Partnership Holdings III and Secondary Strategy Overview

4 Partnership Holdings III Strategy • Primary Commitments Low valuations with high multiple potential Receive all distributions from inception Our Approach to Early Stage VC Invest with Small Funds • Early Secondary Investments Distressed sellers looking to relieve unfunded liabilities accept deep discounts Mitigates J-curve with earlier distributions 8-12 Transactions Direct Co-Investments Concentrate in best companies, typically with $10mm+ of revs. Capitalize on excess pro-rata rights of small funds • 12-15 Managers • • 15-20 Companies • Target 40% of the fund • Target 40% of the fund • Target 20% of the fund INDUSTRY Ventures

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