Absolute Return Strategies Presentation

Cliffwater Private Assets Experience Cliffwater Cumulative Client Commitments Strategy Commitments ($000s) Buyout 9,515,646 Venture 2,700,000 Real Estate 15% Distressed 2,754,474 Infrastructure, Agriculture & Buyout 34% Timber, & Mining Energy 3,070,248 11% Private Debt 2,392,851 Private Debt 9% Infrastructure 1,753,833 Agriculture & Timber 991,600 Energy 11% Venture 10% Distressed 10% Mining 245,000 Real Estate Total 4,197,397 27,621,049 Notes on the above information: Private Debt includes Mezzanine, Opportunistic Credit, Direct Lending, and Bank Loan strategies Real Estate includes Real Estate Debt, Opportunistic, and Value-Add strategies "Commitments" are based on the cumulative amount of capital committed by Cliffwater private assets clients, both discretionary and non-discretionary, to funds or accounts recommended by Cliffwater. Amounts are calculated from inception of the relevant strategy through June 30, 2017. The inception dates for the strategies are as follows: Buyout, August 1, 2005; Venture, January 1, 2006; Distressed, August 30, 2005; Energy, October 14, 2005; Private Debt, March 23, 2006; Infrastructure, September 28, 2012; Agriculture & Timber, October 24, 2014; Mining, March 25, 2010; and Real Estate, January 24, 2006. CLIFFWATER LIC 18

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