Mesirow Private Equity
Notes on Performance Data
Mesirow
Fund-of-Funds
Gross IRRS: The gross IRRs of Funds I, II, III, IV, V, VI and VII-A described herein represent the annualized performance of the underlying partnerships investments of such Funds for the periods since inception
(1999, 2001, 2005, 2006, 2009, 2013 and 2017, respectively) through 6/30/2021 and reflect the reinvestment of certain realized proceeds and other earnings by Mesirow Private Equity funds and the underlying
partnerships. The gross IRRs have been calculated using actual monthly cash outflows and inflows related to the underlying partnerships investments and include the following non-cash values generally as
determined by the respective general partner in accordance with valuation policies contained in the applicable partnership agreement: securities distributed to such Fund and terminal value which is such Fund's
capital account balance as of 6/30/2021. The gross IRRs are net of underlying managers' fees and expenses but do not represent net return to limited partners as they do not reflect the deduction of Mesirow
Private Equity's management fees and other expenses. The actual performance to limited partners is reduced by Mesirow Private Equity fees and other expenses. In the event an investee partnership presents
capital account data in a currency other than the United States Dollar (USD), values are translated into USD using exchange rates provided by a major financial data reporting service as of 6/30/2021. The gross
IRRS include valuations of realized and unrealized investments. Actual realized returns on unrealized investments will depend on a number of factors (including future operating results, the value of the assets
and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale) that may differ significantly from the assumptions used in determining the unrealized values.
Accordingly, the actual realized returns on these unrealized investments may differ materially from returns indicated herein.
Net IRRS: The net IRRs of Funds I, II, III, IV, V, VI and VII-A as of 6/30/2021 (2.3%, 12.1%, 8.4%, 11.6%, 18.4%, 27.2% and 30.1%, respectively) have been calculated using actual limited partner monthly cash
outflows and inflows, and include a terminal value equal to the aggregate value of limited partner capital accounts as of 6/30/2021. Such limited partner capital accounts reflect the limited partners' pro rata share
of Funds I, II, III, IV, V, VI and VII-A's capital account balances for all investee partnerships, as determined by the respective general partners in accordance with valuation policies contained in the applicable
partnership agreement, as well as cash and other net assets. The net IRRs are net of the underlying managers' fees, expenses and carried interest and net of Mesirow Private Equity's management fees and
related fund expenses. Advisory fees are described in Part 2A of Form ADV of Mesirow Financial Private Equity Advisors, Inc. (MFPEA). The net IRRS include valuations of realized and unrealized investments.
Actual realized returns on unrealized investments will depend on a number of factors (including future operating results, the value of the assets and market conditions at the time of disposition, any related
transaction costs and the timing and manner of sale) that may differ significantly from the assumptions used in determining the unrealized values. Accordingly, the actual realized returns on these unrealized
investments may differ materially from retums indicated herein. A client-specific net IRR may differ from the aggregate limited partner net IRR due to differences among clients in terms of commitment size,
management fee rate and closing date.
Benchmark: The "Cambridge Median" PE Benchmark shows the median net returns for fund-of-funds listed on the Cambridge Associates Benchmark Calculator as of 3/31/2021. The Cambridge Associates
database comprises performance information on 687 fund-of-funds. Additional explanation of benchmark construction is available upon request.
General: The performance information shown in this presentation has not been audited. MFPEA's advisory fees are described in Part 2A of its Form ADV. Past performance is not indicative of future results, and
there is a possibility of loss in connection with any investment. Additional performance information is available upon request. Please refer to important disclosure information included in the "Disclosure" at the end
of this section.
22 | MESIROW PRIVATE EQUITY
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