Nepc Private Markets Investment Due Diligence Report
Penwood Select Industrial Partners VII
NON-CORE REAL ESTATE
DISCLAIMERS AND DISCLOSURES
■ Past performance is no guarantee of future results.
The opinions presented herein represent the good faith views of NEPC as of the date of this report and are subject
to change at any time.
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Information used to prepare this report was obtained directly from the investment manager, and market index
data was provided by other external sources. While NEPC has exercised reasonable professional care in preparing
this report, we cannot guarantee the accuracy of all source information contained within.
NEPC may provide background information on fund structures or the impact of taxes, but you should contact
your legal counsel or tax professional for specific advice on such matters.
This report may contain confidential or proprietary information and may not be copied or redistributed to any
party not legally entitled to receive it.
In addition, it is important that investors understand the following characteristics of non-traditional investment
strategies including hedge funds, real estate, and private equity:
1. Performance can be volatile, and investors could lose all or a substantial portion of their investment
2. Leverage and other speculative practices may increase the risk of loss
3. Past performance may be revised due to the revaluation of investments
4. These investments can be illiquid, and investors may be subject to lockups or lengthy redemption terms
5. A secondary market may not be available for all funds, and any sales that occur may take place at a discount to
value
6. These funds are not subject to the same regulatory requirements as registered investment vehicles
7. Managers may not be required to provide periodic pricing or valuation information to investors
8. These funds may have complex tax structures and delays in distributing important tax information
9. These funds often charge high fees
10. Investment agreements often give the manager authority to trade in securities, markets or currencies that are not
within the manager's realm of expertise or contemplated investment strategy
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PC
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