#1Hamilton Lane Vista Equity Partners Fund VIII, L.P. Recommendation Report November 2022#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. November 2022 | Proprietary and Confidential Vista Equity Partners Fund VIII, L.P. | Page 1#3● Hamilton Lane Executive Summary & Recommendation General Partner Investment Strategy Track Record Environmental, Social & Governance Appendix Table of Contents Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices November 2022 | Proprietary and Confidential Page # 3 9 14 18 21 22 Vista Equity Partners Fund VIII, L.P. | Page 2#4Hamilton Lane Fund Information Organization Overview General Partner: Vista Equity Partners Management, LLC ("General Partner"), ("Vista") Firm Inception: 2000 Team: 30 flagship investment professionals Senior Partners: Robert Smith and David Breach Locations: Austin (headquarters), San Francisco, New York, Chicago, Oakland and Hong Kong Fund Overview November 2022 | Proprietary and Confidential Fund: Vista Equity Partners Fund VIII, L.P. ("Fund") Target Size/Hard Cap: $20.0 billion/$20.0 billion Asset Class: Private equity Strategy: Corporate finance/buyout Substrategy: Mega buyout Geography: Primarily North America Industries: Enterprise software Executive Summary Portfolio Construction Enterprise Values: $750 million to $10 billion+ Equity Investments: Average of $750 million Target Number of Investments: 18 to 25 Max Single Investment Exposure: 20% Expected Hold Period Per Investment: 3 to 5 years Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices Vista Equity Partners Fund VIII, L.P. | Page 3#5Net Performance and Benchmarks Hamilton Lane ($mm) Fund Fund III Fund IV Fund V Fund VI Fund VII Total ● Vintage Fund Size % Drawn² DPI 2007 2011 Vista Equity Partners Management, LLC Prior Investment Performance¹ As of 6/30/22 2014 2016 2019 $1,287 3,467 6,007 11,095 17,077 Fundraise Update 107% 101% 122% 122% 73% First close held in April 2022 Potential for final close H2 2022 2.4x 1.3x 1.1x 0.8x 0.0x 0.7x November 2022 | Proprietary and Confidential TVPI 2.4x 2.0x 2.2x 1.9x 1.4x 1.8x Net IRR 27.0% 14.7% 20.2% 20.0% 17.4% 19.8% Quarters to Break J-Curve 5 5 6 2 6 HL Benchmark North American Buyout As of 6/30/22 Spread vs. Top-Quartile DPI Executive Summary (cont.) 0.3x -0.8x -0.5x -0.3x -0.3x TVPI 0.3x -0.3x 0.0x -0.2x -0.3x Net IRR +1139 bps -694 bps -421 bps -649 bps -2203 bps PME Benchmark S&P 500 TR As of 6/30/22 Spread vs. PME +1695 bps +49 bps +669 bps +438 bps +50 bps +541 bps J-Curve Benchmark 1 Capital Drawn, Capital Distributed and NAV are calculated from the cash flows of fee-paying limited partners and exclude any cash flows from the General Partner's commitment 2 Percent drawn provided by the General Partner Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices Buyout As of 6/30/22 Comparison to Peers (quarters) 9 earlier 3 earlier Equal 4 earlier 1 later Vista Equity Partners Fund VIII, L.P. | Page 4#6Hamilton Lane Key Terms¹ Term Investment Period Fund Term GP Commitment Management Fee Fee Discount Fee Offset Organization Expenses Carry/Preferred Return GP Catch-up Clawback 5 years 10 years; + 1 one-year extension at the discretion of the General Partner; + 1 one-year extension with advisory board approval $2 billion 100% Summary Class A: 1.0% of aggregate commitments stepping down to 1.0% of net contributed capital during the post-investment period Class B: 1.5% of aggregate commitments stepping down to 1.5% of net contributed capital during the post-investment period Offering six-month fee discount for investors who close before 4/1/22 Yes Executive Summary (cont.) The lesser of 0.1% of aggregate commitments and $12.5 million Class A: 30%/10%; deal-by-deal Class B: 20%/8%; deal-by-deal 100% ¹ Refers to the terms proposed by the General Partner as of October 2021; terms are subject to change during fundraising November 2022 | Proprietary and Confidential Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices Vista Equity Partners Fund VIII, L.P. | Page 5#7Hamilton Lane Investment Thesis Experienced investment team led by well-tenured Co-Heads with support from a robust broader organization Longstanding focus on the enterprise software sector contributes to sourcing, diligence and value-add capabilities Consistent performance across prior funds with strong capital preservation ● November 2022 | Proprietary and Confidential ● ● ● ● ● Executive Summary (cont.) The General Partner has established a strong team of investment and operating professionals who are fully dedicated to the flagship fund The flagship investment team is led by Co-Heads Michael Fosnaugh and Monti Saroya, who have grown internally within the organization since joining at the junior level The dedicated team benefits from access to vast broader resources that are shared across the organization, including a robust operating and in-house consulting group and a growing team of junior professionals who work across strategies Vista maintains an exclusive focus on enterprise software and manages a variety of product lines across the sector, ensuring comprehensive coverage and expertise regarding trends in the space The General Partner's longstanding focus has allowed it to establish a reputable brand and strong sourcing networks that drive attractive inbound deal flow Post-investment, Vista employs a repeatable value creation playbook, implementing a set of best practices that focus on value-add initiatives across functional areas The General Partner has delivered consistent, top-half and near top-half performance on a net IRR basis across mature funds, with recent funds tracking well and continuing to develop Vista has demonstrated strong capital preservation and an underlying focus on downside protection Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices Vista Equity Partners Fund VIII, L.P. | Page 6#8Hamilton Lane Investment Considerations The General Partner will maintain cohesion as its leadership evolves Vista will position itself as an institutionalized firm that can limit go-forward headline risk The General Partner will manage its growing asset base and dedicate adequate resources to the flagship fund ● November 2022 | Proprietary and Confidential ● ● Executive Summary (cont.) Robert Smith has gradually decreased his involvement and is no longer making investment decisions, and Brian Sheth has departed Vista; therefore, the General Partner will need to maintain cohesion under its next generation of leadership In August 2021, the General Partner appointed David Breach, formerly COO & CLO, as President & COO of Vista to lead the General Partner alongside Mr. Smith Additionally, Vista continues to give more autonomy to the Co-Heads of each of its funds, providing more structure and leadership at the top of the organization The General Partner has experienced meaningful headline risk in recent years due to personal actions by its founder as well as departures and organizational changes In an effort to manage complexity with regard to headline risk, Vista has given more responsibility to Mr. Breach to help manage organizational issues Additionally, in 2020, Vista established an Executive Committee and a Private Equity Management Committee to help streamline the management of its business units and product lines as well as broader organizational decisions Vista has scaled its platform by substantially increasing AUM across numerous product lines, resulting in a larger, more complex firm While the General Partner has grown increasingly complex, its products are complementary and are expected to benefit from each other in terms of sourcing, perspective on industry trends in the market and value-add practices Additionally, Vista has an adequately staffed investment team and well-resourced broader organization that is able to support the growth of the platform Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices Vista Equity Partners Fund VIII, L.P. | Page 7#9Hamilton Lane Recommendation Recommendation Based on the analysis and information presented herein, Hamilton Lane believes that a commitment to Vista Equity Partners Fund VIII, L.P. works towards achieving the goals set forth for the Connecticut Retire hent Plans and Trust Funds. A commitment to the Fund will maintain a relationship with a high-quality General Partner. Taking into account the investment strategy and portfolio diversification objectives of the Private Investment Fund, Hamilton Lane recommends a commitment the Fund. Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices November 2022 | Proprietary and Confidential Vista Equity Partners Fund VIII, L.P. | Page 8#10Hamilton Lane Established enterprise software investor with a robust platform Dedicated investment team with support from vast operating group and shared junior pool Internal development and broad distribution of economics incentivize long-term commitment to the platform € November 2022 | Proprietary and Confidential ● ● General Partner The General Partner is a longstanding investor with a reputable brand and established presence in the enterprise software space Vista manages a variety of product offerings within enterprise software, ensuring comprehensive coverage and deep domain expertise regarding trends in the market The General Partner benefits from a large platform of resources that contribute to its expertise, including operating and back-office groups shared across fund lines The flagship team is led by Co-Heads Michael Fosnaugh and Monti Saroya, who both joined Vista at the junior level and have grown within the organization The team receives support from broader resources, including the Vista Value Creation Team ("VCT") and a pooled group of junior investment team members The VCT provides functional expertise in various key areas such as go-to-market, product & technology, business operations, finance & administration and talent The General Partner is focused on developing professionals within the organization and has built its flagship team gradually over time through promotions Vista distributes carried interest broadly across the organization among all levels, incentivizing professionals for long-term commitment to the platform In 2020, the General Partner established its Analyst & Associate Carry Pool, which allows junior investment professionals to participate in economics Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices Vista Equity Partners Fund VIII, L.P. | Page 9#11● ● Vista was founded in 2000 by Robert Smith, Brian Sheth and Stephen Davis Mr. Smith continues to lead the organization while Messrs. Davis and Sheth departed the firm in 2009 and 2020, respectively In August 2021, David Breach, formerly COO & CLO, was appointed as President COO of Vista and now leads the General Partner alongside Mr. Smith Ⓡ Hamilton Lane ● Currently, the General Partner has over 500 employees, including over 150 investment professionals and over 100 professionals across its network of independent consultants, Vista Consulting Group In 2020, Vista established an Executive Committee and a Private Equity Management Committee to manage its business units and product lines, which both consist of Messrs. Smith and Breach as well as other senior professionals and department heads Snapshot:¹ Inception/Founders: Locations: 2000/Robert Smith, Brian Sheth (departed) and Stephen Davis (departed) Austin (headquarters), San Francisco, New York, Chicago, Oakland and Hong Kong AUM: $94 billion General Partner (cont.) Management Company: Private Headcount: 500+ total professionals including Vista Consulting Group 1 As of 7/18/22; AUM as of 6/30/22 November 2022 | Proprietary and Confidential Strategies/Product Lines: Private equity, private credit and public equity Current Leadership: Robert Smith and David Breach Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices Vista Equity Partners Fund VIII, L.P. | Page 10#12Hamilton Lane The flagship investment team is comprised of 30 professionals, including 1 Founder, Chairman & CEO, 1 President & COO, 2 Senior Managing Directors & Flagship Fund Co-Heads, 5 Managing Directors, 5 Senior Vice Presidents, 6 Vice Presidents and 10 Senior Associates General Partner (cont.) The investment team is supported by 10 dedicated operating professionals, 4 of which serve on the flagship investment committee and contribute their expertise to the senior investment team The flagship professionals also leverage a pooled group of junior investment team members comprised of 56 Associates and Analysts who are shared across Vista's various product lines The General Partner is focused on developing professionals within the organization and has built its flagship team gradually over time through promotions and strong retention ● Most senior investment professionals at Vista joined as Analysts or Associates or have worked at the firm for over 15 years Vista has experienced minimal instances of turnover on the flagship investment team since the prior fundraise, with the exception of Mr. Sheth As it relates to external hires, Vista has been thoughtful about pursuing a more diverse pool of candidates, particularly in the last year Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices November 2022 | Proprietary and Confidential Vista Equity Partners Fund VIII, L.P. | Page 11#13● ● Hamilton Lane The team is led by Senior Managing Directors & Flagship Co-Heads Michael Fosnaugh and Monti Saroya, with support from the five flagship Managing Directors, Rod Aliabadi, Adrian Alonso, John Stalder, Jeff Wilson and Ashley MacNeill ● Under the leadership and oversight of the Senior Managing Directors and Managing Directors, the Senior Vice Presidents and Vice Presidents operate as "Deal Captains" on transactions, leading the day-to-day activities of the investment process Messrs. Smith and Breach are expected to provide additional senior support; however, they are also involved with Vista's other fund lines and devote a significant amount of their time to overall firm management The flagship investment committee is comprised of Messrs. Smith, Breach, Fosnaugh, Saroya, Aliabadi, Alonso, Stalder and Wilson, as well as four flagship Operating Managing Directors, Nadeem Syed, Thomas Hogan, Betty Hung and Martin Taylor Investment decisions require consensus approval Name Robert Smith David Breach Michael Fosnaugh¹ Monti Saroya Rod Aliabadi Adrian Alonso John Stalder Jeff Wilson¹ Ashley MacNeill Jack Dillon Nick Prickel Nicolas Stahl Steven White Shannon Bracken Charles Guan Andrew Alea Sam Payton Brooke Nakatsukasa Franklin Reis Alan Glass Title Founder, Chairman & CEO President & COO Senior Managing Director, Flagship Co-Head Senior Managing Director, Flagship Co-Head Managing Director Managing Director Managing Director Managing Director Managing Director, Equity Capital Markets Senior Vice President Senior Vice President Senior Vice President Senior Vice President Senior Vice President Vice President Vice President Vice President Vice President Vice President Vice President 1 Denotes members of the investment committee Location November 2022 | Proprietary and Confidential Austin Austin Chicago Austin Chicago Austin San Francisco San Francisco New York Chicago San Francisco Chicago Austin San Francisco San Francisco Chicago Austin San Francisco San Francisco Austin Tot. Exp. (yrs.) 28 27 21 20 16 15 16 19 19 12 General Partner (cont.) 11 10 9 11 13 9 10 8 8 11 Tenure (yrs.) 22 8 17 15 14 13 11 7 <1 12 10 10 8 7 13 9 7 6 5 4 2010 Fund IV 2012 2013 Fund V 2015 Fund VI 2017 2018 Fund VII 2020 2021 2022 = Tenure with Vista = Total Experience Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices Vista Equity Partners Fund VIII, L.P. | Page 12#14● ● Hamilton Lane The investment team is supported by the Vista Value Creation Team ("VCT"), which was formalized in 2021 upon the merging of the General Partner's robust group of operating professionals and its in-house consulting group, Vista Consulting Group ("VCG") ● General Partner (cont.) Each investment team has a dedicated operating team that is involved across all phases of the investment process, including sourcing, diligence, structuring, execution and exit; the operating professionals dedicated to the flagship fund are Messrs. Syed, Hogan and Taylor and Ms. Hung as well as three additional Operating Managing Directors and three Operating Senior Vice Presidents In addition to each investment team's dedicated operating professionals, Vista maintains shared groups such as a business development group, capital & partner solutions team, finance team, compliance team and legal team The VCG is a group of over 100 software industry operations professionals and top-tier consultants who provide functional expertise on go-to-market, product & technology, business operations, finance & administration and talent ● VCG members work closely with Vista's portfolio companies to implement Vista Best Practices, which are a set of over 100 proprietary processes and methodologies designed across functional areas, including product development, sales and marketing, customer support, professional services and general administration The VCT is led by Mr. Syed as the Head of Value Creation, who is expected to lead the team in its next phase of growth, in addition to his responsibilities as a member of Vista's Executive Committee, Private Equity Management Committee and flagship investment committee Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices November 2022 | Proprietary and Confidential Vista Equity Partners Fund VIII, L.P. | Page 13#15Hamilton Lane Consistent focus on enterprise software across a broad opportunity set Robust networks and leading enterprise software brand drives deal flow Operational expertise drives repeatable value creation playbook ● November 2022 | Proprietary and Confidential ● Investment Strategy The General Partner focuses exclusively on enterprise software, data and technology-enabled solutions companies, investing across a variety of vertical end markets primarily in North America Vista captures a wide range of opportunities within enterprise software, pursuing leveraged buyouts and take-private situations as well as recapitalizations, PIPES and carve-outs Vista benefits from its scale and reputation within the enterprise software space, enabling access to attractive inbound opportunities The General Partner's network of relationships include intermediaries such as investment bankers and brokers as well as software company executives, board of directors and industry consultants who have access to opportunities Vista's sourcing efforts are further augmented by its business development and research teams, which proactively monitor new and existing relationships Through its VCT, the General Partner is well-resourced to implement value-add initiatives, and does so efficiently through the repeated application of well-tested operating models across the portfolio Vista's VCT members work closely with portfolio companies to initiate improvements across various functional areas, including product development, sales and marketing, customer support, professional services and general administration Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices Vista Equity Partners Fund VIII, L.P. | Page 14#16● The General Partner focuses exclusively on enterprise software, data and technology-enabled solutions companies, investing across a variety of vertical end markets Through its flagship funds, Vista expects to target upper middle-market and large cap businesses, typically with enterprise values between $750 million and $10 billion The General Partner seeks companies with mission-critical solutions, strong customer and revenue retention, high levels of recurring revenue, established and diversified customer bases, defensible competitive positioning and high free cash flow Prior Investments - # by Enterprise Value at Entry¹ As of 6/30/22 100% 90% 80% 70% 60% 50% 40% Hamilton Lane 30% 20% 10% 0% 33% 67% Fund III ■<$500mm 36% 7% 7% 21% 29% Fund IV 29% 6% 6% 6% 18% 18% 18% Fund V ■ $500mm - $1.0bn 13% 13% 4% November 2022 | Proprietary and Confidential 22% 9% 30% 9% Fund VI 33% 23% 7% 7% 20% 10% Fund VII $1.0bn - $1.5bn 28% 13% 4% 8% 13% 17% 18% Aggregate 1 "n/a" represents investments for which enterprise value at entry attribution was not provided. Gross Mult. Realized Performance - by Enterprise Value at Entry¹ As of 6/30/22 6.0x 5.0x 4.0x 3.0x 2.0x Investment Strategy (cont.) 1.0x 0.0x $1.5bn - $2.0bn $1,666.2 mm $2,183.6 mm $2.0bn-$2.5bn $1,641.8 mm Invested Capital ($mm) ■>$2.5bn Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices $1,914.7 mm ■n/a $363.0 mm< $590.0 mm $216.7 mm 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% -10% -20% ◆ Gross IRR Gross IRR Vista Equity Partners Fund VIII, L.P. | Page 15#17● ● ● Hamilton Lane Vista expects to complete 18 to 25 investments with an average initial equity check of approximately $750 million, representing a moderate step up from the prior fund The General Partner is typically agnostic to investment type, having invested in leveraged buyouts and take-private situations as well as recapitalizations, PIPEs and carve-outs Investment Strategy (cont.) In addition, Vista may identify public companies at attractive valuations relative to the company's intrinsic value; in such cases, Vista may acquire minority toehold positions in those public companies through open market share purchases ● The General Partner typically seeks to utilize these public positions as a starting point to ultimately acquire the company in a take-private transaction, which may be exited through open market sales when Vista feels the company has achieved fair value, or may be exited when the target company is acquired by another buyer Vista has developed a strong brand name and specialized expertise in the software space, enabling strong inbound deal flow The General Partner's network of relationships include intermediaries such as investment bankers and brokers as well as current and former software company executives, board of directors and industry consultants who have access to opportunities The General Partner's sourcing efforts are further augmented by its dedicated business development and research team who proactively profile, rank and develop relationships through a proprietary database that includes many enterprise software, data and technology-enabled solutions companies within its target market ● The General Partner has demonstrated a willingness to pay meaningfully higher multiples in order to acquire high-quality businesses; however, this is generally in line with market rates for its target sector Vista has maintained a relatively moderate approach to leverage across its prior funds The General Partner aims to utilize appropriate leverage on a case-by-case basis, evaluating each opportunity and determining the prudent amount of leverage at acquisition, with the amount varying across business profiles and their underlying end markets Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices November 2022 | Proprietary and Confidential Vista Equity Partners Fund VIII, L.P. | Page 16#18● Hamilton Lane Investment Strategy (cont.) The General Partner seeks to acquire controlling interests in companies with significant value creation opportunities; however, it has also demonstrated a willingness to acquire minority interests in recent funds With both majority and minority positions, Vista aims to leverage the breadth of its VCT to implement Vista's Best Practices, which focus on value-add initiatives across functional areas such as product development, sales and marketing, customer support, professional services and general administration Vista's focus on healthy growth businesses and extensive operational expertise through the use of its VCT has allowed it to generate strong growth rates across the portfolio Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices November 2022 | Proprietary and Confidential Vista Equity Partners Fund VIII, L.P. | Page 17#19Hamilton Lane Consistent net performance across prior funds Healthy unrealized portfolio with recent liquidity events Strong dispersion of returns with limited loss ratio ● November 2022 | Proprietary and Confidential ● ● Track Record The General Partner has generated stable performance on a net IRR basis across mature funds As of 6/30/22, Fund VII was early in its development with an average hold period of 1.3 years, but was tracking well with several markups across the portfolio Vista's unrealized portfolio is healthy, with the majority of investments held at or above cost as of 6/30/22 The General Partner has shown its ability to generate meaningful recent realizations within the portfolio The General Partner has demonstrated strong capital preservation across prior funds Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices Vista has proven its ability to generate strong realizations across market cycles, with approximately 85% of realized invested capital generating above a 2.0x gross multiple as of 6/30/22 Vista Equity Partners Fund VIII, L.P. | Page 18#20Ⓡ Hamilton Lane ● As of 6/30/22, the General Partner had delivered stable performance across its mature funds, with Fund III generating top- quartile net IRR returns, Fund V generating second-quartile net IRR returns and Funds IV & VI generating third-quartile net IRR returns ($mm) Fund Fund III Fund IV Fund V Fund VI Fund VII Total Fund VII generated bottom-quartile performance on a net IRR basis but remains early in its development Vintage 2007 2011 2014 2016 2019 Fund Size $1,287 3,467 6,007 11,095 17,077 Vista Equity Partners Management, LLC Prior Investment Performance' As of 6/30/22 Capital Drawn Capital Distributed $1,361.6 $3,207.8 3,369.1 4,268.6 7,198.6 7,810.1 13,115.9 10,701.5 11,840.4 117.0 $36,885.6 $26,104.9 NAV $81.5 2,303.2 7,879.0 14,683.4 16,229.4 $41,176.5 DPI 2.4x 1.3x 1.1x 0.8x 0.0x 0.7x TVPI 2.4x 2.0x 2.2x 1.9x 1.4x 1.8x Track Record (cont.) Net IRR 27.0% 14.7% 20.2% 20.0% 17.4% 19.8% DPI HL Benchmark North American Buyout As of 6/30/22 Top-Quartile 2.0x 2.0x 1.6x 1.1x 0.3x TVPI 2.1x 2.3x 2.2x 2.1x 1.7x Net IRR 15.7% 21.7% 24.4% 26.5% 39.4% 1 Capital Drawn, Capital Distributed and NAV are calculated from the cash flows of fee-paying limited partners and exclude any cash flows from the General Partner's commitment Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices November 2022 | Proprietary and Confidential PME Benchmark S&P 500 TR As of 6/30/22 PME IRR 10.1% 14.2% 13.5% 15.7% 16.9% 14.4% Vista Equity Partners Fund VIII, L.P. | Page 19#21● ● Hamilton Lane The General Partner has generated strong gross performance across prior funds The unrealized portfolio remains healthy, with the majority of investments held at or above cost as of 6/30/22 Subsequent to 6/30/22, Vista signed an agreement to acquire an automated tax compliance software company, representing an additional investment in Fund VII and the first platform investment for Fund VIII ($mm) Fund Fund III Fund IV Fund V Fund VI Fund VII Total ($mm) Fund Fund III Fund IV Fund V Fund VI Fund VII Total Amount Invested Vintage $1,116.2 939.4 2,730.4 3,790.1 0.0 $8,576.0 2007 2011 2014 2016 2019 # of Inv. Vista Equity Partners Management, LLC Realized Investment Performance As of 6/30/22 $3,535.8 2,672.8 7,436.6 11,266.8 58.7 $24,970.8 Total 12 14 17 23 30 96 Vista Equity Partners Management, LLC Prior Investment Performance As of 6/30/22 November 2022 | Proprietary and Confidential Real. 11 9 11 9 10 50 Amount Unrealized Gross Realized Value Mult. Fund Size $0.0 3.2x 73.7 2.9x 67.7 2.7x 299.3 3.1x 0.0 n/a $440.7 3.0x $1,287 3,467 6,007 11,095 17,077 Gross IRR 36.2% 49.3% 41.1% 36.4% n/a 38.2% Amount Invested $1,236.2 3,066.4 6,740.9 12,809.0 12,876.7 $36,729.1 ($mm) Fund Fund III Fund IV Fund V Fund VI Fund VII Total Amount Realized $3,758.6 4,547.4 9,232.7 12,938.2 145.9 $30,622.7 Track Record (cont.) Amount Invested Unrealized Gross Value Mult. $120.0 2,127.0 4,010.5 9,018.9 12,876.7 $28,153.0 $102.2 3.1x 3,215.0 2.5x 9,232.2 2.7x 17,127.2 2.3x 19,894.2 1.6x $49,570.8 2.2x Vista Equity Partners Management, LLC Unrealized Investment Performance As of 6/30/22 Amount Unrealized Gross Realized Value Mult. $222.8 1,874.5 1,796.1 1,671.4 87.2 $5,651.9 Gross IRR Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices 35.8% 19.4% 26.9% 26.2% 26.4% 26.9% $102.2 2.7x 3,141.3 2.4x 9,164.5 2.7x 16,827.9 2.1x 19,894.2 1.6x $49,130.1 1.9x Gross IRR 19.5% 12.7% 20.3% 20.2% 26.1% 19.2% Vista Equity Partners Fund VIII, L.P. | Page 20#22Hamilton Lane ● The General Partner has made significant efforts to incorporate ESG-related initiatives into its organization as well as its portfolio companies, and has hired Kirk Hourdajian as Head of ESG and Khalida Ali as Director of Diversity & Inclusion to lead these efforts In July 2021, Vista became one of the first North American-based private equity firms to join the Net Zero Asset Managers Initiative, through which it is committed to emitting net zero greenhouse gas emissions across its investments by 2050 and reducing its emissions by 50% by 2030 • Along with this initiative, the General Partner announced that 100% of its majority-owned portfolio companies had committed to annually measuring their carbon footprint; as part of this program, Vista provides access to a software measurement tool that will allow portfolio companies to accurately track greenhouse gas emissions and help identify opportunities for reduction and goal setting With regard to diversity & inclusion, Vista has partnered with several programs, including Vista Frontiers Fellows Program, Girls Who Invest, Code.org, Scratch, Thirty Percent Coalition, Seizing Every Opportunity, Management Leadership for Tomorrow, Out for Undergrad, JumpStart Advisory Group and The Robert Toigo Foundation to increase efforts both within its organization as well as at portfolio companies In 2020, the General Partner introduced its "Conscious Inclusion" internally, where employees participate in a three-part learning journey on DE&I ESG Policy ESG-Dedicated Professionals Signatories Environmental Focus Diversity Yes Yes, 1 Head of ESG and 1 Director of Diversity and Inclusion Yes, signatory to PRI; commits to UNGC, GIIN, ILPA and SASB Environmental, Social, & Governance Yes, signatory to Net Zero Asset Managers Initiative 9% female and 91% male across flagship decision- making group 55% minority and 45% majority across flagship decision-making group 24% female and 76% male across flagship investment team 31% minority and 69% majority across flagship investment team November 2022 | Proprietary and Confidential ESG in due diligence process Integration in decision-making ESG focus - planning Monitoring Reporting Requirements of portfolio companies No third party ESG DD for investments but is a consideration internally IC memos and diligence include ESG considerations ESG is always included in strategic planning Monitors KPIs including GHG measurement, the existence of an ESG team and policy and board engagement at portfolio companies Carbon Footprint Report and ESG Portfolio Company Assessment In 2021, Vista set a portfolio-wide goal to have each majority-held portfolio company publish an ESG policy by Q1 2022 Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices Vista Equity Partners Fund VIII, L.P. | Page 21#23Appendices#24Hamilton Lane Name Robert Smith David Breach Michael Fosnaugh Monti Saroya Rod Aliabadi Adrian Alonso John Stalder Jeff Wilson Ashley MacNeill Jack Dillon Nick Prickel Nicolas Stahl Steven White Shannon Bracken Charles Guan Andrew Alea Sam Payton Brooke Nakatsukasa Franklin Reis Alan Glass Title Founder, Chairman & CEO President & COO Senior Managing Director, Flagship Co-Head Senior Managing Director, Flagship Co-Head Managing Director Managing Director Managing Director Managing Director Managing Director, Equity Capital Markets Senior Vice President Senior Vice President Senior Vice President Senior Vice President Senior Vice President November 2022 | Proprietary and Confidential Vice President Vice President Vice President Vice President Vice President Experience of Investment Professionals Tot. Exp. Tenure (yrs.) (yrs.) 28 22 27 8 21 17 20 15 Vice President Location Austin Austin Chicago Austin Chicago Austin San Francisco San Francisco New York Chicago San Francisco Chicago Austin San Francisco San Francisco Chicago Austin San Francisco San Francisco Austin 16 15 16 19 19 12 11 10 9 11 13 9 10 8 8 11 14 13 11 7 <1 12 10 10 8 7 13 9 7 6 5 4 Prior Experience • Goldman Sachs, Co-head of Enterprise Systems and Storage • Kirkland & Ellis LLP, Partner SG Cowen & Co. • JMP Securities, Senior Research Analyst • Stanford Genome Technology Center, Associate • NextBio, Consultant Goldman Sachs, Investment Banking • ● Pagemill Partners, Associate ● Oppenheimer & Co, Analyst • SVB Alliant, Analyst • TPG Capital ● Morgan Stanley • Morgan Stanley, Managing Director • UBS Investment Bank, Associate Director • n/a • Rothschild, Analyst • Financial Technology Partners, Analyst • TPG Capital, Associate • Moelis & Company, Analyst Team Bios • Perella Weinberg Partners, Analyst CIBC World Markets, Associate • RBC Capital Markets, Analyst • n/a • n/a Odyssey Investment Partners, Associate • Merrill Lynch, Associate • Deutsche Bank, Analyst Guggenheim Partners, Associate • JP Morgan, Associate • SAIL Advisors, Analyst Greenwich Associates, Client Associate Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices Vista Equity Partners Fund VIII, L.P. | Page 23#25Benchmark Analysis: Hamilton Lane DPI: ESG: Gross IRR: Investment Pacing: J-curve Benchmark: Loss Ratio Analysis: Net IRR: Net Returns to Limited Partners: Outlier Analysis: PME Analysis: Realized Attribution Analysis: Realized Investments: RVPI: TVPI: November 2022 | Proprietary and Confidential Definitions An analysis that compares the net IRR of the prior funds to the top-quartile net IRR benchmarks for similar funds (based on strategy and vintage) as reported by the Hamilton Lane database. The benchmark data shown is the most recent data available at this time Distributed-to-Paid In = (Amount of Distributions Received)/(Total Amount of Capital Paid-In) Environmental, Social and Governance Internal Rate of Return ("IRR") of investments at the "fund level," excludes fees paid by LPs to the General Partner such as management fees and carried interest. For investments held less than one year, Hamilton Lane nominalizes the IRR to match the hold period of the investment in order to represent a more meaningful number An analysis of the total capital invested during the given years. Includes all prior investments, realized or unrealized Peer (median by age) is calculated by taking the median IRR of similar funds (based on strategy and vintage) in Hamilton Lane's database at each quarter, which are simulated as investing at the same point in time. The length of time to break the J-curve is calculated from inception to the first time each fund generated a positive net IRR An analysis of the capital invested in realized transactions generating different multiples of invested capital Annualized Internal Rate of Return ("IRR") of investments at the LP level inclusive of fees such as management fees and carried interest paid to the General Partner The performance of the General Partner's prior investment vehicles at the net LP level, inclusive of all fees, carried interest and expenses. Performance data is as reported by the General Partner using actual capital contributions, distributions and net asset value for either all limited partners, or a sample set of limited partners, in the respective funds An analysis of the gross returns of investments in prior funds, comparing overall performance against the performance when certain 'outlier' transactions are excluded. Outliers are defined as transactions that generate exceptionally positive or negative results Calculated by taking the fund's monthly cash flows and investing them in the relevant Total Return Index (where all dividends are re- invested). Contributions were scaled by a factor such that the ending portfolio balance would be equal to the private equity net asset value (equal ending exposures for both portfolios). This prevents shorting of the public market equivalent portfolio in order to match the performance of an outperforming private equity portfolio. Distributions were not scaled by this factor. The IRRs were then calculated based on these adjusted cash flows. The selected PME represents the most relevant public market benchmark Analysis of the capital invested in, and performance of, the prior realized transactions according to the criteria indicated Hamilton Lane classifies investments as "realized" if it has: i) an unrealized value of less than 20% of the total value; ii) a carrying value that has been written to zero or has been previously written-off; or iii) been fully exited and the GP has no remaining interest in the company Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices Remaining Value-to-Paid In = (Current Net Asset Value)/(Total Amount of Capital Paid-In) Total Value-to-Paid In = (Amount of Distributions Received + Current Net Asset Value)/(Total Amount of Capital Paid-In) Vista Equity Partners Fund VIII, L.P. | Page 24#26Hamilton Lane Time-Zero IRR: Write-Down Ratio: Write-Off Ratio: Definitions (cont.) November 2022 | Proprietary and Confidential Represents the gross IRR calculated as if every investment were initiated on the same date The ratio of capital invested in realized investments that have been sold for a value that is less than 1.0x their original cost basis, divided by the total capital invested in all realized investments The ratio of capital invested in realized investments that have been sold for a value that is less than 0.5x their original cost basis, divided by the total capital invested in all realized investments Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices Vista Equity Partners Fund VIII, L.P. | Page 25#27Hamilton Lane Philadelphia (Headquarters) Seven Tower Bridge 110 Washington Street Suite 1300 Conshohocken, PA 19428 USA +1 610 934 2222 Denver 10333 East Dry Creek Road Suite 310 Englewood, CO 80112 USA +1 866 361 1720 Frankfurt Schillerstr. 12 60313 Frankfurt am Main Germany +49 69 153 259 290 Hong Kong Room 1001-3, 10th Floor St. George's Building 2 Ice House Street Central Hong Kong, China +852 3987 7191 Las Vegas 3753 Howard Hughes Parkway Suite 200 Las Vegas, NV 89169 USA +1 702 784 7690 London 4th Floor 10 Bressenden Place London SW1E 5DH United Kingdom +44 20 8152 4163 Miami 999 Brickell Avenue Suite 720 Miami, FL 33131 USA +1 954 745 2780 Milan Via Filippo Turati 30 20121 Milano Italy +39 02 3056 7133 New York 610 Fifth Avenue, Suite 401 New York, NY 10020 USA +1 212 752 7667 Portland Kruse Woods II 5335 Meadows Rd Suite 280 Lake Oswego, OR 97035 USA +1 503 624 9910 San Diego 7817 Ivanhoe Avenue Suite 310 November 2022 | Proprietary and Confidential La Jolla, CA 92037 USA +1 858 410 9967 San Francisco 201 California Street, Suite 550 San Francisco, CA 94111 USA +1 415 365 1056 Scranton 30 Ed Preate Dr Suite 101 Moosic, PA 18507 USA +1 570 247 3739 Seoul 12F, Gangnam Finance Center 152 Teheran-ro, Gangnam-gu Seoul 06236 Republic of Korea +82 2 6191 3200 Singapore 12 Marina View Asia Square Tower 2 Suite 26-04 Singapore, 018961 +65 6990 7850 Contact Information Stockholm Östermalmstorg 1 Floor 2 114 42 Stockholm Sweden +46 8 535 231 40 Sydney Level 33, Aurora Place 88 Phillip Street Sydney NSW 2000 Australia +61 2 9293 7950 Tel Aviv 6 Hahoshlim Street Building C 7th Floor Herzliya Pituach, 4672201 P.O. Box 12279 Israel +972 73 2716610 Tokyo 13F, Marunouchi Bldg. 2-4-1, Marunouchi Chiyoda-ku Tokyo 100-6313, Japan +81 (0) 3 5860 3940 Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices Toronto 2001-2 Bloor West Toronto, Ontario Canada M4W 3E2 +1 437 600 3006 Zug Hamilton Lane (Switzerland) AG Baarerstrasse 14 6300 Zug Switzerland +41 (0) 43 883 0352 Vista Equity Partners Fund VIII, L.P. | Page 26