Investor Presentaiton
6
Top Tier Performance
vs. Cambridge and Preqin Value-Add Benchmarks
CAMBRIDGE ASSOCIATES VALUE-ADD BENCHMARKS
LEM FUND III
Ranked #2
of 33 Constituent Funds²
LEM III1
24.1%
LEM FUND IV
Ranked #3
LEM FUND V
Ranked #1
of 32 Constituent Funds²
of 23 Constituent Funds²
These are early
results and are
Top 5%
22.1%
LEM V1
38.2%
expected to
normalize in our
targeted
12-15% range
Top 5%
24.1%
LEM IV1
20.3%
Top 5%
20.7%
2X
Median
Top Quartile
17.5%
2X
Top Quartile
12.6%
Median
Top Quartile
13.1%
Median
12.0%
Median
9.7%
Median
VALUE-ADD FUNDS RANKED TOP QUARTILE BY PREQIN³
8.6%
1 Values shown are Net to Limited Partners since inception as of June 30,2021 for LEM Fund III, LEM Fund IV, and LEM V. 2 The Cambridge Associates benchmark pooled return is for 2012, 2015, and 2018
vintage value-add real-estate funds for Funds III and IV, respectively. Real Estate Benchmark statistics are provided by Cambridge Associates at no cost and are "as is" as of March 31, 2021. Fund I and Fund II,
which were structured debt funds, are not compared to the Cambridge Associates index as they do not benchmark for debt funds. 3 The Preqin Quarterly Benchmark is 2012, 2015, and 2018 vintage value-add
real estate funds. Real estate statistics are provided by Preqin at no cost and are "as is" as of March 31, 2021 (FIII, FIV and FV). Preqin does not have specific benchmarks for debt funds so both Fund I and Fund II
are included in the "Real Estate - North America" category, which includes a range of fund strategies and may not be as representative of relative performance. Please refer to the performance disclosures on
slide 2 and the Footnotes and Definitions. Investors should bear in mind that the past performance shown for these investments is not necessarily indicative of future results and there can be no assurance that
the Fund will achieve comparable results.
LE M
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