Investor Presentaiton
13
CONFIDENTIAL
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Investment Process - Underwriting
Available
Information
Reference date
financials
GP materials
Diligence calls with
GP and industry
experts
å
Manager
Evaluation
Asset Level
Diligence
Track record
Fundraising
Franchise stability
Operational
capabilities
Assess value of
portfolio and
underlying
holdings (asset
valuation and
capitalization)
Set go-forward
expectations for
each company
(YoY operational
growth, leverage,
comps, invest.
vintage)
$
Fund Level
Pricing
Considerations
around geography,
sector, public
market exposure,
asset
concentration
Subsequent
quarterly updates
from GP
Portfolio Level
Pricing
Competitive
dynamics (portfolio
solution vs.
mosaic)
Seller motivation
Transaction size
and market
visibility
(1)Diversification does not ensure a profit or protect against loss
Proprietary underwriting process seeks to codify best practices from our 70+
years of combined experience investing in private equity secondaries.View entire presentation