Investor Presentaiton
CONFIDENTIAL
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Secondary Funds Performance by Vintage Year
25.00%
20.00%
Pre-downturn
Deployment
15.00%
10.00%
5.00%
Post-downturn
Deployment
Pre-downturn
Deployment
Post-downturn
Deployment
0.00%
1997
1998 1999
2000 2001
2002
2003
2004 2005
2006 2007 2008
2009
2010 2011
■Median
Past performance is not indicative of future results. Data Source: PitchBook, most recent available data as of 2021. Data is a comparison of all secondary funds from
vintages 1997 through 2011 (168 funds). Data was downloaded on June 3, 2022. This industry data reflects the fees, carried interest, and other expenses of the funds
included in the data set. The fees, carried interest, and other expenses borne by investors in a FlowStone fund may be higher or lower than the fees and expenses of the funds
reflected in the data set. See Glossary pages at the end of this presentation for more details. PitchBook data is typically compiled from funds that elect to self-report. Thus,
this data may not be representative of all secondary funds and may be biased toward those funds that generally have higher performance. Additionally, the funds included
in these measures may lack commonality. Over time, components of the data may change. Funds may begin or cease to be represented based on these factors, thereby
creating a "survivorship bias" that may additionally impact the data reported.View entire presentation