Investor Presentaiton
53
CONFIDENTIAL
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Glossary
Secondary Fund Size Classification
Vintage Year
2000-2004
2005-2009
2010-2011
Small-Cap
Mid-Cap
Large-Cap
<$50MM
$50-$250MM
>$250MM
<$300MM
$300-$1,500MM
>$1,500MM
<$500MM
$500-$2,500MM
>$2,500MM
Secondary Investments - Secondary Investments are interests in existing private equity funds that are acquired in privately negotiated transactions,
typically after the end of the private equity fund's fundraising period. The investments of the acquired fund are usually known at the time of acquisition,
and the majority of the fund's capital is typically drawn down and invested by the time of the fund's acquisition.
SWF-Sovereign Wealth Fund
Syndicate - A group of buyers who combine to purchase a specific interest
Synthetic Secondary investors acquire an interest in a new limited partnership that is formed specifically to hold a portfolio of investments. Typically,
the manager of the new fund had historically managed the assets as a captive portfolio
Total Value to Paid-In Capital ("TVPI") - The ratio of Total Value (Net Asset Value plus distributions received) to Paid-In Capital (total invested capital)
Transaction(s) - Transactions are defined as the number of individual investment transactions closed by the Fund during the measurement period. For
example, a primary commitment is counted as one transaction. A completed secondary acquisition of assets is counted as one transaction, irrespective
of the number assets acquired in that transaction. "Transactions" does not provide a measure of diversification but is intended to summarize the
Fund's new investment activity during the measurement period.
Venture - Investments in new and emerging companies are usually classified as venture capital. Such investments are often in technology and
healthcare related industries. Companies financed by venture capital are generally not cash flow positive at the time of investment and may require
several rounds of financing before the company can be sold privately or taken public. Venture capital investors may finance companies along the full
path of development or focus on certain sub-stages in partnership with other investors.View entire presentation