Rhode Island State Investment Commission

ENDEAVOUR OVERVIEW Endeavour is raising Endeavour Capital Fund VIII in support of its long-term strategy of investing in directly sourced, lower middle market growth companies in the Western United States. ENDEAVOUR History Investment Strategy Current Fund New Fund General Parameters Industry Focus ■ ■ ■ ■ Founded in 1991 60 platform investments to date Direct sourcing from owners and managers in the Western U.S. looking for a partner with a proven track record and philosophy of stewardship First outside investors, value-add opportunity, moderate leverage Endeavour Capital Fund VII, a 2016 vintage fund with $775 million of committed capital Endeavour Capital Fund VIII, targeting $800 million of committed capital (hard cap of $850 million) Companies headquartered in the Western United States with a minimum EBITDA of $5 million $25 - $100 million in equity per transaction, or more with co-investments from our LPs Business Services Food & Consumer ■ Healthcare ■ Industrial Products & Services Transportation & Logistics 5

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