Partnership Holdings III and Secondary Strategy Overview

Terms Fund Structure ERSRI Main Fund ("PH III") Delaware limited partnership $25M Overage Fund ("PH III-C") Delaware limited partnership Up to $15M commitment 6 Term 10 years 10 years Management Fee Carry 1% 5% primary; 10% early secondary/special situations; 20% direct co-invest 0.5% 2.5% primary; 5% early secondary/special situations; 10% direct co-invest Preferred Return 6% 6% INDUSTRY Ventures

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