in determining the unrealized values. Accordingly, the actual realized returns on these unrealized investments may differ materially from the unrealized returns indicated herein. MOIC represents multiple on invested capital, calculated by dividing the investment's cumulative distributions and unrealized value by the total invested capital. Accordingly, it is not reduced by fees incurred by the fund. Gross IRR is net of the sponsor's fees, expenses and carried interest, but gross of the fees and other expenses of MFPEA. Performance information that is provided gross of fees does not reflect the deduction of advisory fees. Client returns will be reduced by such fees and other expenses that may be incurred in the management of the account. Advisory fees are described in Part 2A of Form ADV of MFPEA, Inc. Unaudited returns as of 6/30/2021. Please see "Notes on Performance Data" section for net performance and an explanation of how Estimated Net performance is constructed and the disclosure page at the end of this presentation for additional important information. Past performance is not indicative of future results. Numbers may not add due to rounding. 24 | MESIROW PRIVATE EQUITY TRADE SECRET, CONFIDENTIAL AND PROPRIETARY FOR INSTITUTIONAL USE ONLY#25($ in millions) Core Strategy Torus Insurance Holdings Limited 21st Century Oncology Holdings, Inc. Pivot3, Inc. Private Bancorp, Inc. VWR International Notes on Performance Data Core Co-Investment Track Record as of 6/30/2021¹ (Continued) OpenPages, Inc. Coradiant Inc. Modular Space Corporation Univision Communications, Inc. Vendavo, Inc. Neutral Tandem, Inc. GFA Brands, Inc. Ubiquity Brands Holdings, LLC Westar Aerospace and Defense Group, Inc. Med-i-Bank, Inc. Springs Industries, Inc. Springs Global Participacoes S.A. SmithBucklin Corporation TriMas Corporation ATT Holding Co. Recourse Technologies, Inc. Collins & Aikman Corporation Discontinued Strategies CENX, Inc. Serious Energy, Inc. Tolerx, Inc. Adam Aircraft Industries, Inc. Antenna Software, Inc. (Dexterra, Inc.) Gustafson Holdings Corp. 1. 2. 3. 4. Sponsor First Reserve, Corsair Capital Vestar Capital Partners InterWest, Lightspeed GTCR Madison Dearborn Sigma Ventures Doll Capital Management Calera Capital Madison Dearborn, Providence, TPG 25 MESIROW PRIVATE EQUITY Doll Capital Management Doll Capital Management, NEA TSG Consumer Partners Willis Stein Edgewater Wind Point Partners Heartland Industrial Partners Heartland Industrial Partners Svoboda Collins, LLC Heartland Industrial Partners Wind Point Partners Doll Capital Management Heartland Industrial Partners Doll Capital Management NEA HealthCare Ventures Doll Capital Management Canaan Partners, NEA Lead sponsored buyout Type Growth Equity Buyout Late-Stage VC Growth Equity Buyout Late-Stage VC Late-Stage VC Buyout Buyout Late-Stage VC Late-Stage VC Buyout Buyout Growth Equity Growth Equity Buyout Buyout Buyout Buyout Buyout Late-Stage VC Buyout Date of Investment Total Core Strategy (Gross) Estimated Net (Core) Early-Stage VC Early-Stage VC Jun-10 Feb-08 Dec-07 Dec-07 Jun-07 Jun-07 May-07 Mar-07 Mar-07 Jul-05 Nov-04 Mar-04 Feb-04 Dec-03 May-03 Feb-03 Feb-03 Aug-02 Jul-02 Feb-02 Jan-02 Dec-01 Discontinued Strategies Total (Core and Discontinued) Estimated Net (Core and Discontinued) Early-Stage VC Early-Stage VC Early-Stage VC Buyout Jul-10 Aug-09 Aug-06 Jun-06 Jan-06 Jan-05 Total Discontinued Strategies (Gross) Estimated Net (Discontinued) Investment $15.0 14.0 18.1 15.0 15.1 7.5 8.0 10.1 1.2 8.2 3.7 5.0 2.9 3.8 3.5 3.0 2.8 5.0 3.5 2.8 2.5 5.0 $903.7 $831.2 $61.2 $964.9 $891.8 $12.5 15.0 5.0 14.5 9.1 5.1 61.2 $60.6 Realized Proceeds Unrealized Value Total Value² $8.4 16.6 33.9 12.8 16.0 0.3 0.2 15.4 35.6 34.3 11.7 16.1 5.5 0.7 19.2 3.7 10.8 5.0 $1,437.0 $1,172.8 $10.8 $1,447.8 $1,179.5 $7.4 1.3 1.7 0.1 0.3 - 10.8 $6.7 $- III |||| $813.9 $755.7 $- $813.9 $755.7 IIII. Mesirow $- $8.4 16.6 33.9 12.8 16.0 0.3 0.2 15.4 35.6 34.3 11.7 16.1 5.5 0.7 19.2 3.7 10.8 5.0 $2,250.9 $1,928.6 $10.8 $2,261.7 $1,935.3 $7.4 1.3 1.7 0.1 0.3 - 10.8 $6.7 MOIC3 0.6x 0.0x 0.0x 1.1x 2.2x 1.7x 2.0x 0.0x 0.1x 1.9x 9.5x 6.9x 0.0x 3.1x 4.5x 1.9x 0.3x 3.8x 1.1x 3.9x 2.0x 0.0x 2.5x 2.3x 0.2x 2.3x 2.2x 0.6x 0.1x 0.3x 0.0x 0.0x 0.0x 0.2x 0.1x Gross IRR4 -11.4% -100.0% -78.0% 1.5% 9.0% 16.5% 17.4% -28.2% -13.9% 7.4% 78.0% 83.6% -100.0% 293.4% 100.4% 8.8% -23.4% 74.1% 0.6% 78.5% 158.4% -100.0% 30.7% 24.7% -19.2% 24.3% 19.5% -8.3% -37.1% -17.6% -88.8% -46.3% -100.0% -19.0% -19.0% Core Strategy includes all buyout, growth equity and late-stage venture capital co-investments since inception of the strategy in 2001. Discontinued Strategies represents all early-stage venture capital co-investments (5) and lead sponsored buyout investments (1) since the establishment of the aforementioned strategy. The total value of unrealized investments was determined by the fund's general partner in accordance with the fund's valuation policies. Actual realized returns on unrealized investments will depend on a number 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) that may differ significantly from the assumptions used in determining the unrealized values. Accordingly, the actual realized returns on these unrealized investments may differ materially from the unrealized returns indicated herein. MOIC represents multiple on invested capital, calculated by dividing the investment's cumulative distributions and unrealized value by the total invested capital. Accordingly, it is not reduced by fees incurred by the fund. Gross IRR is net of the sponsor's fees, expenses and carried interest, but gross of the fees and other expenses of MFPEA. Performance information that is provided gross of fees does not reflect the deduction of advisory fees. Client returns will be reduced by such fees and other expenses that may be incurred in the management of the account. Advisory fees are described in Part 2A of Form ADV of MFPEA, Inc. Unaudited returns as of 6/30/2021. Please see "Notes on Performance Data" section for net performance and an explanation of how Estimated Net performance is constructed and the disclosure page at the end of this presentation for additional important information. Past performance is not indicative of future results. Numbers may not add due to rounding. TRADE SECRET, CONFIDENTIAL AND PROPRIETARY FOR INSTITUTIONAL USE ONLY#26Disclosure This presentation contains forward-looking statements that are based upon certain assumptions, including projections or other estimates of operational results and/or returns or performance of particular investments. Other events which were not taken into account may occur and may significantly affect the actual returns or performance of the Mesirow funds and/or any of the companies in which the funds have invested or may invest. Certain assumptions have been used to prepare draft numbers and, accordingly, actual results may differ, perhaps materially, from those presented herein. Any reference to performance information should be read in conjunction with the appropriate Offering Memorandum which contains important information concerning the latest audited and unaudited performance numbers, risk factors and other material aspects of the investment. Nothing contained herein constitutes an offer to sell nor a solicitation of an offer to buy an interest in any Mesirow investment vehicle. Any offer can only be made to qualified investors through the appropriate Offering Memorandum which contains important information concerning risk factors, including liquidity risks, and other material aspects of the investment and should be read carefully before an investment decision is made. Performance information that is provided gross of fees does not reflect the deduction of advisory fees. Client returns will be reduced by such fees and other expenses that may be incurred in the management of the account. Advisory fees are described in Part 2A of Form ADV of Mesirow Financial Private Equity Advisors, Inc. ("MFPEA"). The information contained herein has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed. Any opinions expressed are subject to change without notice. It should not be assumed that any recommendations or references to past performance incorporated herein will be profitable or will equal past performance. Mesirow does not render tax or legal advice. Any chart, graph or formula should not be used by itself to make any trading or investment decision. Any reference to a specific client or investment was not selected based on specific performance criteria but rather on significant institutional relationships, or solely to illustrate our investment process. We do not represent that any client listed specifically approves or disapproves of our advisory services. Any strategy selections or investments referenced herein have been included to illustrate the market impact of certain strategy selections or investments over specific time frames. The inclusion of these is not designed to convey that any past specific investment decision by MFPEA would have been profitable to any person. It should not be assumed that investments in the future will be profitable or will equal the performance of such strategy selections or investment decisions. This communication contains confidential information. It is intended for institutional use only and solely for the use of the addressee. If this information was received in error, you are strictly prohibited from disclosing, copying, distributing or using any of this information and are requested to contact the sender immediately and destroy the material in its entirety, whether electronic or hardcopy. Model or hypothetical performance information and results do not reflect actual trading or asset or fund advisory management and the results may not reflect the impact that material economic and market factors may have had, and can reflect the benefit of hindsight, on MFPEA's decision-making if MFPEA were actually managing client's money. This presentation contains certain projections, estimates and other forward-looking statements. These statements were prepared by Mesirow based on its experience in the industry and on assumptions of fact and opinion as to constructed, model, hypothetical data and/or future events which Mesirow believed to be reasonable when made. There can be no assurance, however, that assumptions made are accurate or that the financial and other results projected or estimated will be achieved. Mesirow expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in its expectation with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Mesirow refers to Mesirow Financial Holdings, Inc. and its divisions, subsidiaries and affiliates. The Mesirow name and logo are registered service marks of Mesirow Financial Holdings, Inc. 2021. All rights reserved. Investment management services provided through MFPEA and Mesirow Financial Investment Management, Inc., both SEC- registered investment advisors. References to a Mesirow entity's registration with the SEC neither implies a certain level of skill or training nor constitutes an endorsement by the SEC of such entity's advisory services or practices. Securities offered through Mesirow Financial, Inc. member FINRA and SIPC. Mesirow GLOBAL INVESTMENT MANAGEMENT T ADVISORY SERVICES | CAPITAL MARKETS & INVESTMENT BANKING 26 | MESIROW PRIVATE EQUITY TRADE SECRET, CONFIDENTIAL AND PROPRIETARY FOR INSTITUTIONAL USE ONLY