Nepc Private Markets Investment Due Diligence Report

Penwood Select Industrial Partners VII Non-Core Real Estate COVER PAGE Firm Name Fund Name Diverse-Owned/ Diverse-Led Manager ESG Rating Target Size/Max Size Amount Raised Prior Fund Raise Minimum Investment Target Final Close Date Target Fund Return Management Fee & Carry NE PC Penwood Real Estate Investment Management Penwood Select Industrial Partners VII No $500 million $250 million as of May 2023 $381 million $25 million though the General Partner may accept a lower amount at its discretion Q3 2023 10% -12% net IRR 1.45x net MOIC Management fee of 1.50% and carried interest of 15% over an 8% preferred return to the investors CONFIDENTIAL INFORMATION - FOR NEPC CLIENT USE ONLY | 2

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