Investor Presentaiton
17
CONFIDENTIAL
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Secondary Funds Returns Comparison
Pooled Avg. Net IRR (%)
17.1%
14.4%
Secondaries
Source: PitchBook Data, Inc.
Fund of Funds
14.4%
11.9%
Buyout
Venture
Benefiting from shorter holding periods, purchase discounts, and the ability to compound
return multiples through the reinvestment of proceeds, secondary funds have historically
outperformed an index of traditional private equity and venture capital funds.
Past performance is not indicative of future results. Data Source: Pitch Book, downloaded on May 31, 2023. Data is a comparison of secondary investments and private
capital investments sourced from PitchBooks's database of 4,603 funds meeting certain search criteria with vintages from 2000 to 2021. 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