7TH ANNUAL Global FundFinance Symposium

MARCH 14, 2017GRAND HYATT, NEW YORK

2

TABLE OFCONTENTS

Letter from the Chairman ... 2

Agenda at a Glance ............. 3

Session Details .................... 4

Sponsors ............................ 12

Speakers ............................ 28

FFA Survey Results ............ 72

FFA Leadership .................. 77

7TH ANNUAL Global FundFinance Symposium

3

LETTER FROM THECHAIRMANIndustry colleagues,

On behalf of the Fund Finance Association Board of Directors, I would like to be the first to welcome you to the 7th Annual Global Fund Finance Symposium.

By most accounts, 2016 was another strong year for fundraising, deal activity and the fund finance market in general. While 2016 had its share of volatility and uncertainty – Brexit and Trump to name a few – continuation of low interest rates and accommodative central bank policy, improving corporate earnings and low unemployment have provided enough support overall to the market for buyers and sellers to be enthusiastic. We continued to see increased demand by funds for credit facilities, hedging solutions, and nontraditional forms of leverage. New lenders seemingly coming to market every month, with existing lenders adding staff to manage the increased loan demand along with higher regulatory burden. Today, across many panels, I expect to hear the question of “Do you expect this environment to persist?” or “What’s going to be different in 2017?” I for one have no crystal ball, but if I had to guess I’d suggest we’ll see more of the same. I (finally) think rates will rise in the US, but will still be relatively low, and will remain pressured to not rise too quickly given monetary policy abroad and the implicit effect of a strong dollar. Fundraising will continue to be strong as institutional investors will look to deploy capital given the level of recent distributions and continued shift to higher yielding investments. Managers will continue to find deals even though prices are seemingly high, and banks will continue to lend as loan growth opportunity overall is still somewhat benign and the fund finance market has provided an arena to achieve growth with an accretive risk/return structure. Now I just hope Trump and Kim Jong-un don’t get into a (twitter) war and derail everything!

Enough of my prognostications, let’s move onto today. We’re very excited for the lineup that’s been constructed for the day, as the Content Committee did another fantastic job of arranging panelists for the event. We have countless specialists from around the globe joining us on panels, with some new twists on panels from years’ past. We have 54 sponsors and are

estimating to have around 650 attendees today, both up meaningfully from last year.

I’d also like to mention a few additional updates the FFA has been working on. We’re pleased to have helped support the creation of the Women in Fund Finance group, with the inaugural networking events taking place in New York and London this month. This is a great initiative and the energy and momentum behind it has been enjoyable to see. This early level of support and engagement has buoyed my hopes for two of the other initiatives we would like to bring forward – a Diversity Scholarship and a Young Professionals networking group.

We’re also in the planning stages of a Sponsor Dinner in New York to take place May 31st, to both thank our participating sponsors, but also importantly provide a forum to discuss how to improve the organization and events and plan for the future. More to come.

We’re also pleased to announce our first Asia-Pacific event, as well as the next European and Global events. So mark your calendars for each!• 1st Annual Asia-Pacific Fund Finance Symposium.

Monday, June 19th, 2017. Four Seasons – Hong Kong• 3rd Annual European Fund Finance Symposium.

Wednesday, October 11th, 2017. The Landmark Hotel - London

• 8th Annual Global Fund Finance Symposium. Wednesday, March 21st, 2018. Grand Hyatt - New York

Thanks again to our wonderful sponsors, the tireless effort of the marketing and content committees, Sequence Events and my fellow board members. It’s great to be a part of such a fantastic event, which couldn’t be done without each of your individual support.

Sincerely,

Jeff JohnstonChairman

Fund Finance Association

4

AGENDA AT A GLANCE

Time Session

9:00 AM – 9:05 AM Welcome Remarks, Empire III

9:05 AM – 9:20 AM Preqin Presentation, Empire III

9:20 AM – 9:35 AM FFA Survey Results, Empire III

9:35 AM – 10:25 AM Credit Panel, Empire III

10:25 AM – 10:40 AM Networking Break, Empire I & V

10:40 AM – 11:30 AM Investor Panel, Empire III

11:30 AM – 11:50 AM Networking Break, Empire I & V

11:50 AM – 12:35 PM Track A, Empire II Track B, Empire III Track C, Empire IV

What’s New in Global Fund Finance

Shark Tank Fund of Hedge Funds Finance Products

12:35 PM – 1:50 PM Networking Lunch, Empire I & V

1:50 PM – 2:35 PM SyndicationConsiderations inFund Finance

GlobalJurisdictionalDevelopments

Financing of Private Equity Fund of Funds and Secondary Funds

2:35 PM – 2:55 PM Networking Break, Empire I & V

2:55 PM – 3:40 PM Developments in Fundraising

What Keeps Subscription Finance Lawyers up at Night

Not a SubscriptionFacility

3:40 PM – 4:00 PM Networking Break, Empire I & V

4:00 PM – 4:45 PM Industry Roundtable, Empire III

4:45 PM – 4:55 PM Closing Remarks, Empire III

4:55 PM – 7:00 PM Networking Cocktail Reception hosted by , Manhattan Ballroom (Lobby Level)

5

Welcome Remarks Empire III

9:00 AM - 9:05 AMMary Touchstone, Head of Fund Finance Practice, Simpson Thacher & Bartlett LLP

Preqin Presentation Empire III

9:05 AM - 9:20 AMChris Elvin, Head of Private Equity Products, Preqin

FFA Survey Results Empire III

9:20 AM - 9:35 AMJeff Johnston, Managing Director, Wells Fargo Securities, LLC Nick Mitra, Executive Director, Natixis

Credit Panel Empire III

9:35 AM - 10:25 AM• Macro Outlook: Where in the credit cycle are we? a. Compare / contrast IG, HY, BSL and MM/Private Credit markets b. How does corporate credit compare to Commercial Mortgages, ABS, other sectors c. Sectors in corporate credit that are worrisome / provide value

• Private Lending / Middle Market a. Have excesses from IG or BSL trickled down to middle market / private credit? b. The pros / cons to the large amount of capital that has flowed to private credit

• Our Brave New World a. Fiscal and regulatory policy changes: chances of success, likely effects, winners and losers

MODERATOR:David Preston, Managing Director, Wells Fargo Securities, LLC

PANELISTS: Thomas G. Connolly, Managing Director, Goldman SachsJames Freeland, Managing Director, Summit PartnersWalter Jackson, Head of Direct Lending, ONEXMarc S. Lipschultz, Co-Founder, Owl RockKeith Read, Senior Managing Director, Lending, Cerberus Capital Management

AGENDAMARCH 14, 2017

6

Networking Break Empire I & V

10:25 AM - 10:40 AM

Investor Panel Empire III

10:40 AM - 11:30 AMSenior representatives from leading private equity investors will address: • The year ahead and its expected impact on short and medium term investment trends, goals and philosophy• Current hot issues with fund managers• Market trends for investment structures• Advisory Committee role• Subscription facilities generally and the interplay between asset and fund level debt

MODERATOR:Timothy Powers, Managing Partner, Haynes and Boone, LLP

PANELISTS: Tarik H. Dalton, Director of Multi-Strategy, North Carolina Department of the TreasurerHarold Hope, Managing Director and Co-Head of Secondary Investing, Goldman Sachs & CoRobert Lee, Director of Investments, Texas Tech EndowmentMichael C. Mascia, Partner, Cadwalader, Wickersham & Taft LLPDavid Scudellari, Senior Vice President, Head of Principal Debt & Credit Investments, PSP InvestmentsJohn Stake, Investment Director, Hamilton LaneIone Wilsmann, Head of Real Estate Investments, United States Steel

Networking Break Empire I & V

11:30 AM -11:50 AM

What’s New in Global Fund Finance Empire II

11:50 AM -12:35 PM• Evolving Use of Sub Lines (Close-end, NAV, Hybrids, Preferred Equity etc.)• Single Separate Account and Co-Investment Facilities• Open-ended funds, Private BDCs, new types of vehicles• Facilities to GPs, Family Office, HNW Investors• Regulatory Reform (Potential relaxation of capital, liquidity and stress-testing requirements)

MODERATOR:Albert Tan, Global Capital Commitment Financing Group, Haynes and Boone, LLP

PANELISTS: Steven Cohen, Managing Director, Head of the Sponsor and Non-Bank Finance Unit, The PrivateBankThomas Draper, Partner, Ropes & Gray LLPMark Gilles, Group Manager, Senior Vice President, Equity Fund Services, Comerica BankMichael Orphanides, Head of FIG Americas, Corporate Banking, BarclaysRebecca Shen, Executive Director, Standard Chartered BankCheyenne Sparrow, Vice President, Morgan Stanley Real Estate InvestingTom Walker, Managing Director & Chief Financial Officer, Riverstone

7

Shark Tank Empire III

11:50 AM -12:35 PMIn the shark tank, bank “sharks” will battle to win the fund financing mandate from the fund borrowers. The audience will vote to determine the winning financing proposal in three different funding scenarios followed by the decision of the funds on who to go with. The three financing requests are for:• A Subscription facility• A NAV/Asset Backed facility• A Subscription line and NAV hybrid facility

MODERATOR:Leon Stephenson, Partner, European Head of Funds Finance, Reed Smith LLP

PANELISTS: Sammy Asoli, North America Head of Financial Sponsors, Lloyds BankPritpal Aujla, Senior Vice President & Chief Financial Officer, EIG Global Energy PartnersRoshan Chagan, Treasurer, Kohlberg Kravis Roberts & Co.Terrence Gregersen, Executive Director, NatixisTom Kirby, Head of Fund Finance, Commonwealth Bank of AustraliaSteve Kuppenheimer, Managing Director, GSO Blackstone

Fund of Hedge Funds Finance Products Empire IV

11:50 AM - 12:35 PM• Basic Structure of a Fund of Hedge Funds • Types of Fund of Hedge Funds Finance Products• Key Terms/Features of Fund of Hedge Funds Finance Products • Regulatory and Other Current Issues • 2017 Market Predictions

MODERATOR:Bryan Barreras, Partner, Mayer Brown LLP

PANELISTS: Carolyn Baker, Vice President, State StreetRob Duggan, Managing Partner, Mourant OzannesJulien Gimbrere, Managing Director, Head of Financial Engineering for the Americas, Société GénéraleZach Harris, Vice President, BlackRock Financial Management, Inc.Jeff Jaenicke, Managing Director, Credit SuisseRyan Troiano, Executive Director, Implementation and Governance, UBS Hedge Fund SolutionsScott Zimmerman, Principal and General Counsel, Evanston Capital Management, LLC

8

Networking Lunch Empire I & V

12:35 PM -1:50 PM

Syndication Considerations in Fund Finance Empire II

1:50 PM - 2:35 PM• Providing context• Reasons for syndication• Syndication strategies• Mechanics of syndication• Hot button issues in syndicated facilities• How has the syndication market moved and where is it heading

MODERATORS:Jennifer Levitt, Senior Counsel, Simpson Thacher & Bartlett LLP

PANELISTS: Brandy Han, Senior Vice President - Specialty Banking, City National BankTerry Hatton, Managing Director & Group Head, MUFGThomas E. Nowak, Managing Director, Bank of America Merrill LynchAnthony Pirraglia, Partner, Loeb & Loeb LLPPaul Roder, Partner, Moses & Singer LLPMichele Simons, Managing Director, Wells Fargo Securities LLCJosh Weiner, Managing Director, First Reserve

Global Jurisdictional Developments Empire III

1:50 PM - 2:35 PM• European developments, particularly England and Luxembourg• Difference in European vs US markets• Fund formation trends and developments• Increase in product offerings and complexity• Security trends• AIFM/GP/Manager facilities

MODERATORS:Tina Meigh, Partner, Maples and Calder

PANELISTS: Robert Andrews, Partner, Ashurst LLPCharles Bischoff, Partner, Finance, Travers Smith LLPSteve Jacoby, Partner, Clifford Chance LLPJohn Oberdorf, Senior Counsel, Loeb & Loeb LLPWalter Stackler, Managing Partner, Shelter Rock Capital AdvisorsAnna-Lise Wisdom, Counsel, Appleby

9

Financing of Private Equity Fund of Funds and Secondary Funds Empire IV

1:50 PM - 2:35 PM• Evolving financing and liquidity options• Investor and fund views on asset level leverage• Innovative structures and challenges of facilities to Secondary Funds• Key risk elements, diversification and asset valuation

MODERATOR:Ann Richardson Knox, Partner, Mayer Brown LLP

PANELISTS: Thomas Doyle, Managing Director and Head of Fund Linked Products, JP Morgan Securities PlcEthan Falkove, Managing Director, Neuberger BermanSamantha Hutchinson, Partner, DentonsCraig Meisner, North America Head of Loan Markets, Lloyds BankRay Meyer, Managing Director and Head of Financial Institutions Coverage, NatixisJohn G. Rudge, Partner, Lexington Partners

Networking Break Empire I & V

2:35 PM -2:55 PM

Developments in Fundraising Empire II

2:55 PM - 3:40 PM• Update on 2016 fundraising market and expectations for 2017• Evolving investor criteria for manager selection• Due diligence requirements and the impact on time to close• Changes in investor mix (sovereign, high net worth, new jurisdictions, etc.)• Return expectations and structural needs

MODERATORS:Bradford Boland, Managing Director, Wells Fargo

PANELISTS: Nigel Dawn,Senior Managing Director, EvercoreJeff Eaton, Partner, Eaton PartnersRobert L. Gold, Senior Executive, Ridgewood EnergyElizabeth MacGaw, Executive Director, JP MorganMichael O’Leary, SVP, Capital Markets, RXRAlan Pardee, Managing Partner, Mercury Capital Advisors

10

What Keeps Subscription Finance Lawyers Up At Night Empire III

2:55 PM - 3:40 PM• Investor enforceability, LPA and side letter concerns• Bespoke fund and facility structures (including for SMAs and HNWs)• The Cayman and borrower perspectives• Market expansion and new entrants• Bank regulatory and compliance concerns

MODERATORS:Wes Misson, Partner, Cadwalader, Wickersham & Taft LLP

PANELISTS: Debra Abramovitz, Executive Director, Morgan StanleyCraig Bowman, Partner, Debevoise & Plimpton LLPJames Heinicke, Partner, OgierAlistair Russell, Partner, Carey OlsenJan Sysel, Partner, Fried, Frank, Harris, Shriver & Jacobson LLPBen Whalen, Director, MUFG

Not a Subscription Facility Empire IV

2:55 PM - 3:40 PM• NAV, Hybrid and other Fund debt facilities• What are they?• How do they work?• Who provides them?• Who uses them?• What are some of the risks involved?

MODERATOR:John Allan-Smith, Head of Funds, Non-Bank Financial Institutions, Barclays Americas

PANELISTS: Peter Dopsch, Partner, Morrison & FoersterAmira Hajili, Head of EU Equity Bridge Fund Financing, NatixisJocelyn Hirsch, Partner, Kirkland & Ellis LLPCharles Inkeles, Director, Commonwealth Bank of AustraliaKyle O’Neil, Managing Director, TCW Direct Lending GroupMatt Taber, Partner, Harneys

Networking Break Empire I & V

3:40 PM - 4:00 PM

11

Industry Roundtable Empire III

4:00 PM - 4:45 PMIndustry roundtable consisting of sponsors, banks and law firms.Discussion on current trends and topics that are top of mind, including currency management and use of leverage at funds among other topics of interest.

MODERATOR:Sandra Kim-Suk, CFO & CAO, L Catterton

PANELISTS: Dana Laidhold, Treasurer, The Carlyle GroupCristiano Machado, Senior Vice President, Brookfield’s Property GroupKevin McLeod, Managing Director, Cerberus Capital ManagementNick Mitra, Executive Director, NatixisRanesh Ramanathan, Managing Director, Bain CapitalKenneth I. Rosh, Partner, Head of Private Equity Funds, Fried, Frank, Harris, Shriver & Jacobson LLPDee Dee Sklar, Managing Director, Wells Fargo Securities LLC

Closing Remarks Empire III

4:45 PM - 4:55 PM

Terry Hatton, Managing Director & Group Head, MUFGJeff Maier, Managing Director, Silicon Valley BankMichael C. Mascia, Partner, Cadwalader, Wickersham & Taft LLP

Networking Cocktail Reception Hosted by Appleby Manhattan Ballroom (Lobby level)

4:55 PM - 7:00 PM

12

PLATINUMSPONSORS

APPLEBYAppleby is one of the world’s leading offshore law firms. The firm has offices in the key offshore jurisdictions of Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey, Isle of Man, Jersey, Mauritius, and Seychelles, as well as a presence in several key international financial centres including Hong Kong and Shanghai.

Appleby has been ranked as one of the world’s leading providers of offshore legal services in The Lawyer’s 2016 Offshore Survey and constantly delivers sophisticated, specialised legal services. The global Finance team has a world class reputation and has been a recognized market leader in the subscription finance space since inception of this sector.

CADWALADER, WICKERSHAM & TAFT LLPCadwalader, Wickersham & Taft LLP, founded in downtown New York in 1792, is proud of more than 200 years of service to many of the world’s most prestigious financial institutions and corporations. With more than 450 attorneys practicing in New York, London, Charlotte, Washington, Houston, Beijing, Hong Kong and Brussels, we offer clients innovative solutions to legal and financial issues in a wide range of areas. We have more than two decades of experience in fund finance, and provide practical, yet cutting edge, advice to a wide variety of financial institutions active in the space. Our team regularly represents the agent, lead arrangers and lenders on subscription credit and capital call facilities to real estate, private equity and other investment funds.

FRIED, FRANK, HARRIS, SHRIVER & JACOBSON LLPFried, Frank, Harris, Shriver & Jacobson LLP is a leading international law firm advising financial institutions and corporate clients on their most critical legal needs and business opportunities. The Firm’s premier fund financing and fund formation practices are founded on our expertise in the full spectrum of leveraged finance transactions and our work developing complex fund structures and seeing them through every investment stage. We have extensive experience in financing transactions for investment funds and other pooled investment vehicles across a wide array of strategies, including private equity, mezzanine, credit, real estate, energy, infrastructure, special opportunities, hedge funds, and BDCs. These financings feature asset-based, commitments-based and hybrid credit facilities, as well as other unique products. Our work spans the full range of transaction sizes and we are experienced in virtually all funding arrangements in the current marketplace, including commercial paper conduits, single bank balance sheet loans, club deals, widely syndicated bank offerings, and syndications involving both banks and conduits.

HAYNES AND BOONE, LLPHaynes and Boone, LLP is an international corporate law firm with offices across Texas, in New York, Palo Alto, California, Chicago, Denver, Washington, D.C., London, Mexico City and Shanghai, providing a full spectrum of legal services, focused on financial services, private equity, energy and technology. With more than 600 lawyers, Haynes and Boone is ranked among the largest U.S.-based firms by The National Law Journal. The 2016 American Lawyer Corporate Scorecard rated the firm as one of the top two handling equities work for non-U.S. companies.

13

LOEB & LOEB LLPLoeb & Loeb’s Finance Practice represents a broad spectrum of banks, investment funds and other financial institutions in financing transactions of varying sizes and types, including subscription finance facilities. We also routinely represent borrowers and other parties in financing transactions. We are typically involved from the structuring of proposals through the negotiation, documentation, and administration of credit facilities and the issuance of debt securities, offering practical problem-solving skills and in-depth market understanding and experience to get the deals done and meet the needs of our clients in the United States and internationally. For more information, visit www.loeb.com/finance.

MAYER BROWN LLPMayer Brown LLP, the founding sponsor of the Annual Subscription Facility and Fund Finance Symposium, is a global legal services organization advising clients across the Americas, Asia and Europe. Our presence in the world’s leading markets enables us to offer clients access to local market knowledge combined with global reach. Mayer Brown’s finance platform is based on the Firm’s global position and our balanced and integrated practice, which encompasses all the focused skill sets that our clients demand — from cross-border acquisition finance and international capital markets work to project finance, structured finance, and derivatives. Lawyers in Mayer Brown’s Fund Finance practice have represented the lead agent and lenders in more than 350 subscription credit facilities since 2008. The firm has relationships with every major US lender along with the majority of active lenders in the European and Asian markets. The team has led transactions funded by balance sheet lenders and commercial paper conduits as well as large syndicated facilities to accommodate various types of insurance companies. Its lawyers are experienced documenting the full suite of fund and portfolio-level financings including subscription-backed credit facilities, NAV facilities, private placements, equity commitment facilities, hybrid facilities, open-end fund facilities, management fee credit lines and an assortment of leveraged asset level transactions.

MORGAN STANLEY PRIVATE WEALTH MANAGEMENTSince Morgan Stanley was founded in New York City in 1935, it has evolved into one of the world’s foremost financial institutions, with more than 55,000 employees in 43 countries. From our offices across the U.S. we offer the finest in financial thinking, products and execution to individual investors, companies, institutions and government agencies. Our investment and advisory expertise attracts the top institutional clients. U.S. hedge funds, private equity investors, money managers, pension and mutual funds rely on Morgan Stanley for insightful research, advanced analytics and trading tools. By breaking down barriers between fixed income, equities and investment banking, we are creating innovative solutions to our clients’ financial needs.

The Polk Wealth Management Group at Morgan Stanley Private Wealth Management aims to deliver an unsurpassed experience to our Private Equity clients, ultra-high net worth individuals, foundations, and businesses. By providing advice founded on a culture of excellence and driven by global insight, the team’s professionals deliver the world class resources of Morgan Stanley within the context of an elite, independent family office.

NATIXISNatixis is the international corporate, investment, insurance and financial services arm of Groupe BPCE, the 2nd-largest banking group in France with 35 million clients spread over two retail banking networks, Banque Populaire and Caisse d’Epargne. With more than 16,000 employees, Natixis has a number of areas of expertise that are organized into three main business lines: Corporate & Investment Banking, Investment Solutions & Insurance, and Specialized Financial Services. A global player, Natixis has its own client base of companies, financial institutions and institutional investors as well as the client base of individuals, professionals and small and medium-size businesses of Groupe BPCE’s banking networks.

14

WELLS FARGOWells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,600 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 36 countries and territories to support customers who conduct business in the global economy. With approximately 268,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 27 on Fortune’s 2016 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially.

Wells Fargo Securities delivers a comprehensive set of capital markets products and services, including public debt and equity origination and distribution, investment research, interest rate, commodity and equity risk hedging, mergers and acquisitions advice, prime services, structured lending facilities and municipal bond origination. The institutional capital markets business is comprised of more than 4,200 team members in 50+ locations across the U.S., Europe and Asia.

Wells Fargo Securities is the trade name for certain capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including Wells Fargo Securities, LLC, member NYSE, FINRA, NFA and SIPC, Wells Fargo Prime Services, LLC, member FINRA, NFA and SIPC, Wells Fargo Bank, National Association, Wells Fargo Securities International Limited (authorized and regulated by the U.K. FCA), Wells Fargo Securities Asia Limited (licensed by the HK SFC), and Wells Fargo Securities (Japan) Co., Ltd. (registered with the KLFB).

15

BARCLAYSBarclays is a transatlantic consumer, corporate and investment bank offering products and services across personal, corporate and investment banking, credit cards and wealth management, with a strong presence in our two home markets of the UK and the US.

With over 325 years of history and expertise in banking, Barclays operates in over 40 countries and employs approximately 130,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide.

For further information about Barclays, please visit www.home.barclays.

CAREY OLSEN Carey Olsen is a market leading offshore law with a large fund finance practice advising both lenders and funds on a range of financing products across all fund sectors. This includes private equity and real estate funds, funds of funds and listed funds and covers capital call facilities, general partner support and co-invest facilities, and portfolio acquisition facilities.

We also have significant experience in acting for both lenders and sponsors on real estate and acquisition financings and leveraged restructurings.

We act directly for banks and borrowers, and alongside leading global law firms, advising on the laws of the British Virgin Islands, the Cayman Islands, Guernsey and Jersey, with additional offices in Cape Town, Hong Kong, London and Singapore.

As a firm, we advise all aspects of corporate and finance, trusts and private wealth, investment funds, insolvency, restructuring and dispute resolution, employing over 360 people, including 49 partners and 200 lawyers.

Please see careyolsen.com for more.

COMMONWEALTH BANK OF AUSTRALIA The Commonwealth Bank is Australia’s leading financial institution, with total assets of more than $A933 billion (as of 30 June 2016). The Group is ranked by Standard & Poor’s as the 10th largest bank in the world by market capitalisation (Bloomberg, as of 11 August 2016).

The Commonwealth Bank is headquartered in Sydney, Australia and has a global presence throughout North America, the United Kingdom, Asia and New Zealand.

The Institutional Banking and Markets division provides capital raisings, risk management and transaction banking solutions to the Group’s institutional clients. The division’s approach is underpinned by rich analytics, insights from industry experts, innovative technology and a deep commitment to building long-lasting relationships.

GOLDSPONSORS

16

DENTONSOur dedicated global fund finance team has unparalleled experience acting for banks, alternative lenders and borrowers on the full range of fund finance products across all fund sectors. As market leaders in this field, our understanding of the legal and commercial issues relevant to lenders and borrowers alike in fund finance transactions is unrivalled. We pride ourselves on our commitment to understanding the dynamics of our clients’ businesses and our ability to deliver practical, innovative and business-focused solutions.

We have extensive experience in, amongst other things, bridge/subscription finance facilities, general partner support/co-invest facilities and hybrid/leverage facilities to feeder funds, listed funds, secondary funds and funds of funds. Our fund finance team is fully integrated with and benefits from the vast experience of all supporting disciplines, including our highly regarded investment fund, financial regulation and tax teams. We also have close ties with fund and fund finance lawyers across all jurisdictions typically encountered on fund financing transactions.

Our exceptional commitment to substantive excellence and unparalleled service is central to how we promote all of our service line and geographic strengths to sector clients and prospective relationships.

HARNEYSHarneys is a leading legal and fiduciary services firm with more than 12 offices spanning the world. We are trusted legal advisors to an international client base including all of the world’s top 30 international law firms and 18 of the world’s 20 largest banks and financial institutions. We regularly work alongside professional advisors from around the world providing legal, corporate and fiduciary services relating to British Virgin Islands, Bermuda, Cayman Islands, Anguilla, Cyprus and Mauritius law.

KIRKLAND & ELLIS LLPKirkland & Ellis is a global leader in providing sophisticated advice to investment fund sponsors, institutional investors and other market participants in the alternative investment fund space. Kirkland offers clients the unsurpassed resources of a large, integrated, multidisciplinary, global team located across offices in the United States, Europe and Asia-Pacific. With more than 160 dedicated Investment Funds attorneys, including 62 partners, no other law firm matches the breadth, depth and scope of Kirkland’s experience in investment funds legal services.

With one of the largest and most active client bases of any law firm, Kirkland is uniquely positioned to provide unsurpassed market intelligence and cutting-edge solutions to address the broad spectrum of legal, regulatory, tax and commercial challenges facing investment funds and their sponsors in today’s market.

LLOYDS BANKLloyds Bank Commercial Banking North America provides sound local US and UK knowledge and advice, providing our clients with the solutions they need to secure growth and manage risk.

Acting as a gateway to expert USA-UK financial services, our teams of sector and product specialists deliver industry insight and experience alongside tailored solutions to suit our clients’ individual business needs.

Our offer includes core banking products such as lending, deposits and a range of domestic and international transaction banking services. In addition, through our registered broker-dealer, we provide access to financial markets and to sophisticated capital markets solutions ranging from private-side debt and public financing to risk management products and solutions for global corporates and financial institutions.

Lloyds Bank Commercial Banking has deep local expertise with teams in New York, Houston, London, Frankfurt, Amsterdam, Paris and Singapore.

17

MOURANT OZANNES Mourant Ozannes has a market leading multi-disciplinary private equity practice, which includes transactional lawyers with long and broad experience in advising both lenders and private equity borrowers on subscription finance arrangements and other financings for private equity structures and transactions.

Our private equity practice spans the firm’s practice areas, drawing upon BVI, Cayman Islands, Guernsey and Jersey lawyers in each of those locations as well as in London and Hong Kong. Our team combines legal skill, market knowledge and industry connections to deliver commercial and pragmatic advice to get deals done on time and within budget.

To find out more about our award-winning practices, please visit mourantozannes.com.

MUFGMUFG, a major multinational financial group, offers comprehensive and tailored financial solutions to our clients around the globe. With more than 350 years of history, $2.9 trillion in assets, and operations in nearly 50 countries, MUFG is steadfast in its commitment to serving business and society by building long-term client relationships. We provide a wide spectrum of corporate, investment banking, and securities services to our clients. Recently, MUFG was named the 2016 Global Bank of the Year.

REED SMITH LLP Reed Smith LLP is a market leading international law firm specialising in funds finance. With more than 1,700 lawyers across 26 offices, it advises lenders and funds on capital call/subscription lines, NAV and Asset-Backed Facilities, Hybrid Facilities, co-investment and GP/Manager support facilities and other fund liquidity facilities in Europe, the US, Asia and the UAE. It has one of the largest team of funds finance lawyers in London and provides specialist advice on the new and developing products in this area. Reed Smith has particular expertise with financings of direct lending and PE funds. Reed Smith’s funds finance team sits within our Financial Industry Group that contains more than 210 lawyers who provide dedicated multi-jurisdictional services to clients in the financial sector focusing on finance, funds and investment management, regulatory, tax, litigation and commercial restructuring and bankruptcy.

SIMPSON THACHER & BARTLETT LLP Simpson Thacher & Bartlett LLP (www.simpsonthacher.com) is one of the world’s leading international law firms. The Firm was established in 1884 and today has more than 900 lawyers. Building on over 130 years of experience, the Firm has played a substantial role in many of the most complex and noteworthy transactions and matters of the last decades. Headquartered in New York with offices in Beijing, Hong Kong, Houston, London, Los Angeles, Palo Alto, São Paulo, Seoul, Tokyo and Washington, D.C., the Firm provides coordinated legal advice and transactional capability to clients around the globe.

The Firm offers a market-leading fund finance practice with deep experience providing fund- and asset-level leverage solutions for private equity, real estate, investment, special situations and infrastructure funds. Complementing the Firm’s preeminent private funds practice, our fund finance team represents clients across a broad spectrum of transactions encompassing all aspects of the investment management business.

18

ASHURST LLPAshurst is a leading global law firm with a rich history spanning almost 200 years. Our in-depth understanding of our clients and commitment to providing exceptional standards of service have seen us become a trusted adviser to local and global corporates, financial institutions and governments on all areas of commercial law.

Our people are both experts of law, and in tune with the economic, market and political forces of your business environment. This combination allows us to give you the commercial advice you need to maximize your opportunities and overcome your challenges.

We have an international network of 25 offices in 15 countries allowing us to provide help and advice to clients across Asia, Australia, Europe, the Middle East and North America. With over 1600 lawyers working across 10 different time zones, we are able to respond to our clients wherever and whenever they need us.

Our global finance team delivers integrated, bespoke and cost effective advice covering all aspects of funds finance. Working in tandem with our market leading funds formation practice, we advise lenders and funds on a wide variety of financing structures including capital call facilities, leverage facilities, hybrid facilities and general partner facilities.

BANK OF AMERICA MERRILL LYNCHBank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 47 million consumer and small business relationships with approximately 4,600 retail financial centers, approximately 16,000 ATMs, and award-winning online banking with approximately 34 million active accounts and more than 21 million mobile active users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. The company serves clients through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries.

CITY NATIONAL BANKCity National Bank offers a full complement of banking, trust and investment services through 75 offices, including 16 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada, New York City, Nashville and Atlanta. Its 3,600 colleagues deliver highly personal service and complete financial solutions to entrepreneurs, professionals, their businesses and their families.

SILVERSPONSORS

19

CLIFFORD CHANCE LLPClifford Chance is one of the world’s pre-eminent law firms, with the depth and range of resources to help our clients across all the major global financial centres. As a single, fully integrated partnership, we pride ourselves on our ability to work seamlessly across national borders to deliver broad industry expertise and local knowledge.

Clifford Chance brings a market-leading fund finance proposition, advising lenders and funds on a wide range of financing options, including: capital call bridge financing, leveraged NAV facilities, borrowing base deals (including hybrid facilities) for debt funds and facilities for general partners. Our global funds/funds formation practice of over 130 lawyers works in tandem with our lending team to provide a complete fund financing platform for our clients.

COMERICA BANKComerica Bank’s Equity Fund Services Group specializes in providing comprehensive banking services specifically designed for high growth companies, delivered by veteran bankers. At Comerica, we are actively seeking opportunities to work with sound companies that are looking to take the next step and require only the capital to make that happen. It may be time for your private equity and venture capital firms to leverage equity financing or income with complementary debt. Regardless of a company’s size, we can tailor a loan or line of credit that meets your needs, as well as provide treasury management and deposit products. Member FDIC.

DEBEVOISE & PLIMPTON LLPDebevoise & Plimpton LLP is a premier law firm with market-leading practices, a global perspective and strong New York roots. Our Private Equity practice is a cornerstone of the firm’s Corporate Department, representing a diverse client base of private equity firms and advising them on all aspects of their business. We have extensive experience in all facets of fund-level financing transactions for investment funds and regularly represent sponsors in a broad range of transactions. Our financing lawyers work closely with our fund formation, tax, and ERISA lawyers on fund financing transactions. We take a pragmatic and business-oriented approach to develop and implement the best solutions for our sponsor clients and their investors. The breadth of our experience is a direct result of their distinct structures and financing needs while the depth of our expertise is a direct result of the satisfied and loyal client base we serve.

JPMORGAN CHASE & CO.JPMorgan Chase & Co. is a leading global financial services firm with assets of $2.5 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its JPMorgan and Chase brands.

J.P. Morgan’s Private Bank delivers customized wealth management advice and solutions to wealthy individuals and their families, leveraging its broad capabilities in investing, family office management, philanthropy, credit, fiduciary services and special advisory services to help its clients advance toward their own particular goals. J.P. Morgan’s Commercial Real Estate businesses provide dedicated service, forward-looking insights and tailored solutions, from capital redeployment and investment strategies to private debt and equity placement, asset analysis and portfolio evaluation to help clients address their unique challenges and opportunities and navigate the commercial real estate markets.

20

MACQUARIE GROUPMacquarie Group is a global financial services provider with offices in 27 countries. Our breadth of expertise covers advisory and capital markets, trading and hedging, funds management, asset finance, financing, research and retail financial services. The diversity of our operations, combined with a strong capital position and robust risk management framework, has contributed to our 47-year record of unbroken profitability.

MAPLES AND CALDERMaples and Calder is a leading international law firm advising financial, institutional, business and private clients around the world on the laws of the Cayman Islands, Ireland and the British Virgin Islands (“BVI”). Combining Maples and Calder’s leading finance and investment funds capability, the firm’s Fund Finance team has widespread experience in advising on all aspects of fund finance and related security structures for both lenders and borrowers. The firm’s affiliated organisation, MaplesFS, is an independent global provider of specialised fiduciary, corporate formation, fund administration, trust administration and accounting services. With more than 1,400 staff worldwide, the Maples group provides a seamless one-stop-shop capability through its offices in the Cayman Islands, Boston, the BVI, Delaware, Dubai, Dublin, Hong Kong, London, Luxembourg, Montreal, the Netherlands, New York, San Francisco and Singapore.

MORRISON & FOERSTER LLPMorrison & Foerster LLP is an international law firm with attorneys in key markets in America, Asia and Europe. We regularly represent some of the largest lenders and private equity funds in a wide variety of financings, including subscription line of credit transactions and fund formation.

MOSES & SINGER LLPMoses & Singer LLP provides legal services to prominent companies, individuals and families. Among our broad array of clients are leaders in banking and finance, entertainment, media, real estate, healthcare, advertising, and technology. Our Banking and Finance Practice Group has deep perspective in fund finance structures, having represented money center banks in investor note financings in the early 1980s and in subscription finance since the 1990s. We have been an industry source of innovative structuring and documentary language, providing cost effective services to agents and syndicate members in transactions involving a multitude of sponsors, investors, and structural landscapes.

OGIER“Truly excellent”, “responsive and efficient”, “in a nutshell they get the job done” – that’s what the leading directories have to say about Ogier’s top ranked cross-jurisdictional finance team. With offices in BVI, Cayman, Guernsey, Hong Kong, Jersey and Luxembourg, Ogier’s team has years of specialist expertise in fund finance, and we work with 21 of the 25 biggest global law firms.

We have a long track record in all aspects of fund financing including structuring, security requirements, quasi-equity and mezzanine financing – and it’s not for nothing that our finance teams in Guernsey and Jersey are rated in the top tier by both Chambers and Legal500.

Above all, our approach is both commercial and long-term. Our relationships in this specialist field have been built over many years of providing a responsive and expert service across the leading offshore jurisdictions, getting straight to the point and managing complexity for our clients.

21

THE PRIVATEBANKAt The PrivateBank, our commercial banking professionals understand the opportunities and the challenges facing middle market business owners, executives, private equity and debt capital funds. Whether you are looking to bridge capital, expand your current business, acquire a new one, prepare for the unexpected or simply manage day-to-day, we have the depth of services to create customized solutions. More importantly, our team members take the time to know you, your business and what matters most. The PrivateBank offers a wide range of lending alternatives from the simple to the sophisticated. From revolving lines of credit to term loans and letters of credit, we can find the right financing solution to meet your credit needs. We also have specialists in Treasury Management, Corporate Liquidity and Capital Markets interest rate and foreign exchange risk management. The PrivateBank, is a Chicago-based bank with $20 billion in assets and 36 offices offices in 13 states. To learn more, visit www.theprivatebank.com.

ROPES & GRAY LLPRopes & Gray is one of the world’s premier law firms, with more than 1,300 lawyers and legal professionals serving clients in major centers of business, finance, technology and government.

The firm has offices in New York, Boston, Washington, D.C., Chicago, San Francisco, Silicon Valley, London, Hong Kong, Shanghai, Tokyo and Seoul, and has consistently been recognized for its leading practices in many areas, including private equity, M&A, antitrust, life sciences, health care, finance, investment management, hedge funds, tax, intellectual property, litigation, securities litigation, government enforcement, and privacy & data security.

SCOTIABANKScotiabank is Canada’s international bank with more than 88,000 employees and assets of C$896 billion (as of Oct. 31, 2016). It is a leading financial services provider in North America, Latin America, Central America, Europe and Asia-Pacific. Scotiabank is dedicated to helping its 23 million customers become better off through a broad range of products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.

Scotiabank is a leading provider of financial products and services to Financial Institution clients globally. It offers a full range of investment banking, corporate banking, and capital markets products to its Financial Institution clients, while working closely with partners across divisions to provide a coordinated approach across products and geographies. Subscription finance is a strategic product within Scotiabank’s fund finance platform, which also includes traditional lending, prime services, repurchase agreements, total return swaps and conduit finance.

Scotiabank trades on the Toronto (TSX: BNS) and New York Exchanges (NYSE: BNS). For more information, please visit http://gbm.scotiabank.com.

STANDARD CHARTERED BANKWe are a leading international banking group, with around 86,000 employees and a 150-year history in some of the world’s most dynamic markets. We bank the people and companies driving investment, trade and the creation of wealth across Asia, Africa and the Middle East, where we earn around 90 per cent of our income and profits. Our heritage and values are expressed in our brand promise, Here for good.

Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges as well as the Bombay and National Stock Exchanges in India.

For more information please visit www.sc.com.

22

STATE STREETState Street helps you identify opportunities and mitigate challenges, allowing your company to be more effective and resilient. Our global reach, market expertise and unique combination of consistency and innovation to help you manage uncertainty, act on growth opportunities, optimize cost structures and enhance the value of your services.

We offer a flexible suite of services that spans the investment spectrum, including investment management, investment research and trading, and investment servicing.

For more information, visit www.statestreet.com.

TRAVERS SMITH LLPTravers Smith is an international law firm, which acts for publicly-listed and private companies, financial institutions and private equity clients, as well as other business enterprises involved in large and complex UK and cross-border matters and transactions.

The firm’s business comprises the following main practice areas: Commercial, IP & Technology, Competition, Corporate Finance and M&A, Dispute Resolution, Employee Incentives, Employment, Environment & Operational Regulatory, Finance & Restructuring, Financial Services & Markets, Investment Funds, Pensions, Private Equity, Real Estate, Regulatory Investigations and Tax.

23

CAPITAL ONE COMMERCIAL BANKINGA top 10 U.S. bank, Capital One® has over $300 billion in total assets and offers a broad spectrum of financial products and services to consumers, small businesses, and commercial clients. Capital One has been providing banking solutions to the structured finance industry for over 20 years and serves a diverse group of finance companies and asset managers. With total commitments exceeding $6 billion, Capital One provides financing to specialty finance managers in a wide array of consumer and commercial assets including auto loans, consumer installment loans, tax liens, specialty mortgage assets, corporate loans, asset-based loans, equipment loans and leases, capital commitments, and vacation ownership receivables.

With a team of professionals having deep experience in structured credit lending, securitization and capital markets solutions, Capital One has become a trusted advisor to its client base and is dedicated to delivering valuable solutions. Capital One’s lending products are complemented by key non-lending products including asset securitization, capital markets, derivatives, and capital markets solutions.

CHAPMAN AND CUTLER LLPChapman and Cutler LLP is a law firm focused on finance with an extensive practice representing bank lenders and other funding sources. Chapman has extensive experience working with lending products for private equity fund and portfolio companies, including subscription finance facilities, leveraged credit facilities, and securitization facilities.

CITI PRIVATE BANKFrom investment strategies, to banking and lending, to trust and specialized services, Citi Private Bank delivers solutions to help meet your individual, family and business needs.

Our Sponsor Finance lending team specializes in meeting the financing and wealth management needs of private equity firms and their partners globally by providing liquidity to their funds (subscription line financing), their management companies and the individual partners of the sponsor group through several lending products.

CITIZENS BANKCitizens Bank, N.A., a subsidiary of Citizens Financial Group, Inc., is a $150 billion super regional bank with a national corporate banking focus. For over 15 years The Private Equity Banking Group at Citizens has been providing a broad range of commercial banking products and services, including the structuring of capital call/subscription facilities, to the private equity community. In addition, this group works closely with the bank’s Sponsor Finance group to provide unified banking services for the whole private equity firm. As part of Citizens’ ongoing commitment to serving the needs of private equity firms, Citizens is the founding corporate sponsor of The Private Equity CFO Association (www.privateequitycfo.org), now in its 15th year. With 8 chapters across North America, the Association serves as a national networking and thought leadership group for over a thousand senior financial professionals at private equity firms.

BRONZESPONSORS

24

EAST WEST BANKEast West Bank, a subsidiary of East West Bancorp, Inc. (NASDAQ: EWBC), is the largest independent bank headquartered in Pasadena, California, with over $34 billion in assets. The Bank offers commercial and retail banking, wealth management, insurance, and expertise in specialized verticals such as Entertainment, Technology, Private Equity and Life Science. As one of the few U.S. banks with a full banking license in China, East West Bank helps businesses meet their cross-border banking needs and achieve financial goals. The company’s full service infrastructure spans more than 130 locations across the United States and Greater China. Learn more at www.eastwestbank.com.

HSBC HOLDINGS PLCHSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 6,900 offices in over 80 countries and territories in Europe, the Asia-Pacific region, North and Latin America, and the Middle East and North Africa.

HSBC Global Banking and Markets in the United States offers a full range of tailored financial products and services to government, corporate and institutional clients through HSBC Bank USA, N.A. and HSBC Securities (USA) Inc

Our teams in Global Banking and Global Markets bring experience and expertise in the areas of advisory, mergers and acquisitions, structured finance, asset management, private equity, treasury and capital markets, payments and cash management, and trade services. With access to the global resources of the HSBC Group, we provide a comprehensive suite of banking services with a focus on emerging markets.

For more information, please visit www.hsbcnet.com.

MCGUIREWOODS LLPMcGuireWoods LLP. Law Firm. 1,000+ lawyers, 23 offices. McGuireWoods regularly represents lead arrangers of syndicated and club credit facilities and bank and non-bank lenders offering bilateral financings in a wide variety of industries and transaction structures. In 2016, McGuireWoods ranked 7th in number of deals for its representation of lead arrangers and bookrunners in syndicated debt financings. In subscription finance, whether advising on a bilateral loan to a middle market fund, structuring fund support for a portfolio company financing or arranging a billion dollar syndicated umbrella credit facility for a fund group, with over 75 debt finance lawyers in New York, London, Charlotte, Chicago, Dallas, Los Angeles and San Francisco, we have the resources to efficiently support a broad variety of both middle market and larger cap transactions. We also represent the middle market SBIC industry with respect to regulatory and finance matters.

25

NATIONAL AUSTRALIA BANK LIMITEDNational Australia Bank (NAB) is one of Australia’s biggest banks and manages relationships with retail, corporate, and financial institutions globally. NAB maintains ‘Aa2’ and ‘AA-’ credit ratings, ranks as the safest Australian bank and 17th overall in Global Finance Magazine’s World’s 500 Safest Banks listing. NAB’s global operations serve over 12 million banking and wealth management clients, providing access to international financial markets and an extensive range of specialised funding, liquidity, investment, asset services and risk management capabilities.

NAB has operated in North America for over 40 year and is based in New York. In North America, NAB is focused on supporting global institutions with business, trade and investment needs in Australia and New Zealand. NAB also supports Australian and New Zealand corporations with North American operations.

The teams of New York-based specialists provide full relationship services, originating and executing complex product solutions with specific emphasis on infrastructure and utilities, natural resources and financial institutions. In New York, NAB has specific teams dedicated to providing banking solutions for asset managers and financial sponsors with links to Australia (either raising capital or sourcing assets). NAB is an active agent for subscription financing and credit facilities for private and publicly listed funds. The FICC business at NAB is a worldwide leader in AUD and NZD rates and FX solutions. NAB is also leading agent for cross border USPP solutions globally and is ranked the number one Debt Markets House in Australia by Euromoney.

PNC BANK, NATIONAL ASSOCIATIONPNC is one of the nation’s largest financial services organizations providing retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, treasury management, real estate finance, asset-based lending, wealth management and asset management. We are focused on delivering ideas, insight and solutions to our clients to help them maximize the value of their business. For more information, visit pnc.com/ideas.

RIEMER & BRAUNSTEIN LLPRiemer & Braunstein’s finance practice is both nationally and globally focused. Based in Boston, New York, and Chicago, and working with international lending counsel, we specialize in assisting our clients complete complex financing transactions. With 85 attorneys practicing in the finance area, the firm has one of the more specialized finance practices in the U.S.

SIGNATURE BANKSignature Bank (NASDAQ: SBNY) is a full-service commercial bank with over $39 billion in assets, headquartered in New York City with 30 offices throughout the New York metropolitan area. The Bank specializes in serving the financial needs of privately owned businesses, their owners and senior managers – a group of clients who often find themselves underserved.

Signature Bank’s proven service model offers our clients a single point of contact via a dedicated Private Client Group. Every Signature Bank Private Client Group is supported by experienced professionals, robust products and deep resources in order to provide exceptional service while fulfilling all of our clients’ financial needs. Our unique organizational structure combines small-bank responsiveness with large-bank experience and capability – truly the best of both worlds.

Signature Bank is one of the 50 largest banks of more than 6,000 nationwide, and has been ranked by Forbes as one of the10 Best Banks in America for six consecutive years.

26

SIMMONS & SIMMONSRecognised for both technical excellence and outstanding commerciality, our market leading Fund Finance practice advises banks, hedge fund managers, private equity funds, real estate funds and investment fund managers in connection with a wide range of financings involving many different fund asset classes. As both the Asset Management/ Investment Funds and Financial Institutions sectors are key areas of focus for our firm, whether we are acting for a lender or a borrower, we are able to deliver an efficient and high calibre service. Key to this is our access to leading lawyers in the areas of funds formation, funds regulatory and tax, both in London and internationally through our network of offices across Europe, the Middle East and Asia or with relationship firms in other jurisdictions.

SMBCSMBC is a leading global provider of subscription secured financing to private equity funds across multiple asset classes including: real estate; credit; infrastructure; buyout; and energy. Our fund clients are active investors both globally and specifically in North America, Europe, and Asia.

Competitive advantages include expertise across an extensive portfolio of specialized financial products and dedicated collaboration with internationally-based staff, making SMBC a leading choice for internationally-focused firms.

SMBC is a affiliate of Sumitomo Mitsui Financial Group, a bank holding company with more than 65,000 employees in over 40 countries, placing SMFG 23rd among the largest banks by assets globally (Forbes, as at May 6, 2015).

SILICON VALLEY BANKFor more than 30 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators.

WALKERSWalkers is a leading global finance centre law firm providing legal, corporate and fiduciary services to financial institutions, investment funds, investment fund managers, capital markets participants, FORTUNE 100 and FTSE 100 global corporations and middle market companies from our offices in Bermuda*, the British Virgin Islands, the Cayman Islands, Dubai, Guernsey, Hong Kong, Ireland, Jersey, London and Singapore.

Walkers was among the first offshore firms to work on equity fund subscription credit transactions and hedge fund financing platforms, for both lender and borrower clients, providing a length and depth of expertise which is unmatched by our competitors. Such global strength and presence has enabled us to spearhead our clients’ continuing expansion into the Asian and European markets.

An intimate familiarity with fund structures and documentation derived from our leading global investment funds teams provides our finance lawyers with an unparalleled vantage point of the developing market allowing us to efficiently provide creative and developed solutions to finance and fund clients alike.

Our global teams have acted on complex and innovative fund financing solutions including equity bridge facilities, subscription and acquisition financings, capital call facilities as well as traditional products such as repo financing, synthetic borrowings and more esoteric products including NAV based margin loans and fund linked derivative solutions.

27

WESTPAC BANKING CORPORATIONWestpac Institutional Bank is committed to providing customers with a dedicated team who focus on deeply understanding customer needs, which is why we are able to provide the not yet obvious solutions to unlock opportunity. Our team of sector specialists combined with innovative technology and servicing capability enable us to provide the power that comes from information and insight. We have tangible strength of turning insight into opportunity.

28

MEET OURSPEAKERS

DEBRA ABRAMOVITZMorgan Stanley

Debra Abramovitz is an Executive Director of Morgan Stanley and serves as Chief Operating Officer of Morgan Stanley Expansion Capital. Debra oversees all financial, administrative, investor relations and operational activities for Morgan Stanley Expansion Capital, and its predecessor Morgan Stanley Venture Partners funds. Debra also serves as COO of Morgan Stanley Credit Partners. Debra joined Morgan Stanley’s Finance Department in 1983 and joined Morgan Stanley Private Equity in 1988, with responsibility for monitoring portfolio companies. Previously, Debra was with Ernst & Young. Debra is a graduate of American University in Paris and the Columbia Business School.

JOHN ALLAN-SMITHBarclays Americas

John Allan-Smith leads the US Funds team for Corporate Banking at Barclays and is responsible for coordinating the delivery of products and services from our global businesses; ranging from debt, FX solutions, cash management and trade finance, to working capital lending and liquidity structures.

John joined Barclays in 2014 and has 20 years of experience in the funds sector. Prior to joining Barclays, John worked at The Royal Bank of Scotland (RBS) in London, Stockholm and New York, spending 10 years in the RBS Leveraged Finance team. Subsequently, John had responsibility for the portfolios and banking sector of the Non-Core division of RBS in the Americas.

John holds an ACA qualification from the Institute of Chartered Accountants of England and Wales and is a qualified accountant. He also has a BSc (Hons) in Chemistry from The University of Nottingham.

ROBERT ANDREWSAshurst LLP

Robert is a partner in the banking group at Ashurst and is one of the most experienced funds finance specialists in Europe. His practice is focused entirely on acting for banks, other financial institutions and funds in respect of subscription finance and other fund finance structures. Robert helps lead the Ashurst funds finance team which represents nearly every significant funds finance lender in Europe and is one of the largest and most experienced teams in the world. Legal 500 has recommended Robert as ‘well known for his pragmatic and innovative approach to structuring and negotiating agreements’ as well as his ‘very good technical knowledge and excellent commerciality for understanding both sides of a situation’.

29

SAMMY ASOLILloyds Bank

Sammy Asoli is currently Director with oversight and responsibility for Financial Sponsors, North America at Lloyds Banking Group. His experience includes the provision of structured fund financing facilities for private equity, real estate, infrastructure, and private debt managers. Sammy also has oversight for the cross product coverage and portfolio management of the US Financial Sponsors portfolio. His experience includes loan structuring (capital call, hybrid, and asset leverage), and marketing for core wholesale banking products including derivatives, global transaction banking, and asset level financing. Prior to joining Lloyds, Sammy worked at JP Morgan in Private Placements for the Alternative Capital Markets team. He has held positions at Ares Management, The Blackstone Group, and Goldman Sachs across a variety of private equity, fund management, and strategic planning functions. He holds a graduate degree in Economic Policy and Management from Columbia University and an undergraduate degree in Economics and International Business from Manhattan College where he was awarded the 2007 Richard J Carey Medal in Economics.

PRITPAL AUJLAEIG Global Energy Partners

Mr. Aujla is a Senior Vice President and EIG’s Chief Financial Officer. Prior to joining EIG in 2008, Mr. Aujla served as a senior manager at PricewaterhouseCoopers both in the US and UK with audit responsibility for several large energy companies including Edison International and PacifiCorp. He is a graduate of the University of Wolverhampton in the United Kingdom. He is a licensed CPA in California and a UK Chartered Certified Accountant.

CAROLYN BAKERState Street

Carolyn Baker joined State Street in 2006 as a part of the Global Credit Services team providing loans to the funds industry. She holds a senior role in fund financing, with nearly 20 years of banking experience. Clients include regulated funds, private equity funds, and funds of hedge funds. Prior to joining State Street she was in a relationship management role at Citizens Bank, including structuring and underwriting credit for middle market and asset based lending clients. Ms. Baker holds a BA in Economics from the College of the Holy Cross.

BRYAN BARRERASMayer Brown LLP

Bryan Barreras is a partner in Mayer Brown’s New York office and a member of the global Banking & Finance and Fund Finance practices. A seasoned in-house and hedge fund financing lawyer, Bryan previously served as counsel in the legal department of the New York branch of Société Générale. While there, he and his team advised on all aspects of hedge fund secured financing transactions and ISDA-based derivatives transactions linked to hedge funds, bonds and indices, in the form of credit facilities, notes, pre-paid forwards and other derivatives. Prior to Société Générale, Bryan held similar in-house roles at other financial institutions in New York, including serving as managing director in XE Capital Management’s structuring and real estate groups and as director in the legal group at BNP Paribas and Zurich Capital Markets.

30

CHARLES BISCHOFFTravers Smith LLP

Charlie joined Travers Smith as a senior associate in 2011, became a partner in the Finance Department in 2012 and co-heads the Fund Finance Group. Charlie specialises in fund finance, financial institutions lending, corporate lending and general banking matters acting for financial institutions, sponsors, corporate and other borrowers. His clients include financial institutions such as RBS, Shawbrook, Citi, Lloyds, and Investec and funds such as Ares, Abris and Ingenious. He advises on the full spectrum of fund finance work including subscription facilities and NAV lines.

Charlie is recommended by The Legal 500 UK, 2016 for his work in Acquisition Finance and Bank Lending and is a key member of the sponsor, lender and borrower facing teams at Travers Smith which are highly ranked in Chambers UK, 2017.

In October 2015, Charlie co-presented a seminar on legal documentation at the inaugural Fund Finance Association Conference in London.

BRADFORD BOLANDWells Fargo

Brad Boland is a Managing Director in Wells Fargo’s Asset-Backed Finance group, focusing on the origination and structuring of fund level financings. Brad has been working on fund financings since 2006 and has been focused exclusively on the sector since joining Wells Fargo in 2010. Brad has led financings ranging from $50 million to over $3 billion for sponsors in all major sectors including buyout, real estate, infrastructure, fixed income and secondaries.

Prior to joining Wells Fargo, Brad spent ten years at Bank of America working primarily in the Global Structure Products group where he originated and structured financings across a wide range of asset classes, including subscription facilities, and the Sports Finance and Advisory group where he focused on capital raising and advisory transactions.

Brad has a Bachelor of Arts in Economics from Davidson College.

CRAIG BOWMANDebevoise & Plimpton LLP

Craig Bowman is a finance partner in the New York office of Debevoise & Plimpton LLP, where he heads the fund finance practice group. He regularly represents private equity, real estate, debt, infrastructure and other investment fund sponsors in connection with fund financings at all levels of the fund capital structure. Mr. Bowman advises fund clients on a wide variety of financing facilities, including subscription credit facilities, secondary asset finance facilities, management company facilities, master co-investment facilities, and other fund financings. He also has extensive experience across a broad range of other secured financing transactions, including securitization and other structured finance transactions, leveraged acquisition financing and project and infrastructure financing. In addition, Mr. Bowman is recognized as a leading banking and finance lawyer by IFLR 1000.

He is also the co-chair of the firm’s Pro Bono Committee.

Mr. Bowman is a graduate of the University of California Los Angeles and Columbia Law School, where he was a Stone Scholar and a member of the Law Review.

31

ROSHAN CHAGANKohlberg Kravis Roberts & Co.

Roshan Chagan (San Francisco) joined KKR in 2006 and serves as the Treasurer of KKR Credit. Mr. Chagan has oversight of liquidity management and hedging execution for KKR credit products; and oversight of financing/capital markets for all KKR products globally. In addition, Mr. Chagan serves as the CFO of KKR Credit’s mutual/closed end fund products. Prior to joining KKR, Mr. Chagan was with PricewaterhouseCoopers in their investment management practice. Prior to that he was in the banking industry in South Africa. He holds a Bachelor of Commerce from the University of Natal – South Africa.

STEVEN COHENThe PrivateBank

Steven Cohen is the Head of the Sponsor and Non-Bank Finance Unit of The PrivateBank and serves on the Bank’s Management Committee. The business unit focuses almost exclusively on banking dedicated capital providers, bridging LP capital, supporting a fund’s underlying transactional deal flow by providing senior secured debt, and assisting fund principals with their individual capital commitments and private banking needs. Mr. Cohen has over 30 years of experience in the financial services sector/fund community and joined The PrivateBank in 2007. Prior to joining the PrivateBank, he was a Senior Vice President & Division Head in LaSalle Bank’s Commercial Banking Group where he managed a team of middle market lenders, a portfolio of commercial accounts and responsible for new business development. Prior to joining LaSalle in 1987, Mr. Cohen was a Senior Credit Analyst for CNA Financial Corporation.

Mr. Cohen earned his BS degree in Finance at the University of Illinois and his MBA from DePaul University.

THOMAS G. CONNOLLYGoldman Sachs & Co.

Tom is global head of the Private Credit Group within the Merchant Banking Division (MBD). He oversees the leveraged loan and mezzanine investing strategies, which include GS Loan Partners and the GS Mezzanine Partners Family of Funds. Tom serves on the MBD Client and Business Standards Committee and MBD Investment Committee.

Tom joined Goldman Sachs in 1996 and worked in High Yield Capital Markets in New York from 1996 to 1998. He was based in London from 1998 to 2002 as head of European Leveraged Finance. Prior to joining the Principal Investment Area, Tom was head of Leveraged Finance. He was named managing director in 1999 and partner in 2004.

Prior to joining the firm, Tom worked for Bankers Trust Company from 1990 to 1996.

Tom serves on the National Advisory Board of Jumpstart Inc., which promotes literacy and reading skills among underprivileged preschoolers. He also serves on the Board of Trustees of Union College.

Tom earned a BA from Union College in 1989.

32

TARIK H. DALTONNorth Carolina Department of the Treasurer

Tarik Dalton joined the Investment Management Department for the North Carolina Department of the Treasurer in 2012. He currently serves Director of Multi-Strategy where he performs manager due diligence and portfolio allocation for the State’s Multi-Strategy allocation. In addition to his main responsibilities, Tarik also contributes to numerous plan level responsibilities including: risk and asset allocation, workouts, and strategy. Tarik is a member of the internal investment committee and he also served as steering group member of the North Carolina’s asset and liability team.

Prior to joining the IMD division, Tarik was a Director in the Investment Bank of Credit Suisse in New York City. Tarik spent approximately 8 years in the Leveraged Finance Group as a distressed credit analyst performing in-depth fundamental analysis on stressed and distressed corporate credits and investing across the capital structure both long and short utilizing the bank’s proprietary capital. As a senior member of the team Tarik focused primarily on autos and industrials, lodging and leisure and gaming. Prior to his career as a distressed investor Tarik was a Management Consultant for PricewaterhouseCoopers.

Tarik holds a bachelor of arts in Economics-Philosophy from Columbia University in the City of New York and a Masters of Business Administration from The Kenan-Flagler Business School of the University of North Carolina.

PETER DOPSCHMorrison & Foerster LLP

Peter Dopsch is a partner in the Finance & Projects Group resident in the firm’s New York office. His practice focuses on banking and asset and infrastructure finance transactions. He assists lenders and borrowers in structuring, negotiating, and documenting complex credit transactions.

Mr. Dopsch has represented banks and other institutional lenders, as well as borrowers, in a wide variety of secured and unsecured financing transactions, including syndicated loans, asset-based lending transactions, structured trade and commodity finance transactions, project and infrastructure finance transactions, commercial paper programs, and standby and trade letters of credit. These have included both domestic and cross-border matters. Mr. Dopsch also has substantial experience in representing lenders in subscription line loans to private equity funds. He regularly advises clients on insolvency matters, and has represented lenders and borrowers in complex loan workouts and restructurings and in foreclosure proceedings under the Uniform Commercial Code.

Mr. Dopsch is the chair of Morrison & Foerster’s Opinion Committee as well as a member of the firm’s Pro Bono Committee.

Mr. Dopsch received his J.D. from Boston University School of Law where he was a G. Joseph Tauro Scholar and Articles Editor of the American Journal of Law and Medicine, and his B.A. from New York University.

THOMAS DOYLEJP Morgan Securities Plc

Tom joined in 2012 to run their fund financing business in EMEA, focusing on hedge funds and private equity. In the secondary private equity space, this involves asset backed and LP hybrid transactions for acquisition and fund recap transactions. Tom has recently accepted a new role at JP Morgan working with global financial sponsors based in EMEA, specialising in financing on a cross asset basis. Prior to JP Morgan, Tom established an advisory boutique, Tearmann, successfully unwinding legacy hedge fund positions for a number of leading institutions. Prior to Tearmann, Tom was a Managing Director at Credit Suisse and KBC Financial Products. Tom is a CFA Charterholder and holds a Bachelor of Commerce from University College, Dublin.

33

THOMAS DRAPERRopes & Gray LLP

Tom is one of the leading finance lawyers in New England, with deep experience representing borrowers in a variety of debt transactions. In the fund borrower area, Tom is a national leader. He has spoken on several panels and has worked on dozens of capital call facilities, portfolio leverage facilities for debt funds (including bank credit facilities and securitizations), liquidity financings for open-end and closed-end registered funds, management company facilities and co-investment facilities for private fund principals.

ROBERT DUGGANMourant Ozannes

Robert is a Cayman Islands corporate finance lawyer, and managing partner of Mourant Ozannes’ London office. His practice covers corporate and finance work for private equity sponsors, their portfolio groups and finance counterparties and includes advising on the implementation of subscription credit facilities and other debt arrangements for funds and their GPs.

Before joining Mourant Ozannes, Robert worked in the Cayman Islands and London offices of another leading Cayman Islands law firm, where he was a partner. Prior to moving to the Cayman Islands in 2004 Robert worked for Slaughter and May in London.

CHRIS ELVINPreqin

Christopher Elvin is currently Head of Preqin’s Private Equity Products and responsible for Preqin’s market leading online products and solutions.

He joined Preqin in 2006 as an analyst within the private equity research team, before spending six years as part of Preqin’s sales team in a number of senior roles, including Head of Business Development and Head of Global Accounts.

He is now in charge of defining Preqin’s strategic direction in the private equity industry, both through innovations to Preqin’s online products as well we as through Preqin’s research and communications strategy in this space.

ETHAN FALKOVENeuberger Berman

Ethan Falkove is a Managing Director of Neuberger Berman, and a member of the Secondary Investment Committee. He is primarily responsible for sourcing, evaluating, structuring and purchasing secondary investment opportunities. Mr. Falkove joined Neuberger Berman from Deutsche Bank, where he worked for ten years in the private equity division investing in secondary private equity and directly in operating companies. Mr. Falkove received his M.B.A. from Columbia Business School and his B.S. from the Wharton School of the University of Pennsylvania.

34

JAMES FREELANDSummit Partners

Jamie M. Freeland is a Managing Director with Summit Partners, a global alternative investment firm that is currently investing more than $7.2 billion into growth equity, fixed income and public equity opportunities. Jamie joined Summit in 2010 and today heads the firm’s credit investment team. He is a member of Summit Partners Credit Advisors, which he cofounded.

Jamie has extensive experience in leveraged finance, particularly in the area of private loan origination. Prior to Summit, he worked for Guggenheim Investment Management as a member of the leveraged credit investment team and focused on special situations, including originating proprietary investment opportunities as well as debt restructurings. Prior to that, he worked at J.H. Whitney & Co. in a leveraged credit investing group focusing on the gaming, leisure, healthcare, real estate and packaging industries.

Jamie holds a BA in economics from The College of William & Mary.

MARK GILLESComerica Bank

Mark Gilles manages the Equity Fund Services Group (EFS) at Comerica Bank. Based in Menlo Park Ca., Boston Ma., and New York City, Equity Fund Services provides depository and credit products to select Venture Capital and Private Equity firms throughout the United States and Canada.

Mark’s background combines extensive banking experience with over 10 years of direct investing experience with Tangent Growth Fund L.P., a San Francisco based private equity firm. That combination of experience gives Mark a unique perspective of how to bring value to private equity and venture capital relationships to help them be more successful. Under Mark’s direction EFS has adopted a holistic approach designed to build deep relationships with the client firm, its partners and its portfolio companies through greater access to Comerica’s key internal business partners.

JULIEN GIMBRERESociété Générale

Julien Gimbrere is Managing Director in SG Global Markets division. As Head of Financial Engineering for the Americas, Julien oversees the Flow Strategy, Pricing and Marketing teams in addition to directly managing the Structuring group.

Julien joined Société Générale in 2000 as an Inspector, based in Paris. In 2007, he moved to NY as a Structurer on Fund-Linked Products. In 2010, he was appointed head of the Cross-Asset Financing Structuring team, before taking over the Structuring group in 2014. In 2016, he was appointed deputy head of Financing Engineering for the Americas, and later became the head of Financial Engineering for the Americas at the beginning of 2017.

Julien graduated from the Ecole des Mines de Paris.

35

ROBERT L. GOLDRidgewood Energy

Robert (“Bob”) L. Gold has been a Senior Executive of Ridgewood Energy since 1987, the CEO of Ridgewood Capital Corp. since 1998 and has been an active investor in the energy and technology sectors for almost 30 years. Over the last three years, Ridgewood Energy has closed two Funds to drill and develop oil fields in the Gulf of Mexico and have placed over $3 billion under management. Bob is the Chairman of the Board for the Institute for Creative Problem Solving, an educational program for Gifted Math Students and serves on the Board of the NYU Tandon School of Engineering and the NYU School of Law. Bob is also a Board member of the Massachusetts Museum of Contemporary Art where he chairs the Finance and Investment Committees. Bob is a co-founder of the Thought Into Action Institute at Colgate University, a program for college entrepreneurs where Bob teaches entrepreneurship and mentors college entrepreneurs. Prior to joining Ridgewood, Bob was a corporate attorney at the law firm of Cleary, Gottlieb, Steen & Hamilton and a Law Clerk for Federal Judge Charles P. Sifton. Bob earned his B.A. from Colgate University and his J.D. from New York University Law School. Bob is the father of 5 children.

TERRENCE GREGERSENNatixis

Terrence is an Executive Director in the Global Credit Solutions & Strategies Group of Natixis. Terrence joined Natixis in June 2006. He focuses on the origination and structuring of subscription credit facilities and asset backed transactions across a range of asset classes. From 1998 to 2006, he worked in the Structured Finance Group at Financial Security Assurance. He was a Vice President and focused on the securitization on asset classes such as sub prime auto loans, equipment loans and leases, manufactured housing, and certified capital companies. Terrence holds a BS in Finance from Rutgers University.

AMIRA HAJILINatixis

Amira Hajili heads the European Equity Bridge Fund Financing business at Natixis. Prior to joining the Global Structured Credit and Solutions Group at Natixis, she worked in Debt Solution Group at Natixis covering Structured Finance Solutions. She has also an academic background as a Professor Associated in the CNAM-Art et Métier and before at the University of Paris 2 Pantheon Assas.

Amira Hajili is a PhD on Quantitative Finance.

36

BRANDY HANCity National Bank

Brandy Han is a senior vice president and manager of City National Bank’s Syndications unit. She oversees the bank’s sell side loan syndication activities, which include the structuring and distribution of agented transactions for the Structured Finance, Franchise Finance, Commercial Banking and Capital Finance line units. Ms. Han began her banking career at City National in 2010. Prior to joining City National, she served as a director in the Asset-Backed Securities Origination and Structuring team at UBS Securities in New York City. Ms. Han has more than 15 years of credit and debt capital markets experience at large financial institutions such as Banc of America Securities (and FleetBoston Financial, one of its predecessor banks) and ABN AMRO Bank. Ms. Han earned her master’s degree in business administration in finance from The Carroll Graduate School of Management at Boston College and her bachelor’s degree in business administration from Mary Washington College. Active in the community, she also serves as a board member of Connections for Children, a non-profit child care resource and referral agency, headquartered in Santa Monica.

ZACH HARRISBlackRock Financial Management, Inc.

Zach Harris, CFA, Vice President, is a member of BlackRock Alternative Advisors (BAA), the firm’s Hedge Fund Solutions team. As of December 2016, BAA has over $21 billion in AUM invested across hedge fund and co-investment strategies.

Mr. Harris manages BAA counterparty relationships and oversees Trading and Financing arrangements for fund products managed by BAA. Within BAA’s Co-investment Platform, he provides product oversight and manages structuring of deals that span public and private markets and include debt, equity and derivative exposures. Additionally, he provides product management, trade management, and operational support to BAA’s Retail Platform (1940 Act & UCITS).

Mr. Harris earned a BA degree in finance from Washington State University and is a CFA charterholder.

TERRY HATTONMUFG

Terry Hatton is a Senior Vice President in and Manager of the Fund Finance Group for Union Bank in New York. Union Bank’s fund client base includes real estate, mezzanine, infrastructure, energy, private equity and venture capital. The bank has built an established track record, providing fund sponsors with competitive lending products, inclusive of subscription and bridge capital call facilities; senior and asset based debt financing for general industries, as well as health care, environmental, and aerospace and defense. Union Bank also provides junior capital, mezzanine debt and non-control equity through our affiliate, UnionBanCal Equities, Inc. Terry has a bachelor’s degree from University of Western Ontario.

37

JAMES HEINICKEOgier

James Heinicke joined Ogier in 2008 and is a partner in the firm’s banking and finance team in the Cayman Islands.

James has extensive experience in a broad variety of banking, finance and corporate matters and he regularly advises banks, financial institutions, investment funds and large corporate multinationals. He is an expert in all aspects of fund financing, with a particular emphasis on subscription line and capital call facilities acting for both lenders and fund borrowers. James also has substantial experience in Cayman Islands financial services regulation and regularly advises international banks and other financial services providers in respect of their Cayman operations. James’ practice also includes structured finance, international mergers and acquisitions and corporate restructurings.

James is recognised in Legal 500 and was named as a “Notable Practitioner” in Chambers Global 2016.

JOCELYN HIRSCH Kirkland & Ellis LLP

Jocelyn A. Hirsch, a partner at Kirkland & Ellis LLP whose practice focuses primarily on the representation of private equity sponsors and corporate borrowers in complex financing transactions, including leveraged buyouts, cross border facilities, asset based facilities and sponsor capital call/subscription facilities. Her experience in private equity spans sectors including real estate, energy, infrastructure, secondary and financial services funds with aggregate funds raised totaling tens of billions of dollars. Ms. Hirsch has worked with some of the largest, most diversified and prominent private fund sponsors, as well as middle-market firms.

Ms. Hirsch received a J.D., from the University of Wisconsin Law School.

HAROLD HOPEGoldman, Sachs & Co

Harold is a partner and managing director at Goldman, Sachs & Co, where he co-heads secondary investing, including the Vintage Funds, in the Alternative Investments and Manager Selection (AIMS) Group. Harold is also co-chief operating officer of the AIMS private equity team and a member of the AIMS Private Equity Investment Committee, the AIMS Real Estate Strategies Investment Committee and the AIMS GP Strategies Investment Committee. Harold joined Goldman Sachs in 1999. Prior to joining the firm, Harold worked as a financial analyst at the investment banking boutique Bowles Hollowell Conner & Co. Harold earned a BA in Economics and Political Science from the University of North Carolina at Chapel Hill and a JD from Harvard Law School, where he was an editor on the Harvard Law Review.

SAMANTHA HUTCHINSONDentons

Sam specialises in advising lenders on a range of financing products across all fund sectors (including private equity and real estate funds, funds of funds and listed funds). Sam has been acting for lenders to funds for over a decade and her practice covers the full range of fund lending products, from capital call facilities, to general partner support and co-invest facilities, to portfolio acquisition facilities. Sam also has significant experience in acting for both lenders and sponsors on leveraged restructurings, acquisition and real estate financings.

38

CHARLES INKELESCommonwealth Bank of Australia

Charles Inkeles joined Commonwealth Bank of Australia (CBA) in 2016 as a member of its global Institutional Lending – Funds Finance team. Prior to that Mr. Inkeles spent three years at State Street Bank & Trust Company as a Managing Director in its Credit Services group, where he was responsible for its global subscription lending business. Prior to joining State Street, Mr. Inkeles spent 10 years at ING Bank in its Funds Finance Group, where he served as a Managing Director responsible for the company’s global subscription lending business and also oversaw a portfolio of loans to business development corporations and private senior loans funds. Prior to joining ING, Mr. Inkeles spent three years at ABN AMRO in its Financial Institutions and Financial Sponsors groups. Prior to that he worked as a prosecuting attorney for the Los Angeles County District Attorney’s Office. Mr. Inkeles holds a B.A. from Yale University, a J.D. from the University of Southern California School of Law, and an M.B.A. from the Yale School of Management.

WALTER JACKSONONEX

Walt Jackson is Head of Direct Lending at Onex Credit, the credit investing platform of Onex Corporation, one of North America’s oldest and most respected private equity firms managing $23 billion of AUM. Onex Credit has approximately $7.5 billion of AUM across its various strategies including CLOs, other senior loan strategies and an opportunistic, event-driven, stressed/distressed strategy. Walt joined Onex Credit in 2016 to establish the direct lending platform alongside the existing strategies. Onex Credit Lending Partners I LP will invest primarily in senior secured loans of middle-market, upper middle-market and larger companies in less cyclical and less capital intensive industries in the United States, Canada and Europe. He spent the previous 18 years in various credit investing and lending activities at Goldman Sachs, most recently as the COO of the Private Credit Group which invested across loan and mezzanine funds.

STEVE JACOBYClifford Chance LLP

Steve Jacoby co-heads the Luxembourg Banking, Finance and Capital Markets practice and handles acquisition finance, bank lending, securitisation, capital markets, regulatory, derivatives, general banking law (including litigation), corporate law and insolvency matters. He has particular expertise on fund financing structures for Luxembourg regulated and unregulated funds, including in global fund structures.

Steve is an associate lecturer (Chargé de Cours Associé) at the University of Luxembourg and a lecturer at the Luxembourg Bar School in banking, finance and capital markets law. He is a regular contributor to legal journals and a member of various advisory committees on financial law questions within Luxembourg public institutions and professional organisations.

JEFF JAENICKECredit Suisse

Jeff Jaenicke is a Managing Director of Credit Suisse in the Global Markets division, based in New York. He is Head of the Fund Linked Products Group in the Americas and Head of the Fund Linked Products financing business line globally. The Fund Linked Products Group is a global market leader in lending to investors in alternative funds. Prior to his current role, Jeff was a derivatives trader in the Fund Linked Products Group, based in New York and London. Jeff started his career as an auditor at Arthur Andersen in New York and joined Credit Suisse Financial Products in 1996. He holds a B.S. in Accounting from Binghamton University and a M.B.A from Columbia Business School.

39

CHRISTOPHER KASTERTCW Direct Lending

Mr. Kaster joined TCW in 2015 and serves as the COO of the Direct Lending group. Chris has over 20 years’ experience in the investment management and financial services industry. Most recently Chris spent 15 years as the Managing Partner and CFO at Regiment Capital Advisors, LP. In his role at Regiment, Chris was responsible for all non-investment operations and financial management at the firm. He was a member of the firm’s Executive and Valuation Committees. Prior to Regiment Capital, Chris was a CBO Analyst at Harvard Management Company. He also held the role of Senior Client Service Officer for Mellon Trust in their Institutional Trust and Custody Division. Chris graduated with a BA in Economics from Boston College and earned an MBA from Boston College’s Carroll School of Management.

SANDRA KIM-SUKL Catterton

Ms. Kim-Suk is the Chief Financial and Administrative Officer of L Catterton. Prior to joining L Catterton in mid 2013, she spent over 17 years at Citigroup in various roles including investment banking, capital management and most recently as Chief Operating Officer of their multi-billion infrastructure fund where she was a senior member of the team and concentrated on finance/operations, administration, risk management, and investor relations and fund raising. Ms. Kim-Suk began her career as an investment banker at Salomon Smith Barney where she focused on mergers & acquisitions and capital raising in their Media and Telecom group. Prior to joining Salomon she was at Time Warner Inc. in their Corporate Finance/Strategic Planning group. Ms. Kim-Suk earned her B.A. in Economics from Smith College and her M.B.A. from Columbia Business School.

TOM KIRBYCommonwealth Bank of Australia

Tom Kirby is the Head of Fund Finance for the Commonwealth Bank of Australia (CBA). With 20 years’ banking and client coverage experience, Tom is responsible for CBA’s key relationships in the Funds segment with a particular focus on Financial Sponsors.

Tom has extensive knowledge of asset based financing, transactional banking, cash management and risk management; and with his global team, delivers flexible, tailored and innovative Fund Financing solutions.

ANN RICHARDSON KNOXMayer Brown LLP

Ann Richardson Knox is a finance partner at Mayer Brown and oversees the Fund Finance team in the New York office. Ann has spent her career structuring complex leveraged financings to US and global private funds, sponsors and portfolio companies and has represented both financial institutions and private equity funds in respect of financings at every level of the capital stack and every phase of a fund’s existence.

Ann has been lead counsel on many of the largest and complex subscription credit facilities to funds sponsored by the world’s preeminent fund sponsors. Clients also turn to her when they need to structure novel solutions to provide leverage on fund portfolio assets, including facilities based on the net asset value of real estate, debt and portfolio companies and she led the first such portfolio leveraging financings to secondary funds over a decade ago. Ann also regularly publishes articles on the topic of fund finance and is a regular contributor to Mayer Brown’s Fund Finance Market Review, which is published semiannually.

40

DANA LAIDHOLDThe Carlyle Group

Dana Laidhold is Treasurer of The Carlyle Group, a public global alternative asset management firm. Her responsibilities include liquidity planning, cash management, foreign exchange, and capital markets. Prior to joining The Carlyle Group in 2003, Dana was a Division Controller for US Airways, Inc. and previously she was an auditor with Coopers & Lybrand. Dana received an MBA from the University of Pittsburgh and undergraduate degree from Pennsylvania State University.

ROBERT LEETexas Tech Endowment

Robert is the Director of Hedge Funds for the Employees’ Retirement System of Texas, a $26 billion USD pension sponsor located in Austin, TX. He joined ERS in 2011 to design and implement ERS’ new hedge fund program. Robert manages ERS’ hedge fund program and allocations within and across asset classes, and is also a member of ERS’ Risk Management Committee. Prior to ERS, Robert was Portfolio Manager at HFR Asset Management and its subsidiary Riverside Portfolio Management in Chicago, IL where he managed discretionary, co-advisory, and index fund of hedge fund products including the HFRX Indices. He has a Masters in Econometrics from the Universitaet Konstanz in Germany and Bachelors degrees in Economics and Mathematics from Texas State University. Robert is a board member of the Texas Hedge Fund Association and the Alignment of Interests Association.

JENNIFER LEVITTSimpson Thacher & Bartlett LLP

Jennifer Levitt is Senior Counsel at Simpson Thacher & Bartlett LLP where she is a member of the Banking and Credit Practice. Jennifer regularly represents leading financial sponsors in connection with debt financings for their private equity, real estate, real estate debt, infrastructure, mezzanine debt and other investment funds. She has extensive experience in complicated financings designed to provide fund-level leverage to facilitate and support investment activities, including subscription (or capital call) facilities, margin loans and other forms of back-leverage.

Jennifer received her B.A. from Duke University and her J.D. from Harvard Law School.

MARC S. LIPSCHULTZ Owl Rock

Mr. Lipschultz is a co-founder and the President of Owl Rock Capital Partners and Co-Chief Investment Officer of Owl Rock Capital Advisors. Prior to founding Owl Rock, Mr. Lipschultz spent more than two decades at KKR, and he served on the firm’s Management Committee and as the Global Head of Energy and Infrastructure. Mr. Lipschultz has a wide range of experience in alternative investments, including leadership roles in private equity, infrastructure and direct-asset investing. Prior to joining KKR, Mr. Lipschultz was with Goldman, Sachs & Co., where he focused on mergers and acquisitions and principal investment activities. He received an A.B. with honors and distinction, Phi Beta Kappa, from Stanford University and an M.B.A. with high distinction, Baker Scholar, from Harvard Business School. Mr. Lipschultz is actively involved in a variety of non-profit organizations, serving as a trustee or board member of the American Enterprise Institute for Public Policy Research, Michael J. Fox Foundation, Mount Sinai Health System, Riverdale Country School and as the President of the Board of Directors of the 92nd Street Y.

41

CRISTIANO MACHADOBrookfield’s Property Group

Cristiano Machado is a Senior Vice President in Brookfield’s Property Group, responsible for finance and operations of Brookfield’s real estate private funds.

Mr. Machado joined Brookfield in 1995 and has approximately 20 years of real estate experience. He has held senior positions at several Brookfield businesses, including CFO for some of Brookfield-related companies in the retail, hotel and development sectors. He also has been involved in a wide range of investment, financing and capital market activities, such as the IPO of Brascan Residential Properties in 2006.

Mr. Machado received a Bachelor of Science in Electronic Engineering from the Federal University of Rio de Janeiro, an MBA also from the Federal University of Rio de Janeiro and an AMP from Harvard Business School.

MICHAEL C. MASCIACadwalader, Wickersham & Taft LLP

Mike Mascia is a partner in Cadwalader’s Capital Markets Group. He has extensive experience representing a variety of lenders across a range of secured lending transactions, with particular emphasis on the financing of investment funds and financial institutions. He has a globally recognized practice in the subscription credit facility space, having represented both balance sheet and commercial paper conduit lenders in facilities to real estate and private equity funds sponsored by many of the world’s preeminent fund sponsors.

Mike has represented the lead arrangers in many of the largest subscription credit facilities ever consummated. He has been lead counsel on numerous hybrid facilities, and is one of the few attorneys in the United States with experience in both subscription credit facilities and CLO’s. Mike represents lenders on leverage facilities to secondary funds and other credits looking primarily to fund assets for repayment. Many of his transactions are cross-border in nature, and he is well-versed in the nuances of multi-jurisdictional transactions.

Mike is the founder of the annual Subscription Credit Facility and Fund Finance Symposium and is a founding member and the Secretary of the Funds Finance Association.

He also represents underwriters, commercial banks, commercial paper conduits, issuers and other finance companies in the securitization of private equity capital commitments, trade receivables (including web-based supply chain finance programs), auto loans and leases, corporate and middle market loans, intellectual property receivables, equipment leases, and other esoteric assets, in both the warehouse and term markets.

KEVIN MCLEODCerberus Capital Management

Managing Director of Cerberus Capital Management. Mr. McLeod manages the formation, structuring, development and marketing of the investing vehicles of Cerberus Business Finance, the middle-market direct lending business of Cerberus. Prior to joining Cerberus in 2006, Mr. McLeod managed the Leveraged Finance Group at CIBC World Markets where he originated, structured and executed transactions involving high yield debt securities, leveraged loans, privately placed mezzanine securities and merchant banking investments. Formerly, Mr. McLeod was a mechanical and aerospace engineer at the Pratt & Whitney Division of United Technologies Corp. Mr. McLeod earned a BS in Mechanical Engineering from Worcester Polytechnic Institute and an MBA from the University of Chicago.

42

TINA MEIGHMaples and Calder

Tina is a partner at Maples and Calder in the Cayman Islands and head of the firm’s fund financing group there. Tina specialises in finance transactions and has extensive experience in all aspects of fund financing, banking, derivatives and securitisations. She represents hedge funds, private equity funds and banks on lending transactions, bank products, deal structures and on all types of secured transactions. Tina advises a large number of international associations and financial institutions on derivatives and issues surrounding related collateral packages in the context of insolvency in the Cayman Islands. She also has significant experience of general corporate and commercial matters and the establishment of offshore investment funds.

Tina joined Maples and Calder in 2005 and was elected as a partner in 2012. She previously worked for Lovells where she completed a secondment to Citibank.

Tina is recommended in Legal 500 and Who’s Who Legal.

CRAIG MEISNERLloyds Bank

Craig is the Head of Loan Markets and Deputy Head of Commercial Banking Markets for Lloyds Banking Group in North America. He is a key member of the Lloyds Securities platform and is a voting member of the Lloyds Securities Inc. Management Committee. With more than 25 years of extensive capital markets experience across various sectors, Craig has been a business builder with demonstrated success in growing revenues, developing new opportunities, expanding client franchises and enhancing internal partnerships. In his previous role, Craig spent 16 years managing the Loan Syndication business for Commerzbank, formerly Dresdner Kleinwort. At Dresdner, Craig established and built the Secondary Loan trading business and was recognized for his high performance teams across the market. Prior to joining Dresdner, Craig was Deputy of the Structured Finance/Syndications team at The Bank of Tokyo Trust Company where he was responsible for the sourcing and underwriting of middle market and leveraged transactions along with the buying and selling of loans. Craig graduated in 1984 with a BS degree in Accounting from Kean University and went on to become a CPA in 1985.

RAY MEYERNatixis

Ray Meyer is a Managing Director and Head of Financial Institutions Coverage of Natixis Corporate & Investment Banking Americas, where he focuses on origination for core clients across multiple asset classes in coordination with the various product groups of Natixis. Mr. Meyer has been with Natixis for over 14 years and has originated, structured, arranged and executed Fund level facilities including Secured Subscription, Hybrid and Secondary Asset facilities for Asset Managers, Merchant Banks and Private Equity Fund clients. His role includes sourcing and providing financing, derivative and liquidity solutions across the client base including Real Estate, Buy-Out, Credit, Mezzanine, Energy, Infrastructure, and Secondary Private Equity Funds.

Mr. Meyer has more than 20 years of financial services experience. Prior to joining Natixis, he was a member of the Financial Institutions Investment Banking Group at Lehman Brothers, and before that was a Senior Foreign Exchange trader at BNP Paribas and Credit Suisse. Mr. Meyer holds an MBA from The Wharton School, University of Pennsylvania and a Bachelor’s Degree in Finance and Economics from New York University’s Stern School of Business.

43

WES MISSONCadwalader, Wickersham & Taft LLP

Wes Misson is a partner in Cadwalader’s Capital Markets Group. Wes’s practice focuses on fund finance, and he has represented financial institutions as lenders and lead agents in hundreds of subscription credit facilities and other fund financings during the course of his career. His experience encompasses both subscription and hybrid facilities and includes working with fund-related borrowers on the negotiation of third-party investor documents with institutional, high net worth and sovereign wealth investors.

Wes has served as lead counsel on many of the largest and most sophisticated fund financings ever consummated, notably having assisted more than 35 banks as lead or syndicate lender during the past two years with transaction values totaling in excess of $25 billion.

Wes works extensively with financial institutions to develop form agreements for fund finance transactions and to educate bankers, internal legal counsel and credit officers on hot issues and trends affecting the fund finance market. He has been recognized as a “Rising Star” in the United States in the area of Banking and Finance in the International Financial Law Review’s IFLR1000 Legal Directory in 2014 and 2015. Wes is also a frequent speaker and an accomplished author in the area of fund finance.

NICK MITRANatixis

Nick Mitra manages the US Capital Call business for Natixis and is also the global coordinator for the Capital Call product ensuring compliance with exposure limits and adherence to consistent standards for Capital Call credit facilities. Prior to joining the Global Structured Credit & Solutions Group at Natixis, Nick worked in the Credit Group at Natixis covering Financial Institutions and Insurance Companies. He has also worked at Goldman Sachs and Accenture in different roles and was the CFO of an entrepreneurial start-up – UConnections.com – aimed at the education space. Nick started his career at Lehman Brothers as a trader’s assistant in the security lending/repo area. Nick has approximately 17 years of experience in the financial sector. Nick is also a co-founding member of the Fund Finance Association, an industry group dedicated to Fund Finance and related products, where he sits on the Board of the Association.

Nick holds an MBA in Finance from NYU and a BS in Finance from Lehigh University and is a CFA charter holder. He is also the First Vice Chairman of the Fund Finance Association.

THOMAS E. NOWAKBank of America Merrill Lynch

Thomas (Tom) Nowak is a Managing Director in Bank of America Merrill Lynch’s market-leading Syndicated Finance group. In this capacity he is responsible for leading the structuring, syndicate, distribution and execution of broadly syndicated debt facilities. Clients include opportunity funds, hedge funds, debt funds, public pension plans and institutionally-sponsored entities as well as REITs, REOCs, lodging companies and national homebuilders. Mr. Nowak has 20 years of experience in structuring, syndicating and executing debt transactions across all levels of the capital structure. Prior to assuming his current role, he worked in investment banking as well as financial and economic consulting.

Tom holds Series 7, 24 and 63 licenses and is a graduate of the University of Notre Dame (BBA in Finance) and the University of Chicago Graduate School of Business (MBA in Finance and Accounting).

44

MICHAEL O'LEARYRXR

Michael O’Leary serves as Senior Vice President of Capital Markets of RXR Realty (“RXR”). In this capacity, Mr. O’Leary is charged with a broad range of responsibility handling key accounting, finance, investor relations, capital markets and fund administration activities. Mr. O’Leary joined RXR in May 2007 where his responsibilities included development of the corporate earnings forecasts and financial modeling. Over time, Mr. O’Leary’s responsibilities grew to include participating in RXR’s long-term strategic planning initiatives, as well as development and maintenance of corporate supplemental business reporting and analysis for RXR. Mr. O’Leary plays an integral part of the formation of RXR’s broadly marketed real estate funds including development of roadshow materials, fulfillment of investor diligence requests, structuring analyses for foreign investors and was responsible for the establishment of RXR’s Fund Accounting department. Additionally, Mr. O’Leary also served for a period of time as Director of Property Accounting, responsible for the oversight of RXR’s extensive property and joint venture reporting discipline.

Prior to joining RXR, Mr. O’Leary was a Manager in Ernst & Young LLP’s Real Estate group, responsible for planning, coordinating and executing integrated audit engagements for top real estate, construction and hospitality companies. Mr. O’Leary is a Certified Public Accountant in New York State as well as a Chartered Global Management Accountant, and is a member of the American Institute of Certified Public Accountants. Mr. O’Leary received his Bachelor of Science degree in Accounting from the State University of New York at Albany and his MBA from Columbia Business School.

JOHN OBERDORFLoeb & Loeb LLP

John Oberdorf focuses his practice on the areas of commercial finance transactions, corporate law matters and transactions, mergers and acquisitions, and intellectual property matters and transactions.

Much of his work involves the representation of banks and other financial institutions in private banking and commercial lending transactions, including secured and unsecured lending, private equity and subscription line financing, lending to hedge funds and fund of funds, art loans, aircraft financing, commercial real estate financing, securities lending, and various other credit arrangements. He also advises clients concerning a variety of corporate law matters and transactions arising from formation through and including ultimate sale, merger, and/or dissolution, and with special business operational knowledge and experience in the digital media, marketing, and technology industries.

MICHAEL ORPHANIDESBarclays

Michael Orphanides is Head of the Financial Institutions Group, in the Americas, for the Corporate Banking division at Barclays. He manages the delivery of corporate banking products and services across the Banks, Broker Dealers, Insurance, Funds & Asset Managers and Financial Technology sector. Michael joined Barclays in 2005, where he has held various positions across Sales and Credit, covering Financial Institutions. In 2008, Michael was responsible for building out coverage of the US Funds & Asset Manager sector. He then moved to New York from London in 2011 to build out the broader coverage of Non-Bank Financial Institutions in the Americas. The Banks coverage team was added in 2014 to Michael’s responsibilities, rounding out the Financial Institutions Group.

Michael has a BSc (Hons) in Computing of Mechanical Engineering from Brunel University.

45

ALAN PARDEEMercury Capital Advisors

Alan Pardee is a member of Mercury Capital’s Executive Committee. He was previously a Managing Director and Chief Operating Officer of the Merrill Lynch Private Equity Funds Group, in which he served for nearly twelve years. For two years, he concurrently served as Global Head of the Merrill Lynch Real Estate Private Capital Group within the Global Commercial Real Estate Division. Mr. Pardee has led fund raising assignments for buyout, real estate, venture capital, secondary, mezzanine and distressed funds for general partners in the U.S., Europe, Asia, Latin America and Australia. He has led fund raisings for Madison International Realty, Vornado Capital Partners, Lion Capital, Thomas H. Lee Partners, Welsh Carson Anderson & Stowe, Calera Capital, Walton Street Capital, Alpha Investment Partners, Appian Capital, DAG Ventures, Five Point Capital Partners, Kandeo Investment Advisors, Panda Power Funds, Advantage Partners, Behrman Capital, Castle Harlan Partners, Charterhouse International Group, Clarity Partners, daVinci Japan Real Estate Partners, Europa Capital Partners, Gryphon Partners, KKR, Lowe Enterprises, MD Sass, Och-Ziff Real Estate, Silver Lake Partners, Strategic Value Partners and Merrill Lynch, among others. Mr. Pardee joined Merrill Lynch in 1995 in the Global Communications Group, originating and executing M&A and corporate finance mandates, in Investment Banking before joining the Private Equity Funds Group in 1998. He was previously an Associate in the Global Media Group at Morgan Stanley and also executed a number of real estate, advisory and financing mandates while there. Mr. Pardee was also a Research Associate in Equities Research at Donaldson, Lufkin & Jenrette. He earned a Bachelor of Arts Degree from Princeton University with a major in the Woodrow Wilson School of Public and International Affairs and an M.B.A. and a Certificate in Public Management from the Stanford University Graduate School of Business. Mr. Pardee has over 28 years of experience in the securities industry. He is a Series 7, 24, 63 and 79 registered person with Mercury Capital Advisors, LLC, which is a member of FINRA and a securities broker-dealer in the United States.

ANTHONY PIRRAGLIALoeb & Loeb LLP

Anthony Pirraglia focuses his practice in the area of commercial finance, representing both borrowers and lenders in connection with unsecured and asset-based lending transactions. Mr. Pirraglia also represents mezzanine lenders, private equity funds and other investors in their loans to and investments in companies in connection with acquisitions and corporate restructures.

Mr. Pirraglia also practices as special counsel representing institutional lenders in the area of the direct placement of corporate securities.

His finance experience includes the structuring, documentation and negotiation of warehouse and other loan facilities and a wide variety of privately placed financial transactions; workouts and restructurings; leveraged buyouts; project and facility financing; real estate financings; credit tenant loan transactions; and loan and other asset securitizations. His practice also includes a special emphasis on workouts, restructuring and bankruptcies of multiple property credit tenant loan securitizations. His representative workout achievements include the successful liquidation and recovery on approximately 30 Borders’ credit tenant leases.

TIMOTHY POWERSHaynes and Boone, LLP

Timothy Powers is the managing partner of Haynes and Boone. In his role as chief executive, Tim chairs the firm’s executive committee and board of directors, and is responsible for developing and implementing the firm’s strategy for achieving its goals and growth plans. In his practice, Tim is widely credited as one of the leaders in the legal development of the subscription secured credit facility market, and he has helped build Haynes and Boone into a global leader in the representation of U.S. and foreign commercial and investment banks in subscription financings for private equity funds.

46

DAVID PRESTON Wells Fargo Securities, LLC

David Preston, CFA, is a managing director in the Structured Products Research group. He covers CLOs and Commercial Asset-Backed Securities. Before joining Wells Fargo, he served as a fixed income strategist with Raymond James & Associates. In addition, Dave served in the U.S. Army as an infantry officer. He earned a BA in English from The Citadel, The Military College of South Carolina, and an MBA from Tulane University.

The Wells Fargo CLO Research team has been ranked #1 in Institutional Investor’s All-America Fixed-Income Research survey in 2013, 2014, 2015, and 2016. The Wells Fargo CLO Research team was also ranked #1 Most Helpful CLO Team in the 2015 and 2016 Greenwich Associates Fixed Income Investors Survey, and was awarded Creditflux’s Scroll of Excellence for Best CLO Research Team in 2015 and 2016.

RANESH RAMANATHANBain Capital

Ranesh Ramanathan is a Managing Director at Bain Capital and serves as General Counsel to the Capital Markets Businesses at Bain Capital. Mr. Ramanathan received a Bachelor’s Degree (1993) from The Johns Hopkins University in Baltimore, Maryland, and a Juris Doctor (1999) from New York University School of Law.

Prior to working at Bain Capital, Mr. Ramanathan was General Counsel of Citi Private Equity. Citigroup’s diverse and global private equity business at its peak had over $10 billion of assets under management (“AUM”). Mr. Ramanathan’s career at Citigroup started in 2004 as General Counsel of Tribeca Global Management, Citigroup’s multi-asset hedge fund. Launched in 2004, Tribeca was Citigroup’s foray into the direct (rather than fund of funds) hedge fund market and was built from the ground up using market leading technology. As one of the first employees at Tribeca, Mr. Ramanathan was involved in all aspects of the establishment of this business and helped it grow organically to over $2 billion of AUM and 22 distinct strategies. Mr. Ramanathan started his legal career at the New York office of Cleary, Gottlieb, Steen & Hamilton LLP.

Mr. Ramanathan joined Bain Capital in 2008 as its second lawyer. In 2010, Mr. Ramanathan focused his attention on, and became General Counsel to, the Capital Markets Businesses of Bain Capital. Bain Capital’s Capital Markets Businesses are comprised of Brookside Capital, Bain Capital’s long-short equity manager, and Sankaty Advisors, its credit manager. Together, these business units manage a variety of fund types from closed-ended to open-ended to managed accounts, in a wide variety of strategies, and have almost $40 billion of AUM.

KEITH READCerberus Capital Management

Keith Read, Senior Managing Director, Lending, of Cerberus Capital Management and President of Cerberus Business Finance, LLC. Mr. Read joined Cerberus in 2006. Prior to joining Cerberus, Mr. Read was a Managing Director at CIBC World Markets from 1995 to 2005, where he was responsible for the distribution of structured finance products including CLOs and CBOs, mezzanine financings, leveraged finance and direct fund raising. From 1993 to 1995, Mr. Read was an Executive Vice President at The Argosy Securities Group, a boutique high-yield advisory firm. From 1991 to 1993, he was a Managing Director at Barclays Bank. From 1989 to 1991, he served as a Vice President at Bankers Trust. Mr. Read is a graduate of the University of Utah and received a Master’s Degree from the University of Utah. Mr. Read is a member of the Cerberus Capital Management Credit/Lending Committee.

47

PAUL RODERMoses & Singer LLP

Paul M. Roder is a partner in Moses & Singer’s Banking and Finance practice group. He represents money center banks and other financial institutions, both foreign and domestic, in a variety of financing transactions, including secured and unsecured lending and letter of credit transactions. His clients often serve as lead agents and arrangers in syndicated credit facilities and he advises them in all aspects of such transactions, including the structuring, negotiating, and documenting thereof. He regularly represents clients on extensions of credit to a range of borrowers, including public and private companies as well as investment funds, and in cross-border financings.

Paul has extensive experience in the financing of investment funds, including subscription finance and other financings supported by capital commitments. He has represented money center banks as lead agents and arrangers in well over 125 syndicated subscription credit facilities. These facilities include multi-fund, parallel fund, and master/feeder fund structures with sponsors primarily located in North America and Europe. In addition, he represents clients in bilateral subscription credit facilities, hybrid subscription credit facilities (which include subscription collateral together with collateral from other asset classes), “after-care” credit facilities, and credit facilities secured by investment management fees and other rights to payment. The borrowers are typically private equity funds, including real estate opportunity funds, leveraged buyout funds, distressed debt funds and mezzanine funds, and include funds from some of the premier sponsors in the industry.

KENNETH I. ROSHFried, Frank, Harris, Shriver & Jacobson LLP

Kenneth I. Rosh is head of Fried Frank ’s Private Equity Funds Practice. Mr. Rosh represents clients in a broad range of corporate and securities transactions, with a focus on private equity fund formation counseling, investments, acquisitions and secondary transactions; securities and capital markets; and general corporate matters. Mr. Rosh has represented major private equity fund sponsors for over 25 years.

Mr. Rosh is consistently recognized by Chambers Global and Chambers USA as a leading individual in Private Equity Funds, Legal 500 in Investment Fund Formation and Management: Private Equity Funds, The Who’s Who Legal for Private Funds and most recently was a recipient of Law360’s Asset Management MVP award. Mr. Rosh is a member of the Private Investment Funds Forum, the Private Investment Funds Committee of the NYC Bar Association and the American Bar Association Committee on Private Investment Funds. Mr. Rosh serves on the Board of Advisors of the Northwestern Journal of International Law and Business. Additionally, he is the chairman of the Board of Directors of Harlem RBI and is a past recipient of the Legal Aid Society’s Pro Bono Publico Award.

Mr. Rosh received his JD in 1988 from the Boston University School of Law, where he was a G. Joseph Tauro Distinguished Scholar and editor-in-chief of the Annual Review of Banking Law, and his BA in 1985 from Tufts University. He is admitted to the bar in New York.

JOHN G. RUDGELexington Partners

Mr. Rudge is a partner of Lexington Partners primarily engaged in the origination and evaluation of secondary purchases of private equity and alternative investments. Prior to joining Lexington in

2001, Mr. Rudge was an associate in investment banking at Morgan Stanley.

Mr. Rudge graduated from Middlebury College with a BA in American Civilizations and from the Tuck School of Business at Dartmouth with an MBA.

48

ALISTAIR RUSSELLCarey Olsen

Alistair is a partner in the corporate and finance group of Carey Olsen in the Cayman Islands and advises on all aspects of corporate, investment funds, commercial and finance law. He has advised clients on a broad range of transactions including private equity, joint ventures, mergers and acquisitions and capital markets. Alistair was formerly with Skadden, Arps, Slate Meagher & Flom and Cleary, Gottlieb, Steen & Hamilton, each in London. Alistair obtained a Bachelor of Civil Law with distinction from Christ Church, Oxford University, and an LLB with first class honours from Kings College London. Alistair was admitted as a solicitor of the Supreme Court of England and Wales in 2008 and as an attorney-at-law in the Cayman Islands in 2013.

DAVID SCUDELLARI PSP Investments

David Scudellari has more than 30 years of leveraged finance and capital markets experience in the US and Canada. He joined PSP Investments in November 2015 to develop the organization’s presence in the US leveraged finance market through its US affiliate, PSP Investments USA. As Senior Vice President, Head of Principal Debt and Credit Investments, Mr. Scudellari oversees a global team of 23 private debt investment professionals in PSP Investments’ New York, Montreal, and London offices.

Prior to joining PSP Investments, David Scudellari held leadership roles at Barclays and Goldman, Sachs & Co., including as Global Head of Finance and Risk – Canada for Barclays in New York. He also spent two years in Calgary, where he served both as Senior Vice President and Chief Financial Officer for North West Upgrading Inc. and as a Board member at Teine Energy.

Mr. Scudellari holds a Master of Business Administration from Pace University – Lubin School of Business and Bachelor of Science in Economics from University at Albany, SUNY.

REBECCA SHENStandard Chartered Bank

Rebecca is an Executive Director at Standard Chartered Bank in Loan Syndications, Corporate Finance department. She is responsible for the origination, structuring and execution of syndicated loan facilities for corporate and institutional clients in the Americas region with a special focus on fund-level subscription financing, asset-backed financing, leverage financing and structured trade-related financing. Rebecca has nearly 14 years of experience in banking in both developed and emerging markets. Prior to joining Loan Syndications of Standard Chartered in New York City, she worked in client coverage function in China and in Loan Syndications in Singapore with the firm.

DAVID SCUDELLARI Senior Vice President, Head of Principal Debt and Credit Investments David Scudellari has more than 30 years of leveraged finance and capital markets experience in the US and Canada. He joined PSP Investments in November 2015 to develop the organization’s presence in the US leveraged finance market through its US affiliate, PSP Investments USA. As Senior Vice President, Head of Principal Debt and Credit Investments, Mr. Scudellari oversees a global team of 23 private debt investment professionals in PSP Investments’ New York, Montreal, and London offices. Prior to joining PSP Investments, David Scudellari held leadership roles at Barclays and Goldman, Sachs & Co., including as Global Head of Finance and Risk – Canada for Barclays in New York. He also spent two years in Calgary, where he served both as Senior Vice President and Chief Financial Officer for North West Upgrading Inc. and as a Board member at Teine Energy. Mr. Scudellari holds a Master of Business Administration from Pace University – Lubin School of Business and Bachelor of Science in Economics from University at Albany, SUNY. About PSP Investments’ Private Debt Group Since the inception of its Private Debt group in November 2015, PSP Investments has led, structured or anchored debt transactions for leading sponsors, including Apollo Global Management, Bain Capital, KKR, Oak Hill Capital Partners, Thoma Bravo and Vista Equity Partners. Representative PSP Investments financings include The ADT Corporation, Vertafore Inc., Mills Fleet Farm, Solera Holdings Inc., RegionalCare Hospital Partners Inc., Qlik and Imagine! Print Solutions.

49

MICHELE SIMONSWells Fargo Securities, LLC

Michele Simons manages ABF Syndications, which is part of Asset-Backed Finance DCM within Asset Backed Finance at Wells Fargo Securities LLC. Joining Wells Fargo in June 2012, the ABF Syndications team supports the origination efforts across the entire Asset-Backed Finance platform by providing dedicated distribution capabilities including Subscription Commitment Facilities.

Prior to joining Wells Fargo Ms. Simons was part of Global Funds business at WestLB AG (Financial Sponsors, Investment Advisors and the funds they manage) where she originated and structured client and product initiatives, since 2006. In addition to her origination and client relationship responsibilities for US and European managers, Ms. Simons was involved in the strategic planning and business management aspects of the Team, including the development of the funds team global club strategy developing relationship many lending partners which led to the distribution of several large syndications. Prior to joining the Team, Ms. Simons was the Head of Business Management for WestLB Capital Markets Americas where she was involved in the development coordination and execution of strategic plans and was a member of the Bank’s Asset/Liability, Operations, and Risk Committees. Before joining WestLB, Ms. Simons worked at Republic National Bank (international accounting and Arthur Andersen & Co. (Audit)

Ms. Simons received a BS Degree in Accounting from Syracuse University and is a CPA.

DEE DEE SKLARWells Fargo Securities, LLC

Dee Dee Sklar manages Subscription Finance, which is part of Asset-Backed Finance within Wells Fargo Securities LLC. Joining Wells Fargo in June 2012, the global team provides fund level financings to Financial Sponsors and Alternative Asset Managers who manage closed end and open end private equity funds, separate accounts, joint ventures, private BDCs; focused on varying strategies among which include buyout, debt, credit, energy, infrastructure, distressed, real estate, secondary’s, natural resources/commodities, transportation. Coverage includes sponsors located in the US, Europe, and selectively Asia and LatAm. During the past 12+ years she has lead teams that have provided subscription / capital call financings to 695+ Private Equity funds totaling equivalent USD ~318+ bio of financings.

Prior to joining Wells Fargo Ms. Sklar led the strategic planning and business management of origination, client, product and strategic initiatives for the Global Funds business at WestLB AG (Financial Sponsors, Investment Advisors and the funds they manage) and managed strategic counterparty relationships with FIs in the Americas. She previously held positions in Securitization at both WestLB AG and Rothschild Inc. as well as an asset manager (now merged) investing debt and equity on behalf of correspondent US insurance company relationships.

Ms. Sklar received a BS Degree in Economics from the University of Tennessee. She is a member of the Financial Women’s Association of New York’s Corporate Governance Committee, in addition to the Women’s Bond Club. She holds Series 7, 63, 24 and 79 certifications and is licensed by the FSA. Ms. Sklar speaks regularly at industry conferences and contributes to industry publications.

50

CHEYENNE SPARROWMorgan Stanley Real Estate Investing

Cheyenne joined Morgan Stanley Real Estate Investing (“MSREI”) in 2010 and now works on the group’s U.S. debt capital markets team. The group is responsible for structuring the capital stack and securing financing on behalf of all MSREI funds.

During her time at Morgan Stanley prior to working on the U.S. capital markets team, Cheyenne has worked in a number of capacities across the MSREI platform. Among various strategic initiatives, she has been involved in fund management, capital raising, fund restructuring, and other platform management projects. Additionally, Cheyenne worked on the MB&REI Trading and Hedging team, collaborating with acquisitions and portfolio management teams to determine hedging strategy for MSREI’s investments.

Prior to joining Morgan Stanley, Cheyenne worked in the Portfolio Analytics Group at BlackRock, focusing on Institutional Multi-Sector Fixed Income accounts as well as BlackRock’s Fixed Income Retail Mutual Funds.

Cheyenne received a BSE with distinction from The Wharton School at the University of Pennsylvania.

JOHN STAKEHamilton Lane

John is an Investment Director in Hamilton Lane’s Fund Investment Group, where he is responsible for all aspects of fund due diligence. Previously John was a member of Hamilton Lane’s Research team where he worked on a number of the firm’s proprietary tools including the Horizon Model, Simulated Market Risk Return Tool (“SMRRT”) and Public Market Equivalent II (“PME II”).

Prior to joining Hamilton Lane in 2009, John was an Actuarial Assistant at Penn Mutual Life Insurance Company. Previously, he was an Assistant Trader for Susquehanna International Group, where he focused on Energy and Gas Futures.

John received a B.S in Mathematics with distinction from Drexel University.

LEON STEPHENSONReed Smith LLP

Leon Stephenson is a member of the Financial Industry Group and Head of Funds Financing in London. Leon and his team work with banks, other financial institutional lenders, Managers, General Partners and Limited Partners of funds on specialist financing transactions with private equity, secondaries, real estate, direct lending and infrastructure funds. Reed Smith has one of the market leading funds finance practices acting for lenders and funds in the European, US, Asian and Middle Eastern markets. Leon has particular specialist knowledge of NAV/Asset Backed and Hybrid facilities, capital call facilities, co-investment and GP/Manager support facilities and other types of liquidity facilities provided to funds. He represents a large proportion of lenders that provide fund financing and has just won the award of partner of the year for Banking at the Client Choice Awards 2017.

51

JAN SYSELFried, Frank, Harris, Shriver & Jacobson LLP

Jan Sysel is a partner in Fried Frank’s Corporate Department and Finance Practice. Mr. Sysel represents sponsors, borrowers, arrangers and lenders on a wide variety of financing transactions primarily in connection with fund formation, as well as direct debt investments and in connection with recapitalizations and restructurings, leveraged acquisitions and spinoffs, across a broad range of industries. He has extensive experience in structuring, negotiating, documenting and executing complex financings, including syndicated senior facilities, mezzanine facilities and private debt placements. His work includes unsecured and secured first and second lien facilities, both cashflow-based and asset-based, with particular focus on fund subscription facilities and other types of investment fund leverage.

Mr. Sysel previously went on a long-term secondment to a financial services company, where he advised on loan transactions for private wealth management clientele. Prior to joining Fried Frank, he practiced corporate law in the Czech Republic for several years and served in the Czech Army as a staff attorney at the Litigation Department of the Czech Ministry of Defense. Mr. Sysel received his LLM from Columbia Law School in 2005, where he was a Harlan Fiske Stone Scholar. He received his JSD from Charles University Law School (Prague) in 2002 and his JD from Charles University Law School (Prague) in 1999.

MATT TABERHarneys

Matt Taber is a partner in Harneys’ Cayman office. Matt is a Cayman Islands investment funds specialist; he has advised many of the world’s leading asset managers in relation to the formation, governance, and restructuring of all types of private equity and hedge funds. Matt regularly advises on corporate governance, regulatory compliance and tax information sharing obligations for all types of Cayman Islands investment funds and vehicles. In addition to his experience as a funds lawyer, Matt also has extensive corporate experience, advising on mergers and acquisitions and fund finance. Prior to joining Harneys, Matt worked at two leading offshore law firms as an investment funds lawyer and in the corporate/M&A department of Hogan Lovells.

ALBERT TANHaynes and Boone, LLP

Albert Tan is a Partner and Co-Chair of the Global Capital Commitment Financing Group with Haynes and Boone, LLP. Additionally, he serves as a member of the firm’s Board of Directors. His practice focuses on lending and direct investments in the United States and Asia. During his career, among his lending transactions, he has represented investment and commercial banks. During this time he led agents and arrangers in more than $42 billion of structured secured credit facilities to Asia, US, Europe, Latin America and global real estate, infrastructure, debt, buyout and energy private equity funds, secured by the capital commitments of institutional and sovereign investors, including some of the first real estate private equity funds with exclusive or primary investment focus in Japan, Greater China and Korea. From 1997 to 2000, while on a secondment from Haynes and Boone, Albert was based in Hong Kong and served as Chief Counsel of Greater China for Caltex Corporation, a wholly-owned subsidiary of ChevronTexaco, overseeing all legal affairs for Greater China. He has made presentations sponsored by PERE – Asia, Japan and North America, PEI-Global Alternative Investment Forum, Institutional Real Estate, Inc., PrivCap, Asia Law and Practice, Texas A&M University of School of Law, and Southern Methodist University Cox School of Business; and is recognized as a Leading Practitioner for International Private Equity by Euromoney Expert Guide. Albert received his JD and LLM from Southern Methodist University and Georgetown University; and speaks English and Chinese (Mandarin).

52

RYAN TROIANOUBS Hedge Fund Solutions

Ryan Troiano is the Implementation and Governance Manager for UBS Hedge Fund Solutions (HFS). Ryan is primarily responsible for managing and implementing strategic initiatives for the business. Key areas of focus include governance, regulatory reporting oversight, credit facility negotiation, and service provider monitoring. Prior to assuming his current role within UBS in 2014, he was a Fund Finance Manager in the SNB StabFund Investment Management group, where he oversaw daily P&L production and monthly financial reporting (2012- 2014). Prior to joining UBS in 2012, Ryan was a Senior Product Analyst within JPMorgan’s Private Equity and Real Estate Services onboarding team (2011-2012). Previously, he served as Vice President and Head of Multi-Manager Finance and Operations at Coast Asset Management (2006-2011) in Santa Monica, CA. While at Coast Asset Management, Ryan coordinated restructuring of their Fund of Hedge Funds platform and ran levered product financing and investment operations. He started his career within the Global Services Division of State Street in Mutual Fund Services in 2004. Ryan has over 13 years of investment industry experience and holds a BA from Bentley University.

TOM WALKERRiverstone

Mr. Walker is a Managing Director at Riverstone Equity Partners, a +$30 billion energy focused fund, serving as the firm’s Chief Financial Officer. Tom previously worked at The Carlyle Group serving as the CFO of several Carlyle/Riverstone jointly sponsored funds. Mr. Walker has more than 20 years of private equity experience across both middle market and large cap firms. He started his career at Arthur Andersen.

JOSHUA WEINER First Reserve

Joshua Weiner is a Managing Director with First Reserve, a leading global private equity and infrastructure investment firm exclusively focused on energy. With over 30 years of industry insight, investment expertise and operational excellence, the Firm has cultivated an enduring network of global relationships and raised approximately USD $31 billion of aggregate capital since inception. First Reserve has completed approximately 600 transactions (including platform investments and add-on acquisitions), creating several notable energy companies throughout the Firm’s history. Its portfolio companies operate on six continents, spanning the energy spectrum from upstream oil and gas to midstream and downstream, including resources, equipment and services and infrastructure.

Having joined the firm in 2006, Mr. Weiner is responsible for directing First Reserve’s capital markets activities both in existing portfolio companies and with regard to new acquisitions. Prior to joining First Reserve, Mr. Weiner was an Associate in the Capital Markets Group at Warburg Pincus LLC. Mr. Weiner holds a Bachelor of Arts from the Bowdoin College.

BEN WHALENMUFG

Ben Whalen is Director, Head of Intercompany Banking Regulation at MUFG Union Bank, N.A., a subsidiary of MUFG Americas Holdings Corporation and Mitsubishi UFJ Financial Group. MUFG Union Bank, N.A., is a full-service bank with offices across the United States, and provides a wide spectrum of corporate, commercial, retail banking, and wealth management solutions to meet the needs of customers. The bank also offers an extensive portfolio of value-added solutions for customers, including access to investment banking, personal and corporate trust, capital markets, global custody, transaction banking, and other services. Based in San Francisco, Ben manages oversight of a variety of corporate lending compliance areas, including affiliate transactions, insider lending, anti-tying, and other conflict of interest and safety and soundness topics. He received his B.A., summa cum laude, from Columbia University.

53

IONE WILSMANNUnited States Steel

Ione S. V. Wilsmann is the Head of Real Estate Investments at United States Steel and Carnegie Pension Fund, where she is responsible for all real estate investment activity and portfolio management.

Prior to joining UCF in 2014, she was Partner at Quilvest and Co-Head of its new real estate fund of funds platform, which she established in 2008 and grew to over $550MM through two fund vehicles and various co-investments.

Before Quilvest, Ione was a Managing Director at Metlife, in senior roles including head of new business development and head of the real estate regional offices.

Earlier, Ione’s career was focused on debt origination at Merrill Lynch, briefly, and for many years at JPMorgan Chase (and predecessors) where she was a founding member of the commercial mortgage conduit program and a managed various regional debt origination teams.

Ione has a B.S. in Commerce with a major in Finance from the University of Virginia and an M.B.A from New York University’s Stern School of Business.

She is a member of PREA’s Alternative Investments Council, ULI’s Global Exchange Council, Women Executives in Real Estate (Scholarship Committee) and on the Editorial Advisory Board for Institutional Real Estate Americas.

ANNA-LISE WISDOMAppleby

Anna-Lise Wisdom joined Appleby in 2007 and is Counsel within the Corporate department in Cayman. She specialises in subscription financing and debt financing for private equity funds and regularly advises leading financial institutions in related credit facilities. She also has experience in corporate and acquisition finance and in capital markets transactions. Prior to joining Appleby, Anna-Lise practised as a corporate attorney in the British Virgin Islands, advising a broad client base of financial institutions, trust companies and investment advisors.

Her practice extends to private equity and hedge fund formation, structuring and operation and she has also advised investment managers on related regulatory and licensing issues in relation to such funds.

Anna-Lise has been rated as a ́ rising star´ in banking and financial services in IFLR1000 2015 rankings and has been recognised in the 2015 Legal 500 Caribbean rankings.

She is a member of the Cayman Islands Law Society and has a thorough working knowledge of French and Spanish.

SCOTT ZIMMERMANEvanston Capital Management, LLC

Scott Zimmerman is a Principal and the General Counsel of Evanston Capital Management, LLC. Prior to joining the firm in January 2006, Mr. Zimmerman was an Associate in the Investment Products and Derivatives Group at the law firm of Sidley Austin LLP from September 2002 to December 2005, where he advised and represented clients which sponsor and advise private investment funds. Mr. Zimmerman received his B.S. in Business Administration, with Distinction, from the University of Kansas in 1999 and his Juris Doctor, Order of the Coif, from the University of Kansas in 2002.

54

For more information, please contact:

Simon Raftopoulos +1 345 814 2748sraftopoulos@applebyglobal.com

applebyglobal.com

Appleby Subscription Finance Team Exceptional commitment. Solution focused.

Anna-Lise Wisdom +1 345 814 2718awisdom@applebyglobal.com

Putting over 225 years of legal innovation to work for clients.

Shine your brightest with us.

A global leader in fund finance, Cadwalader is uniquely positioned with a cross-border platform to assist clients across the full spectrum of fund finance transactions.

Our lawyers provide the insight, agility and experience vital to your success in today’s sophisticated global markets.

For more information, please visit www.cadwalader.com.

Cadwalader, Wickersham & Taft LLP | www.cadwalader.com

Attorney Advertising. Prior results do not guarantee a similar outcome.

55

Fried Frank Tackle today’s challenges. Capture tomorrow’s opportunities.

Through evaluation of evolving market conditions and effective navigation of key issues in fund financing —

Our team delivers the legal insight to propel your transactions forward.

New York | Washington DC | London | Paris | Frankfurt | friedfrank.com

Attorney Advertising. Prior results do not guarantee a similar outcome.

56

Los Angeles New York Chicago Nashville Washington, DC Beijing Hong Kong www.loeb.com

Loeb & Loeb is a leading adviser to banks, investment funds and other global financial institutions, as well as to borrowers, in every aspect of fund finance. With experience in the structuring, negotiation and documentation of commercial lending transactions of all types and sizes, we offer our clients practical and business-focused solutions to get the deals done. We know what is “market.” We move fast and close fast.

Connect with us and experience the difference.

WE’RE ALL CONNECTED

Mayer Brown has the reach, connections and experience necessary to navigate any fund financing anywhere in the world. Whether for lenders or borrowers, we have the market insight and global platform that gets deals done—more than 350 subscription credit facilities, alone, since 2008.

Americas | Asia | Europe | Middle East | www.mayerbrown.com

Market Wise

57

Presentation2\14 JUL 2016\2:49 PM\1

The Polk Wealth Management Group at Morgan Stanley Private Wealth Management

is proud to sponsor

The 7th Annual Global Fund Finance Symposium

Investments and services offered through Morgan Stanley Private Wealth Management, a division of Morgan Stanley Smith Barney LLC, member SIPC. CRC 1697279 2/17

The Polk Wealth Management Group at Morgan Stanley Private Wealth Management

1585 Broadway, 22nd Floor, New York, NY 10036 212-761-8934

www.morganstanleypwa.com/polkwealthmanagementgroup

Lyon Polk Private Wealth Advisor

Deborah Montaperto, CFP®

Private Wealth Advisor

Tallie Taylor Private Wealth Advisor

Edmund J. Agresta, CFP®

Private Wealth Advisor

Michael F. Colagiovanni, Jr. Private Wealth Advisor

Sandeep Belani

Private Wealth Advisor

“The Polk Wealth Management Group at Morgan Stanley Private Wealth Management aims to deliver an

unsurpassed experience to our Private Equity clients, ultra-high net worth

individuals, foundations, and businesses. By providing advice founded on a culture of excellence and driven by global insight,

the team’s professionals deliver world class resources of Morgan Stanley within

the context of an elite, independent family office.”

Because your best interests come first…

Corporate & Investment Banking

Investment Solutions & Insurance

Specialized Financial Services

… Get the right financial solution Contact Natixis’ experts US: +1 212 891 6100natixiscibamericas@us.natixis.com

www.natixis.com

© S

hutt

erst

ock.

com

58

Our Subscription Finance team is proud to support the Fund Finance Association’s 7th Annual Global Fund Finance Symposium.

Talk to our team today and let us find a solution tailored to meet your needs.

Asset-Backed Finance & Securitization

Innovative solutions, collaborative approach

Wells Fargo Securities is the trade name for the capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including but not limited to Wells Fargo Securities, LLC, a member of NYSE, FINRA, NFA and SIPC, Wells Fargo Prime Services, LLC, a member of FINRA, NFA and SIPC, Wells Fargo Bank, N.A., who through its London branch is Authorized and regulated by the Office of the Comptroller of the Currency, and authorized by the Prudential Regulation Authority in the UK, subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority in the UK, and Wells Fargo Securities International Limited, who is authorized and regulated by the UK Financial Conduct Authority. Wells Fargo Securities, LLC and Wells Fargo Prime Services, LLC are distinct entities from affiliated banks and thrifts.

© 2017 Wells Fargo Securities, LLC. All rights reserved. IHA-3632554

wellsfargosecurities.com

Dedicated to the Funds Finance market

Barclays is a trading name of Barclays Bank PLC and its subsidiaries. Barclays Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register No. 122702). Registered in England. Registered number is 1026167 with registered office at 1 Churchill Place, London E14 5HP. * Please note this is an international number and calls will be charged in accordance with your call provider’s tariff.

Barclays’ dedicated Corporate Banking Funds team operates globally and has a core focus on clients across the EMEA region and the US. We are a committed provider of an extensive range of Fund banking solutions including cash management, trade finance, debt and FX.

Working with our team of dedicated Relationship Directors, you can be confident that you will always have access to the right specialists, who understand the Funds Finance market and are able to connect you to the expertise you need.

To find out how Barclays can support your business and help it succeed, call Michael Orphanides on + 1 212 526 2246, Philip Bowkley on +44 207 116 93693 or visit barclays.com/corporatebanking

59

BR IT I SH V IRGIN I SL ANDS CAYMAN I SL ANDS GUERNSEY J ERSEY

CAPE TOWN HONG KONG LONDON S INGAPORE

CAREYOLSEN .COMOFFSHORE L AW SPECIALISTS

‘THE KINGS OF FUND PRACTICE’

Our award-winning global funds team comprises over 60 lawyers operating across all

time-zones and key financial centres. Our credentials speak for themselves:

· We are legal adviser to 1,200 funds across the Channel

Islands, more than any other offshore law firm (Monterey Insight)

· We advise more LSE listed companies and funds than any other

offshore law firm (Corporate Advisers Rankings).

Chambers & Partners

of Australia

60

dentons.com© 2017 Dentons. Dentons is a global legal practice providing client services worldwide through its member firms and affiliates. Please see dentons.com for Legal Notices.

*Acritas Global Elite Law Firm Brand Index 2013-2016.

In 2016, our dedicated Fund Finance team at Dentons advised on 50+ subscription credit, GP support, hybrid and leverage facilities with a combined deal value of £15bn+ for banks, alternative lenders and funds across all strategies.

Dentons. Now the world’s largest global elite law firm.*Contact:

Samantha Hutchinson Partner, London D +44 20 7320 6351

Philippe MaxPartner, Paris D +33 1 42 68 44 78

Hermann MellerPartner, Berlin D +49 30 26 47 31 31

Stéphane HadetPartner, Luxembourg D +352 46 83 83 747

Jabier Badiola BergaraPartner, Madrid D +34 91 43 23 225

Harneys is pleased to sponsor the Fund Finance Association’s 7th Annual

Global Fund Finance Symposium

harneys.com | harneysfid.comExperienced legal specialists in Cayman Islands investment funds, litigation, insolvency, trusts and corporate transactions

AnguillaBermudaBritish Virgin IslandsCayman Islands

CyprusHong KongLondonMauritius

MontevideoSao PauloShanghaiSingapore

TokyoVancouver

Harneys | Cayman Islands

61

Commercial

N

01 17

N

1pp 1pp128200–

CMYK

Lloyds Bank US Presentation

Lloyds Bank

Lloyds Bank US Presentation – Landscape Advert

N

23-JAN-2017

17:03:37

1

Backing your ambitionGlobal market conditions are constantly changing, which makes our role in supporting Financial Institutions all the more important. At Lloyds Bank, we are dedicated to helping big businesses achieve their growth ambitions. Headquartered in London, with offices in New York and Houston, Lloyds Bank is ideally positioned to be your banking partner and gateway between the UK and US. We have a comprehensive regional network, specialist relationship banking and product teams offering extensive expertise.

To find out more visit lbusa.com

Lloyds Bank is a brand name of Lloyds Bank plc and Bank of Scotland plc. Lloyds Bank plc and Bank of Scotland plc are member companies of Lloyds Banking Group.Securities services offered in the United States are offered by Lloyds Securities Inc., a broker-dealer registered with the U.S. Securities and Exchange Commission and a member of the Financial Industry Regulatory Authority.

E02233109_Lloyds_US_Presentation_Advert_0117.indd 1 23/01/2017 17:03

62

Simon Felton Partner, Channel Islands T +44 1534 676 209 E simon.felton@mourantozannes.com

Alex Last Partner, Cayman Islands T +1 345 814 9243 E alex.last@mourantozannes.com

Robert Duggan Managing Partner, London T +44 20 7796 7622 E robert.duggan@mourantozannes.com

Private equity offshore.Globally.We are a market leading, multi-disciplinary PE practice with genuine bench strength in lawyers experienced in advising both lenders and private equity borrowers on subscription finance arrangements and other financings for private equity structures and transactions.

Clients choose our teams because they combine legal skills, market-knowledge and industry connections to deliver commercial and pragmatic advice, getting deals done on time and within budget.

We cover all practice areas from the offshore jurisdictions of the BVI, Cayman Islands, Guernsey and Jersey, as well as in London and Hong Kong.

Find out more: mourantozannes.com

BVI | CAYMAN ISLANDS | GUERNSEY | HONG KONG | JERSEY | LONDON Follow us on

Simon Lawrenson Partner, Hong Kong T +852 3995 5707 E simon.lawrenson@mourantozannes.com

One name is all you need to know for access to corporate and investment banking and securities services on six continents. One name connects you to the 2016 Global Bank of the Year.2

Welcome to MUFG. One name, a world of resources.

Proud to sponsor the Fund Finance Association’s 7th Annual Global Fund Finance Symposium.

mufgamericas.com

140,000 financial professionals. Over 50 nations. $2.9 trillion in assets.1One name.

1 Exchange rate of 1 USD = ¥101.12 (JPY) as of September 30, 2016.2 Project Finance International, PFI Awards 2016, February 1, 2017.

©2017 Mitsubishi UFJ Financial Group, Inc. All rights reserved. The MUFG logo and name is a service mark of Mitsubishi UFJ Financial Group, Inc.

Fund FinanceTerence Hatton Managing Director & Group Head646-767-1561

63

Proud sponsor of the 7th Annual Fund Finance Association SymposiumReed Smith is a global law firm with a market leading funds finance practice. We advise many financial institutions in the U.S. and Europe that provide credit facilities to private equity funds, credit funds, infrastructure and real estate funds. We also act for a number of borrower side sponsors that utilise funds finance facilities.

Supporting Important Relationships

reedsmith.com

Subscription-line and capital call facilities | NAV and asset-backed facilities Hybrid facilities to funds | Co-investment facilities | Facilities to LPs Investment manager fee income facilities | GP support facilities Hedging facilities to funds | Placement Agency Fees Facilities

We specialize in:

Leon Stephenson – Winner of Client Choice Awards 2017 for Banking | Reed Smith – Law Firm of the Year at the 2016 Halsbury Legal AwardsReed Smith Banking and Finance Team – Shortlisted as European Law Firm of the Year 2015 by the Private Debt Investor Awards

We Proudly Support the

Fund Finance Association and the 7th Annual Global Fund Finance Symposium

N E W Y O R K B E I J I N G H O N G K O N G H O U S T O N L O N D O N L O S A N G E L E S PA L O A L T O S Ã O PA U L O S E O U L T O K Y O WA S H I N G T O N , D . C .

FFA_Symposium_7.9x5.05_2016_v06.indd 1 2/9/17 5:13 PM

64

Key Funds Contacts

Kim Desmaraiskim.desmarais@ashurst.com

Lee Doylelee.doyle@ashurst.com

Robert Andrewsrobert.andrews@ashurst.com

Nick Wongnick.wong@ashurst.com

Navdeep Benningnavdeep.benning@ashurst.com

Ashurst is delighted to sponsor the 7th Annual Fund Finance Symposium

Ashurst is the law firm of choice for many of the world’s leading financial institutions

First Tier Firm for Private Funds and Investment FundsLEGAL 500 UK (2011 – 2016)

Law Firm of The Year – Fund StructuringBRITISH PRIVATE EQUITY AWARDS 2015

Marquee successes that make

your investors and cities proud.

bofaml.com/commercialre

General disclaimer for Bank of America Merrill Lynch, visit baml.com/disclaimer. ©2017 Bank of America Corporation. CREB-120-AD ARD6WQY9

65

Clifford C

hance LLP

Far reaching, yet close at hand.We are one of the world’s pre-eminent law firms, with the depth and rangeof resources to help our clients across all the major global financial centres.As a single, fully integrated partnership, we pride ourselves on our ability towork seamlessly across national borders to deliver broad industry expertiseand local knowledge.

Clifford Chance brings a market-leading fund finance proposition, advising lenders and fundson a wide range of financing options, including: capital call bridge financing, leveraged NAVfacilities, borrowing base deals (including hybrid facilities) for debt funds and facilities forgeneral partners. Our global funds/funds formation practice of over 130 lawyers works intandem with our lending team to provide a complete fund financing platform for our clients.

To discuss your fund finance requirements in more detail, please contact:

London:Robert Leerobert.lee@cliffordchance.com Andrew Husdanandrew.husdan@cliffordchance.com Jim Machalejim.machale@cliffordchance.com Nicola Wheritynicola.wherity@cliffordchance.comNew York:Jay Gaviganjay.gavigan@cliffordchance.com

Luxembourg:Steve Jacobysteve.jacoby@cliffordchance.comThe Netherlands:Quirine Eenhorstquirine.eenhorst@cliffordchance.comFrance:Jonathan Lewisjonathan.lewis@cliffordchance.comGermany:Sonya Paulssonya.pauls@cliffordchance.com

Hong Kong:Mark Shipmanmark.shipman@cliffordchance.comSingapore:Andrew Breretonandrew.brereton@cliffordchance.comAustralia:Richard Gordonrichard.gordon@cliffordchance.com

For more information, visit www.cliffordchance.com/finance.

www.cliffordchance.com

cnb.com CNB MEMBER FDICCalifornia’s Premier Private and Business Bank®

City National Bank

P R O U D L Y S U P P O R T S T H E

Fund Finance Symposium

66

New York

Craig Bowman Partner Tel: +1 212 909 6633cabowman@debevoise.com

Michael McGuiganCounsel Tel:+1 212 909 6217mpmcguig@debevoise.com

Margaret O’NeilCounselTel: +1 212 909 6475mmoneill@debevoise.com

Victoria Brown Associate Tel: +1 212 909 6720vbrown@debevoise.com

London

Pierre Maugue Partner Tel: +44 20 7786 9190pmaugue@debevoise.com

Tom SmithPartner Tel: +44 20 7786 9174tsmith@debevoise.com

Debevoise & Plimpton LLP is a premier law firm with market-leading practices, a global perspective

and strong New York roots. Our Private Equity practice is a cornerstone of the firm’s Corporate

Department, representing a diverse client base of private equity firms and advising them on all aspects

of their business. We have extensive experience in all facets of fund-level financing transactions for

investment funds and regularly represent sponsors in a broad range of transactions. Our financing

lawyers work closely with our fund formation, tax, and ERISA lawyers on fund financing transactions.

We take a pragmatic and business-oriented approach to develop and implement the best solutions for

our sponsor clients and their investors. The breadth of our experience is a direct result of their distinct

structures and financing needs while the depth of our expertise is a direct result of the satisfied and loyal

client base we serve.

Debevoise.com

Private Equity and Fund Finance

LeadershipExpertiseResults

Comprehensive financial and treasury management solutions to serve your company’s distinct needs W O R L D H E A D Q U A R T E R S

270 Park AvenueNew York, NY 10017

67

Morrison & Foerster is an international law firm with attorneys in key markets in America, Asia and Europe. We regularly represent some of the largest lenders and private equity funds in a wide variety of financings, including subscription line of credit transactions and fund formation.

© 2016 Morrison & Foerster LLP

Morrison & FoErstEr is proud to sponsor thE 6th AnnuAl GlobAl Fund FinAnce SympoSium

Except for Macquarie Bank Limited (Australian Credit License (ACL) 237502) ABN 46 008 583 542 (MBL), any Macquarie entity referred to on this page is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Cth). That en-tity’s obligations do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise. Before making a decision about whether to acquire a credit or lending product, a person should obtain and review the terms and conditions relating to that product and also seek independent financial, legal and taxation advice. This information is a general description of the Macquarie Group only. Before acting on any information, you should consider the appropriateness of it having regard to your particular objectives, financial situation and needs and seek advice. No information set out above constitutes advice, an advertisement, an invitation, an offer or a solicitation, to buy or sell any security or other financial, credit or lending product or to engage in any investment activity, or an offer of any banking or financial service. Some products and/or services mentioned above may not be suitable for you and may not be available in all jurisdictions. All securities and financial products or instrument transactions involve risks. Past performance of any product described above is not a reliable indication of future performance.

Macquarie’s fund finance offerings combine innovation with a practical and commercial view of risk. With a strong commitment to quality, our focus and responsiveness provides clients with a seamless experience.

• Portfolio facilities: for LBO, infrastructure and real estate fund portfolios.

• Hybrid facilities: post-investment period and transition to asset backed.

• Single asset facilities: an alternative to portfolio company debt.

Macquarie is a proud sponsor of the 7th Annual Global Fund Finance Symposium.Contact us today by calling +1 212 231 1369 or +1 212 231 1568.

Innovative and customised fund finance solutions

macquarie.com

A global leader and fund finance specialist

68

Morrison & Foerster is an international law firm with attorneys in key markets in America, Asia and Europe. We regularly represent some of the largest lenders and private equity funds in a wide variety of financings, including subscription line of credit transactions and fund formation.

© 2017 Morrison & Foerster LLP

MORRISON & FOERSTER IS PROUD TO SPONSOR THE

7TH ANNUAL GLOBAL FUND FINANCE SYMPOSIUM

69

Legal services in British Virgin IslandsCayman IslandsGuernseyHong KongJerseyLuxembourgShanghaiTokyo

ogier.com

We understand funds. Ogier’s specialists have advised on fund finance since the inception of the funds industry, with many actively involved in drafting key legislation that underpins fund structures in our international jurisdictions. We act for banks, financial institutions, funds and sponsors. Our diverse practice provides us with valuable insight into the funds market and the legal and commercial issues relevant to borrowers and lenders alike. We pride ourselves on providing responsive and practical advice, while our hands-on, partner-led teams ensure a consistent approach.

Resp nsive

WE BUILD RELATIONSHIPSTHAT BUILD BUSINESS.

WE SOLVE FOR X

At The PrivateBank, we help our clients realize growth by our dedication to what matters most... the relationship. We recognize the needs of

dedicated capital providers are varied. By getting to know your goals, our team can structure the right financing solution for you.

For more information, contact Steve Cohen at 312-564-1261.

ThePrivateBank.com/Solved

70

Scotiabank is a proud sponsor of the 7th Annual Global Fund Finance Symposium.

As Canada’s international bank, we have an extensive global footprint to enable connectivity at home and around the world.

From where you are, to wherever business takes you.

gbm.scotiabank.com

™ Trademark of The Bank of Nova Scotia. Used under license, where applicable. Scotiabank is a marketing name for the global corporate and investment banking and capital markets businesses of The Bank of Nova Scotia and certain of its affiliates in the countries where they

operate, including Scotia Capital Inc. and Scotia Capital (USA) Inc., which are non-bank affiliates of The Bank of Nova Scotia and authorized users of the mark. Scotia Capital Inc. is a member of the Canadian Investor Protection Fund. Scotia Capital (USA) Inc. is a broker-dealer

registered with the SEC and a member of FINRA, NYSE and NFA. Not all products and services are offered in all jurisdictions. Services described are available only in jurisdictions where permitted by law.

A DV I C E • R I S K M A N AG E M E N T • T R A D I N G • R E S E A R C H • T R A N S AC T I O N B A N K I N G

WHEREVER BUSINESS TAKES YOU.

GLOBAL BANKING AND MARKETS

File Name: GBM-AD-FinanceSymposium-0117-Final7.9” x 5.05” Horizontal Orientation 1/2 Page Bleed: 0, Colours: CMYK

Publication: Global Fund Finance SymposiumMaterial Deadline: January 18, 2017Insertion Dates: TBDCreative & Production Services

100 Yonge Street, 10th FloorToronto, ON M5C 2W1

GBM-AD-FinanceSymposium-0117-Final.indd 1 2017-01-19 4:52 PM

ropesgray.com

Attorney Advertising © 2017 Ropes & Gray LLP.

ROPES & GRAY

is proud to sponsor the

7th Annual Global Fund Finance Symposium

Regularly ranked as a banking and finance leader by Chambers, The Legal 500 and IFLR1000, we serve clients worldwide across the capital structure.

71

Over the years, we have nurtured a confident and collaborative approach to delivering excellence

in an ever-changing legal landscape. As a result, we have carved a reputation for enterprising thinking

and uncompromising quality.

For more information, please contact:

Danny Peel, Finance daniel.peel@traverssmith.com

Charles Bischoff, Finance charles.bischoff@traverssmith.com

Travers Smith LLP 10 Snow Hill, London EC1A 2AL T: +44 (0) 20 7295 3000 | www.traverssmith.com

statestreet.com

We’re proud to sponsor the

Seventh Annual Global Fund Finance

Symposium

Success. It requires vision and the right

balance of risk and reward. We see the big

picture, connecting clients to opportunity

and paving the way ahead.

72

FFA SURVEY RESULTS:LENDERS1. What is the size of aggregate commitments your institution has to subscription/capital call facilities (this should only represent your institutions commitment amount, not total lenders commitments for arranged facilities)?

Count Percent

<$1Bn 0 0.0%$1Bn - $5Bn 6 40.0%$5B - $10Bn 4 26.7%$10Bn - $15Bn 0 0.0%$15Bn - $20Bn 1 6.7%$20Bn - $30Bn 2 13.3%$30Bn - $40Bn 2 13.3%$40Bn+ 0 0.0%

2. How did your book change in 2016 (as measured by commitments as defined in #1)? Count PercentGrew significantly (>30% increase) 7 46.7%Grew meaningfully (10-29% increase) 3 20.0%Grew modestly (1-9% increase) 3 20.0%Decreased modestly (1-9% decrease) 2 13.3%Decreased meaningfully (10%+ decrease) 0 0.0%

3. What is your expectation for 2017 (as measured by commitments as defined in #1)? Count PercentGrow significantly (>30% increase) 2 13.3%Grow meaningfully (10-29% increase) 9 60.0%Grow modestly (1-9% increase) 3 20.0%Decrease modestly (1-9% decrease) 0 0.0%Decrease meaningfully (10%+ decrease) 1 6.7%

4. How long has your firm been doing this business? Count Percent1 year or less 0 0.0%1-3 years 1 6.7%3-5 years 2 13.3%5-10 years 3 20.0%10-20 years 8 53.3%20+ years 1 6.7%

5. How many professionals are dedicated to this business at your firm (>66% of their time)? Count Percent<3 3 20.0%3-5 2 13.3%6-10 2 13.3%11-20 4 26.7%21-30 1 6.7%31+ 3 20.0%

6. Do you plan on hiring additional staff in 2017? Count PercentYes 10 66.7%No 5 33.3%

7. Within your fund finance business do you provide: Count PercentNAV Facilities (advances based off of fund manager reported NAV w/o uncalled capital) 3 20.0%Hybrid subscription/NAV Facilities (borrowing bases incorporating both approaches) 7 46.7%Just subscription facilities (advances calculated off of solely uncalled capital) 14 93.3%

73

8. Do you do any unsecured subscription lending (no enforcement rights to call capital directly or security on capital commitments)?

Count Percent

Yes, we frequently use this structure 0 0.0%Yes, we occasionally use this structure 4 26.7%No 11 73.3%

9. Do you structure guidance/uncommitted lines in lieu of committed facilities? Count PercentYes, frequently 4 26.7%Yes, rarely 5 33.3%No 6 40.0%

10. Are subscription facilities offered or managed out of more than one unit within your bank? Count PercentYes 4 26.7%No 11 73.3%Where is your business housed? Count PercentCorporate/Commercial Banking (non-FI) 0 0.0%Financial Institutions 2 50.0%Financial Sponsors 1 25.0%Private Banking 0 0.0%Real Estate 1 25.0%Structured Finance 2 50.0%Other 0 0.0%

11. What markets does your group offer subscription finance in? Count PercentNorth America only 4 26.7%Europe only 0 0.0%Asia only 0 0.0%2 of the 3 3 20.0%Globally (all three) 8 53.3%

12. What is the size of your bank (as measured by total assets)? Count Percent1 - 50Bn 3 20.0%50 - 100Bn 0 0.0%100 - 500Bn 4 26.7%500Bn - 1Tr 2 13.3%1Tr – 2Tr 5 33.3%2Tr+ 1 6.7%

13. How large do you estimate the subscription/capital call facility market to be (aggregate facility size, unsecured or secured, committed or uncommitted where advance is calculated primarily off of uncalled capital commitments of a fund)?

Count Percent

<150Bn 0 0.0%150Bn – 200Bn 1 6.7%200Bn – 250Bn 1 6.7%250Bn – 300Bn 7 46.7%300Bn – 350Bn 2 13.3%350Bn – 400Bn 0 0.0%400Bn+ 2 13.3%I have no idea 2 13.3%

14. Approximately what is the amount of subscription loans your institution syndicated last year as a Lead Arranger? Only include commitments of other banks, not including your own.

Count Percent

Less than $500 million 8 53.3%$500 million - $1 billion 2 13.3%$1 billion - $3 billion 1 6.7%$3 billion - $7 billion 1 6.7%$7 billion - $15 billion 1 6.7%Over $15 billion 2 13.3%

74

FFA SURVEY RESULTS:LAW FIRMS1. Did the number of subscription/capital call facilities you worked on in 2016: Count PercentGrow significantly (>30% increase) 1 14.3%Grow meaningfully (10-29% increase) 4 57.1%Grow modestly (1-9% increase) 1 14.3%Decrease modestly (1-9% decrease) 1 144.3%Decrease meaningfully (10%+ decrease) 0 0.0%

2. If you represent lenders, did you represent more or less banks in 2016 vs 2015? Count PercentMore 10 100.0%Less 0 0.0%

3. Do you anticipate hiring more lawyers to support your practice in the Fund Finance space in 2017? Count PercentYes 5 71.4%No 2 28.6%

4. Do you anticipate hiring at the Partner level to support your practice in the Fund Finance space in 2017? Count PercentYes 1 16.7%No 5 83.3%

5. If you represent fund managers, does your firm actively market/discuss usage for subscription/capital call facilities during fund formation discussions?

Count Percent

Yes, always 6 85.7%Occasionally 0 0.0%Usually not 1 14.3%No 0 0.0%

6. If you represent fund managers, are fund managers asking about subscription facilities during the fund formation discussions?

Count Percent

Yes, more so than prior years 6 85.7%Yes, but about the same as historically 1 14.3%Not until we bring it up 0 0.0%Usually not 0 0.0%

7. If you represent fund managers, are investors asking about subscription facilities during documentation negotiations?

Count Percent

Yes, more so than prior years 2 28.6%Yes, but about the same as historically 4 57.1%Not until we bring it up 1 14.3%Usually not 0 0.0%

8. If you represent fund managers, approximately how many lenders have you seen commit to subscription/capital call facilities in 2016?

Count Percent

1-5 0 0.0%6-10 3 42.9%11-15 3 42.9%16-20 0 0.0%21-30 1 14.2%31+ 0 0.0%

Continued on next page

75

9. How large do you estimate the subscription/capital call facility market to be (aggregate facility size, unsecured or secured, committed or uncommitted where advance is calculated primarily off of uncalled capital commitments of a fund)?

Count Percent

<150Bn 0 0.0%150Bn – 200Bn 0 0.0%200Bn – 250Bn 0 0.0%250Bn – 300Bn 1 14.3%300Bn – 350Bn 0 0.0%350Bn – 400Bn 0 0.0%400Bn+ 2 28.6%I have no idea 4 57.1%

76

FFA SURVEY RESULTS:FUND SPONSOR1. Do you expect to use a subscription facility for your next fund? Count PercentYes 22 100.0%No 0 0.0%

2. What do you intend to primarily use a subscription facility for? Count PercentBridge capital calls (or other sources of capital) - draws <90 days 6 28.6%Bridge capital calls (or other sources of capital) - draws 90-364 days 9 42.9%Longer term leverage – but still use called capital to repay 5 23.8%Longer term leverage – intend to use harvest proceeds to repay 0 0.0%Other - Bridge capital calls 90-364 and issue Letters of Credit 1 4.8%

3. Did investor influence dictate your usage described in the prior question? Count PercentYes 12 54.5%No 10 45.5%

4. What is your perception of how your competitors use subscription lines? Count PercentMore heavily than us 11 50.0%About the same as us 4 18.2%Less than we do 3 13.6%Haven’t thought about it/don’t care 4 18.2%

5. How frequently do investors inquire about how you intend to use a subscription facility during due diligence? Count PercentVery Common 7 33.3%Increasingly more common 5 23.8%Occasionally 8 38.1%Rarely 1 4.8%Never 0 0.0%

6. Are you seeing more or less banks offering this product? Count PercentMore 10 47.6%About the same 10 47.6%Less 1 4.8%

7. What one thing would you like to see lenders change most in the way facilities are offered? Count PercentHigher advance rates 4 18.2%

Larger commitment sizes/less syndication 5 22.7%Less covenants/structural complexity/easier documentation 8 36.4%Longer tenors 0 0.0%Lower pricing 5 22.7%

8. How large do you estimate the subscription/capital call facility market to be (aggregate facility size, unsecured or secured, committed or uncommitted where advance is calculated primarily off of uncalled capital commitments of a fund)?

Count Percent

<150Bn 0 0.0%150Bn – 200Bn 1 4.5%200Bn – 250Bn 5 22.7%250Bn – 300Bn 1 4.5%300Bn – 350Bn 4 18.2%350Bn – 400Bn 2 9.1%400Bn+ 0 0.0%I have no idea 9 40.9%

77

Board Members Jeff JohnstonChairmanManaging DirectorWells Fargo Securities, LLCjeff.johnston@wellsfargo.com+1 704 410 2452

Mike MasciaSecretaryPartnerCadwalader, Wickersham & Taft LLPMichael.Mascia@cwt.com+1 704 348 5160

Jeff Maier Vice ChairmanManaging DirectorSilicon Valley Bankjmaier@svb.com +1 212 821 8983

Mary TouchstoneVice ChairmanHead of Fund Finance PracticeSimpson Thacher & Bartlett LLPmtouchstone@stblaw.com +1 212 455 2549

Nick MitraFirst Vice ChairmanExecutive DirectorNatixisnick.mitra@us.natixis.com+1 212 891 6218

Terry HattonTreasurerManaging Director and Group Head, Fund Finance GroupMUFGterence.hatton@unionbank.com +1 646 452 2113

Content Committee

Marketing Committee

Nick MitraCo-ChairExecutive DirectorNatixis

Dee Dee SklarCo-ChairManaging DirectorWells Fargo Securities, LLC

Zac BarnettPartnerMayer Brown LLP

Sandra Kim-SukCFO & CAOL Catterton

Tina MeighPartnerMaples and Calder

Wesley MissonPartnerCadwalader, Wickersham & Taft LLP

Thomas NowakManaging DirectorBank of America Merrill Lynch

Timothy PowersManaging PartnerHaynes and Boone, LLP

Simon RaftopoulosPartnerAppleby

Kenneth RoshPartnerFried, Frank, Harris, Shriver & Jacobson LLP

Jan SyselPartnerFried, Frank, Harris, Shriver & Jacobson LLP

Emma WallaceManaging DirectorState Street

Robert WoodManaging DirectorBank of America Merrill Lynch

Mike MasciaChairPartnerCadwalader, Wickersham & Taft LLP

Sammy AsoliDirector, Funds FI NALloyds Bank

Michelle BolingbrokeBusiness Development ManagerHarneys

Jesse HurleyManaging DirectorSilicon Valley Bank

Jeff JohnstonManaging DirectorWells Fargo Securities, LLC

Laurie LawlerManaging DirectorHSBC Securities (USA) Inc.

Anna-Lise WisdomCounselAppleby

FFA LEADERSHIP

78

NOTES

79

80

NOTES

81

82

NOTES

83

www.fundfinanceassociation.com info@fundfinanceassociation.com

The Fund Finance Association (FFA) is a non-profit industry association in the fund finance market, co-located in New York, New York and Charlotte, North Carolina.

Our core mission is to;• Educate members, legislators, regulators, and other constituencies about the fund finance

market and related capital markets through conferences and other events.• Build the broadest consensus among members on policy, legal, regulatory and other matters

affecting or potentially affecting the fund finance market and related capital markets.• Advocate on behalf of the fund finance industry with respect to policy, legal, regulatory and other

matters affecting or potentially affecting the fund finance market and related capital markets.