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Investor Presentaiton

18 CONFIDENTIAL I}} Secondary Funds Volatility Versus Direct Funds Standard Deviation of Average Net IRR by Strategy - Vintages 2000 - 2021 17.4% Secondaries Source: PitchBook, IRR Standard Deviation 19.7% Buyout 25.7% Venture The ability to evaluate mature assets, identify risks, and price them appropriately has historically resulted in lower volatility for secondary funds relative to 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 Pitch Book's database of 2,411 PE funds, 1,273 Venture funds, and 139 Secondaries funds, which met 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.
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