Investor Presentaiton

51 CONFIDENTIAL I}} Glossary Blind Pool Investment Fund - A limited partnership that does not announce its intentions with specificity as to what investments will be made. - Buyout Control investments in established, cash flow positive companies are generally classified as buyouts. Buyout investments may focus on small-, mid- or large-capitalization companies, and such investments collectively represent a majority of the capital deployed in the overall private equity market. The use of debt financings, or leverage, is prevalent in buyout transactions - particularly in the large-cap segment. Capital Calls - Unfunded capital drawn down from investors periodically to finance investment activity and fund operations Co-Investments Co-investments generally involve taking an interest in securities issued by an operating company, whether equity or debt, in parallel with a sponsoring fund manager acting as the lead investor. Direct equity investments generally involve new owners taking a material stake in the target company and may involve exercising influence on the growth and development of the company through work with the company's management and board of directors. Direct debt investments typically represent financing for buyout or growth investments and may have various features and covenants designed to protect the lender's interests. Direct Funds - Individual private equity funds or a portfolio of individual private equity funds. Distribution - Cash flow provided to the limited partner of a private equity fund related to the liquidity proceeds realized through a liquidity event for one or more portfolio companies. Dry Powder - A private equity investment term referring to uninvested capital subject to call by an investment fund. E&F Endowments and Foundations Evergreen Fund ― Evergreen Funds reinvest investment proceeds into new investments within the fund, as opposed to distributing investment proceeds to the fund's investors. Family Office- An investment company established by a high net worth individual or family to invest and manage that investor's assets Global Private Equity/VC Funds - Those U.S. and non-U.S. private equity and venture capital funds included in a combination of the Cambridge Associates Global Private Equity Fund and Global Venture Capital Fund Index data sets as of the dates indicated in the relevant chart footnotes. As of the March 31, 2017; and December 31, 2005, reports, these data sets are comprised of five asset classes: Buyouts, Growth Equity, Private Equity Energy, Subordinated Capital, and Venture Capital. Global Secondary Funds - Those U.S. and non-U.S. secondary funds included in the Cambridge Associates Global Secondary Fund Index data sets as of the dates indicated in the relevant chart footnotes. GP or General Partner - The investment manager of a private equity fund Harvest Phase - The stage in a private equity fund's life cycle when the fund's manager begins to liquidate the fund's assets through the public and/or private capital markets. This stage typically begins in years 4-6 of a fund's life, as the investments have matured, and the investment manager has built value above cost in the individual company investments. Intermediated - Transactions where a broker is involved and acts as an intermediary between the buy and sell side

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