Portugal Liquid Opportunities

Current positions International equities strategy (<40% allocation): Examples of past and current positions of the Liquid Opportunities strategy Company Investment thesis Further detailed on the Current Portfolio and I Case Studies section Divested basware adecoagro ◉ c. €300m Finnish e-invoicing provider (peer of past Oxy PE investment) Oxy invested after validating accelerating traction masked by shift to SaaS; ~2x in <1 year after Accel-KKR take private ☐ c. €900m LATAM agricultural producer first analyzed by Oxy partner in 2007 as a potential private investment Oxy invested in two downturns leveraging market overreaction to Argentina exposure, ~2x returns on both investments Company implementing buybacks initially suggested by Oxy Fitness chain European fitness chain at ~4x normalized EBITDA Peer of current and past Oxy PE investments in the sector Accounting software " ☐ ☐ Canadian accounting software provider, peer of past Oxy PE investment At ~15x FCF despite double digit organic growth and low churn Oxy pushed for improved disclosures and increased buybacks 19

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