Global Buyout & Growth Equity Index and Selected Benchmark ...cambridgeassociates.com/wp-content/uploads/2015/07/... · Russell 2000® Index 4.32 8.21 16.27 14.57 8.82 7.19 9.62 10.03

Global Buyout & Growth Equity Index and Selected Benchmark Statistics March 31, 2015

Data as ofMarch 31, 2015

Our goal is to provide you with the most accurate and relevant performance information possible; as a result, Cambridge Associates’ research organization continually monitors the constantly evolving private investments space and its fund managers. When we discern material changes in the structure of an asset class and/or a fund’s investment strategy, it is in the interest of all users of our benchmark statistics that we implement the appropriate classification realignments.

In addition, Cambridge Associates is always working to grow our private investments performance database and ensure that our benchmarks are as representative as possible of investors’ institutional-quality opportunity set. As a result we continually add funds to the database (both newly-raised funds and backfill funds) and occasionally we must remove funds that cease reporting. Our private investments performance database is dynamic and will reflect both classification adjustments and changes to the underlying pool of contributing funds. As a result, you may notice quarter to quarter changes in the results of some historical benchmark return analyses.

Disclaimer

Global Buyout & Growth Equity Index and Selected Benchmark Statistics


Cambridge Associates’ Private Investments Database is one of the most robust collections of institutional quality private fund performance. It contains the historical performance records of over 1,700 fund managers and their over 6,000 funds. In addition, we capture the performance information (gross) of over 66,000 investments underlying our venture capital, growth equity, buyout, mezzanine and private equity energy funds. This is one of the largest collections of portfolio-level performance information in the world and represents the investments of approximately 80% of these funds on a count basis and 86% on a total commitment basis. This fund and investment-level performance information is drawn from the quarterly and audited annual financial statements of the fund managers and each manager’s reported performance numbers are independently recreated from the financial statements and verified by Cambridge Associates.

Institutional Quality DataCambridge Associates strives to include only institutional quality funds in our benchmarks. “Institutional quality” funds, in our definition, tend to meet the following criteria: closed-end funds, commingled funds that invest 3rd party capital (we exclude firms that invest off of their balance sheet, such as a bank’s principal investing group or a corporate’s venture capital arm), and fund vehicles. This institutional quality screen seeks to provide investors with performance data consistent with their investible opportunity set.

Sources of Benchmark DataOur benchmark database utilizes the quarterly unaudited and annual audited fund financial statements produced by the fund managers (GPs) for their Limited Partners (LPs). These documents are provided to Cambridge Associates by the fund managers themselves. Unlike other data providers, Cambridge Associates does not use Freedom of Information Act (FOIA) requests, regulatory filings, manager surveys, or press “scrapings” to obtain information. Our goal is to have a complete historical record of the quarterly cash flows and net asset values for all funds in the benchmarks. We use a number of paths to encourage fund managers to submit their performance data to our database: our clients for whom we provide private investment performance reporting, our research organization’s regular meetings with thousands of managers, our special projects designed to enhance existing benchmarks or launch new ones, our exclusive relationships with over ten globally-diverse fund manager associations, and finally, our exclusive relationships with Thomson Reuters and the Institutional Limited Partners Association (ILPA). By leveraging these varied sources and proprietary relationships, Cambridge Associates has constructed a rich and diversified benchmark data set.

Vintage Year DefinitionVintage year is defined as the legal inception date as noted in a fund's financial statement. This date can usually be found in the first note to the audited financial statements and is prior to the first close or capital call.

Overview



The Cambridge Associates’ benchmarks are reported on a one-quarter lag from the end of the performance quarter due to the reporting time frame of private investments fund managers.

Published Data: When the vast majority of a benchmark group’s (organized by asset class, e.g. Venture Capital or Real Estate) performance information is updated for a performance quarter, that benchmark is considered final and the data is “published” via the quarterly benchmark reports.

Changes to Data: After a benchmark group is published, any updates to historical data for these funds, which can include adding a fund and its performance history to the database (“backfills”) and/or updating past information for an existing fund due to late-arriving, updated, or refined information, would be reflected when that group is published for the next performance quarter.

In addition, Cambridge Associates may change the classification of certain funds; this often driven by the evolution of private investments and the resulting need to introduce new benchmarks or refine our classification scheme. For example, as growth equity emerged as an asset class we reclassified certain venture capital and buyout funds accordingly.

Survivorship Bias: In order to track the performance of a fund in our benchmarks, we require the complete set of financial statements from the fund’s inception to the most current reporting date. When an active fund stops providing financial statements, we reach out to the manager and make several attempts to encourage them to continue to submit their data. We may, during this communication period, roll forward the fund’s last reported quarter’s net asset value (NAV) for several quarters. When we are convinced that the manager will not resume reporting to us, the fund’s entire performance history is removed from the database.

When fund managers stop reporting before their fund’s return history is complete, an element of “survivorship bias” may be introduced to a performance database, which could skew the reported returns upwards if the funds dropping out had poorer returns than those funds that remained. Survivorship bias can affect all investment manager databases, including those for public stock managers and hedge funds. Compared to public stocks and hedge funds, however, the illiquid nature of private investments can actually help limit this survivorship effect. Whereas an underperforming stock manager may simply close up shop or drop out of databases as clients liquidate their positions and fire the manager, private investment partnerships owning illiquid assets continue to exist and require reporting to the limited partners, even if the original manager ceases to exist.

Over the last six years the number of fund managers that stopped reporting to Cambridge Associates represented an average of 0.8% (per year) of the total number of funds in the database during the respective year, and an average of 0.6% (per year) as a percentage of total NAV in the database during that respective year. During that same period the overall number of funds in our database increased by an average of 8% (per year). The performance of the small number of funds that have stopped reporting has been spread amongst all quartiles and has not been concentrated consistently in the poorer performing quartiles.

Timing of Final Benchmarks and Data Evolution


Data as ofMarch 31, 2015Global Buyout & Growth Equity Index and Selected Benchmark Statistics

Table of Contents

Global Buyout & Growth Equity (U.S. & ex U.S.)Fund Index Analysis 3

mPME ReturnsIndex Returns

Fund Since Inception Analysis 8mPME ReturnsSince Inception Returns

U.S. OnlyFund Index Analysis 15


Fund Since Inception Analysis 20mPME ReturnsIndex Returns

ex U.S.Fund Index Analysis 28



Global Buyout (U.S. & ex U.S.)Fund Index Analysis 40



| 1


Table of Contents

Global Buyout (U.S. & ex U.S.) (Continued)U.S. OnlyFund Index Analysis 52






Global Growth Equity (U.S. & ex U.S.)Fund Index Analysis 77



U.S. OnlyFund Index Analysis 89




Methodology 99 | 2

Global Buyout & Growth Equity: Fund Index Analysis

| 3


Index 1-Quarter 1-Year 3-Year 5-Year 10-Year 15-Year 20-Year 25-Year

Global Buyout & Growth Equity Index1 1.60 8.22 13.30 14.21 12.66 10.70 13.33 13.47

Barclays Capital Government/Credit Bond Index 1.84 5.86 3.35 4.75 4.96 5.73 6.08 6.66

Dow Jones Industrial Average Index 0.33 10.57 13.18 13.23 8.17 5.80 10.01 10.48

Dow Jones U.S. Small Cap Index 5.25 10.71 17.53 15.39 10.14 8.43 11.31 NA

Dow Jones U.S. TopCap Index 1.48 12.71 16.23 14.65 8.38 4.27 9.47 NA

MSCI Emerging Markets Index 2.28 0.79 0.67 2.08 8.82 7.37 6.83 9.25

MSCI Europe Index (US$) 3.45 -4.94 9.37 6.38 4.91 3.29 7.39 7.53

MSCI Europe Index (€) 16.56 21.99 17.50 11.41 6.93 2.50 8.61 8.34

MSCI Pacific Index 7.61 7.40 8.39 5.92 5.12 2.01 2.19 2.77

MSCI World ex U.S. Index 3.83 -1.39 8.24 5.72 5.03 3.03 5.39 5.56

MSCI World Index 2.31 6.03 12.19 10.01 6.39 3.21 6.93 7.13

Nasdaq Composite Index* 3.48 16.72 16.60 15.37 9.38 0.46 9.37 10.17

Russell 1000® Index 1.59 12.73 16.45 14.73 8.34 4.43 9.63 10.04

Russell 2000® Index 4.32 8.21 16.27 14.57 8.82 7.19 9.62 10.03

S&P 500 Index 0.95 12.73 16.11 14.47 8.01 4.15 9.39 9.79

Global Buyout & Growth Equity Fund Index Summary: End-to-End Pooled ReturnNet to Limited Partners


The index is an end-to-end calculation based on data compiled from 1,791 global (U.S. & ex U.S.) buyout and growth equity funds including fully liquidated partnerships, formedbetween 1986 and 2014.1Pooled end-to-end return, net of fees, expenses, and carried interest.

Sources: Cambridge Associates LLC, Barclays, Frank Russell Company, Standard & Poor's, Thomson Reuters Datastream, and Wilshire Associates, Inc.*Capital change only. | 4


CA Index 1-Year 3-Year 5-Year 10-Year 15-Year 20-Year 25-Year

Global Buyout & Growth Equity Index1 8.22 13.30 14.21 12.66 10.70 13.33 13.47

mPME Analysis2

MSCI EAFE Index -1.04 9.30 6.42 4.48 4.08 4.75 4.83

Value-Add (bps) 926 399 779 817 662 857 864

MSCI Europe Index -5.03 9.80 6.73 4.49 4.23 5.39 5.51

Value-Add (bps) 1,325 349 748 817 647 794 796

S&P 500 Index 12.90 16.11 14.58 8.94 6.83 8.42 8.57

Value-Add (bps) -468 -282 -37 371 387 491 490

Russell 3000® Index 12.43 16.42 14.80 9.26 7.18 8.74 8.89

Value-Add (bps) -421 -313 -59 340 352 459 458

Global Buyout & Growth Equity Fund Index Summary: End-to-End Pooled Return Compared to CA Modified Public Market Equivalent (mPME)Net to Limited Partners


The index is an end-to-end calculation based on data compiled from 1,791 global (U.S. & ex U.S.) buyout and growth equity funds including fully liquidated partnerships, formed between1986 and 2014.1Pooled end-to-end return, net of fees, expenses, and carried interest.2CA Modified Public Market Equivalent (mPME) replicates private investment performance under public market conditions. The public index’s shares are purchased and sold according to theprivate fund cash flow schedule, with distributions calculated in the same proportion as the private fund, and mPME NAV is a function of mPME cash flows and public index returns. “Value-Add” shows (in basis points) the difference between the actual private investment return and the mPME calculated return. Refer to Methodology page for details.Sources: Cambridge Associates LLC, Frank Russell Company, MSCI Inc., Standard & Poor's and Thomson Reuters Datastream. | 5


QuarterEnding

End to EndReturn

1986 Q1 NA

1986 Q2 4.55

1986 Q3 -2.66

1986 Q4 1.16

1987 Q1 4.37

1987 Q2 1.24

1987 Q3 1.87

1987 Q4 -1.46

1988 Q1 1.44

1988 Q2 3.54

1988 Q3 3.02

1988 Q4 3.04

1989 Q1 1.26

1989 Q2 3.03

1989 Q3 1.51

1989 Q4 1.44

1990 Q1 -0.15

1990 Q2 5.86

1990 Q3 -0.25

1990 Q4 1.51

1991 Q1 1.98

1991 Q2 0.46

1991 Q3 3.15

1991 Q4 4.02

Global Buyout & Growth Equity Fund Index Details: One Quarter End-to-End Pooled ReturnNet to Limited Partners


QuarterEnding

End to EndReturn

1992 Q1 0.87

1992 Q2 1.79

1992 Q3 1.85

1992 Q4 8.16

1993 Q1 2.63

1993 Q2 5.58

1993 Q3 6.24

1993 Q4 8.29

1994 Q1 2.26

1994 Q2 2.83

1994 Q3 1.97

1994 Q4 6.22

1995 Q1 3.97

1995 Q2 3.94

1995 Q3 4.12

1995 Q4 9.74

1996 Q1 5.34

1996 Q2 6.66

1996 Q3 6.35

1996 Q4 8.73

1997 Q1 0.54

1997 Q2 10.27

1997 Q3 6.35

1997 Q4 8.75

QuarterEnding

End to EndReturn

1998 Q1 9.25

1998 Q2 5.49

1998 Q3 -5.27

1998 Q4 6.92

1999 Q1 4.47

1999 Q2 9.64

1999 Q3 3.98

1999 Q4 17.09

2000 Q1 12.48

2000 Q2 -0.95

2000 Q3 -0.60

2000 Q4 -5.14

2001 Q1 -6.03

2001 Q2 2.08

2001 Q3 -6.25

2001 Q4 -1.39

2002 Q1 -0.64

2002 Q2 -0.30

2002 Q3 -4.47

2002 Q4 1.50

2003 Q1 -0.02

2003 Q2 7.30

2003 Q3 4.72

2003 Q4 10.65

QuarterEnding

End to EndReturn

2004 Q1 2.73

2004 Q2 3.83

2004 Q3 3.04

2004 Q4 16.22

2005 Q1 1.51

2005 Q2 6.84

2005 Q3 7.16

2005 Q4 9.09

2006 Q1 6.23

2006 Q2 7.89

2006 Q3 4.02

2006 Q4 15.77

2007 Q1 5.74

2007 Q2 10.57

2007 Q3 3.17

2007 Q4 4.00

2008 Q1 -0.73

2008 Q2 -1.36

2008 Q3 -10.80

2008 Q4 -18.48

2009 Q1 -4.94

2009 Q2 6.68

2009 Q3 7.29

2009 Q4 7.43

QuarterEnding

End to EndReturn

2010 Q1 2.73

2010 Q2 0.24

2010 Q3 7.39

2010 Q4 8.66

2011 Q1 5.35

2011 Q2 5.15

2011 Q3 -6.31

2011 Q4 3.11

2012 Q1 6.32

2012 Q2 -0.64

2012 Q3 4.36

2012 Q4 4.10

2013 Q1 3.34

2013 Q2 2.58

2013 Q3 5.74

2013 Q4 7.43

2014 Q1 3.20

2014 Q2 4.73

2014 Q3 -0.48

2014 Q4 2.03

2015 Q1 1.60

End-to-end calculation based on data compiled from 1,791 global (U.S. & ex U.S.) buyout and growth equity funds, including fully liquidated partnerships, formed between 1986 and2014. All returns are net of fees, expenses, and carried interest. Historic quarterly returns are updated in each year-end report to adjust for changes in the index sample.Benchmarks with NA (not applicable) have an insufficient number of funds in the vintage year sample to produce a meaningful return. | 6


Global Buyout & Growth Equity Fund Index Details: End-to-End Pooled ReturnNet to Limited Partners

One Year Rolling Returns

One Year Ended

End to End Return (%)

One Year Ended


3/31/2015 8.22 3/31/2000 50.78

3/31/2014 20.15 3/31/1999 11.90

3/31/2013 11.44 3/31/1998 39.33

3/31/2012 7.93 3/31/1997 24.13

3/31/2011 23.33 3/31/1996 25.09

3/31/2010 26.22 3/31/1995 15.83

3/31/2009 -32.22 3/31/1994 24.20

3/31/2008 17.09 3/31/1993 15.23

3/31/2007 37.42 3/31/1992 8.76

3/31/2006 32.66 3/31/1991 8.90

3/31/2005 26.24 3/31/1990 5.53

3/31/2004 27.75

3/31/2003 -3.16

3/31/2002 -6.25

3/31/2001 -12.47

Multi-Year Returns

Years End to End Return (%) Years End to End Return

(%)

1 Year 8.22 16 Years 12.17

2 Years 14.41 17 Years 12.16

3 Years 13.30 18 Years 12.82

4 Years 11.77 19 Years 13.07

5 Years 14.21 20 Years 13.33

6 Years 16.20 21 Years 13.38

7 Years 8.00 22 Years 13.58

8 Years 8.91 23 Years 13.61

9 Years 11.12 24 Years 13.53

10 Years 12.66 25 Years 13.47

11 Years 13.64 26 Years 13.39

12 Years 14.66

13 Years 13.40

14 Years 12.15

15 Years 10.70

End-to-end calculation based on data compiled from 1,791 global (U.S. & ex U.S.) buyout and growth equity funds, including fully liquidated partnerships, formed between 1986 and 2014. All returns are net of fees, expenses, and carried interest. | 7

Global Buyout & Growth Equity: Fund Since Inception Analysis

| 8


VintageYear

Pooled Return

(%)

Arithmetic Mean (%)

Median (%)

Equal-WeightedPooled Return

(%)

UpperQuartile

(%)

Lower Quartile

(%)

Standard Deviation

(%)DPI RVPI TVPI Number

of Funds

1986 20.46 14.03 13.88 14.87 NA NA 8.27 3.96 0.00 3.96 71987 10.79 13.30 10.82 13.31 15.23 8.52 7.50 1.86 0.00 1.86 121988 15.99 13.41 11.84 13.47 15.18 8.97 8.18 1.82 0.00 1.82 181989 23.17 18.81 18.12 20.91 25.61 12.14 23.05 2.60 0.00 2.60 201990 15.54 15.04 15.52 15.34 22.44 6.83 9.64 1.89 0.00 1.89 151991 31.83 29.45 26.87 27.17 42.38 7.27 20.05 3.18 0.00 3.18 131992 28.27 21.85 19.05 20.33 23.19 12.22 19.81 2.52 0.00 2.52 201993 26.07 17.80 20.31 21.54 32.75 9.50 27.82 2.37 0.00 2.37 281994 24.39 15.54 9.87 14.88 23.86 1.02 17.61 2.47 0.00 2.47 371995 21.31 14.89 11.11 16.64 28.60 -2.08 24.53 1.97 0.00 1.97 461996 11.21 9.61 8.49 9.41 13.45 -1.79 19.65 1.60 0.03 1.63 521997 9.36 8.82 9.34 9.54 16.26 0.63 21.12 1.57 0.01 1.59 851998 8.35 11.09 10.27 12.84 18.40 4.79 11.28 1.47 0.07 1.54 791999 15.11 13.64 12.91 13.88 21.91 4.72 14.91 1.85 0.03 1.88 802000 18.28 15.64 14.72 15.92 24.31 8.07 14.60 1.89 0.10 1.99 1142001 24.21 20.04 18.32 19.43 31.70 8.88 18.65 1.95 0.17 2.13 432002 19.53 15.35 16.49 17.51 26.22 8.35 27.46 1.77 0.22 1.99 582003 16.55 17.75 13.83 17.36 25.49 7.32 16.13 1.55 0.27 1.82 482004 11.44 16.52 10.78 14.38 16.96 6.22 28.70 1.38 0.33 1.70 1032005 7.81 8.49 8.00 9.67 14.42 2.83 12.12 0.98 0.50 1.48 1482006 7.85 8.75 9.07 9.96 14.80 3.49 13.92 0.79 0.66 1.45 1362007 10.75 8.92 9.36 9.16 14.43 3.79 12.80 0.64 0.82 1.46 1702008 13.78 12.51 11.85 11.65 18.74 5.42 12.46 0.56 0.95 1.51 1062009 14.39 14.30 12.12 15.92 18.24 7.53 12.63 0.20 1.17 1.37 512010 12.49 13.40 11.93 15.39 20.56 1.31 20.25 0.18 1.10 1.28 532011 12.62 7.21 7.07 9.23 15.63 -0.86 15.97 0.09 1.11 1.20 932012 8.47 2.99 4.31 4.09 15.00 -8.85 21.04 0.04 1.06 1.10 752013 -4.55 -12.87 -10.14 -14.27 3.49 -21.76 37.79 0.02 0.95 0.97 58

Global Buyout & Growth Equity: Since Inception IRR & Multiples by Fund Vintage YearNet to Limited Partners


Notes: Based on data compiled from 1,768 global (U.S. & ex U.S.) buyout and growth equity funds, including fully liquidated partnerships, formed between 1986 and 2013. Internalrates of returns are net of fees, expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to thissettling they typically rank in 2-3 other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with NA (notapplicable) have an insufficient number of funds in the vintage year sample to produce a meaningful return. | 9


Global Buyout & Growth Equity: Since Inception IRR & Multiples Compared to CA Modified Public Market Equivalent (mPME)Net to Limited Partners

Pooled IRR (%) and IRR-Based Value-Add (bps)

Vintage Year

Number of

Funds

CABenchmark MSCI EAFE Index MSCI Europe Index

IRR mPME IRR Value-Add mPME IRR Value-Add

1986 7 20.46 9.74 1,072 12.35 8111987 12 10.79 5.45 534 11.24 -451988 18 15.99 6.00 999 12.08 3911989 20 23.17 7.74 1,543 12.80 1,0371990 15 15.54 9.05 649 14.22 1321991 13 31.83 9.80 2,202 16.82 1,5011992 20 28.27 8.84 1,944 16.66 1,1621993 28 26.07 6.88 1,920 15.13 1,0941994 37 24.39 6.69 1,770 12.68 1,1711995 46 21.31 5.32 1,599 10.26 1,1051996 52 11.21 3.88 733 5.13 6081997 85 9.36 3.35 601 3.64 5721998 79 8.35 3.86 450 4.16 4201999 80 15.11 6.54 857 7.10 8012000 114 18.28 9.77 851 10.22 8062001 43 24.21 11.30 1,291 11.80 1,2412002 58 19.53 8.07 1,147 8.55 1,0982003 48 16.55 5.23 1,132 5.66 1,0892004 103 11.43 2.53 891 2.68 8762005 148 7.81 1.62 619 1.55 6262006 136 7.85 2.29 556 2.17 5682007 170 10.75 5.60 515 5.64 5102008 106 13.78 7.60 618 7.78 6002009 51 14.39 8.32 607 8.36 6022010 53 12.49 8.60 389 8.57 3922011 93 12.61 7.56 506 6.97 5642012 75 8.47 4.72 375 3.18 5292013 58 -4.55 0.64 -519 -2.41 -214


Total Value to Paid In (TVPI)

CA Benchmark

MSCI EAFE Index

MSCI Europe Index

TVPI mPME TVPI mPME TVPI

3.96 1.61 2.051.86 1.37 1.981.82 1.23 1.532.60 1.33 1.631.89 1.39 1.703.18 1.31 1.632.52 1.29 1.612.37 1.25 1.582.47 1.27 1.531.97 1.19 1.371.63 1.19 1.261.59 1.18 1.201.54 1.21 1.231.88 1.29 1.321.99 1.38 1.402.13 1.40 1.421.99 1.31 1.331.82 1.21 1.231.70 1.12 1.131.48 1.08 1.081.45 1.12 1.111.46 1.22 1.221.51 1.25 1.261.37 1.20 1.201.28 1.19 1.181.20 1.11 1.111.10 1.05 1.040.97 1.00 0.98

Distributions to Paid In (DPI)

CA Benchmark

MSCI EAFE Index

MSCI Europe Index

DPI mPME DPI mPME DPI

3.96 1.61 2.051.86 1.37 1.981.82 1.23 1.532.60 1.33 1.631.89 1.39 1.703.18 1.31 1.632.52 1.29 1.612.37 1.25 1.582.47 1.27 1.531.97 1.19 1.361.60 1.18 1.241.57 1.17 1.191.47 1.17 1.191.85 1.28 1.311.89 1.34 1.361.95 1.31 1.331.77 1.19 1.211.55 1.06 1.071.38 0.93 0.940.98 0.74 0.740.79 0.63 0.630.64 0.55 0.550.56 0.49 0.490.20 0.19 0.190.18 0.17 0.170.09 0.09 0.090.04 0.04 0.040.02 0.02 0.02

Notes: Based on data compiled from 1,768 global (U.S. & ex U.S.) buyout and growth equity funds, including fully liquidated partnerships, formed between 1986 and 2013. Internal rates ofreturns are net of fees, expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling theytypically rank in 2-3 other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful.mPME Note: Refer to Methodology page for further details on Cambridge Associates Modified PME (mPME).Sources: Cambridge Associates LLC, Frank Russell Company, MSCI Inc., Standard & Poor's and Thomson Reuters Datastream.

| 10


Global Buyout & Growth Equity: Since Inception IRR & Multiples Compared to CA Modified Public Market Equivalent (mPME)Net to Limited Partners


Vintage Year

Number of

Funds

CABenchmark S&P 500 Index Russell 3000® Index


1986 7 20.46 14.21 625 13.46 7001987 12 10.79 14.43 -364 14.22 -3431988 18 15.99 15.65 34 15.59 401989 20 23.17 15.58 760 15.51 7671990 15 15.54 17.59 -205 17.35 -1821991 13 31.83 20.10 1,172 19.35 1,2471992 20 28.27 19.61 866 18.66 9611993 28 26.07 19.83 625 18.62 7451994 37 24.39 16.29 810 15.42 8971995 46 21.31 13.34 797 12.62 8691996 52 11.21 5.09 612 5.45 5761997 85 9.36 1.66 770 2.47 6891998 79 8.35 1.69 667 2.50 5861999 80 15.11 2.90 1,221 3.69 1,1422000 114 18.28 5.68 1,260 6.38 1,1902001 43 24.21 7.49 1,671 8.14 1,6062002 58 19.53 6.76 1,277 7.24 1,2292003 48 16.55 5.99 1,056 6.35 1,0202004 103 11.43 5.71 573 5.99 5442005 148 7.81 6.72 110 7.01 802006 136 7.85 8.45 -60 8.75 -902007 170 10.75 12.96 -221 13.24 -2502008 106 13.78 15.68 -190 15.95 -2172009 51 14.39 17.18 -280 17.43 -3042010 53 12.49 17.46 -498 17.74 -5252011 93 12.61 17.05 -444 17.37 -4762012 75 8.47 15.40 -693 15.72 -7252013 58 -4.55 12.60 -1,715 13.01 -1,756



CA Benchmark

S&P 500 Index

Russell 3000® Index


3.96 2.40 2.301.86 2.43 2.391.82 1.74 1.722.60 1.83 1.811.89 1.94 1.913.18 1.81 1.762.52 1.75 1.712.37 1.77 1.722.47 1.66 1.631.97 1.46 1.441.63 1.24 1.261.59 1.08 1.131.54 1.09 1.131.88 1.12 1.161.99 1.23 1.262.13 1.30 1.321.99 1.31 1.331.82 1.28 1.301.70 1.32 1.341.48 1.41 1.431.45 1.50 1.521.46 1.58 1.591.51 1.59 1.611.37 1.45 1.451.28 1.41 1.421.20 1.27 1.281.10 1.18 1.180.97 1.09 1.10


CA Benchmark

S&P 500 Index



3.96 2.40 2.301.86 2.43 2.391.82 1.74 1.722.60 1.83 1.811.89 1.94 1.913.18 1.81 1.762.52 1.75 1.712.37 1.77 1.722.47 1.66 1.631.97 1.46 1.441.60 1.22 1.241.57 1.07 1.111.47 1.04 1.081.85 1.11 1.141.89 1.17 1.201.95 1.18 1.211.77 1.14 1.161.55 1.06 1.081.38 1.05 1.060.98 0.91 0.920.79 0.80 0.810.64 0.68 0.680.56 0.59 0.590.20 0.22 0.220.18 0.19 0.200.09 0.09 0.090.04 0.04 0.040.02 0.02 0.02

Notes: Based on data compiled from 1,768 global (U.S. & ex U.S.) buyout and growth equity funds, including fully liquidated partnerships, formed between 1986 and 2013. Internal rates ofreturns are net of fees, expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling theytypically rank in 2-3 other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with NA (not applicable) have aninsufficient number of funds in the vintage year sample to produce a meaningful return.mPME Note: Refer to Methodology page for further details on Cambridge Associates Modified PME (mPME).Sources: Cambridge Associates LLC, Frank Russell Company, MSCI Inc., Standard & Poor's and Thomson Reuters Datastream.

| 11


Vintage Year Pooled Return Arithmetic Mean Median Upper Quartile Lower Quartile Number of Funds

1986 3.96 2.56 2.36 NA NA 7

1987 1.86 2.24 1.83 2.26 1.63 12

1988 1.82 1.79 1.65 1.93 1.52 18

1989 2.60 2.36 2.07 3.08 1.71 20

1990 1.89 1.91 1.89 2.48 1.32 15

1991 3.18 2.71 2.85 3.61 1.54 13

1992 2.52 2.13 1.99 2.52 1.48 20

1993 2.37 2.12 2.02 2.75 1.56 28

1994 2.47 1.86 1.53 2.44 1.04 37

1995 1.97 1.75 1.57 2.18 0.89 46

1996 1.63 1.56 1.51 1.89 0.91 52

1997 1.59 1.56 1.62 1.93 1.03 85

1998 1.54 1.87 1.61 2.05 1.27 79

1999 1.88 1.83 1.62 2.24 1.22 80

2000 1.99 1.90 1.90 2.31 1.38 114

2001 2.13 1.94 1.98 2.30 1.42 43

2002 1.99 1.97 1.84 2.40 1.52 58

2003 1.82 1.81 1.74 2.14 1.37 48

2004 1.70 1.78 1.55 2.00 1.32 103

2005 1.48 1.57 1.52 1.88 1.16 148

2006 1.45 1.55 1.47 1.74 1.18 136

2007 1.46 1.41 1.37 1.68 1.16 170

2008 1.51 1.54 1.42 1.74 1.17 106

2009 1.37 1.47 1.34 1.53 1.18 51

2010 1.28 1.39 1.28 1.46 1.03 53

2011 1.20 1.15 1.10 1.26 0.98 93

2012 1.10 1.05 1.04 1.22 0.92 75

2013 0.97 0.90 0.92 1.03 0.82 58

Global Buyout & Growth Equity: Total Value to Paid In Capital Multiple (TVPI)Net to Limited Partners


Notes: Based on data compiled from 1,768 global (U.S. & ex U.S.) buyout and growth equity funds, including fully liquidated partnerships, formed between 1986 and 2013. CAresearch shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 other quartiles; therefore fund orbenchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with NA (not applicable) have an insufficient number of funds in the vintage yearsample to produce a meaningful return. | 12



1986 3.96 2.56 2.36 NA NA 7

1987 1.86 2.24 1.83 2.26 1.63 12

1988 1.82 1.79 1.65 1.93 1.52 18

1989 2.60 2.36 2.07 3.08 1.71 20

1990 1.89 1.91 1.89 2.48 1.32 15

1991 3.18 2.71 2.85 3.61 1.54 13

1992 2.52 2.13 1.99 2.52 1.48 20

1993 2.37 2.12 2.02 2.75 1.56 28

1994 2.47 1.85 1.53 2.44 1.04 37

1995 1.97 1.75 1.57 2.18 0.89 46

1996 1.60 1.55 1.51 1.89 0.88 52

1997 1.57 1.53 1.62 1.93 1.03 85

1998 1.47 1.81 1.60 2.04 1.17 79

1999 1.85 1.79 1.55 2.22 1.18 80

2000 1.89 1.77 1.71 2.20 1.28 114

2001 1.95 1.83 1.91 2.17 1.37 43

2002 1.77 1.76 1.59 2.17 1.19 58

2003 1.55 1.59 1.51 1.95 1.12 48

2004 1.38 1.44 1.26 1.60 0.96 103

2005 0.98 1.06 0.95 1.33 0.61 148

2006 0.79 0.87 0.83 1.14 0.49 136

2007 0.64 0.61 0.51 0.88 0.29 170

2008 0.56 0.59 0.37 0.76 0.18 106

2009 0.20 0.26 0.19 0.35 0.02 51

2010 0.18 0.20 0.11 0.26 0.00 53

2011 0.09 0.09 0.02 0.10 0.00 93

2012 0.04 0.05 0.01 0.07 0.00 75

2013 0.02 0.03 0.00 0.00 0.00 58

Global Buyout & Growth Equity: Distribution to Paid In Capital Multiple (DPI)Net to Limited Partners





1986 0.00 0.00 0.00 NA NA 7

1987 0.00 0.00 0.00 0.00 0.00 12

1988 0.00 0.00 0.00 0.00 0.00 18

1989 0.00 0.00 0.00 0.00 0.00 20

1990 0.00 0.00 0.00 0.00 0.00 15

1991 0.00 0.00 0.00 0.00 0.00 13

1992 0.00 0.00 0.00 0.00 0.00 20

1993 0.00 0.00 0.00 0.00 0.00 28

1994 0.00 0.01 0.00 0.00 0.00 37

1995 0.00 0.00 0.00 0.00 0.00 46

1996 0.03 0.01 0.00 0.00 0.00 52

1997 0.01 0.02 0.00 0.00 0.00 85

1998 0.07 0.06 0.00 0.04 0.00 79

1999 0.03 0.04 0.00 0.05 0.00 80

2000 0.10 0.14 0.03 0.16 0.00 114

2001 0.17 0.11 0.05 0.18 0.00 43

2002 0.22 0.21 0.16 0.31 0.00 58

2003 0.27 0.22 0.20 0.35 0.05 48

2004 0.33 0.35 0.27 0.44 0.14 103

2005 0.50 0.52 0.45 0.69 0.27 148

2006 0.66 0.68 0.62 0.83 0.40 136

2007 0.82 0.79 0.78 1.02 0.54 170

2008 0.95 0.95 0.92 1.20 0.72 106

2009 1.17 1.20 1.16 1.30 0.98 51

2010 1.10 1.19 1.07 1.33 0.88 53

2011 1.11 1.05 1.04 1.17 0.93 93

2012 1.06 1.00 1.00 1.15 0.85 75

2013 0.95 0.86 0.91 1.01 0.79 58

Global Buyout & Growth Equity: Residual Value to Paid In Capital Multiple (RVPI) Net to Limited Partners



U.S. Buyout & Growth Equity: Fund Index Analysis

| 15



U.S. Buyout & Growth Equity Index1 3.38 13.49 16.46 16.48 13.20 10.17 13.65 13.87

Barclays Government/Credit Bond Index 1.84 5.86 3.35 4.75 4.96 5.73 6.08 6.66

Dow Jones Industrial Average 0.33 10.57 13.18 13.23 8.17 5.80 10.01 10.48



Nasdaq Composite* 3.48 16.72 16.60 15.37 9.38 0.46 9.37 10.17

Russell 1000® 1.59 12.73 16.45 14.73 8.34 4.43 9.63 10.04

Russell 2000® 4.32 8.21 16.27 14.57 8.82 7.19 9.62 10.03

S&P 500 0.95 12.73 16.11 14.47 8.01 4.15 9.39 9.79

Wilshire 5000 Total Market 1.61 12.23 16.19 14.56 8.41 4.60 9.54 9.93

U.S. Buyout & Growth Equity Fund Index Summary: End-to-End Pooled ReturnNet to Limited Partners


The index is an end-to-end calculation based on data compiled from 925 U.S. buyout and growth equity funds including fully liquidated partnerships, formed between 1986 and 2014.1Pooled end-to-end return, net of fees, expenses, and carried interest.




U.S Buyout & Growth Equity1 13.49 16.46 16.48 13.20 10.17 13.65 13.87

mPME Analysis2

Russell 2000® Index 7.76 16.32 14.68 9.31 8.39 9.39 9.58

Value-Add (bps) 573 14 181 389 178 426 429

Russell 2500™ Index 9.71 17.11 15.53 10.09 9.24 10.64 10.87

Value-Add (bps) 378 -66 96 311 93 301 301

Russell 3000® Index 12.42 16.34 14.75 8.90 6.62 8.53 8.74

Value-Add (bps) 107 11 173 430 354 512 513

Russell Midcap® Index 13.55 17.91 16.06 10.39 9.39 10.96 11.19

Value-Add (bps) -6 -146 42 281 78 269 268

S&P 500 Index 12.89 16.03 14.52 8.58 6.26 8.23 8.43

Value-Add (bps) 60 43 196 462 391 542 544

Constructed Index: NASDAQ Composite Price Index/NASDAQ Composite Total Return3 18.12 17.49 16.45 11.03 5.57 9.82 10.11

Value-Add (bps) -463 -104 3 216 459 382 376

U.S. Buyout & Growth Equity Fund Index Summary: End-to-End Pooled Return Compared to CA Modified Public Market Equivalent (mPME)Net to Limited Partners


The index is an end-to-end calculation based on data compiled from 925 U.S. buyout and growth equity funds, including fully liquidated partnerships, formed between 1986 and 2014.1Pooled end-to-end return, net of fees, expenses, and carried interest.2CA Modified Public Market Equivalent (mPME) replicates private investment performance under public market conditions. The public index’s shares are purchased and sold accordingto the private fund cash flow schedule, with distributions calculated in the same proportion as the private fund, and mPME NAV is a function of mPME cash flows and public indexreturns. “Value-Add” shows (in basis points) the difference between the actual private investment return and the mPME calculated return. Refer to Methodology page for details.3Constructed Index: Data from 1/1/1986 to 10/31/2003 represented by NASDAQ Price Index. Data from 11/1/2003 to present represented by NASDAQ Composite.Sources: Cambridge Associates LLC, Frank Russell Company, Standard & Poor's and Thomson Reuters Datastream. | 17


QuarterEnding

End to EndReturn

1986 Q1 NA

1986 Q2 4.55

1986 Q3 -2.66

1986 Q4 1.16

1987 Q1 4.37

1987 Q2 1.29

1987 Q3 1.97

1987 Q4 -2.12

1988 Q1 2.59

1988 Q2 4.30

1988 Q3 4.18

1988 Q4 2.10

1989 Q1 1.67

1989 Q2 3.98

1989 Q3 1.49

1989 Q4 1.46

1990 Q1 -0.20

1990 Q2 5.65

1990 Q3 -0.40

1990 Q4 1.22

1991 Q1 3.13

1991 Q2 1.12

1991 Q3 2.93

1991 Q4 3.93

U.S. Buyout & Growth Equity Fund Index Details: One Quarter End-to-End Pooled ReturnNet to Limited Partners


QuarterEnding

End to EndReturn

1992 Q1 1.75

1992 Q2 1.18

1992 Q3 2.71

1992 Q4 9.80

1993 Q1 2.83

1993 Q2 6.08

1993 Q3 6.68

1993 Q4 7.21

1994 Q1 1.30

1994 Q2 3.19

1994 Q3 1.78

1994 Q4 6.94

1995 Q1 3.86

1995 Q2 4.05

1995 Q3 4.29

1995 Q4 11.27

1996 Q1 6.10

1996 Q2 6.91

1996 Q3 6.60

1996 Q4 6.73

1997 Q1 0.85

1997 Q2 11.65

1997 Q3 7.39

1997 Q4 9.33

QuarterEnding

End to EndReturn

1998 Q1 10.58

1998 Q2 4.92

1998 Q3 -7.07

1998 Q4 8.42

1999 Q1 5.85

1999 Q2 10.47

1999 Q3 3.49

1999 Q4 19.10

2000 Q1 14.80

2000 Q2 -1.51

2000 Q3 -0.19

2000 Q4 -7.02

2001 Q1 -6.36

2001 Q2 3.04

2001 Q3 -8.94

2001 Q4 -0.11

2002 Q1 -0.67

2002 Q2 -2.88

2002 Q3 -5.11

2002 Q4 0.04

2003 Q1 -0.36

2003 Q2 6.97

2003 Q3 5.74

2003 Q4 9.33

QuarterEnding

End to EndReturn

2004 Q1 3.12

2004 Q2 3.50

2004 Q3 2.08

2004 Q4 15.16

2005 Q1 1.22

2005 Q2 7.93

2005 Q3 7.55

2005 Q4 7.58

2006 Q1 5.99

2006 Q2 3.45

2006 Q3 3.73

2006 Q4 12.51

2007 Q1 5.79

2007 Q2 7.82

2007 Q3 1.08

2007 Q4 2.73

2008 Q1 -2.64

2008 Q2 -0.19

2008 Q3 -7.39

2008 Q4 -16.05

2009 Q1 -3.62

2009 Q2 4.80

2009 Q3 6.50

2009 Q4 6.26

QuarterEnding

End to EndReturn

2010 Q1 4.99

2010 Q2 1.99

2010 Q3 4.91

2010 Q4 8.26

2011 Q1 5.39

2011 Q2 4.75

2011 Q3 -4.41

2011 Q4 5.05

2012 Q1 5.56

2012 Q2 0.28

2012 Q3 5.07

2012 Q4 3.68

2013 Q1 5.00

2013 Q2 3.35

2013 Q3 5.69

2013 Q4 7.60

2014 Q1 3.30

2014 Q2 4.77

2014 Q3 1.51

2014 Q4 3.21

2015 Q1 3.38

End-to-end calculation based on data compiled from 925 U.S. buyout and growth equity funds, including fully liquidated partnerships, formed between 1986 and 2014. All returns arenet of fees, expenses, and carried interest. Historic quarterly returns are updated in each year-end report to adjust for changes in the index sample. | 18


U.S. Buyout & Growth Equity Fund Index Details: End-to-End Pooled ReturnNet to Limited Partners

Multi-Year Returns


(%)

1 Year 13.49 16 Years 12.02

2 Years 17.70 17 Years 12.03

3 Years 16.46 18 Years 12.96

4 Years 14.85 19 Years 13.24

5 Years 16.48 20 Years 13.65

6 Years 17.90 21 Years 13.73

7 Years 10.38 22 Years 13.95

8 Years 10.15 23 Years 14.04

9 Years 11.65 24 Years 13.95

10 Years 13.20 25 Years 13.87

11 Years 13.96 26 Years 13.76

12 Years 15.00 27 Years 13.75

13 Years 13.22

14 Years 11.85

15 Years 10.17


One Year Ended


One Year Ended


3/31/2015 13.49 3/31/2000 56.87

3/31/2014 21.44 3/31/1999 12.25

3/31/2013 14.49 3/31/1998 44.95

3/31/2012 11.02 3/31/1997 22.91

3/31/2011 22.14 3/31/1996 28.07

3/31/2010 24.53 3/31/1995 16.66

3/31/2009 -25.54 3/31/1994 22.82

3/31/2008 8.30 3/31/1993 17.59

3/31/2007 27.80 3/31/1992 10.11

3/31/2006 32.42 3/31/1991 9.53

3/31/2005 23.16 3/31/1990 6.38

3/31/2004 27.57 3/31/1989 12.08

3/31/2003 -7.85

3/31/2002 -6.91

3/31/2001 -14.59

End-to-end calculation based on data compiled from 925 U.S. buyout and growth equity funds, including fully liquidated partnerships, formed between 1986 and 2014. All returns are net of fees, expenses, and carried interest. | 19

U.S. Buyout & Growth Equity: Fund Since Inception Analysis

| 20


VintageYear

Pooled Return

(%)

Arithmetic Mean (%)

Median (%)


(%)

UpperQuartile

(%)

Lower Quartile

(%)

Standard Deviation


of Funds

1986 20.46 14.03 13.88 14.87 NA NA 8.27 3.96 0.00 3.96 7

1987 10.91 14.31 11.33 13.91 14.22 10.09 7.77 1.88 0.00 1.88 9

1988 16.20 13.88 11.54 14.18 15.48 9.24 8.43 1.83 0.00 1.83 13

1989 25.14 21.45 20.72 24.73 29.18 13.83 27.10 2.75 0.00 2.75 14

1990 19.49 18.98 19.48 19.26 NA NA 2.51 2.04 0.00 2.04 4

1991 33.17 34.57 39.90 32.56 45.15 25.10 19.72 3.34 0.00 3.34 10

1992 34.96 30.27 19.75 27.90 48.00 13.38 23.49 2.75 0.00 2.75 10

1993 27.58 19.75 25.28 25.22 34.24 12.73 32.17 2.43 0.01 2.43 20

1994 25.33 12.94 8.58 13.56 16.68 0.65 16.05 2.57 0.00 2.57 16

1995 21.87 18.52 15.36 21.94 33.17 -0.49 25.71 2.00 0.00 2.00 26

1996 10.43 8.21 7.45 8.14 12.30 -0.54 18.83 1.57 0.03 1.60 28

1997 7.13 4.74 7.06 5.72 12.55 -2.62 19.39 1.44 0.01 1.45 41

1998 6.77 9.43 9.57 10.13 14.62 3.52 10.21 1.35 0.07 1.43 46

1999 14.70 11.06 12.16 11.56 17.69 5.02 11.82 1.84 0.03 1.88 46

2000 15.34 13.46 13.41 13.34 20.82 7.63 11.80 1.72 0.10 1.83 70

2001 20.27 17.83 17.59 17.37 31.73 6.34 19.12 1.86 0.29 2.15 18

2002 17.06 12.74 16.49 14.79 23.20 7.51 24.84 1.72 0.24 1.96 28

2003 15.04 13.94 11.45 12.93 16.86 6.10 13.55 1.61 0.34 1.95 26

2004 10.71 11.19 10.82 11.57 13.80 7.93 7.37 1.37 0.33 1.70 56

2005 9.31 9.83 9.53 10.93 14.80 4.70 9.47 1.02 0.60 1.62 75

2006 9.30 12.47 12.08 12.09 15.53 7.62 14.26 0.86 0.71 1.56 58

2007 13.16 13.55 12.02 13.13 19.63 8.88 11.67 0.68 0.88 1.56 75

2008 16.98 18.21 16.75 17.05 24.77 9.25 11.94 0.64 0.97 1.61 52

2009 16.76 20.27 17.84 20.85 27.16 10.84 13.06 0.21 1.20 1.41 24

2010 18.40 23.53 18.55 23.21 23.07 11.03 26.85 0.23 1.21 1.43 18

2011 16.76 13.10 10.71 15.40 16.65 5.93 14.18 0.12 1.14 1.26 51

2012 14.17 6.68 2.84 8.57 13.39 -5.90 18.90 0.04 1.11 1.15 35

2013 4.84 -16.89 -10.32 -19.54 8.56 -22.21 43.33 0.03 1.01 1.04 35

U.S. Buyout & Growth Equity: Since Inception IRR & Multiples by Fund Vintage YearNet to Limited Partners


Notes: Based on data compiled from 911 U.S. buyout and growth equity funds, including fully liquidated partnerships, formed between 1986 and 2013. Internal rates of returns are netof fees, expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typicallyrank in 2-3 other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with NA (not applicable) have aninsufficient number of funds in the vintage year sample to produce a meaningful return.

| 21


U.S. Buyout & Growth Equity: Since Inception IRR & Multiples Compared to CA Modified Public Market Equivalent (mPME)Net to Limited Partners


Vintage Year

Number of

Funds

CABenchmark Russell 2000® Index Russell 2500™ Index


1986 7 20.46 9.71 1,075 11.48 8981987 9 10.91 12.31 -140 13.86 -2951988 13 16.20 13.97 223 15.26 941989 14 25.14 14.86 1,028 15.86 9271990 4 19.49 15.35 414 16.44 3051991 10 33.18 15.69 1,748 16.96 1,6221992 10 34.96 13.96 2,100 15.81 1,9151993 20 27.58 11.85 1,573 14.36 1,3221994 16 25.33 9.34 1,600 11.85 1,3481995 26 21.87 8.28 1,359 10.89 1,0981996 28 10.43 6.87 356 8.93 1511997 41 7.13 7.35 -22 9.12 -2001998 46 6.77 7.40 -63 8.95 -2181999 46 14.70 8.29 640 9.43 5272000 70 15.34 9.47 587 10.36 4982001 18 20.27 8.92 1,135 9.83 1,0442002 28 17.06 8.18 888 9.12 7942003 26 15.04 6.42 862 7.28 7752004 56 10.71 6.17 453 7.06 3642005 75 9.31 7.66 165 8.56 752006 58 9.30 8.54 76 9.40 -102007 75 13.16 13.68 -52 14.63 -1472008 52 16.98 15.66 132 16.70 282009 24 16.76 17.01 -25 18.03 -1272010 18 18.40 17.36 105 18.31 92011 51 16.76 16.60 16 17.74 -982012 35 14.17 14.14 3 15.19 -1022013 35 4.84 12.89 -806 13.67 -884


Notes: Based on data compiled from 911 U.S. buyout and growth equity funds, including fully liquidated partnerships, formed between 1986 and 2013. Internal rates of returns are net of fees,expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 otherquartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with NA (not applicable) have an insufficient number of fundsin the vintage year sample to produce a meaningful return.mPME Note: Refer to Methodology page for further details on Cambridge Associates Modified PME (mPME).Sources: Cambridge Associates LLC, Frank Russell Company, Global Financial Data, Inc., Standard & Poor's and Thomson Reuters Datastream.


CA Benchmark


Russell 2500™ Index


3.96 1.83 2.051.88 2.14 2.401.83 1.63 1.712.75 1.72 1.792.04 1.71 1.803.34 1.54 1.602.75 1.45 1.542.43 1.46 1.592.57 1.45 1.612.00 1.33 1.451.60 1.39 1.531.45 1.45 1.581.43 1.45 1.571.88 1.38 1.441.83 1.41 1.462.15 1.44 1.491.96 1.40 1.461.95 1.35 1.411.70 1.37 1.441.62 1.49 1.561.56 1.51 1.571.56 1.58 1.641.61 1.55 1.591.41 1.41 1.441.43 1.40 1.431.26 1.26 1.281.15 1.15 1.161.04 1.10 1.11


CA Benchmark




3.96 1.83 2.051.88 2.14 2.401.83 1.63 1.712.75 1.72 1.792.04 1.71 1.803.34 1.54 1.602.75 1.45 1.542.43 1.46 1.582.57 1.45 1.612.00 1.33 1.451.57 1.36 1.491.44 1.44 1.571.35 1.37 1.481.84 1.36 1.421.72 1.34 1.381.86 1.23 1.281.72 1.21 1.261.61 1.12 1.161.37 1.09 1.141.02 0.95 0.990.86 0.82 0.850.68 0.70 0.720.64 0.63 0.650.21 0.22 0.230.23 0.23 0.230.12 0.13 0.130.04 0.04 0.040.03 0.03 0.03

| 22




Vintage Year

Number of

Funds

CABenchmark Russell 3000® Index Russell Midcap® Index


1986 7 20.46 13.46 700 13.07 7391987 9 10.91 14.27 -337 14.64 -3731988 13 16.20 15.76 44 16.04 161989 14 25.14 15.77 936 16.13 9001990 4 19.49 16.63 286 16.64 2851991 10 33.18 19.37 1,381 17.76 1,5421992 10 34.96 19.07 1,589 17.02 1,7941993 20 27.58 18.42 916 16.29 1,1291994 16 25.33 13.61 1,173 13.34 1,1991995 26 21.87 12.61 926 12.44 9431996 28 10.43 4.98 546 9.13 1311997 41 7.13 2.51 462 8.59 -1461998 46 6.77 2.66 410 8.47 -1701999 46 14.70 3.66 1,104 9.33 5372000 70 15.34 6.32 902 10.61 4732001 18 20.27 7.51 1,277 10.50 9772002 28 17.06 7.06 1,000 9.75 7312003 26 15.04 5.84 920 7.68 7362004 56 10.71 5.84 487 7.32 3392005 75 9.31 7.30 201 8.73 582006 58 9.30 8.16 114 9.52 -222007 75 13.16 13.55 -39 15.05 -1892008 52 16.98 15.80 118 17.33 -352009 24 16.76 17.62 -86 19.01 -2252010 18 18.40 17.91 49 19.41 -1002011 51 16.76 17.43 -67 19.36 -2602012 35 14.17 14.89 -73 17.18 -3022013 35 4.84 13.15 -831 15.56 -1,072


Notes: Based on data compiled from 911 U.S. buyout and growth equity funds, including fully liquidated partnerships, formed between 1986 and 2013. Internal rates of returns are net of fees,expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 otherquartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with NA (not applicable) have an insufficient number of fundsin the vintage year sample to produce a meaningful return.mPME Note: Refer to Methodology page for further details on Cambridge Associates Modified PME (mPME).Sources: Cambridge Associates LLC, Frank Russell Company, Global Financial Data, Inc., Standard & Poor's and Thomson Reuters Datastream.


CA Benchmark


Russell Midcap®

Index


3.96 2.30 2.261.88 2.41 2.531.83 1.76 1.762.75 1.81 1.822.04 1.83 1.823.34 1.75 1.652.75 1.65 1.602.43 1.69 1.672.57 1.60 1.692.00 1.46 1.511.60 1.25 1.541.45 1.14 1.541.43 1.15 1.541.88 1.16 1.441.83 1.27 1.482.15 1.37 1.531.96 1.35 1.501.95 1.32 1.431.70 1.35 1.461.62 1.46 1.581.56 1.49 1.591.56 1.58 1.661.61 1.56 1.621.41 1.43 1.471.43 1.42 1.461.26 1.27 1.311.15 1.15 1.181.04 1.10 1.12


CA Benchmark


Russell Midcap®

Index


3.96 2.30 2.261.88 2.41 2.531.83 1.76 1.762.75 1.81 1.822.04 1.83 1.823.34 1.75 1.652.75 1.65 1.602.43 1.69 1.672.57 1.60 1.692.00 1.46 1.511.57 1.23 1.501.44 1.13 1.531.35 1.09 1.451.84 1.14 1.421.72 1.20 1.401.86 1.17 1.301.72 1.16 1.291.61 1.09 1.181.37 1.07 1.151.02 0.93 0.990.86 0.80 0.850.68 0.69 0.720.64 0.63 0.650.21 0.23 0.230.23 0.23 0.240.12 0.13 0.130.04 0.04 0.040.03 0.03 0.03

| 23




Vintage Year

Number of

Funds

CABenchmark S&P 500 Index Constructed Index

NASDAQ Composite1


1986 7 20.46 14.21 625 11.44 9021987 9 10.91 14.48 -357 14.56 -3651988 13 16.20 15.87 33 17.26 -1061989 14 25.14 15.88 926 17.66 7481990 4 19.49 16.87 262 19.10 391991 10 33.18 20.11 1,307 21.50 1,1681992 10 34.96 20.05 1,491 21.09 1,3871993 20 27.58 19.60 798 21.98 5601994 16 25.33 14.28 1,106 22.02 3321995 26 21.87 13.31 856 18.33 3541996 28 10.43 4.56 587 5.13 5301997 41 7.13 1.68 545 -0.25 7371998 46 6.77 1.87 490 -0.13 6891999 46 14.70 2.88 1,182 0.93 1,3772000 70 15.34 5.64 969 6.38 8962001 18 20.27 6.98 1,329 8.41 1,1872002 28 17.06 6.58 1,048 8.26 8802003 26 15.04 5.47 957 7.41 7632004 56 10.71 5.55 515 7.90 2812005 75 9.31 7.01 231 9.77 -452006 58 9.30 7.86 144 10.61 -1302007 75 13.16 13.26 -10 15.94 -2782008 52 16.98 15.53 145 18.21 -1232009 24 16.76 17.36 -60 20.38 -3632010 18 18.40 17.63 77 20.94 -2542011 51 16.76 17.13 -37 21.32 -4562012 35 14.17 14.60 -43 19.76 -5592013 35 4.84 12.81 -797 18.72 -1,389


Notes: Based on data compiled from 911 U.S. buyout and growth equity funds, including fully liquidated partnerships, formed between 1986 and 2013. Internal rates of returns are net of fees,expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 otherquartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with NA (not applicable) have an insufficient number of funds inthe vintage year sample to produce a meaningful return.mPME Note: Refer to Methodology page for further details on Cambridge Associates Modified PME (mPME).1Constructed Index: Data from 1/1/1986 to 10/31/2003 represented by NASDAQ Price Index. Data from 11/1/2003 to present represented by NASDAQ Composite.Sources: Cambridge Associates LLC, Frank Russell Company, Global Financial Data, Inc., Standard & Poor's and Thomson Reuters Datastream.


CA Benchmark

S&P 500 Index

ConstructedIndex

NASDAQ Composite1


3.96 2.40 2.091.88 2.45 2.471.83 1.78 1.892.75 1.82 1.932.04 1.86 2.003.34 1.80 1.872.75 1.69 1.742.43 1.74 1.842.57 1.62 1.902.00 1.47 1.631.60 1.22 1.231.45 1.09 0.991.43 1.10 0.991.88 1.12 1.041.83 1.24 1.292.15 1.34 1.441.96 1.32 1.431.95 1.29 1.431.70 1.33 1.511.62 1.44 1.671.56 1.46 1.671.56 1.57 1.721.61 1.54 1.671.41 1.42 1.511.43 1.41 1.501.26 1.27 1.341.15 1.15 1.211.04 1.10 1.14


CA Benchmark

S&P 500 Index

ConstructedIndex

NASDAQ Composite1


3.96 2.40 2.091.88 2.45 2.471.83 1.78 1.892.75 1.82 1.932.04 1.86 2.003.34 1.80 1.872.75 1.69 1.742.43 1.73 1.832.57 1.62 1.902.00 1.47 1.631.57 1.20 1.211.44 1.08 0.981.35 1.04 0.931.84 1.11 1.021.72 1.18 1.211.86 1.15 1.211.72 1.14 1.221.61 1.07 1.161.37 1.06 1.181.02 0.91 1.030.86 0.79 0.880.68 0.68 0.730.64 0.63 0.660.21 0.23 0.230.23 0.23 0.240.12 0.13 0.130.04 0.04 0.040.03 0.03 0.03

| 24



1986 3.96 2.56 2.36 NA NA 7

1987 1.88 2.45 1.90 2.30 1.74 9

1988 1.83 1.86 1.63 1.96 1.54 13

1989 2.75 2.53 2.54 3.41 1.70 14

1990 2.04 2.00 NA NA NA 4

1991 3.34 3.03 3.09 3.65 2.83 10

1992 2.75 2.43 2.18 3.25 1.54 10

1993 2.43 2.22 2.11 3.31 1.58 20

1994 2.57 1.73 1.38 2.08 1.03 16

1995 2.00 1.95 1.82 2.30 0.98 26

1996 1.60 1.45 1.30 1.83 0.97 28

1997 1.45 1.32 1.39 1.71 0.87 41

1998 1.43 1.60 1.49 1.89 1.26 46

1999 1.88 1.71 1.55 2.19 1.26 46

2000 1.83 1.80 1.80 2.21 1.36 70

2001 2.15 1.78 1.95 2.21 1.28 18

2002 1.96 1.89 1.93 2.41 1.48 28

2003 1.95 1.69 1.74 2.03 1.31 26

2004 1.70 1.74 1.59 1.93 1.46 56

2005 1.62 1.70 1.62 1.98 1.28 75

2006 1.56 1.66 1.62 1.87 1.40 58

2007 1.56 1.58 1.54 1.82 1.34 75

2008 1.61 1.77 1.56 1.86 1.37 52

2009 1.41 1.62 1.47 1.83 1.29 24

2010 1.43 1.54 1.37 1.53 1.27 18

2011 1.26 1.25 1.19 1.30 1.08 51

2012 1.15 1.09 1.02 1.19 0.95 35

2013 1.04 0.86 0.92 1.07 0.83 35

U.S. Buyout & Growth Equity: Total Value to Paid In Capital Multiple (TVPI)Net to Limited Partners


Notes: Based on data compiled from 911 U.S. buyout and growth equity funds, including fully liquidated partnerships, formed between 1986 and 2013. CA research shows that mostfunds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 other quartiles; therefore fund or benchmark performancemetrics from more recent vintage years may be less meaningful. Benchmarks with NA (not applicable) have an insufficient number of funds in the vintage year sample to produce ameaningful return. | 25



1986 3.96 2.56 2.36 NA NA 7

1987 1.88 2.45 1.90 2.30 1.74 9

1988 1.83 1.86 1.63 1.96 1.54 13

1989 2.75 2.53 2.54 3.41 1.70 14

1990 2.04 2.00 NA NA NA 4

1991 3.34 3.03 3.09 3.65 2.83 10

1992 2.75 2.43 2.18 3.25 1.54 10

1993 2.43 2.21 2.11 3.31 1.58 20

1994 2.57 1.73 1.38 2.08 1.03 16

1995 2.00 1.95 1.81 2.30 0.98 26

1996 1.57 1.44 1.30 1.83 0.92 28

1997 1.44 1.31 1.39 1.71 0.87 41

1998 1.35 1.53 1.45 1.84 1.09 46

1999 1.84 1.66 1.52 2.12 1.21 46

2000 1.72 1.62 1.67 2.07 1.20 70

2001 1.86 1.60 1.77 2.01 1.27 18

2002 1.72 1.66 1.60 2.09 1.22 28

2003 1.61 1.42 1.28 1.77 0.93 26

2004 1.37 1.33 1.27 1.51 0.98 56

2005 1.02 1.10 0.99 1.42 0.76 75

2006 0.86 0.99 0.94 1.23 0.65 58

2007 0.68 0.72 0.64 0.92 0.37 75

2008 0.64 0.80 0.59 0.94 0.33 52

2009 0.21 0.36 0.24 0.42 0.05 24

2010 0.23 0.29 0.14 0.26 0.08 18

2011 0.12 0.14 0.04 0.12 0.00 51

2012 0.04 0.07 0.01 0.08 0.00 35

2013 0.03 0.04 0.00 0.00 0.00 35

U.S. Buyout & Growth Equity: Distribution to Paid In Capital Multiple (DPI)Net to Limited Partners





1986 0.00 0.00 0.00 NA NA 7

1987 0.00 0.00 0.00 0.00 0.00 9

1988 0.00 0.00 0.00 0.00 0.00 13

1989 0.00 0.00 0.00 0.00 0.00 14

1990 0.00 0.00 NA NA NA 4

1991 0.00 0.00 0.00 0.00 0.00 10

1992 0.00 0.00 0.00 0.00 0.00 10

1993 0.01 0.00 0.00 0.00 0.00 20

1994 0.00 0.00 0.00 0.00 0.00 16

1995 0.00 0.00 0.00 0.00 0.00 26

1996 0.03 0.01 0.00 0.00 0.00 28

1997 0.01 0.01 0.00 0.00 0.00 41

1998 0.07 0.07 0.01 0.05 0.00 46

1999 0.03 0.05 0.01 0.06 0.00 46

2000 0.10 0.18 0.07 0.17 0.00 70

2001 0.29 0.18 0.15 0.33 0.02 18

2002 0.24 0.23 0.18 0.31 0.04 28

2003 0.34 0.27 0.27 0.42 0.08 26

2004 0.33 0.41 0.34 0.53 0.25 56

2005 0.60 0.60 0.56 0.79 0.38 75

2006 0.71 0.67 0.67 0.85 0.47 58

2007 0.88 0.86 0.89 1.07 0.69 75

2008 0.97 0.97 0.92 1.22 0.73 52

2009 1.20 1.25 1.23 1.37 1.09 24

2010 1.21 1.24 1.21 1.34 1.08 18

2011 1.14 1.12 1.09 1.22 0.98 51

2012 1.11 1.02 1.00 1.12 0.92 35

2013 1.01 0.82 0.91 1.01 0.79 35

U.S. Buyout & Growth Equity: Residual Value to Paid In Capital Multiple (RVPI)Net to Limited Partners



Global ex U.S. Buyout & Growth Equity: Fund Index Analysis

| 28



Global ex U.S. Buyout & Growth Equity Index1 -0.98 1.07 8.80 10.81 11.68 11.93 12.67 12.60










MSCI World Index 2.31 6.03 12.19 10.01 6.39 3.21 6.93 7.13


Russell 1000® Index 1.59 12.73 16.45 14.73 8.34 4.43 9.63 10.04

Russell 2000® Index 4.32 8.21 16.27 14.57 8.82 7.19 9.62 10.03

S&P 500 Index 0.95 12.73 16.11 14.47 8.01 4.15 9.39 9.79

Global ex U.S. Buyout & Growth Equity Fund Index Summary: End-to-End Pooled ReturnNet to Limited Partners


The index is an end-to-end calculation based on data compiled from 866 global ex U.S. buyout and growth equity funds including fully liquidated partnerships, formed between 1986 and 2014.1Pooled end-to-end return, net of fees, expenses, and carried interest.Sources: Cambridge Associates LLC, Barclays, Frank Russell Company, Standard & Poor's, Thomson Reuters Datastream, and Wilshire Associates, Inc.*Capital change only. | 29



Global ex U.S. Buyout & Growth Equity Index1 1.07 8.80 10.81 11.68 11.93 12.67 12.60

mPME Analysis2

MSCI EAFE Index -1.04 9.28 6.45 4.56 4.37 4.83 4.86

Value-Add (bps) 211 -48 436 713 757 784 773


Value-Add (bps) 610 -95 407 714 744 749 737

S&P 500 Index 12.91 16.22 14.65 9.47 7.78 8.74 8.79

Value-Add (bps) -1,184 -742 -384 221 415 393 381

Russell 3000® Index 12.44 16.53 14.87 9.78 8.12 9.06 9.12

Value-Add (bps) -1,136 -773 -406 190 381 360 348

Global ex U.S. Buyout & Growth Equity Fund Index Summary: End-to-End Pooled Return Compared to CA Modified Public Market Equivalent (mPME)Net to Limited Partners


The index is an end-to-end calculation based on data compiled from 866 global ex U.S. buyout and growth equity funds including fully liquidated partnerships, formed between 1986 and 2014.1Pooled end-to-end return, net of fees, expenses, and carried interest.2CA Modified Public Market Equivalent (mPME) replicates private investment performance under public market conditions. The public index’s shares are purchased and sold according to theprivate fund cash flow schedule, with distributions calculated in the same proportion as the private fund, and mPME NAV is a function of mPME cash flows and public index returns. “Value-Add” shows (in basis points) the difference between the actual private investment return and the mPME calculated return. Refer to Methodology page for details.Sources: Cambridge Associates LLC, Frank Russell Company, MSCI Inc., Standard & Poor's and Thomson Reuters Datastream. | 30


QuarterEnding

End to EndReturn

1986 Q1 NA

1986 Q2 NA

1986 Q3 NA

1986 Q4 NA

1987 Q1 NA

1987 Q2 0.00

1987 Q3 0.58

1987 Q4 6.44

1988 Q1 -9.48

1988 Q2 -5.13

1988 Q3 -11.37

1988 Q4 13.75

1989 Q1 -3.59

1989 Q2 -9.18

1989 Q3 1.76

1989 Q4 1.27

1990 Q1 0.34

1990 Q2 7.79

1990 Q3 1.16

1990 Q4 3.95

1991 Q1 -6.56

1991 Q2 -4.73

1991 Q3 4.86

1991 Q4 4.65

Global ex U.S. Buyout & Growth Equity Fund Index Details: One Quarter End-to-End Pooled ReturnNet to Limited Partners


QuarterEnding

End to EndReturn

1992 Q1 -4.88

1992 Q2 5.78

1992 Q3 -3.71

1992 Q4 -3.27

1993 Q1 1.09

1993 Q2 1.86

1993 Q3 3.04

1993 Q4 16.70

1994 Q1 9.36

1994 Q2 0.42

1994 Q3 3.24

1994 Q4 1.68

1995 Q1 4.63

1995 Q2 3.29

1995 Q3 3.08

1995 Q4 0.99

1996 Q1 0.96

1996 Q2 5.25

1996 Q3 4.94

1996 Q4 19.63

1997 Q1 -0.85

1997 Q2 4.37

1997 Q3 1.78

1997 Q4 6.08

QuarterEnding

End to EndReturn

1998 Q1 3.48

1998 Q2 7.97

1998 Q3 2.09

1998 Q4 1.75

1999 Q1 -0.27

1999 Q2 6.71

1999 Q3 5.75

1999 Q4 10.55

2000 Q1 4.93

2000 Q2 1.01

2000 Q3 -1.99

2000 Q4 0.96

2001 Q1 -5.02

2001 Q2 -0.71

2001 Q3 1.82

2001 Q4 -4.81

2002 Q1 -0.56

2002 Q2 6.83

2002 Q3 -2.87

2002 Q4 5.06

2003 Q1 0.77

2003 Q2 8.06

2003 Q3 2.50

2003 Q4 13.53

QuarterEnding

End to EndReturn

2004 Q1 1.93

2004 Q2 4.51

2004 Q3 4.99

2004 Q4 18.30

2005 Q1 2.05

2005 Q2 4.79

2005 Q3 6.40

2005 Q4 12.11

2006 Q1 6.69

2006 Q2 16.66

2006 Q3 4.56

2006 Q4 21.59

2007 Q1 5.66

2007 Q2 15.13

2007 Q3 6.51

2007 Q4 5.98

2008 Q1 2.19

2008 Q2 -3.05

2008 Q3 -15.67

2008 Q4 -22.22

2009 Q1 -7.12

2009 Q2 9.86

2009 Q3 8.57

2009 Q4 9.22

QuarterEnding

End to EndReturn

2010 Q1 -0.60

2010 Q2 -2.48

2010 Q3 11.44

2010 Q4 9.24

2011 Q1 5.29

2011 Q2 5.72

2011 Q3 -8.97

2011 Q4 0.22

2012 Q1 7.51

2012 Q2 -2.01

2012 Q3 3.31

2012 Q4 4.72

2013 Q1 0.99

2013 Q2 1.48

2013 Q3 5.82

2013 Q4 7.19

2014 Q1 3.06

2014 Q2 4.68

2014 Q3 -3.20

2014 Q4 0.35

2015 Q1 -0.98

End-to-end calculation based on data compiled from 866 global ex U.S. buyout and growth equity funds, including fully liquidated partnerships, formed between 1986 and 2014. Allreturns are net of fees, expenses, and carried interest. Historic quarterly returns are updated in each year-end report to adjust for changes in the index sample. | 31


Global ex U.S. Buyout & Growth Equity Fund Index Details: End-to-End Pooled ReturnNet to Limited Partners

Multi-Year Returns


(%)

1 Year 1.07 16 Years 12.50

2 Years 9.79 17 Years 12.45

3 Years 8.80 18 Years 12.52

4 Years 7.39 19 Years 12.71

5 Years 10.81 20 Years 12.67

6 Years 13.51 21 Years 12.65

7 Years 4.57 22 Years 12.79

8 Years 6.92 23 Years 12.71

9 Years 10.18 24 Years 12.63

10 Years 11.68 25 Years 12.60

11 Years 13.05 26 Years 12.56

12 Years 14.02

13 Years 13.77

14 Years 12.80

15 Years 11.93


One Year Ended


One Year Ended


3/31/2015 1.07 3/31/2000 30.74

3/31/2014 18.35 3/31/1999 10.51

3/31/2013 7.04 3/31/1998 16.63

3/31/2012 3.54 3/31/1997 30.63

3/31/2011 25.16 3/31/1996 8.30

3/31/2010 29.02 3/31/1995 10.61

3/31/2009 -41.47 3/31/1994 34.21

3/31/2008 32.23 3/31/1993 -0.48

3/31/2007 56.75 3/31/1992 -0.96

3/31/2006 33.12 3/31/1991 3.57

3/31/2005 32.51 3/31/1990 -3.20

3/31/2004 28.14

3/31/2003 9.69

3/31/2002 -4.36

3/31/2001 -5.35

End-to-end calculation based on data compiled from 866 global ex U.S. buyout and growth equity funds, including fully liquidated partnerships, formed between 1986 and 2014. All returns are net of fees, expenses, and carried interest. | 32

Global ex U.S. Buyout & Growth Equity: Fund Since Inception Analysis

| 33


VintageYear

Pooled Return

(%)

Arithmetic Mean (%)

Median (%)


(%)

UpperQuartile

(%)

Lower Quartile

(%)

Standard Deviation


of Funds

1987 7.91 10.27 NA 10.71 NA NA 7.05 1.45 0.00 1.45 3

1988 15.17 12.19 12.15 11.49 NA NA 8.30 1.78 0.00 1.78 5

1989 15.46 12.65 14.21 13.51 NA NA 6.68 1.94 0.00 1.94 6

1990 13.72 13.61 12.96 14.10 24.35 3.28 10.94 1.82 0.00 1.82 11

1991 18.58 12.4 NA 10.59 NA NA 9.76 1.89 0.00 1.89 3

1992 14.89 13.43 17.88 14.04 20.50 7.37 10.92 1.91 0.00 1.91 10

1993 16.12 12.94 10.26 15.56 20.86 7.53 11.77 1.89 0.00 1.89 8

1994 22.57 17.51 10.71 15.72 33.67 3.32 18.85 2.26 0.00 2.26 21

1995 19.32 10.17 6.04 10.17 14.55 -3.02 22.68 1.88 0.00 1.88 20

1996 15.33 11.24 10.24 10.65 16.74 -2.53 20.85 1.76 0.01 1.77 24

1997 12.17 12.63 11.14 12.85 19.02 4.88 22.15 1.74 0.02 1.76 44

1998 14.43 13.39 14.11 15.86 20.91 6.28 12.42 1.99 0.04 2.03 33

1999 15.89 17.14 17.32 16.93 23.04 4.05 17.88 1.86 0.04 1.90 34

2000 25.27 19.12 18.23 19.86 35.02 8.52 17.80 2.34 0.07 2.41 44

2001 28.74 21.64 18.56 20.53 31.16 10.58 18.53 2.06 0.05 2.10 25

2002 23.18 17.78 16.63 20.28 30.57 9.71 29.92 1.83 0.20 2.03 30

2003 19.46 22.26 17.61 23.44 34.70 10.98 18.01 1.48 0.19 1.67 22

2004 13.30 22.88 9.51 18.94 26.62 3.94 41.05 1.39 0.32 1.70 47

2005 5.71 7.10 6.52 8.18 12.02 -0.29 14.29 0.93 0.38 1.31 73

2006 5.85 5.98 6.67 8.41 11.86 -0.47 13.08 0.71 0.61 1.32 78

2007 7.31 5.27 5.93 6.14 10.62 1.08 12.52 0.58 0.73 1.31 95

2008 10.53 7.02 8.23 8.23 13.66 -1.09 10.39 0.47 0.93 1.40 54

2009 10.51 8.99 9.19 11.50 13.78 6.07 9.68 0.17 1.12 1.28 27

2010 10.18 8.20 8.98 11.95 16.93 -1.20 13.60 0.16 1.07 1.22 35

2011 6.24 0.06 0.13 1.47 9.60 -9.64 15.22 0.03 1.06 1.10 42

2012 2.98 -0.24 6.10 0.76 16.17 -15.18 22.49 0.04 0.99 1.04 40

2013 -12.30 -6.76 -9.96 -6.97 -3.02 -20.71 27.07 0.01 0.90 0.91 23

Global ex U.S. Buyout & Growth Equity: Since Inception IRR & Multiples by Fund Vintage YearNet to Limited Partners


Notes: Based on data compiled from 857 global ex U.S. buyout and growth equity funds, including fully liquidated partnerships, formed between 1987 and 2013. Internal rates ofreturns are net of fees, expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settlingthey typically rank in 2-3 other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with NA (notapplicable) have an insufficient number of funds in the vintage year sample to produce a meaningful return. | 34


Global ex U.S. Buyout & Growth Equity: Since Inception IRR & Multiples Compared to CA Modified Public Market Equivalent (mPME)Net to Limited Partners


Vintage Year

Number of

Funds



1987 3 7.91 4.86 305 10.61 -2701988 5 15.17 5.57 960 11.35 3821989 6 15.46 7.24 822 11.98 3481990 11 13.72 8.81 491 14.22 -501991 3 18.58 9.77 881 17.53 1051992 10 14.89 8.35 654 15.39 -501993 8 16.12 7.22 890 16.65 -531994 21 22.57 6.26 1,631 14.99 7581995 20 19.32 5.30 1,402 10.64 8681996 24 15.33 5.46 988 7.52 7821997 44 12.17 2.85 932 3.04 9131998 33 14.43 3.76 1,067 4.05 1,0381999 34 15.89 6.31 958 6.91 8972000 44 25.27 10.73 1,454 11.16 1,4112001 25 28.74 14.12 1,462 14.55 1,4192002 30 23.18 8.36 1,483 8.82 1,4372003 22 19.46 6.35 1,310 6.93 1,2522004 47 13.30 3.13 1,017 3.32 9982005 73 5.71 1.39 432 1.32 4392006 78 5.85 2.84 301 2.72 3132007 95 7.31 5.24 207 5.25 2052008 54 10.53 7.71 282 7.89 2642009 27 10.51 8.19 231 8.31 2202010 35 10.18 8.56 162 8.54 1652011 42 6.24 7.56 -133 6.92 -692012 40 2.98 5.98 -300 4.92 -1942013 23 -12.30 0.54 -1,284 -2.62 -967



CA Benchmark

MSCI EAFE Index

MSCI Europe Index


1.45 1.26 1.681.78 1.20 1.451.94 1.34 1.641.82 1.38 1.731.89 1.36 1.781.91 1.35 1.741.89 1.33 1.822.26 1.21 1.541.88 1.18 1.341.77 1.22 1.301.76 1.14 1.152.03 1.18 1.191.90 1.28 1.312.41 1.40 1.422.10 1.42 1.432.03 1.30 1.311.67 1.22 1.241.70 1.14 1.151.31 1.07 1.071.32 1.14 1.141.31 1.21 1.221.40 1.28 1.291.28 1.21 1.221.22 1.19 1.181.10 1.12 1.111.04 1.07 1.060.91 1.00 0.98


CA Benchmark

MSCI EAFE Index

MSCI Europe Index


1.45 1.26 1.681.78 1.20 1.451.94 1.34 1.641.82 1.38 1.731.89 1.36 1.781.91 1.35 1.741.89 1.33 1.822.26 1.21 1.541.88 1.17 1.341.76 1.21 1.291.74 1.12 1.131.99 1.16 1.181.86 1.26 1.282.34 1.37 1.382.06 1.39 1.411.83 1.18 1.201.48 1.05 1.071.39 0.94 0.950.93 0.75 0.750.71 0.63 0.630.58 0.53 0.530.47 0.43 0.440.17 0.17 0.170.16 0.16 0.160.03 0.04 0.040.04 0.04 0.050.01 0.02 0.02

Notes: Based on data compiled from 857 global ex U.S. buyout and growth equity funds, including fully liquidated partnerships, formed between 1987 and 2013. Internal rates of returns arenet of fees, expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in2-3 other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with NA (not applicable) have an insufficientnumber of funds in the vintage year sample to produce a meaningful return.mPME Note: Refer to Methodology page for further details on Cambridge Associates Modified PME (mPME).Sources: Cambridge Associates LLC, Frank Russell Company, MSCI Inc., Standard & Poor's and Thomson Reuters Datastream.

| 35


Global ex U.S. Buyout & Growth Equity: Since Inception IRR & Multiples Compared to CA Modified Public Market Equivalent (mPME)Net to Limited Partners


Vintage Year

Number of

Funds



1987 3 7.91 13.67 -575 13.37 -5461988 5 15.17 14.67 50 14.81 371989 6 15.46 14.40 106 14.47 991990 11 13.72 17.90 -418 17.67 -3951991 3 18.58 20.17 -159 19.32 -741992 10 14.89 18.58 -369 17.67 -2781993 8 16.12 21.22 -510 19.87 -3751994 21 22.57 19.89 268 18.72 3851995 20 19.32 13.57 575 12.74 6581996 24 15.33 8.45 688 8.47 6871997 44 12.17 1.74 1,043 2.51 9661998 33 14.43 1.12 1,331 1.99 1,2441999 34 15.89 2.96 1,292 3.77 1,2122000 44 25.27 5.68 1,959 6.46 1,8812001 25 28.74 8.11 2,063 8.94 1,9802002 30 23.18 6.95 1,624 7.42 1,5762003 22 19.46 6.75 1,271 7.10 1,2362004 47 13.30 6.03 726 6.32 6982005 73 5.71 6.35 -64 6.63 -922006 78 5.85 9.22 -337 9.52 -3672007 95 7.31 12.58 -527 12.86 -5552008 54 10.53 15.83 -530 16.10 -5572009 27 10.51 16.91 -640 17.14 -6632010 35 10.18 17.40 -722 17.67 -7492011 42 6.24 16.93 -1,070 17.28 -1,1052012 40 2.98 16.14 -1,316 16.48 -1,3502013 23 -12.30 12.43 -2,472 12.90 -2,519



CA Benchmark

S&P 500 Index



1.45 2.00 1.971.78 1.62 1.621.94 1.82 1.821.82 1.99 1.961.89 1.96 1.901.91 1.97 1.901.89 2.08 2.002.26 1.75 1.701.88 1.42 1.401.77 1.30 1.311.76 1.08 1.122.03 1.05 1.091.90 1.13 1.162.41 1.21 1.242.10 1.25 1.282.03 1.29 1.311.67 1.28 1.301.70 1.32 1.331.31 1.38 1.401.32 1.55 1.571.31 1.60 1.621.40 1.65 1.671.28 1.49 1.501.22 1.41 1.411.10 1.28 1.281.04 1.20 1.210.91 1.09 1.09


CA Benchmark

S&P 500 Index



1.45 2.00 1.971.78 1.62 1.621.94 1.82 1.821.82 1.99 1.961.89 1.96 1.901.91 1.97 1.901.89 2.08 2.002.26 1.75 1.701.88 1.42 1.401.76 1.30 1.301.74 1.06 1.091.99 1.03 1.071.86 1.10 1.132.34 1.17 1.202.06 1.22 1.251.83 1.13 1.151.48 1.04 1.051.39 1.03 1.040.93 0.90 0.910.71 0.80 0.810.58 0.66 0.670.47 0.53 0.530.17 0.20 0.200.16 0.18 0.180.03 0.04 0.040.04 0.05 0.050.01 0.02 0.02

Notes: Based on data compiled from 857 global ex U.S. buyout and growth equity funds, including fully liquidated partnerships, formed between 1987 and 2013. Internal rates of returns arenet of fees, expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in2-3 other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with NA (not applicable) have an insufficientnumber of funds in the vintage year sample to produce a meaningful return.mPME Note: Refer to Methodology page for further details on Cambridge Associates Modified PME (mPME).Sources: Cambridge Associates LLC, Frank Russell Company, MSCI Inc., Standard & Poor's and Thomson Reuters Datastream.

| 36



1987 1.45 1.61 NA NA NA 3

1988 1.78 1.62 1.80 NA NA 5

1989 1.94 1.94 1.78 NA NA 6

1990 1.82 1.88 1.89 2.54 1.18 11

1991 1.89 1.65 NA NA NA 3

1992 1.91 1.83 1.94 2.41 1.40 10

1993 1.89 1.88 1.65 2.08 1.46 8

1994 2.26 1.95 1.65 2.50 1.30 21

1995 1.88 1.50 1.21 1.92 0.87 20

1996 1.77 1.69 1.59 2.02 0.85 24

1997 1.76 1.77 1.78 2.12 1.27 44

1998 2.03 2.24 1.74 2.22 1.46 33

1999 1.90 2.00 1.95 2.39 1.16 34

2000 2.41 2.07 1.97 2.78 1.58 44

2001 2.10 2.05 2.04 2.54 1.51 25

2002 2.03 2.04 1.80 2.28 1.54 30

2003 1.67 1.95 1.82 2.16 1.53 22

2004 1.70 1.84 1.48 2.14 1.20 47

2005 1.31 1.44 1.32 1.61 0.99 73

2006 1.32 1.47 1.36 1.59 0.97 78

2007 1.31 1.28 1.28 1.54 1.04 95

2008 1.40 1.31 1.28 1.47 0.97 54

2009 1.28 1.34 1.22 1.36 1.15 27

2010 1.22 1.32 1.20 1.38 0.97 35

2011 1.10 1.02 1.00 1.12 0.89 42

2012 1.04 1.01 1.08 1.22 0.84 40

2013 0.91 0.95 0.92 0.98 0.83 23

Global ex U.S. Buyout & Growth Equity: Total Value to Paid In Capital Multiple (TVPI)Net to Limited Partners


Notes: Based on data compiled from 857 global ex U.S. buyout and growth equity funds, including fully liquidated partnerships, formed between 1987 and 2013. CA research showsthat most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 other quartiles; therefore fund or benchmarkperformance metrics from more recent vintage years may be less meaningful. Benchmarks with NA (not applicable) have an insufficient number of funds in the vintage year sample toproduce a meaningful return. | 37



1987 1.45 1.61 NA NA NA 3

1988 1.78 1.62 1.80 NA NA 5

1989 1.94 1.94 1.78 NA NA 6

1990 1.82 1.88 1.89 2.54 1.18 11

1991 1.89 1.65 NA NA NA 3

1992 1.91 1.83 1.94 2.41 1.40 10

1993 1.89 1.88 1.65 2.08 1.46 8

1994 2.26 1.94 1.65 2.50 1.30 21

1995 1.88 1.50 1.21 1.92 0.87 20

1996 1.76 1.67 1.59 2.00 0.85 24

1997 1.74 1.75 1.76 2.12 1.27 44

1998 1.99 2.20 1.74 2.22 1.44 33

1999 1.86 1.97 1.83 2.36 1.14 34

2000 2.34 2.00 1.86 2.77 1.51 44

2001 2.06 1.99 1.94 2.53 1.51 25

2002 1.83 1.86 1.57 2.22 1.14 30

2003 1.48 1.79 1.59 2.01 1.39 22

2004 1.39 1.57 1.26 1.95 0.91 47

2005 0.93 1.01 0.90 1.30 0.60 73

2006 0.71 0.78 0.69 1.06 0.31 78

2007 0.58 0.53 0.45 0.73 0.21 95

2008 0.47 0.38 0.29 0.54 0.13 54

2009 0.17 0.18 0.19 0.24 0.01 27

2010 0.16 0.16 0.07 0.26 0.00 35

2011 0.03 0.04 0.00 0.04 0.00 42

2012 0.04 0.04 0.00 0.07 0.00 40

2013 0.01 0.02 0.00 0.01 0.00 23

Global ex U.S. Buyout & Growth Equity: Distribution to Paid In Capital Multiple (DPI)Net to Limited Partners





1987 0.00 0.00 NA NA NA 3

1988 0.00 0.00 0.00 NA NA 5

1989 0.00 0.00 0.00 NA NA 6

1990 0.00 0.00 0.00 0.00 0.00 11

1991 0.00 0.00 NA NA NA 3

1992 0.00 0.00 0.00 0.00 0.00 10

1993 0.00 0.00 0.00 0.00 0.00 8

1994 0.00 0.01 0.00 0.00 0.00 21

1995 0.00 0.00 0.00 0.00 0.00 20

1996 0.01 0.02 0.00 0.00 0.00 24

1997 0.02 0.03 0.00 0.00 0.00 44

1998 0.04 0.05 0.00 0.00 0.00 33

1999 0.04 0.03 0.00 0.02 0.00 34

2000 0.07 0.07 0.00 0.07 0.00 44

2001 0.05 0.05 0.02 0.07 0.00 25

2002 0.20 0.18 0.15 0.30 0.00 30

2003 0.19 0.16 0.17 0.23 0.00 22

2004 0.32 0.27 0.17 0.31 0.05 47

2005 0.38 0.43 0.33 0.56 0.23 73

2006 0.61 0.69 0.56 0.82 0.34 78

2007 0.73 0.74 0.71 0.91 0.43 95

2008 0.93 0.92 0.88 1.18 0.72 54

2009 1.12 1.16 1.04 1.20 0.94 27

2010 1.07 1.16 0.97 1.27 0.84 35

2011 1.06 0.98 0.96 1.06 0.86 42

2012 0.99 0.97 1.00 1.15 0.84 40

2013 0.90 0.93 0.90 0.98 0.79 23

Global ex U.S. Buyout & Growth Equity: Residual Value to Paid In Capital Multiple (RVPI)Net to Limited Partners



Global Buyout: Fund Index Analysis

| 40



Global Buyout Index1 1.28 7.68 13.35 14.32 12.64 10.88 13.12 13.26










MSCI World Index 2.31 6.03 12.19 10.01 6.39 3.21 6.93 7.13


Russell 1000® Index 1.59 12.73 16.45 14.73 8.34 4.43 9.63 10.04

Russell 2000® Index 4.32 8.21 16.27 14.57 8.82 7.19 9.62 10.03

S&P 500 Index 0.95 12.73 16.11 14.47 8.01 4.15 9.39 9.79

Global Buyout: End-to-End Pooled ReturnNet to Limited Partners


The index is an end-to-end calculation based on data compiled from 1,334 global (U.S. & ex U.S.) buyout funds, including fully liquidated partnerships, formed between 1986 and 2014.1Pooled end-to-end return, net of fees, expenses, and carried interest.Sources: Cambridge Associates LLC, Barclays, Frank Russell Company, Standard & Poor's, Thomson Reuters Datastream, and Wilshire Associates, Inc.*Capital change only. | 41



Global Buyout Index1 7.68 13.35 14.32 12.64 10.88 13.12 13.26

mPME Analysis2

MSCI EAFE Index -1.05 9.36 6.39 4.44 4.03 4.70 4.79

Value-Add (bps) 873 399 793 820 685 842 847


Value-Add (bps) 1,272 346 760 818 669 777 777

S&P 500 Index 12.93 16.12 14.53 8.84 6.70 8.31 8.47

Value-Add (bps) -524 -277 -21 380 418 481 479

Russell 3000® Index 12.44 16.43 14.76 9.15 7.05 8.63 8.79

Value-Add (bps) -476 -308 -44 348 382 449 446

Global Buyout Fund Index Summary: End-to-End Pooled Return Compared to CA Modified Public Market Equivalent (mPME)Net to Limited Partners


The index is an end-to-end calculation based on data compiled from 1,334 global (U.S. & ex U.S.) buyout funds, including fully liquidated partnerships, formed between 1986 and 2014.1Pooled end-to-end return, net of fees, expenses, and carried interest.2CA Modified Public Market Equivalent (mPME) replicates private investment performance under public market conditions. The public index’s shares are purchased and sold according to theprivate fund cash flow schedule, with distributions calculated in the same proportion as the private fund, and mPME NAV is a function of mPME cash flows and public index returns. “Value-Add”shows (in basis points) the difference between the actual private investment return and the mPME calculated return. Refer to Methodology page for details.Sources: Cambridge Associates LLC, Frank Russell Company, MSCI Inc., Standard & Poor's and Thomson Reuters Datastream. | 42


QuarterEnding

End to EndReturn

1986 Q1 NA

1986 Q2 4.55

1986 Q3 -1.67

1986 Q4 0.73

1987 Q1 4.24

1987 Q2 1.20

1987 Q3 1.23

1987 Q4 -1.19

1988 Q1 1.44

1988 Q2 3.65

1988 Q3 3.10

1988 Q4 3.12

1989 Q1 1.25

1989 Q2 3.11

1989 Q3 1.53

1989 Q4 1.38

1990 Q1 -0.24

1990 Q2 6.01

1990 Q3 -0.25

1990 Q4 1.61

1991 Q1 1.95

1991 Q2 0.44

1991 Q3 2.89

1991 Q4 3.86

Global Buyout Fund Index Details: One Quarter End-to-End Pooled ReturnNet to Limited Partners


QuarterEnding

End to EndReturn

1992 Q1 0.76

1992 Q2 1.89

1992 Q3 1.74

1992 Q4 8.14

1993 Q1 2.96

1993 Q2 5.69

1993 Q3 5.97

1993 Q4 8.06

1994 Q1 1.99

1994 Q2 3.10

1994 Q3 1.62

1994 Q4 6.26

1995 Q1 3.43

1995 Q2 3.65

1995 Q3 3.78

1995 Q4 10.00

1996 Q1 5.19

1996 Q2 6.22

1996 Q3 6.43

1996 Q4 9.39

1997 Q1 0.44

1997 Q2 8.64

1997 Q3 5.77

1997 Q4 10.57

QuarterEnding

End to EndReturn

1998 Q1 8.79

1998 Q2 7.03

1998 Q3 -5.20

1998 Q4 6.88

1999 Q1 3.97

1999 Q2 8.86

1999 Q3 3.53

1999 Q4 11.27

2000 Q1 11.33

2000 Q2 -1.67

2000 Q3 -2.21

2000 Q4 -4.69

2001 Q1 -5.36

2001 Q2 2.06

2001 Q3 -5.81

2001 Q4 -1.61

2002 Q1 -0.33

2002 Q2 0.36

2002 Q3 -3.76

2002 Q4 1.87

2003 Q1 0.48

2003 Q2 7.43

2003 Q3 4.52

2003 Q4 11.12

QuarterEnding

End to EndReturn

2004 Q1 2.51

2004 Q2 4.20

2004 Q3 3.39

2004 Q4 17.08

2005 Q1 1.51

2005 Q2 6.74

2005 Q3 7.11

2005 Q4 9.84

2006 Q1 6.02

2006 Q2 8.98

2006 Q3 3.89

2006 Q4 16.50

2007 Q1 5.40

2007 Q2 10.64

2007 Q3 3.01

2007 Q4 3.52

2008 Q1 -0.06

2008 Q2 -1.56

2008 Q3 -11.38

2008 Q4 -18.99

2009 Q1 -5.17

2009 Q2 6.37

2009 Q3 7.35

2009 Q4 7.61

QuarterEnding

End to EndReturn

2010 Q1 2.40

2010 Q2 0.29

2010 Q3 7.57

2010 Q4 8.36

2011 Q1 5.65

2011 Q2 5.31

2011 Q3 -6.45

2011 Q4 3.10

2012 Q1 6.31

2012 Q2 -0.49

2012 Q3 4.65

2012 Q4 4.20

2013 Q1 3.45

2013 Q2 2.77

2013 Q3 5.65

2013 Q4 7.18

2014 Q1 3.13

2014 Q2 4.78

2014 Q3 -0.97

2014 Q4 2.31

215 Q1 1.28

End-to-end calculation based on data compiled from 1,334 global (U.S. & ex U.S.) buyout funds, including fully liquidated partnerships, formed between 1986 and 2014. All returnsare net of fees, expenses, and carried interest. Historic quarterly returns are updated in each year-end report to adjust for changes in the index sample. | 43


Global Buyout Fund Index Details: End-to-End Pooled ReturnNet to Limited Partners

Multi-Year Returns


(%)

1 Year 7.68 16 Years 11.96

2 Years 14.09 17 Years 11.99

3 Years 13.35 18 Years 12.61

4 Years 11.77 19 Years 12.87

5 Years 14.32 20 Years 13.12

6 Years 16.24 21 Years 13.16

7 Years 7.67 22 Years 13.36

8 Years 8.64 23 Years 13.40

9 Years 11.02 24 Years 13.32

10 Years 12.64 25 Years 13.26

11 Years 13.78 26 Years 13.17

12 Years 14.84 27 Years 13.16

13 Years 13.70

14 Years 12.44

15 Years 10.88


One Year Ended


One Year Ended


3/31/2015 7.68 3/31/2000 40.19

3/31/2014 19.92 3/31/1999 12.85

3/31/2013 12.13 3/31/1998 38.33

3/31/2012 7.88 3/31/1997 24.37

3/31/2011 23.62 3/31/1996 24.44

3/31/2010 25.72 3/31/1995 15.17

3/31/2009 -33.40 3/31/1994 23.40

3/31/2008 17.28 3/31/1993 15.58

3/31/2007 39.01 3/31/1992 8.18

3/31/2006 33.13 3/31/1991 9.12

3/31/2005 28.05 3/31/1990 5.47

3/31/2004 27.95 3/31/1989 10.89

3/31/2003 -0.94

3/31/2002 -5.76

3/31/2001 -13.47

End-to-end calculation based on data compiled from 1,334 global (U.S. & ex U.S.) buyout funds, including fully liquidated partnerships, formed between 1986 and 2014. All returns are net of fees, expenses, and carried interest. | 44

Global Buyout: Fund Since Inception Analysis

| 45


VintageYear

Pooled Return

(%)

Arithmetic Mean (%)

Median (%)


(%)

UpperQuartile

(%)

Lower Quartile

(%)

Standard Deviation


of Funds

1986 20.62 13.62 12.51 14.62 NA NA 8.98 4.04 0.00 4.04 6

1987 10.79 13.30 10.82 13.31 15.23 8.52 7.50 1.86 0.00 1.86 12

1988 13.16 11.21 11.42 10.87 13.88 8.70 5.38 1.65 0.00 1.65 16

1989 23.90 20.80 20.36 23.41 27.35 16.29 24.47 2.64 0.00 2.64 17

1990 16.17 15.13 14.12 15.67 24.35 6.83 10.36 1.94 0.00 1.94 11

1991 28.61 28.11 26.87 28.35 40.95 23.65 15.51 3.15 0.00 3.15 9

1992 28.64 24.55 20.21 22.56 25.22 13.38 18.85 2.50 0.00 2.50 14

1993 26.56 18.76 20.46 23.20 32.49 9.92 28.46 2.40 0.01 2.41 25

1994 16.01 17.85 11.16 17.35 28.86 5.50 16.96 1.91 0.00 1.91 26

1995 16.14 14.16 11.34 14.99 22.08 -0.46 21.66 1.76 0.00 1.76 35

1996 11.39 10.39 8.60 9.25 13.00 -0.85 21.70 1.60 0.03 1.63 39

1997 9.08 7.14 8.20 8.20 14.44 0.38 20.67 1.56 0.01 1.57 73

1998 8.01 11.62 10.79 13.34 19.77 5.71 11.56 1.46 0.07 1.53 66

1999 16.48 14.87 13.11 15.28 22.52 6.72 14.60 1.91 0.03 1.94 68

2000 20.59 18.57 18.63 19.27 26.56 10.57 14.70 1.98 0.08 2.07 85

2001 26.87 23.37 22.75 22.54 34.19 13.41 18.57 1.96 0.15 2.11 35

2002 20.11 15.36 19.42 18.71 28.51 10.90 27.65 1.78 0.22 2.01 47

2003 16.51 16.75 12.86 15.98 24.74 6.78 15.64 1.54 0.27 1.82 42

2004 11.61 14.19 10.78 14.50 16.22 7.87 15.98 1.40 0.32 1.72 83

2005 6.95 7.69 7.61 8.42 13.28 2.75 11.22 0.92 0.50 1.42 110

2006 7.75 8.91 9.19 9.29 14.90 4.94 14.71 0.80 0.64 1.45 102

2007 10.99 10.07 9.76 10.17 15.15 5.30 13.59 0.64 0.81 1.45 118

2008 13.98 13.43 13.24 11.88 19.19 6.20 13.52 0.59 0.92 1.51 72

2009 14.94 16.29 15.00 17.23 23.62 7.97 13.72 0.17 1.19 1.36 33

2010 9.22 9.75 10.73 11.53 19.11 -1.81 13.72 0.16 1.03 1.18 26

2011 10.29 6.85 7.40 8.57 13.54 -1.23 15.59 0.08 1.08 1.16 62

2012 6.28 3.09 4.31 4.41 14.14 -9.49 21.89 0.03 1.03 1.07 51

2013 -8.76 -19.55 -11.78 -21.42 3.49 -27.91 38.51 0.03 0.91 0.94 38

Global Buyout: Since Inception IRR & Multiples by Fund Vintage YearNet to Limited Partners


Notes: Based on data compiled from 1,321 global (U.S. & ex U.S.) buyout funds, including fully liquidated partnerships, formed between 1986 and 2013. Internal rates of returns arenet of fees, expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typicallyrank in 2-3 other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with NA (not applicable) have aninsufficient number of funds in the vintage year sample to produce a meaningful return.

| 46


Global Buyout: Since Inception IRR & Multiples Compared to CA Modified Public Market Equivalent (mPME)Net to Limited Partners


Vintage Year

Number of

Funds



1986 6 20.62 9.87 1,075 12.40 8221987 12 10.79 5.45 534 11.24 -451988 16 13.16 6.15 701 12.45 711989 17 23.90 7.87 1,602 12.87 1,1031990 11 16.17 8.81 737 14.38 1791991 9 28.61 9.72 1,888 17.03 1,1581992 14 28.64 8.89 1,975 16.14 1,2501993 25 26.56 6.91 1,965 15.24 1,1331994 26 16.01 4.55 1,147 9.62 6391995 35 16.14 4.62 1,152 9.10 7031996 39 11.39 3.87 751 5.12 6261997 73 9.08 3.34 574 3.63 5441998 66 8.01 4.18 383 4.49 3521999 68 16.48 6.89 959 7.44 9032000 85 20.59 10.29 1,031 10.74 9852001 35 26.87 11.91 1,496 12.43 1,4442002 47 20.11 7.94 1,217 8.43 1,1682003 42 16.51 5.27 1,124 5.71 1,0802004 83 11.61 2.51 910 2.66 8952005 110 6.95 1.68 527 1.60 5352006 102 7.75 2.26 548 2.14 5612007 118 10.99 5.70 529 5.75 5242008 72 13.98 7.62 636 7.82 6162009 33 14.94 8.39 655 8.37 6572010 26 9.22 8.73 49 8.63 592011 62 10.29 7.54 275 6.93 3362012 51 6.28 4.35 193 2.68 3592013 38 -8.76 0.34 -911 -2.86 -590



CA Benchmark

MSCI EAFE Index

MSCI Europe Index


4.04 1.62 2.071.86 1.37 1.981.65 1.25 1.582.64 1.33 1.621.94 1.37 1.713.15 1.33 1.682.50 1.27 1.552.41 1.25 1.581.91 1.20 1.421.76 1.18 1.361.63 1.19 1.261.57 1.18 1.201.53 1.24 1.261.94 1.30 1.332.07 1.38 1.402.11 1.38 1.402.01 1.30 1.321.82 1.21 1.231.72 1.12 1.131.42 1.09 1.081.45 1.11 1.111.45 1.21 1.221.51 1.25 1.261.36 1.19 1.191.18 1.17 1.171.16 1.11 1.101.07 1.05 1.030.94 1.00 0.98


CA Benchmark

MSCI EAFE Index

MSCI Europe Index


4.04 1.62 2.071.86 1.37 1.981.65 1.25 1.582.64 1.33 1.621.94 1.37 1.713.15 1.33 1.682.50 1.27 1.552.40 1.25 1.581.91 1.19 1.421.76 1.18 1.361.60 1.18 1.241.56 1.17 1.191.46 1.19 1.211.91 1.29 1.311.98 1.35 1.371.96 1.31 1.331.78 1.18 1.201.54 1.06 1.071.40 0.93 0.940.92 0.73 0.730.80 0.64 0.640.64 0.55 0.550.59 0.51 0.520.17 0.17 0.170.16 0.16 0.160.08 0.08 0.080.03 0.03 0.030.03 0.03 0.03

Notes: Based on data compiled from 1,321 global (U.S. & ex U.S.) buyout funds, including fully liquidated partnerships, formed between 1986 and 2013. Internal rates of returns are net offees, expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with NA (not applicable) have an insufficient numberof funds in the vintage year sample to produce a meaningful return.mPME Note: Refer to Methodology page for further details on Cambridge Associates Modified PME (mPME).Sources: Cambridge Associates LLC, Frank Russell Company, MSCI Inc., Standard & Poor's and Thomson Reuters Datastream.

| 47


Global Buyout: Since Inception IRR & Multiples Compared to CA Modified Public Market Equivalent (mPME)Net to Limited Partners


Vintage Year

Number of

Funds



1986 6 20.62 14.26 636 13.49 7121987 12 10.79 14.43 -364 14.22 -3431988 16 13.16 16.05 -289 15.92 -2751989 17 23.90 15.67 823 15.60 8291990 11 16.17 17.77 -159 17.47 -1291991 9 28.61 20.48 813 19.66 8951992 14 28.64 18.85 980 18.00 10641993 25 26.56 19.97 659 18.75 7811994 26 16.01 12.27 374 11.70 4311995 35 16.14 11.55 459 10.98 5151996 39 11.39 5.15 623 5.51 5881997 73 9.08 1.66 742 2.46 6621998 66 8.01 1.96 605 2.76 5251999 68 16.48 3.14 1333 3.93 12552000 85 20.59 5.91 1468 6.64 13962001 35 26.87 7.75 1912 8.42 18452002 47 20.11 6.74 1337 7.22 12892003 42 16.51 6.00 1052 6.35 10162004 83 11.61 5.71 591 5.99 5622005 110 6.95 6.93 1 7.23 -282006 102 7.75 8.40 -65 8.69 -952007 118 10.99 13.11 -212 13.39 -2402008 72 13.98 15.64 -166 15.92 -1942009 33 14.94 17.27 -233 17.54 -2602010 26 9.22 17.68 -846 17.98 -8762011 62 10.29 17.06 -677 17.40 -7112012 51 6.28 15.19 -891 15.51 -9242013 38 -8.76 12.41 -2118 12.89 -2165



CA Benchmark

S&P 500 Index



4.04 2.42 2.321.86 2.43 2.391.65 1.82 1.802.64 1.82 1.801.94 1.95 1.913.15 1.88 1.832.50 1.68 1.642.41 1.77 1.721.91 1.51 1.491.76 1.43 1.421.63 1.24 1.271.57 1.08 1.131.53 1.11 1.151.94 1.13 1.172.07 1.22 1.252.11 1.28 1.312.01 1.30 1.321.82 1.28 1.301.72 1.33 1.341.42 1.43 1.451.45 1.50 1.521.45 1.57 1.581.51 1.58 1.601.36 1.43 1.441.18 1.38 1.391.16 1.27 1.271.07 1.17 1.170.94 1.09 1.09


CA Benchmark

S&P 500 Index



4.04 2.42 2.321.86 2.43 2.391.65 1.82 1.802.64 1.82 1.801.94 1.95 1.913.15 1.88 1.832.50 1.68 1.642.40 1.77 1.721.91 1.51 1.491.76 1.43 1.421.60 1.22 1.241.56 1.07 1.111.46 1.05 1.101.91 1.11 1.151.98 1.18 1.211.96 1.19 1.211.78 1.13 1.151.54 1.06 1.081.40 1.05 1.070.92 0.90 0.910.80 0.81 0.820.64 0.68 0.680.59 0.62 0.620.17 0.19 0.190.16 0.18 0.180.08 0.09 0.090.03 0.04 0.040.03 0.03 0.03

Notes: Based on data compiled from 1,321 global (U.S. & ex U.S.) buyout funds, including fully liquidated partnerships, formed between 1986 and 2013. Internal rates of returns are net offees, expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with NA (not applicable) have an insufficient numberof funds in the vintage year sample to produce a meaningful return.mPME Note: Refer to Methodology page for further details on Cambridge Associates Modified PME (mPME).Sources: Cambridge Associates LLC, Frank Russell Company, MSCI Inc., Standard & Poor's and Thomson Reuters Datastream.

| 48



1986 4.04 2.60 2.29 NA NA 6

1987 1.86 2.24 1.83 2.26 1.63 12

1988 1.65 1.63 1.62 1.82 1.50 16

1989 2.64 2.50 2.39 3.14 1.73 17

1990 1.94 1.96 2.06 2.54 1.32 11

1991 3.15 2.79 2.85 3.29 2.00 9

1992 2.50 2.22 2.18 2.70 1.49 14

1993 2.41 2.24 2.10 3.29 1.62 25

1994 1.91 1.88 1.61 2.39 1.32 26

1995 1.76 1.67 1.59 2.16 0.98 35

1996 1.63 1.50 1.52 1.78 0.96 39

1997 1.57 1.45 1.50 1.92 1.01 73

1998 1.53 1.95 1.61 2.17 1.37 66

1999 1.94 1.87 1.67 2.24 1.34 68

2000 2.07 2.05 2.01 2.54 1.54 85

2001 2.11 2.04 2.04 2.48 1.59 35

2002 2.01 1.96 1.91 2.40 1.54 47

2003 1.82 1.76 1.74 2.15 1.33 42

2004 1.72 1.81 1.60 2.04 1.42 83

2005 1.42 1.49 1.51 1.81 1.15 110

2006 1.45 1.48 1.51 1.72 1.22 102

2007 1.45 1.43 1.41 1.69 1.19 118

2008 1.51 1.58 1.45 1.82 1.18 72

2009 1.36 1.48 1.30 1.67 1.18 33

2010 1.18 1.25 1.25 1.39 0.96 26

2011 1.16 1.13 1.10 1.25 0.98 62

2012 1.07 1.05 1.04 1.21 0.89 51

2013 0.94 0.85 0.92 1.03 0.81 38

Global Buyout: Total Value to Paid In Capital Multiple (TVPI)Net to Limited Partners


Notes: Based on data compiled from 1,321 global (U.S. & ex U.S.) buyout funds, including fully liquidated partnerships, formed between 1986 and 2013. CA research shows that mostfunds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 other quartiles; therefore fund or benchmark performancemetrics from more recent vintage years may be less meaningful. Benchmarks with NA (not applicable) have an insufficient number of funds in the vintage year sample to produce ameaningful return.

| 49



1986 4.04 2.60 2.29 NA NA 6

1987 1.86 2.24 1.83 2.26 1.63 12

1988 1.65 1.63 1.62 1.82 1.50 16

1989 2.64 2.50 2.39 3.14 1.73 17

1990 1.94 1.96 2.06 2.54 1.32 11

1991 3.15 2.79 2.85 3.29 2.00 9

1992 2.50 2.22 2.18 2.70 1.49 14

1993 2.40 2.24 2.10 3.29 1.62 25

1994 1.91 1.88 1.61 2.39 1.32 26

1995 1.76 1.67 1.58 2.16 0.98 35

1996 1.60 1.49 1.52 1.78 0.92 39

1997 1.56 1.44 1.50 1.89 1.01 73

1998 1.46 1.88 1.60 2.17 1.28 66

1999 1.91 1.83 1.60 2.22 1.27 68

2000 1.98 1.91 1.88 2.43 1.47 85

2001 1.96 1.95 1.94 2.35 1.54 35

2002 1.78 1.78 1.68 2.20 1.24 47

2003 1.54 1.53 1.51 1.94 1.01 42

2004 1.40 1.48 1.28 1.70 1.01 83

2005 0.92 1.00 0.92 1.30 0.65 110

2006 0.80 0.92 0.86 1.20 0.57 102

2007 0.64 0.69 0.56 0.90 0.34 118

2008 0.59 0.70 0.54 0.90 0.24 72

2009 0.17 0.32 0.20 0.43 0.02 33

2010 0.16 0.15 0.08 0.18 0.00 26

2011 0.08 0.10 0.03 0.10 0.00 62

2012 0.03 0.05 0.01 0.07 0.00 51

2013 0.03 0.05 0.00 0.01 0.00 38

Global Buyout: Distribution to Paid In Capital Multiple (DPI)Net to Limited Partners



| 50



1986 0.00 0.00 0.00 NA NA 6

1987 0.00 0.00 0.00 0.00 0.00 12

1988 0.00 0.00 0.00 0.00 0.00 16

1989 0.00 0.00 0.00 0.00 0.00 17

1990 0.00 0.00 0.00 0.00 0.00 11

1991 0.00 0.00 0.00 0.00 0.00 9

1992 0.00 0.00 0.00 0.00 0.00 14

1993 0.01 0.00 0.00 0.00 0.00 25

1994 0.00 0.00 0.00 0.00 0.00 26

1995 0.00 0.00 0.00 0.00 0.00 35

1996 0.03 0.01 0.00 0.00 0.00 39

1997 0.01 0.01 0.00 0.00 0.00 73

1998 0.07 0.06 0.00 0.04 0.00 66

1999 0.03 0.04 0.00 0.03 0.00 68

2000 0.08 0.14 0.03 0.13 0.00 85

2001 0.15 0.09 0.04 0.15 0.00 35

2002 0.22 0.19 0.16 0.28 0.00 47

2003 0.27 0.23 0.21 0.36 0.05 42

2004 0.32 0.33 0.26 0.43 0.15 83

2005 0.50 0.48 0.45 0.64 0.27 110

2006 0.64 0.57 0.56 0.78 0.37 102

2007 0.81 0.75 0.75 0.96 0.56 118

2008 0.92 0.88 0.87 1.12 0.62 72

2009 1.19 1.16 1.18 1.32 0.97 33

2010 1.03 1.10 1.01 1.32 0.87 26

2011 1.08 1.03 1.02 1.15 0.91 62

2012 1.03 1.00 1.00 1.14 0.83 51

2013 0.91 0.80 0.87 1.00 0.76 38

Global Buyout: Residual Value to Paid In Capital Multiple (RVPI)Net to Limited Partners



| 51

U.S. Buyout Fund Index Analysis

| 52



U.S. Buyout Index1 3.40 13.83 16.69 16.50 13.17 10.24 13.01 13.23

Barclays Government/Credit Bond Index 1.84 5.86 3.35 4.75 4.96 5.73 6.08 6.66

Dow Jones Industrial Average 0.33 10.57 13.18 13.23 8.17 5.80 10.01 10.48



Nasdaq Composite* 3.48 16.72 16.60 15.37 9.38 0.46 9.37 10.17

Russell 1000® 1.59 12.73 16.45 14.73 8.34 4.43 9.63 10.04

Russell 2000® 4.32 8.21 16.27 14.57 8.82 7.19 9.62 10.03

S&P 500 0.95 12.73 16.11 14.47 8.01 4.15 9.39 9.79

Wilshire 5000 Total Market 1.61 12.23 16.19 14.56 8.41 4.60 9.54 9.93

U.S. Buyout Fund Index Summary: End-to-End Pooled ReturnNet to Limited Partners


The index is an end-to-end calculation based on data compiled from 750 U.S. buyout funds including fully liquidated partnerships, formed between 1986 and 2014.1Pooled end-to-end return, net of fees, expenses, and carried interest.




U.S. Buyout Index1 13.83 16.69 16.50 13.17 10.24 13.01 13.23

mPME Analysis2

Russell 2000® Index 7.72 16.35 14.67 9.25 8.28 9.34 9.55

Value-Add (bps) 611 34 183 392 195 367 368

Russell 2500™ Index 9.69 17.14 15.52 10.04 9.14 10.60 10.84

Value-Add (bps) 414 -45 98 314 110 241 239

Russell 3000® Index 12.43 16.37 14.74 8.84 6.45 8.43 8.66

Value-Add (bps) 140 32 176 434 378 458 457

Russell Midcap® Index 13.55 17.93 16.05 10.33 9.27 10.90 11.15

Value-Add (bps) 28 -124 45 284 97 211 208

S&P 500 Index 12.91 16.05 14.51 8.51 6.09 8.12 8.34

Value-Add (bps) 92 64 199 466 415 489 489

Constructed Index: NASDAQ Composite Price Index/ NASDAQ Composite Total Return3 18.13 17.50 16.43 10.97 5.26 9.52 9.84

Value-Add (bps) -430 -81 7 220 498 349 339

U.S. Buyout Fund Index Summary: End-to-End Pooled Return Compared to CA Modified Public Market Equivalent (mPME)Net to Limited Partners


The index is an end-to-end calculation based on data compiled from 750 U.S. buyout funds (251 small cap, 257 mid cap, 153 large cap and 89 mega cap funds), including fullyliquidated partnerships, formed between 1986 and 2014.1Pooled end-to-end return, net of fees, expenses, and carried interest.2CA Modified Public Market Equivalent (mPME) replicates private investment performance under public market conditions. The public index’s shares are purchased and sold accordingto the private fund cash flow schedule, with distributions calculated in the same proportion as the private fund, and mPME NAV is a function of mPME cash flows and public indexreturns. “Value-Add” shows (in basis points) the difference between the actual private investment return and the mPME calculated return. Refer to Methodology page for details.3Constructed Index: Data from 1/1/1986 to 10/31/2003 represented by NASDAQ Price Index. Data from 11/1/2003 to present represented by NASDAQ Composite.Sources: Cambridge Associates LLC, Frank Russell Company, Global Financial Data, Inc., Standard & Poor's and Thomson Reuters Datastream. | 54


QuarterEnding

End to EndReturn

1986 Q1 NA

1986 Q2 4.55

1986 Q3 -1.67

1986 Q4 0.73

1987 Q1 4.24

1987 Q2 1.24

1987 Q3 1.28

1987 Q4 -1.86

1988 Q1 2.63

1988 Q2 4.45

1988 Q3 4.32

1988 Q4 2.15

1989 Q1 1.67

1989 Q2 4.03

1989 Q3 1.52

1989 Q4 1.38

1990 Q1 -0.27

1990 Q2 5.75

1990 Q3 -0.43

1990 Q4 1.34

1991 Q1 3.13

1991 Q2 1.15

1991 Q3 2.53

1991 Q4 3.70

U.S. Buyout Fund Index Details: One Quarter End-to-End Pooled ReturnNet to Limited Partners


QuarterEnding

End to EndReturn

1992 Q1 1.67

1992 Q2 1.25

1992 Q3 2.57

1992 Q4 9.57

1993 Q1 3.21

1993 Q2 6.15

1993 Q3 6.34

1993 Q4 6.96

1994 Q1 0.87

1994 Q2 3.41

1994 Q3 1.44

1994 Q4 6.77

1995 Q1 3.10

1995 Q2 3.60

1995 Q3 3.82

1995 Q4 11.10

1996 Q1 5.80

1996 Q2 6.17

1996 Q3 6.49

1996 Q4 7.10

1997 Q1 0.98

1997 Q2 9.23

1997 Q3 6.31

1997 Q4 10.71

QuarterEnding

End to EndReturn

1998 Q1 9.88

1998 Q2 6.13

1998 Q3 -7.11

1998 Q4 8.53

1999 Q1 5.20

1999 Q2 9.56

1999 Q3 2.54

1999 Q4 11.54

2000 Q1 13.45

2000 Q2 -2.69

2000 Q3 -2.36

2000 Q4 -6.90

2001 Q1 -5.29

2001 Q2 2.99

2001 Q3 -8.26

2001 Q4 -0.65

2002 Q1 -0.06

2002 Q2 -2.53

2002 Q3 -4.56

2002 Q4 0.14

2003 Q1 0.11

2003 Q2 7.03

2003 Q3 5.74

2003 Q4 9.59

QuarterEnding

End to EndReturn

2004 Q1 3.06

2004 Q2 3.73

2004 Q3 2.45

2004 Q4 15.90

2005 Q1 1.45

2005 Q2 7.89

2005 Q3 7.51

2005 Q4 8.42

2006 Q1 5.78

2006 Q2 4.01

2006 Q3 3.63

2006 Q4 13.22

2007 Q1 5.60

2007 Q2 7.66

2007 Q3 0.69

2007 Q4 2.54

2008 Q1 -2.49

2008 Q2 -0.22

2008 Q3 -8.03

2008 Q4 -16.52

2009 Q1 -3.58

2009 Q2 4.61

2009 Q3 6.70

2009 Q4 6.65

QuarterEnding

End to EndReturn

2010 Q1 5.07

2010 Q2 2.17

2010 Q3 4.98

2010 Q4 7.87

2011 Q1 5.59

2011 Q2 4.67

2011 Q3 -4.58

2011 Q4 4.91

2012 Q1 5.45

2012 Q2 0.41

2012 Q3 5.34

2012 Q4 3.78

2013 Q1 5.23

2013 Q2 3.41

2013 Q3 5.24

2013 Q4 7.42

2014 Q1 3.32

2014 Q2 4.76

2014 Q3 1.50

2014 Q4 3.53

2015 Q1 3.40

End-to-end calculation based on data compiled from 750 U.S. buyout funds, including fully liquidated partnerships, formed between 1986 and 2014. All returns are net of fees,expenses, and carried interest. Historic quarterly returns are updated in each year-end report to adjust for changes in the index sample. | 55


U.S. Buyout Fund Index Details: End-to-End Pooled ReturnNet to Limited Partners

Multi-Year Returns


(%)

1 Year 13.83 16 Years 11.53

2 Years 17.58 17 Years 11.57

3 Years 16.69 18 Years 12.37

4 Years 14.84 19 Years 12.64

5 Years 16.50 20 Years 13.01

6 Years 18.02 21 Years 13.07

7 Years 10.24 22 Years 13.28

8 Years 9.95 23 Years 13.38

9 Years 11.56 24 Years 13.30

10 Years 13.17 25 Years 13.23

11 Years 14.08 26 Years 13.13

12 Years 15.18 27 Years 13.13

13 Years 13.46

14 Years 12.09

15 Years 10.24


One Year Ended


One Year Ended


3/31/2015 13.83 3/31/2000 42.83

3/31/2014 20.85 3/31/1999 12.78

3/31/2013 15.28 3/31/1998 41.35

3/31/2012 10.46 3/31/1997 22.51

3/31/2011 22.22 3/31/1996 26.39

3/31/2010 25.08 3/31/1995 15.48

3/31/2009 -26.47 3/31/1994 21.68

3/31/2008 7.69 3/31/1993 17.71

3/31/2007 28.91 3/31/1992 9.36

3/31/2006 33.08 3/31/1991 9.73

3/31/2005 24.96 3/31/1990 6.29

3/31/2004 27.91 3/31/1989 12.40

3/31/2003 -6.42

3/31/2002 -6.19

3/31/2001 -16.40

End-to-end calculation based on data compiled from 750 U.S. buyout funds, including fully liquidated partnerships, formed between 1986 and 2014. All returns are net of fees, expenses, and carried interest. | 56

U.S. Buyout: Fund Since Inception Analysis

| 57


VintageYear

Pooled Return

(%)

Arithmetic Mean (%)

Median (%)


(%)

UpperQuartile

(%)

Lower Quartile

(%)

Standard Deviation


of Funds

1986 20.62 13.62 12.51 14.62 NA NA 8.98 4.04 0.00 4.04 6

1987 10.91 14.31 11.33 13.91 14.22 10.09 7.77 1.88 0.00 1.88 9

1988 12.54 10.76 11.30 10.60 13.25 9.06 3.90 1.62 0.00 1.62 11

1989 25.14 21.45 20.72 24.73 29.18 13.83 27.10 2.75 0.00 2.75 14

1990 NA NA NA NA NA NA NA NA NA NA 1

1991 29.31 31.87 38.85 33.07 NA NA 14.88 3.32 0.00 3.32 7

1992 33.54 31.00 20.87 28.74 NA NA 25.02 2.65 0.00 2.65 7

1993 27.65 20.13 25.28 26.22 33.75 14.63 33.12 2.45 0.01 2.45 18

1994 7.41 8.80 6.21 8.43 13.27 0.65 10.09 1.50 0.00 1.50 12

1995 13.61 12.55 11.14 13.33 28.49 -1.47 19.53 1.66 0.00 1.66 22

1996 10.26 8.66 7.94 8.33 11.80 0.60 20.03 1.56 0.04 1.60 23

1997 6.81 3.99 6.92 5.16 12.29 -2.63 19.03 1.43 0.01 1.43 40

1998 5.98 9.65 9.57 10.17 14.62 4.94 10.66 1.31 0.08 1.39 38

1999 16.03 12.38 12.18 12.76 19.64 8.35 11.39 1.90 0.03 1.94 39

2000 17.02 15.74 14.59 15.64 22.70 9.86 10.74 1.79 0.10 1.89 54

2001 23.60 20.24 20.62 20.28 33.54 7.92 19.43 1.84 0.26 2.10 15

2002 17.99 13.48 18.04 16.33 25.37 9.18 26.75 1.74 0.25 1.99 24

2003 15.07 12.49 11.45 12.31 16.21 5.82 10.98 1.62 0.34 1.96 24

2004 11.09 11.41 10.86 11.71 13.89 7.98 7.31 1.41 0.32 1.73 51

2005 8.52 9.01 8.55 9.83 14.30 3.96 8.29 0.94 0.63 1.57 55

2006 9.51 13.15 13.37 12.71 15.72 8.89 15.20 0.86 0.72 1.58 50

2007 13.70 14.68 13.46 14.14 19.41 9.31 11.02 0.67 0.89 1.57 60

2008 16.34 18.27 16.75 16.71 24.77 9.25 12.19 0.64 0.94 1.58 44

2009 17.22 22.47 19.85 23.25 29.07 12.77 13.62 0.17 1.24 1.42 19

2010 16.88 17.09 14.77 19.52 21.33 10.73 12.00 0.13 1.23 1.36 10

2011 14.33 12.93 10.71 14.59 16.39 6.95 12.08 0.11 1.12 1.22 37

2012 11.38 6.08 3.58 7.81 13.20 -6.43 19.73 0.02 1.08 1.10 28

2013 0.38 -23.52 -11.78 -28.45 5.00 -50.58 43.94 0.05 0.95 1.00 26

U.S. Buyout: Since Inception IRR & Multiples by Fund Vintage YearNet to Limited Partners


Notes: Based on data compiled from 744 U.S. buyout funds, including fully liquidated partnerships, formed between 1986 and 2013. Internal rates of returns are net of fees, expensesand carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 otherquartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with NA (not applicable) have an insufficient numberof funds in the vintage year sample to produce a meaningful return.

| 58


U.S. Buyout: Since Inception IRR & Multiples Compared to CA Modified Public Market Equivalent (mPME)Net to Limited Partners


Vintage Year

Number of

Funds

CABenchmark Russell 2000® Index Russell 2500™ Index


1986 6 20.62 9.71 1,091 11.49 9131987 9 10.91 12.31 -140 13.86 -2951988 11 12.54 13.92 -138 15.30 -2761989 14 25.14 14.86 1,028 15.86 9271990 1 NA NA NA NA NA1991 7 29.31 15.67 1,364 16.98 1,2341992 7 33.54 13.78 1,975 15.62 1,7911993 18 27.65 11.84 1,581 14.35 1,3301994 12 7.41 7.47 -6 9.63 -2221995 22 13.61 7.69 592 10.18 3431996 23 10.26 6.84 341 8.88 1381997 40 6.81 7.30 -49 9.06 -2251998 38 5.98 7.62 -164 9.13 -3141999 39 16.03 8.49 754 9.60 6442000 54 17.02 9.83 719 10.72 6302001 15 23.60 9.05 1,455 9.94 1,3662002 24 17.99 8.02 998 8.95 9052003 24 15.07 6.37 870 7.23 7842004 51 11.09 6.15 493 7.04 4042005 55 8.52 8.03 49 8.94 -422006 50 9.51 8.51 101 9.35 162007 60 13.70 13.70 1 14.65 -952008 44 16.34 15.65 69 16.69 -352009 19 17.22 17.08 14 18.13 -912010 10 16.88 17.57 -69 18.60 -1722011 37 14.33 16.62 -229 17.74 -3412012 28 11.38 12.97 -159 13.98 -2612013 26 0.38 14.15 -1,377 14.38 -1,400


Notes: Based on data compiled from 744 U.S. buyout funds, including fully liquidated partnerships, formed between 1986 and 2013. Internal rates of returns are net of fees, expenses andcarried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 other quartiles;therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with NA (not applicable) have an insufficient number of funds in thevintage year sample to produce a meaningful return.mPME Note: Refer to Methodology page for further details on Cambridge Associates Modified PME (mPME).Sources: Cambridge Associates LLC, Frank Russell Company, Global Financial Data, Inc., Standard & Poor's and Thomson Reuters Datastream.


CA Benchmark




4.04 1.83 2.061.88 2.14 2.401.62 1.70 1.802.75 1.72 1.79

NA NA NA3.32 1.59 1.662.65 1.44 1.532.45 1.46 1.591.50 1.51 1.701.66 1.36 1.501.60 1.39 1.531.43 1.45 1.581.39 1.49 1.621.94 1.38 1.441.89 1.41 1.462.10 1.39 1.441.99 1.38 1.441.96 1.35 1.411.73 1.37 1.431.57 1.53 1.601.58 1.51 1.571.57 1.56 1.611.58 1.55 1.591.42 1.41 1.441.36 1.38 1.411.22 1.26 1.281.10 1.12 1.131.00 1.09 1.09


CA Benchmark




4.04 1.83 2.061.88 2.14 2.401.62 1.70 1.802.75 1.72 1.79

NA NA NA3.32 1.59 1.662.65 1.44 1.532.45 1.46 1.591.50 1.51 1.701.66 1.36 1.501.56 1.36 1.501.43 1.44 1.571.31 1.39 1.501.90 1.36 1.421.79 1.34 1.381.84 1.21 1.251.74 1.19 1.241.62 1.12 1.161.41 1.10 1.150.94 0.92 0.960.86 0.82 0.850.67 0.68 0.700.64 0.64 0.660.17 0.18 0.190.13 0.14 0.140.11 0.11 0.110.02 0.02 0.020.05 0.06 0.06

| 59




Vintage Year

Number of

Funds

CABenchmark Russell 3000® Index Russell Midcap® Index


1986 6 20.62 13.49 712 13.09 7531987 9 10.91 14.27 -337 14.64 -3731988 11 12.54 16.22 -368 16.18 -3641989 14 25.14 15.77 936 16.13 9001990 1 NA NA NA NA NA1991 7 29.31 19.67 964 17.90 1,1421992 7 33.54 18.30 1,523 16.66 1,6871993 18 27.65 18.47 918 16.30 1,1351994 12 7.41 7.46 -5 10.37 -2961995 22 13.61 10.30 331 11.35 2261996 23 10.26 4.91 535 9.07 1181997 40 6.81 2.46 434 8.54 -1731998 38 5.98 3.08 290 8.72 -2731999 39 16.03 3.92 1,211 9.53 6502000 54 17.02 6.57 1,045 10.94 6082001 15 23.60 7.74 1,586 10.60 1,3002002 24 17.99 6.99 1,101 9.58 8412003 24 15.07 5.79 928 7.63 7442004 51 11.09 5.82 526 7.29 3792005 55 8.52 7.70 82 9.13 -612006 50 9.51 8.11 140 9.47 52007 60 13.70 13.60 10 15.10 -1402008 44 16.34 15.77 57 17.32 -982009 19 17.22 17.66 -44 19.16 -1942010 10 16.88 18.09 -121 19.81 -2932011 37 14.33 17.41 -308 19.34 -5012012 28 11.38 13.75 -237 16.09 -4712013 26 0.38 12.71 -1,232 15.55 -1,517


Notes: Based on data compiled from 744 U.S. buyout funds, including fully liquidated partnerships, formed between 1986 and 2013. Internal rates of returns are net of fees, expenses andcarried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 other quartiles;therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with NA (not applicable) have an insufficient number of funds in thevintage year sample to produce a meaningful return.mPME Note: Refer to Methodology page for further details on Cambridge Associates Modified PME (mPME).Sources: Cambridge Associates LLC, Frank Russell Company, Global Financial Data, Inc., Standard & Poor's and Thomson Reuters Datastream.


CA Benchmark


Russell Midcap®

Index


4.04 2.32 2.281.88 2.41 2.531.62 1.88 1.862.75 1.81 1.82

NA NA NA3.32 1.84 1.722.65 1.61 1.582.45 1.70 1.681.50 1.45 1.751.66 1.43 1.551.60 1.25 1.551.43 1.14 1.551.39 1.18 1.591.94 1.17 1.441.89 1.27 1.472.10 1.34 1.481.99 1.33 1.471.96 1.31 1.431.73 1.35 1.451.57 1.50 1.621.58 1.48 1.581.57 1.56 1.641.58 1.56 1.621.42 1.43 1.471.36 1.39 1.441.22 1.27 1.311.10 1.13 1.151.00 1.08 1.10


CA Benchmark


Russell Midcap®

Index


4.04 2.32 2.281.88 2.41 2.531.62 1.88 1.862.75 1.81 1.82

NA NA NA3.32 1.84 1.722.65 1.61 1.582.45 1.70 1.671.50 1.45 1.751.66 1.43 1.551.56 1.23 1.511.43 1.13 1.541.31 1.10 1.481.90 1.15 1.421.79 1.21 1.401.84 1.16 1.271.74 1.15 1.261.62 1.09 1.181.41 1.08 1.160.94 0.90 0.960.86 0.80 0.850.67 0.67 0.700.64 0.64 0.660.17 0.19 0.190.13 0.14 0.140.11 0.11 0.120.02 0.02 0.020.05 0.06 0.06

| 60



Vintage Year

Number of

Funds

CABenchmark S&P 500 Index Constructed Index

NASDAQ Composite1


1986 6 20.62 14.26 636 11.48 9141987 9 10.91 14.48 -357 14.56 -3651988 11 12.54 16.44 -390 17.73 -5191989 14 25.14 15.88 926 17.66 7481990 1 NA NA NA NA NA1991 7 29.31 20.47 884 21.79 7521992 7 33.54 19.18 1,436 20.25 1,3291993 18 27.65 19.66 799 22.07 5581994 12 7.41 7.46 -5 7.03 391995 22 13.61 10.77 284 12.93 681996 23 10.26 4.50 576 4.94 5321997 40 6.81 1.64 517 -0.38 7191998 38 5.98 2.30 368 0.49 5491999 39 16.03 3.14 1,289 1.38 1,4652000 54 17.02 5.89 1,113 6.74 1,0282001 15 23.60 7.23 1,637 8.68 1,4922002 24 17.99 6.52 1,148 8.20 9792003 24 15.07 5.43 964 7.36 7712004 51 11.09 5.54 555 7.88 3202005 55 8.52 7.40 112 10.22 -1702006 50 9.51 7.82 170 10.55 -1042007 60 13.70 13.31 39 16.02 -2322008 44 16.34 15.49 85 18.21 -1872009 19 17.22 17.38 -16 20.48 -3262010 10 16.88 17.77 -89 21.19 -4312011 37 14.33 17.10 -277 21.31 -6982012 28 11.38 13.47 -210 18.91 -7532013 26 0.38 12.10 -1,172 18.66 -1,828



CA Benchmark

S&P 500 Index

Constructed Index

NASDAQ Composite1


4.04 2.42 2.111.88 2.45 2.471.62 1.91 2.042.75 1.82 1.93NA NA NA

3.32 1.89 1.972.65 1.64 1.692.45 1.74 1.841.50 1.44 1.391.66 1.44 1.501.60 1.23 1.231.43 1.09 0.981.39 1.13 1.031.94 1.13 1.061.89 1.24 1.292.10 1.31 1.411.99 1.31 1.421.96 1.29 1.431.73 1.33 1.501.57 1.48 1.721.58 1.46 1.671.57 1.54 1.691.58 1.54 1.671.42 1.42 1.511.36 1.39 1.471.22 1.27 1.341.10 1.12 1.171.00 1.08 1.12


CA Benchmark

S&P 500 Index

Constructed Index

NASDAQ Composite1


4.04 2.42 2.111.88 2.45 2.471.62 1.91 2.042.75 1.82 1.93

NA NA NA3.32 1.89 1.972.65 1.64 1.692.45 1.74 1.841.50 1.44 1.391.66 1.44 1.501.56 1.20 1.211.43 1.08 0.971.31 1.06 0.951.90 1.12 1.041.79 1.18 1.221.84 1.14 1.201.74 1.13 1.201.62 1.07 1.161.41 1.07 1.190.94 0.89 1.010.86 0.79 0.880.67 0.67 0.710.64 0.64 0.670.17 0.19 0.190.13 0.14 0.140.11 0.11 0.120.02 0.02 0.030.05 0.06 0.06

Notes: Based on data compiled from 744 U.S. buyout funds, including fully liquidated partnerships, formed between 1986 and 2013. Internal rates of returns are net of fees, expenses andcarried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 other quartiles; thereforefund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with NA (not applicable) have an insufficient number of funds in the vintage yearsample to produce a meaningful return.mPME Note: Refer to Methodology page for further details on Cambridge Associates Modified PME (mPME).1Constructed Index: Data from 1/1/1986 to 10/31/2003 represented by NASDAQ Price Index. Data from 11/1/2003 to present represented by NASDAQ Composite.Sources: Cambridge Associates LLC, Frank Russell Company, Global Financial Data, Inc., Standard & Poor's and Thomson Reuters Datastream.


| 61



1986 4.04 2.60 2.29 NA NA 6

1987 1.88 2.45 1.90 2.30 1.74 9

1988 1.62 1.63 1.62 1.68 1.53 11

1989 2.75 2.53 2.54 3.41 1.70 14

1990 NA NA NA NA NA 1

1991 3.32 3.09 2.90 NA NA 7

1992 2.65 2.40 2.37 NA NA 7

1993 2.45 2.32 2.16 3.36 1.72 18

1994 1.50 1.47 1.33 1.69 1.03 12

1995 1.66 1.60 1.57 2.21 0.91 22

1996 1.60 1.47 1.33 1.76 1.05 23

1997 1.43 1.29 1.38 1.71 0.87 40

1998 1.39 1.62 1.49 1.96 1.31 38

1999 1.94 1.73 1.55 2.18 1.34 39

2000 1.89 1.89 1.91 2.21 1.51 54

2001 2.10 1.82 1.93 2.19 1.32 15

2002 1.99 1.93 2.02 2.41 1.54 24

2003 1.96 1.71 1.74 2.09 1.30 24

2004 1.73 1.74 1.60 1.88 1.47 51

2005 1.57 1.62 1.59 1.88 1.22 55

2006 1.58 1.69 1.65 1.88 1.48 50

2007 1.57 1.61 1.56 1.83 1.35 60

2008 1.58 1.78 1.56 1.86 1.37 44

2009 1.42 1.68 1.62 1.85 1.28 19

2010 1.36 1.45 1.31 1.43 1.25 10

2011 1.22 1.24 1.20 1.28 1.08 37

2012 1.10 1.08 1.03 1.14 0.95 28

2013 1.00 0.80 0.92 1.05 0.78 26

U.S. Buyout: Total Value to Paid In Capital Multiple (TVPI)Net to Limited Partners


Notes: Based on data compiled from 744 U.S. buyout funds, including fully liquidated partnerships, formed between 1986 and 2013. Internal rates of returns are net of fees, expensesand carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 otherquartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with NA (not applicable) have an insufficient numberof funds in the vintage year sample to produce a meaningful return. | 62



1986 4.04 2.60 2.29 NA NA 6

1987 1.88 2.45 1.90 2.30 1.74 9

1988 1.62 1.63 1.62 1.68 1.53 11

1989 2.75 2.53 2.54 3.41 1.70 14


1991 3.32 3.09 2.90 NA NA 7

1992 2.65 2.40 2.37 NA NA 7

1993 2.45 2.32 2.16 3.36 1.72 18

1994 1.50 1.47 1.33 1.69 1.03 12

1995 1.66 1.60 1.57 2.21 0.91 22

1996 1.56 1.46 1.33 1.76 0.96 23

1997 1.43 1.28 1.38 1.70 0.85 40

1998 1.31 1.55 1.45 1.86 1.18 38

1999 1.90 1.69 1.52 2.08 1.26 39

2000 1.79 1.71 1.74 2.08 1.37 54

2001 1.84 1.65 1.76 2.05 1.30 15

2002 1.74 1.70 1.71 2.17 1.23 24

2003 1.62 1.43 1.28 1.81 0.91 24

2004 1.41 1.35 1.28 1.52 1.02 51

2005 0.94 1.02 0.93 1.24 0.70 55

2006 0.86 1.02 0.99 1.28 0.65 50

2007 0.67 0.75 0.66 0.94 0.38 60

2008 0.64 0.84 0.59 0.94 0.34 44

2009 0.17 0.39 0.23 0.48 0.03 19

2010 0.13 0.13 0.12 0.18 0.05 10

2011 0.11 0.14 0.04 0.12 0.01 37

2012 0.02 0.06 0.01 0.04 0.00 28

2013 0.05 0.06 0.00 0.00 0.00 26

U.S. Buyout: Distribution to Paid In Capital Multiple (DPI)Net to Limited Partners





1986 0.00 0.00 0.00 NA NA 6

1987 0.00 0.00 0.00 0.00 0.00 9

1988 0.00 0.00 0.00 0.00 0.00 11

1989 0.00 0.00 0.00 0.00 0.00 14


1991 0.00 0.00 0.00 NA NA 7

1992 0.00 0.00 0.00 NA NA 7

1993 0.01 0.00 0.00 0.00 0.00 18

1994 0.00 0.00 0.00 0.00 0.00 12

1995 0.00 0.00 0.00 0.00 0.00 22

1996 0.04 0.01 0.00 0.00 0.00 23

1997 0.01 0.02 0.00 0.00 0.00 40

1998 0.08 0.07 0.01 0.05 0.00 38

1999 0.03 0.05 0.00 0.04 0.00 39

2000 0.10 0.18 0.07 0.16 0.00 54

2001 0.26 0.16 0.15 0.27 0.01 15

2002 0.25 0.23 0.20 0.31 0.04 24

2003 0.34 0.28 0.27 0.43 0.09 24

2004 0.32 0.38 0.33 0.51 0.24 51

2005 0.63 0.61 0.57 0.77 0.40 55

2006 0.72 0.67 0.71 0.87 0.52 50

2007 0.89 0.85 0.90 1.04 0.69 60

2008 0.94 0.94 0.92 1.19 0.68 44

2009 1.24 1.30 1.25 1.48 1.16 19

2010 1.23 1.32 1.22 1.35 1.08 10

2011 1.12 1.10 1.08 1.18 0.98 37

2012 1.08 1.02 1.00 1.10 0.92 28

2013 0.95 0.75 0.89 1.01 0.76 26

U.S. Buyout: Residual Value to Paid In Capital Multiple (RVPI)Net to Limited Partners



Global ex U.S. Buyout: Fund Index Analysis

| 65


Global ex U.S. Buyout Fund Index Summary: End-to-End Pooled ReturnNet to Limited Partners


The index is an end-to-end calculation based on data compiled from 584 global ex U.S. buyout funds including fully liquidated partnerships, formed between 1987 and 2014.1Pooled end-to-end return, net of fees, expenses, and carried interest.Sources: Cambridge Associates LLC, Barclays, Frank Russell Company, Standard & Poor's, Thomson Reuters Datastream, and Wilshire Associates, Inc.*Capital change only.


Global ex U.S. Buyout Index1 -2.02 -1.02 8.44 10.94 11.66 12.43 13.39 13.32










MSCI World Index 2.31 6.03 12.19 10.01 6.39 3.21 6.93 7.13


Russell 1000® Index 1.59 12.73 16.45 14.73 8.34 4.43 9.63 10.04

Russell 2000® Index 4.32 8.21 16.27 14.57 8.82 7.19 9.62 10.03

S&P 500 Index 0.95 12.73 16.11 14.47 8.01 4.15 9.39 9.79

| 66



Global ex U.S. Buyout Index1 -1.02 8.44 10.94 11.66 12.43 13.39 13.32

mPME Analysis2

MSCI EAFE Index -1.08 9.34 6.37 4.48 4.41 4.85 4.88

Value-Add (bps) 5 -91 457 717 802 854 844


Value-Add (bps) 404 -142 426 718 788 822 810

S&P 500 Index 12.95 16.21 14.56 9.30 7.77 8.63 8.68

Value-Add (bps) -1,397 -777 -361 236 465 476 463

Russell 3000® Index 12.45 16.52 14.77 9.61 8.11 8.97 9.02

Value-Add (bps) -1,347 -808 -383 205 431 442 429

Global ex U.S. Buyout Fund Index Summary: End-to-End Pooled Return Compared to CA Modified Public Market Equivalent (mPME)Net to Limited Partners


The index is an end-to-end calculation based on data compiled from 584 global ex U.S. buyout funds including fully liquidated partnerships, formed between 1987 and 2014.1Pooled end-to-end return, net of fees, expenses, and carried interest.2CA Modified Public Market Equivalent (mPME) replicates private investment performance under public market conditions. The public index’s shares are purchased and sold according to theprivate fund cash flow schedule, with distributions calculated in the same proportion as the private fund, and mPME NAV is a function of mPME cash flows and public index returns. “Value-Add”shows (in basis points) the difference between the actual private investment return and the mPME calculated return. Refer to Methodology page for details.Sources: Cambridge Associates LLC, Frank Russell Company, MSCI Inc., Standard & Poor's and Thomson Reuters Datastream. | 67


QuarterEnding

End to EndReturn

1987 Q1 NA

1987 Q2 0.00

1987 Q3 0.58

1987 Q4 6.44

1988 Q1 -9.48

1988 Q2 -5.13

1988 Q3 -11.37

1988 Q4 13.75

1989 Q1 -3.59

1989 Q2 -9.18

1989 Q3 1.71

1989 Q4 1.42

1990 Q1 0.06

1990 Q2 8.67

1990 Q3 1.49

1990 Q4 4.03

1991 Q1 -7.52

1991 Q2 -5.60

1991 Q3 6.17

1991 Q4 5.14

Global ex U.S. Buyout Fund Index Details: One Quarter End-to-End Pooled ReturnNet to Limited Partners


QuarterEnding

End to EndReturn

1992 Q1 -5.89

1992 Q2 6.65

1992 Q3 -4.28

1992 Q4 -3.23

1993 Q1 0.78

1993 Q2 1.86

1993 Q3 2.86

1993 Q4 17.81

1994 Q1 11.57

1994 Q2 0.69

1994 Q3 3.08

1994 Q4 2.55

1995 Q1 5.72

1995 Q2 4.00

1995 Q3 3.49

1995 Q4 2.53

1996 Q1 0.98

1996 Q2 6.54

1996 Q3 6.06

1996 Q4 24.06

QuarterEnding

End to EndReturn

1997 Q1 -2.30

1997 Q2 5.78

1997 Q3 3.08

1997 Q4 9.90

1998 Q1 3.70

1998 Q2 11.28

1998 Q3 3.03

1998 Q4 0.94

1999 Q1 -0.48

1999 Q2 6.28

1999 Q3 7.31

1999 Q4 10.35

2000 Q1 4.23

2000 Q2 2.10

2000 Q3 -1.67

2000 Q4 2.79

2001 Q1 -5.57

2001 Q2 -0.74

2001 Q3 1.72

2001 Q4 -4.28

QuarterEnding

End to EndReturn

2002 Q1 -1.10

2002 Q2 8.56

2002 Q3 -1.73

2002 Q4 6.11

2003 Q1 1.35

2003 Q2 8.33

2003 Q3 1.89

2003 Q4 14.42

2004 Q1 1.40

2004 Q2 5.13

2004 Q3 5.23

2004 Q4 19.32

2005 Q1 1.60

2005 Q2 4.67

2005 Q3 6.37

2005 Q4 12.60

2006 Q1 6.46

2006 Q2 18.44

2006 Q3 4.33

2006 Q4 22.07

End-to-end calculation based on data compiled from 584 global ex U.S. buyout funds, including fully liquidated partnerships, formed between 1987 and 2014. All returns are net offees, expenses, and carried interest. Historic quarterly returns are updated in each year-end report to adjust for changes in the index sample.

QuarterEnding

End to EndReturn

2007 Q1 5.09

2007 Q2 15.41

2007 Q3 6.62

2007 Q4 5.01

2008 Q1 3.60

2008 Q2 -3.44

2008 Q3 -16.07

2008 Q4 -22.71

2009 Q1 -7.74

2009 Q2 9.31

2009 Q3 8.36

2009 Q4 9.07

2010 Q1 -1.51

2010 Q2 -2.67

2010 Q3 11.85

2010 Q4 9.10

2011 Q1 5.74

2011 Q2 6.21

2011 Q3 -9.06

2011 Q4 0.39

QuarterEnding

End to EndReturn

2012 Q1 7.66

2012 Q2 -1.82

2012 Q3 3.62

2012 Q4 4.85

2013 Q1 0.89

2013 Q2 1.82

2013 Q3 6.25

2013 Q4 6.81

2014 Q1 2.86

2014 Q2 4.81

2014 Q3 -4.47

2014 Q4 0.47

2015 Q1 -2.02

| 68


Global ex U.S. Buyout Fund Index Details: End-to-End Pooled ReturnNet to Limited Partners

Multi-Year Returns


(%)

1 Year -1.02 16 Years 12.99

2 Years 8.95 17 Years 12.99

3 Years 8.44 18 Years 13.16

4 Years 7.26 19 Years 13.41

5 Years 10.94 20 Years 13.39

6 Years 13.39 21 Years 13.38

7 Years 3.94 22 Years 13.55

8 Years 6.51 23 Years 13.45

9 Years 10.05 24 Years 13.36

10 Years 11.66 25 Years 13.32

11 Years 13.20 26 Years 13.26

12 Years 14.20

13 Years 14.22

14 Years 13.20

15 Years 12.43


One Year Ended


One Year Ended


3/31/2015 -1.02 3/31/2000 30.79

3/31/2014 18.58 3/31/1999 13.13

3/31/2013 7.54 3/31/1998 24.17

3/31/2012 4.19 3/31/1997 36.34

3/31/2011 25.77 3/31/1996 11.23

3/31/2010 26.76 3/31/1995 12.88

3/31/2009 -42.75 3/31/1994 37.71

3/31/2008 33.47 3/31/1993 -0.49

3/31/2007 58.60 3/31/1992 -1.35

3/31/2006 33.22 3/31/1991 3.39

3/31/2005 34.16 3/31/1990 -3.95

3/31/2004 28.04

3/31/2003 14.47

3/31/2002 -4.47

3/31/2001 -2.89

End-to-end calculation based on data compiled from 584 global ex U.S. buyout funds, including fully liquidated partnerships, formed between 1987 and 2014. All returns are net of fees, expenses, and carried interest. | 69

Global ex U.S. Buyout: Fund Since Inception Analysis

| 70


VintageYear

Pooled Return(%)

Arithmetic Mean (%)

Median (%)


(%)

UpperQuartile

(%)

Lower Quartile(%)

Standard Deviation


of Funds

1987 7.91 10.27 NA 10.71 NA NA 7.05 1.45 0.00 1.45 3

1988 15.17 12.19 12.15 11.49 NA NA 8.30 1.78 0.00 1.78 5

1989 17.37 17.79 NA 17.92 NA NA 1.11 2.05 0.00 2.05 3

1990 15.68 14.74 13.54 15.37 24.79 5.54 10.83 1.91 0.00 1.91 10


1992 17.98 18.09 19.64 18.02 NA NA 6.83 2.04 0.00 2.04 7

1993 18.60 15.25 10.60 18.12 NA NA 10.56 2.01 0.00 2.01 7

1994 31.62 25.61 18.94 23.88 45.76 10.82 18.06 2.75 0.00 2.75 14

1995 27.63 16.90 11.98 17.82 20.04 0.57 25.48 2.14 0.00 2.14 13

1996 20.47 12.88 10.78 10.59 18.54 -2.53 24.36 1.86 0.01 1.86 16

1997 12.35 10.95 11.21 11.90 18.92 4.68 22.18 1.75 0.02 1.77 33

1998 15.03 14.30 13.60 16.68 21.61 6.32 12.38 2.10 0.05 2.15 28

1999 17.32 18.23 17.63 18.42 23.08 6.24 17.71 1.92 0.03 1.95 29

2000 28.61 23.51 24.99 25.12 37.82 15.44 19.01 2.49 0.04 2.54 31

2001 29.10 25.72 25.70 23.68 33.78 15.16 18.03 2.06 0.05 2.11 20

2002 23.00 17.31 20.15 21.26 32.98 12.30 29.02 1.83 0.20 2.03 23

2003 19.60 22.42 20.97 22.76 34.70 10.74 19.17 1.45 0.18 1.64 18

2004 12.97 18.63 10.11 20.27 25.10 7.66 23.59 1.38 0.33 1.71 32

2005 5.08 6.36 7.11 6.77 11.98 0.65 13.48 0.91 0.37 1.28 55

2006 5.15 4.83 6.88 5.81 10.16 -1.09 13.12 0.73 0.55 1.28 52

2007 7.15 5.30 5.89 6.02 10.78 1.72 14.41 0.59 0.70 1.29 58

2008 11.15 5.82 8.38 7.26 15.47 -3.68 12.09 0.53 0.89 1.42 28

2009 8.31 7.90 9.35 7.81 15.05 5.66 8.66 0.18 1.03 1.20 14

2010 6.39 5.17 1.10 6.00 16.36 -3.81 13.00 0.17 0.96 1.12 16

2011 3.69 -2.14 -0.71 -1.52 5.12 -9.83 16.06 0.03 1.02 1.05 25

2012 2.86 -0.54 6.51 1.02 16.77 -19.72 24.21 0.05 0.99 1.04 23

2013 -13.15 -10.96 -14.10 -8.35 -4.24 -23.63 21.99 0.02 0.88 0.90 12

Global ex U.S. Buyout: Since Inception IRR & Multiples by Fund Vintage YearNet to Limited Partners


Notes: Based on data compiled from 577 global ex U.S. buyout funds, including fully liquidated partnerships, formed between 1987 and 2013. Internal rates of returns are net of fees,expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with NA (not applicable) have an insufficientnumber of funds in the vintage year sample to produce a meaningful return. | 71


Global ex U.S. Buyout: Since Inception IRR & Multiples Compared to CA Modified Public Market Equivalent (mPME)Net to Limited Partners


Vintage Year

Number of

Funds



1987 3 7.91 4.86 305 10.61 -2701988 5 15.17 5.57 960 11.35 3821989 3 17.37 7.82 955 12.09 5271990 10 15.68 8.80 689 14.37 1311991 2 NA NA NA NA NA1992 7 17.98 8.87 911 15.04 2941993 7 18.60 7.58 1,102 17.46 1141994 14 31.62 6.67 2,495 15.80 1,5821995 13 27.63 6.08 2,155 11.85 1,5781996 16 20.47 6.26 1,421 9.02 1,1451997 33 12.35 2.83 951 3.01 9341998 28 15.03 3.44 1,159 3.72 1,1311999 29 17.32 6.61 1,071 7.22 1,0102000 31 28.61 11.50 1,711 11.93 1,6682001 20 29.10 14.22 1,487 14.66 1,4442002 23 23.00 8.41 1,459 8.87 1,4132003 18 19.60 6.54 1,306 7.15 1,2452004 32 12.97 3.18 979 3.36 9602005 55 5.08 1.40 368 1.32 3762006 52 5.15 2.83 232 2.72 2432007 58 7.15 5.44 172 5.48 1682008 28 11.15 7.75 341 7.93 3222009 14 8.31 8.16 15 8.23 92010 16 6.39 8.80 -242 8.75 -2372011 25 3.69 7.64 -395 6.97 -3292012 23 2.86 6.17 -331 5.18 -2322013 12 -13.15 0.31 -1,346 -2.81 -1,034



CA Benchmark

MSCI EAFE Index

MSCI Europe Index


1.45 1.26 1.681.78 1.20 1.452.05 1.34 1.591.91 1.36 1.69

NA NA NA2.04 1.32 1.622.01 1.32 1.802.75 1.20 1.502.14 1.17 1.331.86 1.22 1.321.77 1.14 1.152.15 1.17 1.181.95 1.28 1.312.54 1.39 1.412.11 1.42 1.432.03 1.30 1.321.64 1.22 1.241.71 1.15 1.151.28 1.07 1.071.28 1.14 1.141.29 1.22 1.221.42 1.27 1.281.20 1.20 1.201.12 1.17 1.171.05 1.11 1.101.04 1.08 1.060.90 1.00 0.98


CA Benchmark

MSCI EAFE Index

MSCI Europe Index


1.45 1.26 1.681.78 1.20 1.452.05 1.34 1.591.91 1.36 1.69

NA NA NA2.04 1.32 1.622.01 1.32 1.802.75 1.20 1.502.14 1.17 1.321.86 1.21 1.311.75 1.12 1.132.10 1.15 1.171.92 1.26 1.292.49 1.38 1.392.06 1.39 1.411.83 1.18 1.201.45 1.04 1.061.38 0.94 0.950.91 0.75 0.750.73 0.66 0.660.59 0.55 0.550.53 0.48 0.490.18 0.18 0.190.17 0.17 0.180.03 0.03 0.030.05 0.05 0.050.02 0.02 0.02

Notes: Based on data compiled from 577 global ex U.S. buyout funds, including fully liquidated partnerships, formed between 1987 and 2013. Internal rates of returns are net of fees,expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 otherquartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with NA (not applicable) have an insufficient number of fundsin the vintage year sample to produce a meaningful return.mPME Note: Refer to Methodology page for further details on Cambridge Associates Modified PME (mPME).Sources: Cambridge Associates LLC, Frank Russell Company, MSCI Inc., Standard & Poor's and Thomson Reuters Datastream.

| 72


Global ex U.S. Buyout: Since Inception IRR & Multiples Compared to CA Modified Public Market Equivalent (mPME)Net to Limited Partners


Vintage Year

Number of

Funds



1987 3 7.91 13.67 -575 13.37 -5461988 5 15.17 14.67 50 14.81 371989 3 17.37 14.48 289 14.62 2751990 10 15.68 17.96 -228 17.67 -1991991 2 NA NA NA NA NA1992 7 17.98 18.09 -10 17.26 721993 7 18.60 22.27 -367 20.85 -2251994 14 31.62 20.90 1,072 19.65 1,1981995 13 27.63 15.21 1,242 14.18 1,3451996 16 20.47 11.00 947 10.72 9751997 33 12.35 1.81 1,053 2.57 9781998 28 15.03 0.87 1,417 1.74 1,3301999 29 17.32 3.16 1,415 3.97 1,3352000 31 28.61 5.93 2,268 6.75 2,1862001 20 29.10 8.16 2,093 9.00 2,0102002 23 23.00 6.98 1,602 7.46 1,5542003 18 19.60 6.91 1,269 7.25 1,2362004 32 12.97 6.08 689 6.36 6602005 55 5.08 6.43 -135 6.72 -1642006 52 5.15 9.20 -406 9.50 -4352007 58 7.15 12.86 -571 13.13 -5972008 28 11.15 15.81 -466 16.09 -4932009 14 8.31 16.97 -866 17.21 -8902010 16 6.39 17.65 -1,126 17.94 -1,1562011 25 3.69 17.00 -1,331 17.38 -1,3692012 23 2.86 16.26 -1,341 16.62 -1,3762013 12 -13.15 12.56 -2,571 12.97 -2,612



CA Benchmark

S&P 500 Index



1.45 2.00 1.971.78 1.62 1.622.05 1.76 1.761.91 1.94 1.91

NA NA NA2.04 1.81 1.762.01 2.06 1.982.75 1.69 1.652.14 1.40 1.381.86 1.35 1.351.77 1.09 1.122.15 1.04 1.081.95 1.13 1.172.54 1.19 1.222.11 1.25 1.282.03 1.29 1.321.64 1.29 1.301.71 1.33 1.341.28 1.38 1.401.28 1.55 1.571.29 1.60 1.611.42 1.64 1.651.20 1.46 1.461.12 1.38 1.381.05 1.27 1.271.04 1.21 1.220.90 1.10 1.10


CA Benchmark

S&P 500 Index



1.45 2.00 1.971.78 1.62 1.622.05 1.76 1.761.91 1.94 1.91

NA NA NA2.04 1.81 1.762.01 2.06 1.982.75 1.69 1.652.14 1.40 1.381.86 1.34 1.341.75 1.06 1.092.10 1.02 1.061.92 1.10 1.132.49 1.18 1.212.06 1.22 1.251.83 1.14 1.151.45 1.03 1.041.38 1.03 1.040.91 0.91 0.920.73 0.85 0.860.59 0.69 0.690.53 0.59 0.590.18 0.21 0.210.17 0.20 0.200.03 0.04 0.040.05 0.05 0.050.02 0.02 0.02

Notes: Based on data compiled from 577 global ex U.S. buyout funds, including fully liquidated partnerships, formed between 1987 and 2013. Internal rates of returns are net of fees,expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 otherquartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with NA (not applicable) have an insufficient number of fundsin the vintage year sample to produce a meaningful return.mPME Note: Refer to Methodology page for further details on Cambridge Associates Modified PME (mPME).Sources: Cambridge Associates LLC, Frank Russell Company, MSCI Inc., Standard & Poor's and Thomson Reuters Datastream.

| 73



1987 1.45 1.61 NA NA NA 3

1988 1.78 1.62 1.80 NA NA 5

1989 2.05 2.36 NA NA NA 3

1990 1.91 1.95 2.07 2.57 1.26 10


1992 2.04 2.05 1.99 NA NA 7

1993 2.01 2.03 1.68 NA NA 7

1994 2.75 2.23 2.01 2.62 1.56 14

1995 2.14 1.79 1.59 1.96 1.06 13

1996 1.86 1.53 1.59 1.81 0.85 16

1997 1.77 1.65 1.76 2.12 1.18 33

1998 2.15 2.39 1.78 2.41 1.47 28

1999 1.95 2.06 1.97 2.40 1.35 29

2000 2.54 2.32 2.18 2.94 1.81 31

2001 2.11 2.21 2.11 2.85 1.73 20

2002 2.03 2.00 1.80 2.26 1.54 23

2003 1.64 1.83 1.75 2.16 1.50 18

2004 1.71 1.92 1.57 2.23 1.33 32

2005 1.28 1.35 1.35 1.58 1.04 55

2006 1.28 1.29 1.36 1.53 0.95 52

2007 1.29 1.25 1.25 1.51 1.06 58

2008 1.42 1.26 1.29 1.46 0.91 28

2009 1.20 1.20 1.20 1.28 1.15 14

2010 1.12 1.12 1.02 1.37 0.92 16

2011 1.05 0.98 0.99 1.09 0.89 25

2012 1.04 1.01 1.08 1.23 0.79 23

2013 0.90 0.93 0.90 0.96 0.84 12

Global ex U.S. Buyout: Total Value to Paid In Capital Multiple (TVPI)Net to Limited Partners


Notes: Based on data compiled from 577 global ex U.S. buyout funds, including fully liquidated partnerships, formed between 1986 and 2013. CA research shows that most funds takeat least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 other quartiles; therefore fund or benchmark performance metrics frommore recent vintage years may be less meaningful. Benchmarks with NA (not applicable) have an insufficient number of funds in the vintage year sample to produce a meaningfulreturn. | 74



1987 1.45 1.61 NA NA NA 3

1988 1.78 1.62 1.80 NA NA 5

1989 2.05 2.36 NA NA NA 3

1990 1.91 1.95 2.07 2.57 1.26 10


1992 2.04 2.05 1.99 NA NA 7

1993 2.01 2.03 1.68 NA NA 7

1994 2.75 2.23 2.01 2.62 1.56 14

1995 2.14 1.79 1.58 1.96 1.06 13

1996 1.86 1.53 1.59 1.81 0.85 16

1997 1.75 1.64 1.70 2.12 1.18 33

1998 2.10 2.34 1.77 2.39 1.47 28

1999 1.92 2.03 1.97 2.40 1.32 29

2000 2.49 2.25 2.18 2.91 1.65 31

2001 2.06 2.17 2.04 2.81 1.72 20

2002 1.83 1.86 1.68 2.20 1.28 23

2003 1.45 1.67 1.59 2.00 1.32 18

2004 1.38 1.68 1.29 2.09 1.01 32

2005 0.91 0.99 0.92 1.31 0.63 55

2006 0.73 0.82 0.76 1.06 0.48 52

2007 0.59 0.62 0.53 0.80 0.32 58

2008 0.53 0.48 0.40 0.68 0.13 28

2009 0.18 0.22 0.20 0.24 0.03 14

2010 0.17 0.15 0.05 0.16 0.00 16

2011 0.03 0.04 0.00 0.03 0.00 25

2012 0.05 0.03 0.00 0.07 0.00 23

2013 0.02 0.03 0.00 0.01 0.00 12

Global ex U.S. Buyout: Distribution to Paid In Capital Multiple (DPI)Net to Limited Partners





1987 0.00 0.00 NA NA NA 3

1988 0.00 0.00 0.00 NA NA 5

1989 0.00 0.00 NA NA NA 3

1990 0.00 0.00 0.00 0.00 0.00 10


1992 0.00 0.00 0.00 NA NA 7

1993 0.00 0.00 0.00 NA NA 7

1994 0.00 0.00 0.00 0.00 0.00 14

1995 0.00 0.00 0.00 0.00 0.00 13

1996 0.01 0.00 0.00 0.00 0.00 16

1997 0.02 0.01 0.00 0.01 0.00 33

1998 0.05 0.06 0.00 0.00 0.00 28

1999 0.03 0.03 0.00 0.01 0.00 29

2000 0.04 0.07 0.00 0.04 0.00 31

2001 0.05 0.04 0.03 0.07 0.00 20

2002 0.20 0.14 0.08 0.22 0.00 23

2003 0.18 0.16 0.19 0.23 0.00 18

2004 0.33 0.24 0.17 0.25 0.09 32

2005 0.37 0.36 0.30 0.50 0.22 55

2006 0.55 0.47 0.44 0.69 0.28 52

2007 0.70 0.63 0.65 0.84 0.40 58

2008 0.89 0.78 0.81 0.99 0.54 28

2009 1.03 0.98 1.02 1.15 0.93 14

2010 0.96 0.97 0.92 1.00 0.81 16

2011 1.02 0.94 0.94 1.02 0.80 25

2012 0.99 0.98 1.01 1.15 0.79 23

2013 0.88 0.90 0.87 0.95 0.79 12

Global ex U.S. Buyout: Residual Value to Paid In Capital Multiple (RVPI)Net to Limited Partners



Global Growth Equity: Fund Index Analysis

| 77



Global Growth Equity Index1 3.07 10.75 13.03 13.64 12.79 9.70 14.83 15.12










MSCI World Index 2.31 6.03 12.19 10.01 6.39 3.21 6.93 7.13


Russell 1000® Index 1.59 12.73 16.45 14.73 8.34 4.43 9.63 10.04

Russell 2000® Index 4.32 8.21 16.27 14.57 8.82 7.19 9.62 10.03

S&P 500 Index 0.95 12.73 16.11 14.47 8.01 4.15 9.39 9.79

Global Growth Equity Fund Index Summary: End-to-End Pooled ReturnNet to Limited Partners


The index is an end-to-end calculation based on data compiled from 457 global (U.S. & ex U.S.) growth equity funds including fully liquidated partnerships, formed between 1986 and 2014.1Pooled end-to-end return, net of fees, expenses, and carried interest.




Global Growth Equity Index1 10.75 13.03 13.64 12.79 9.70 14.83 15.12

mPME Analysis2

MSCI EAFE Index -1.00 9.02 6.58 4.75 4.33 4.97 5.01

Value-Add (bps) 1,176 401 706 804 537 986 1,011


Value-Add (bps) 1,577 367 683 807 526 933 956

S&P 500 Index 12.77 16.07 14.84 9.55 7.48 8.91 8.98

Value-Add (bps) -201 -304 -119 323 222 592 614

Russell 3000® Index 12.37 16.38 15.06 9.86 7.83 9.21 9.28

Value-Add (bps) -161 -336 -142 293 187 562 585

Global Growth Equity Fund Index Summary: End-to-End Pooled Return Compared to CA Modified Public Market Equivalent (mPME)Net to Limited Partners


The index is an end-to-end calculation based on data compiled from 457 global (U.S. & ex U.S.) growth equity funds including fully liquidated partnerships, formed between 1986 and 2014.1Pooled end-to-end return, net of fees, expenses, and carried interest.2CA Modified Public Market Equivalent (mPME) replicates private investment performance under public market conditions. The public index’s shares are purchased and sold according to theprivate fund cash flow schedule, with distributions calculated in the same proportion as the private fund, and mPME NAV is a function of mPME cash flows and public index returns. “Value-Add”shows (in basis points) the difference between the actual private investment return and the mPME calculated return. Refer to Methodology page for details.Sources: Cambridge Associates LLC, Frank Russell Company, MSCI Inc., Standard & Poor's and Thomson Reuters Datastream. | 79


QuarterEnding

End to EndReturn

1986 Q1 NA

1986 Q2 NA

1986 Q3 -19.34

1986 Q4 13.82

1987 Q1 8.38

1987 Q2 2.95

1987 Q3 25.54

1987 Q4 -9.87

1988 Q1 1.44

1988 Q2 0.67

1988 Q3 1.07

1988 Q4 1.03

1989 Q1 1.56

1989 Q2 0.33

1989 Q3 1.05

1989 Q4 2.81

1990 Q1 1.97

1990 Q2 2.31

1990 Q3 -0.15

1990 Q4 -0.58

1991 Q1 2.52

1991 Q2 0.78

1991 Q3 7.59

1991 Q4 6.56

Global Growth Equity Fund Index Details: One Quarter End-to-End Pooled ReturnNet to Limited Partners


QuarterEnding

End to EndReturn

1992 Q1 2.54

1992 Q2 0.36

1992 Q3 3.35

1992 Q4 8.36

1993 Q1 -2.16

1993 Q2 3.84

1993 Q3 10.34

1993 Q4 11.60

1994 Q1 6.03

1994 Q2 -0.64

1994 Q3 6.56

1994 Q4 5.65

1995 Q1 10.13

1995 Q2 7.02

1995 Q3 7.49

1995 Q4 7.33

1996 Q1 6.61

1996 Q2 10.10

1996 Q3 5.72

1996 Q4 4.17

1997 Q1 1.24

1997 Q2 21.01

1997 Q3 9.74

1997 Q4 -1.66

QuarterEnding

End to EndReturn

1998 Q1 12.15

1998 Q2 -3.77

1998 Q3 -5.76

1998 Q4 7.21

1999 Q1 7.72

1999 Q2 14.34

1999 Q3 6.60

1999 Q4 53.01

2000 Q1 18.49

2000 Q2 2.87

2000 Q3 8.10

2000 Q4 -7.55

2001 Q1 -9.72

2001 Q2 2.21

2001 Q3 -8.67

2001 Q4 -0.14

2002 Q1 -2.32

2002 Q2 -4.00

2002 Q3 -8.72

2002 Q4 -0.94

2003 Q1 -3.62

2003 Q2 6.34

2003 Q3 6.23

2003 Q4 7.16

QuarterEnding

End to EndReturn

2004 Q1 4.37

2004 Q2 1.30

2004 Q3 0.68

2004 Q4 10.34

2005 Q1 1.55

2005 Q2 7.52

2005 Q3 7.49

2005 Q4 3.69

2006 Q1 7.86

2006 Q2 -0.17

2006 Q3 5.08

2006 Q4 10.38

2007 Q1 8.42

2007 Q2 10.11

2007 Q3 4.35

2007 Q4 7.47

2008 Q1 -5.28

2008 Q2 0.03

2008 Q3 -6.65

2008 Q4 -14.99

2009 Q1 -3.46

2009 Q2 8.64

2009 Q3 6.96

2009 Q4 6.29

QuarterEnding

End to EndReturn

2010 Q1 4.85

2010 Q2 -0.03

2010 Q3 6.27

2010 Q4 10.49

2011 Q1 3.51

2011 Q2 4.18

2011 Q3 -5.47

2011 Q4 3.19

2012 Q1 6.39

2012 Q2 -1.49

2012 Q3 2.77

2012 Q4 3.52

2013 Q1 2.73

2013 Q2 1.55

2013 Q3 6.25

2013 Q4 8.78

2014 Q1 3.55

2014 Q2 4.49

2014 Q3 1.83

2014 Q4 0.77

2015 Q1 3.07

End-to-end calculation based on data compiled from 457 global (U.S. & ex U.S.) growth equity funds, including fully liquidated partnerships, formed between 1986 and 2014. Allreturns are net of fees, expenses, and carried interest. Historic quarterly returns are updated in each year-end report to adjust for changes in the index sample. | 80


Global Growth Equity Fund Index Details: End-to-End Pooled ReturnNet to Limited Partners

Multi-Year Returns


(%)

1 Year 10.75 16 Years 13.67

2 Years 16.02 17 Years 13.35

3 Years 13.03 18 Years 14.30

4 Years 11.78 19 Years 14.51

5 Years 13.64 20 Years 14.83

6 Years 15.96 21 Years 14.97

7 Years 10.05 22 Years 15.22

8 Years 10.58 23 Years 15.16

9 Years 11.69 24 Years 15.20

10 Years 12.79 25 Years 15.12

11 Years 12.89 26 Years 15.09

12 Years 13.63 27 Years 15.06

13 Years 11.75

14 Years 10.59

15 Years 9.70


One Year Ended


One Year Ended


3/31/2015 10.75 3/31/2000 121.00

3/31/2014 21.40 3/31/1999 6.16

3/31/2013 7.69 3/31/1998 45.83

3/31/2012 8.21 3/31/1997 22.40

3/31/2011 21.59 3/31/1996 31.45

3/31/2010 29.37 3/31/1995 24.08

3/31/2009 -23.71 3/31/1994 35.90

3/31/2008 15.69 3/31/1993 10.18

3/31/2007 26.18 3/31/1992 18.68

3/31/2006 29.33 3/31/1991 4.25

3/31/2005 14.35 3/31/1990 7.04

3/31/2004 26.27 3/31/1989 4.51

3/31/2003 -16.29

3/31/2002 -8.96

3/31/2001 -6.60

End-to-end calculation based on data compiled from 457 global (U.S. & ex U.S.) growth equity funds, including fully liquidated partnerships, formed between 1986 and 2014. All returns are net of fees, expenses, and carried interest. | 81

Global Growth Equity: Fund Since Inception Analysis

| 82


VintageYear

Pooled Return

(%)

Arithmetic Mean (%)

Median (%)


(%)

UpperQuartile

(%)

Lower Quartile

(%)

Standard Deviation


of Funds




1989 9.29 7.51 NA 8.98 NA NA 5.58 1.53 0.00 1.53 3

1990 14.12 14.80 NA 14.33 NA NA 8.70 1.79 0.00 1.79 4

1991 45.61 32.46 NA 24.98 NA NA 30.80 3.29 0.00 3.29 4

1992 27.28 15.57 13.46 15.41 NA NA 22.37 2.59 0.00 2.59 6

1993 7.20 9.76 NA 2.85 NA NA 24.88 1.27 0.00 1.27 3

1994 35.13 10.06 0.22 10.53 9.77 -1.29 18.72 3.61 0.00 3.62 11

1995 49.48 17.21 2.78 21.21 30.55 -3.54 33.24 3.44 0.00 3.44 11

1996 10.06 7.26 6.96 9.78 14.76 -3.55 11.92 1.59 0.01 1.60 13

1997 13.34 19.06 14.65 16.32 26.84 9.24 21.82 1.82 0.01 1.83 12

1998 10.08 8.37 9.73 9.61 15.18 0.81 9.68 1.53 0.03 1.57 13

1999 3.11 6.66 1.14 7.83 16.43 -4.15 15.31 1.17 0.06 1.23 12

2000 9.28 7.06 7.51 7.59 14.70 1.80 10.49 1.47 0.15 1.61 29

2001 14.90 5.50 7.85 7.68 13.51 0.94 10.71 1.92 0.34 2.26 8

2002 9.77 15.29 8.74 13.63 14.97 4.02 27.97 1.49 0.17 1.66 11

2003 17.39 24.79 16.55 27.43 NA NA 19.26 1.67 0.24 1.91 6

2004 8.30 26.20 7.45 13.87 24.32 1.42 56.53 1.08 0.35 1.42 20

2005 12.22 10.80 10.17 12.91 15.71 3.01 14.36 1.31 0.50 1.81 38

2006 8.95 8.27 6.59 11.66 12.42 1.46 11.42 0.66 0.87 1.53 34

2007 9.68 6.31 7.75 7.20 11.99 0.73 10.46 0.62 0.86 1.48 52

2008 12.90 10.57 8.84 11.30 14.74 4.64 9.74 0.41 1.09 1.50 34

2009 13.36 10.64 9.89 13.86 13.16 7.23 9.63 0.25 1.12 1.37 18

2010 16.52 16.92 13.21 18.08 24.19 7.00 24.76 0.20 1.24 1.44 27

2011 19.33 7.93 6.02 10.40 16.27 -0.49 16.95 0.12 1.21 1.33 31

2012 14.47 2.77 3.39 3.45 17.41 -6.51 19.57 0.06 1.13 1.18 24

2013 4.40 -0.18 -8.14 -0.52 4.14 -20.04 33.71 0.00 1.03 1.04 20

Global Growth Equity: Since Inception IRR & Multiples by Fund Vintage YearNet to Limited Partners


Notes: Based on data compiled from 447 global (U.S. & ex U.S.) growth equity funds, including fully liquidated partnerships, formed between 1986 and 2013. Internal rates of returnsare net of fees, expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling theytypically rank in 2-3 other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with NA (not applicable)have an insufficient number of funds in the vintage year sample to produce a meaningful return.

| 83


Global Growth Equity: Since Inception IRR & Multiples Compared to CA Modified Public Market Equivalent (mPME)Net to Limited Partners


Vintage Year

Number of

Funds



1986 1 NA NA NA NA NA1987 0 NA NA NA NA NA1988 2 NA NA NA NA NA1989 3 9.29 5.32 397 11.32 -2041990 4 14.12 9.55 458 13.87 251991 4 45.61 9.81 3,580 16.36 2,9261992 6 27.28 8.75 1,853 18.00 9281993 3 7.19 4.83 236 9.90 -2711994 11 35.13 8.43 2,670 15.01 2,0121995 11 49.48 7.72 4,176 14.46 3,5021996 13 10.06 3.93 612 5.09 4961997 12 13.34 3.37 998 3.60 9741998 13 10.08 2.34 774 2.57 7511999 12 3.11 3.72 -61 4.35 -1242000 29 9.28 7.60 168 7.99 1292001 8 14.90 8.53 637 8.95 5942002 11 9.77 10.28 -51 10.68 -912003 6 17.39 4.16 1,323 4.38 1,3002004 20 8.30 2.87 544 3.02 5282005 38 12.22 1.38 1,084 1.38 1,0842006 34 8.95 2.64 631 2.48 6472007 52 9.68 5.15 453 5.18 4502008 34 12.90 7.48 541 7.62 5282009 18 13.36 8.18 518 8.36 5002010 27 16.52 8.43 809 8.50 8022011 31 19.33 7.60 1,173 7.11 1,2222012 24 14.47 5.79 868 4.60 9882013 20 4.40 1.27 312 -1.45 585



CA Benchmark

MSCI EAFE Index

MSCI Europe Index


NA NA NANA NA NANA NA NA

1.53 1.30 1.771.79 1.42 1.703.29 1.28 1.542.59 1.34 1.801.27 1.29 1.623.62 1.38 1.733.44 1.21 1.411.60 1.19 1.251.83 1.16 1.181.57 1.11 1.121.23 1.23 1.281.61 1.41 1.432.26 1.53 1.561.66 1.63 1.651.91 1.17 1.181.42 1.14 1.141.81 1.07 1.071.53 1.13 1.131.48 1.23 1.231.50 1.27 1.271.37 1.21 1.221.44 1.21 1.211.33 1.12 1.111.18 1.07 1.061.04 1.01 0.99


CA Benchmark

MSCI EAFE Index

MSCI Europe Index



1.53 1.30 1.771.79 1.42 1.703.29 1.28 1.542.59 1.34 1.801.27 1.16 1.463.61 1.38 1.733.44 1.21 1.411.59 1.18 1.241.82 1.15 1.171.53 1.10 1.111.17 1.21 1.251.47 1.30 1.331.92 1.32 1.351.49 1.48 1.511.67 1.03 1.041.08 0.84 0.851.31 0.81 0.810.66 0.50 0.500.62 0.54 0.550.41 0.36 0.370.25 0.24 0.240.20 0.19 0.190.12 0.11 0.110.06 0.05 0.060.00 0.00 0.00

Notes: Based on data compiled from 447 global (U.S. & ex U.S.) growth equity funds, including fully liquidated partnerships, formed between 1986 and 2013. Internal rates of returns are net offees, expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with NA (not applicable) have an insufficient number offunds in the vintage year sample to produce a meaningful return.mPME Note: Refer to Methodology page for further details on Cambridge Associates Modified PME (mPME).Sources: Cambridge Associates LLC, Frank Russell Company, MSCI Inc., Standard & Poor's and Thomson Reuters Datastream.

| 84


Global Growth Equity: Since Inception IRR & Multiples Compared to CA Modified Public Market Equivalent (mPME)Net to Limited Partners


Vintage Year

Number of

Funds



1986 1 NA NA NA NA NA1987 0 NA NA NA NA NA1988 2 NA NA NA NA NA1989 3 9.29 13.80 -452 13.70 -4411990 4 14.12 17.20 -308 17.11 -2981991 4 45.61 19.00 2,662 18.39 2,7221992 6 27.28 21.62 566 20.40 6881993 3 7.19 12.41 -522 12.04 -4851994 11 35.13 19.16 1,597 18.11 1,7021995 11 49.48 19.22 3,026 18.04 3,1431996 13 10.06 4.59 547 5.05 5011997 12 13.34 1.68 1,167 2.54 1,0801998 13 10.08 0.30 978 1.16 8921999 12 3.11 0.97 215 1.77 1342000 29 9.28 4.88 440 5.48 3792001 8 14.90 6.42 848 6.96 7932002 11 9.77 7.11 266 7.76 2012003 6 17.39 5.85 1,154 6.27 1,1122004 20 8.30 5.77 254 6.08 2222005 38 12.22 5.64 658 5.93 6292006 34 8.95 8.99 -4 9.29 -342007 52 9.68 12.31 -263 12.61 -2932008 34 12.90 15.85 -296 16.10 -3202009 18 13.36 17.03 -367 17.24 -3882010 27 16.52 17.19 -67 17.42 -902011 31 19.33 17.01 232 17.30 2032012 24 14.47 15.99 -152 16.30 -1832013 20 4.40 12.99 -859 13.27 -887



CA Benchmark

S&P 500 Index




1.53 2.03 2.011.79 1.94 1.923.29 1.67 1.642.59 2.02 1.941.27 1.77 1.763.62 1.94 1.893.44 1.55 1.521.60 1.20 1.231.83 1.08 1.121.57 1.01 1.051.23 1.06 1.111.61 1.28 1.312.26 1.43 1.471.66 1.47 1.521.91 1.28 1.301.42 1.32 1.341.81 1.33 1.351.53 1.54 1.571.48 1.65 1.671.50 1.65 1.661.37 1.49 1.491.44 1.46 1.461.33 1.29 1.291.18 1.20 1.211.04 1.11 1.11


CA Benchmark

S&P 500 Index




1.53 2.03 2.011.79 1.94 1.923.29 1.67 1.642.59 2.02 1.941.27 1.59 1.573.61 1.94 1.893.44 1.55 1.521.59 1.20 1.221.82 1.06 1.101.53 1.00 1.041.17 1.03 1.081.47 1.14 1.181.92 1.17 1.211.49 1.29 1.341.67 1.08 1.091.08 0.90 0.911.31 0.95 0.970.66 0.63 0.630.62 0.68 0.680.41 0.44 0.440.25 0.28 0.280.20 0.22 0.220.12 0.12 0.120.06 0.06 0.060.00 0.00 0.00

Notes: Based on data compiled from 447 global (U.S. & ex U.S.) growth equity funds, including fully liquidated partnerships, formed between 1986 and 2013. Internal rates of returns are net offees, expenses and carried interest. Vintage year funds formed since 2010 are too young to have produced meaningful returns. Analysis and comparison of partnership returns to benchmarkstatistics may be irrelevant. Benchmarks with NA (not applicable) have an insufficient number of funds in the vintage year sample to produce a meaningful return.mPME Note: Refer to Methodology page for further details on Cambridge Associates Modified PME (mPME).Sources: Cambridge Associates LLC, Frank Russell Company, MSCI Inc., Standard & Poor's and Thomson Reuters Datastream. | 85






1989 1.53 1.53 NA NA NA 3

1990 1.79 1.77 NA NA NA 4

1991 3.29 2.53 NA NA NA 4

1992 2.59 1.90 1.84 NA NA 6

1993 1.27 1.12 NA NA NA 3

1994 3.62 1.80 1.02 2.02 0.94 11

1995 3.44 2.03 1.18 2.31 0.85 11

1996 1.60 1.75 1.44 2.02 0.77 13

1997 1.83 2.17 1.88 2.52 1.58 12

1998 1.57 1.46 1.50 1.78 1.04 13

1999 1.23 1.62 1.10 2.21 0.80 12

2000 1.61 1.49 1.39 1.93 1.10 29

2001 2.26 1.48 1.41 2.17 1.06 8

2002 1.66 1.98 1.58 2.28 1.26 11

2003 1.91 2.17 1.76 NA NA 6

2004 1.42 1.69 1.36 1.71 1.08 20

2005 1.81 1.83 1.57 2.10 1.17 38

2006 1.53 1.74 1.36 1.73 1.08 34

2007 1.48 1.36 1.33 1.63 1.04 52

2008 1.50 1.44 1.31 1.62 1.15 34

2009 1.37 1.45 1.35 1.42 1.18 18

2010 1.44 1.52 1.33 1.58 1.16 27

2011 1.33 1.18 1.09 1.31 0.99 31

2012 1.18 1.04 1.04 1.23 0.93 24

2013 1.04 1.00 0.95 1.03 0.87 20

Global Growth Equity: Total Value to Paid In Capital Multiple (TVPI)Net to Limited Partners


Notes: Based on data compiled from 447 global (U.S. & ex U.S.) growth equity funds, including fully liquidated partnerships, formed between 1986 and 2013. CA research showsthat most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 other quartiles; therefore fund or benchmarkperformance metrics from more recent vintage years may be less meaningful. Benchmarks with NA (not applicable) have an insufficient number of funds in the vintage year sampleto produce a meaningful return.

| 86






1989 1.53 1.53 NA NA NA 3

1990 1.79 1.77 NA NA NA 4

1991 3.29 2.53 NA NA NA 4

1992 2.59 1.90 1.84 NA NA 6

1993 1.27 1.12 NA NA NA 3

1994 3.61 1.78 1.02 2.02 0.94 11

1995 3.44 2.03 1.18 2.31 0.85 11

1996 1.59 1.71 1.40 1.98 0.77 13

1997 1.82 2.11 1.88 2.52 1.58 12

1998 1.53 1.42 1.49 1.78 0.95 13

1999 1.17 1.55 1.01 2.13 0.73 12

2000 1.47 1.35 1.34 1.69 1.00 29

2001 1.92 1.32 1.28 1.82 0.87 8

2002 1.49 1.69 1.38 1.73 0.97 11

2003 1.67 2.01 1.58 NA NA 6

2004 1.08 1.26 1.03 1.47 0.74 20

2005 1.31 1.22 1.05 1.43 0.45 38

2006 0.66 0.72 0.55 0.95 0.16 34

2007 0.62 0.45 0.39 0.70 0.13 52

2008 0.41 0.35 0.28 0.49 0.15 34

2009 0.25 0.17 0.16 0.26 0.02 18

2010 0.20 0.26 0.17 0.27 0.01 27

2011 0.12 0.08 0.00 0.08 0.00 31

2012 0.06 0.05 0.01 0.07 0.00 24

2013 0.00 0.01 0.00 0.00 0.00 20

Global Growth Equity: Distribution to Paid In Capital Multiple (DPI)Net to Limited Partners



| 87






1989 0.00 0.00 NA NA NA 3

1990 0.00 0.00 NA NA NA 4

1991 0.00 0.00 NA NA NA 4

1992 0.00 0.00 0.00 NA NA 6

1993 0.00 0.00 NA NA NA 3

1994 0.00 0.03 0.00 0.00 0.00 11

1995 0.00 0.00 0.00 0.00 0.00 11

1996 0.01 0.03 0.00 0.04 0.00 13

1997 0.01 0.07 0.00 0.00 0.00 12

1998 0.03 0.04 0.00 0.04 0.00 13

1999 0.06 0.06 0.04 0.09 0.00 12

2000 0.15 0.13 0.04 0.18 0.00 29

2001 0.34 0.16 0.16 0.27 0.00 8

2002 0.17 0.29 0.19 0.47 0.07 11

2003 0.24 0.16 0.14 NA NA 6

2004 0.35 0.44 0.30 0.46 0.06 20

2005 0.50 0.61 0.52 0.84 0.28 38

2006 0.87 1.02 0.77 1.07 0.44 34

2007 0.86 0.90 0.83 1.21 0.53 52

2008 1.09 1.09 1.11 1.24 0.77 34

2009 1.12 1.28 1.12 1.27 0.99 18

2010 1.24 1.27 1.15 1.32 0.93 27

2011 1.21 1.10 1.06 1.22 0.95 31

2012 1.13 0.99 0.96 1.19 0.89 24

2013 1.03 0.99 0.95 1.01 0.86 20

Global Growth Equity: Residual Value to Paid In Capital Multiple (RVPI)Net to Limited Partners



| 88

U.S. Growth Equity: Fund Index Analysis

| 89


Index 1-Quarter 1-Year 3-Year 5-Year 10-Year

U.S. Growth Equity Index1 3.30 11.69 15.17 16.37 13.34

Barclays Government/Credit Bond Index 1.84 5.86 3.35 4.75 4.96

Dow Jones Industrial Average 0.33 10.57 13.18 13.23 8.17

Dow Jones U.S. Small Cap Index 5.25 10.71 17.53 15.39 10.14

Dow Jones U.S. TopCap Index 1.48 12.71 16.23 14.65 8.38

Nasdaq Composite* 3.48 16.72 16.60 15.37 9.38

Russell 1000® 1.59 12.73 16.45 14.73 8.34

Russell 2000® 4.32 8.21 16.27 14.57 8.82

S&P 500 0.95 12.73 16.11 14.47 8.01

Wilshire 5000 Total Market 1.61 12.23 16.19 14.56 8.41

U.S. Growth Equity Fund Index Summary: End-to-End Pooled ReturnNet to Limited Partners


The index is an end-to-end calculation based on data compiled from 175 U.S. growth equity funds including fully liquidated partnerships, formed between 1986 and 2014.1Pooled end-to-end return, net of fees, expenses, and carried interest.



CA Index 1-Year 3-Year 5-Year 10-Year

U.S Growth Equity1 11.69 15.17 16.37 13.34

mPME Analysis2

Russell 2000® Index 7.95 16.15 14.69 9.62

Value-Add (bps) 374 -98 167 373

Russell 2500™ Index 9.83 16.96 15.55 10.40

Value-Add (bps) 186 -180 81 295

Russell 3000® Index 12.35 16.19 14.81 9.26

Value-Add (bps) -66 -102 156 409

Russell Midcap® Index 13.56 17.80 16.11 10.72

Value-Add (bps) -187 -263 25 262

S&P 500 Index 12.77 15.88 14.58 8.94

Value-Add (bps) -108 -71 178 440

Constructed Index: NASDAQ Composite Price Index/ NASDAQ Composite Total Return3 18.10 17.43 16.56 11.38

Value-Add (bps) -640 -226 -20 197

U.S. Growth Equity Fund Index Summary: End-to-End Pooled Return Compared to CA Modified Public Market Equivalent (mPME)Net to Limited Partners


The index is an end-to-end calculation based on data compiled from 175 U.S. growth equity funds, including fully liquidated partnerships, formed between 1986 and 2014.1Pooled end-to-end return, net of fees, expenses, and carried interest.2CA Modified Public Market Equivalent (mPME) replicates private investment performance under public market conditions. The public index’s shares are purchased and sold accordingto the private fund cash flow schedule, with distributions calculated in the same proportion as the private fund, and mPME NAV is a function of mPME cash flows and public indexreturns. “Value-Add” shows (in basis points) the difference between the actual private investment return and the mPME calculated return. Refer to Methodology page for details.3Constructed Index: Data from 1/1/1986 to 10/31/2003 represented by NASDAQ Price Index. Data from 11/1/2003 to present represented by NASDAQ Composite.Sources: Cambridge Associates LLC, Frank Russell Company, Standard & Poor's and Thomson Reuters Datastream. | 91


U.S. Growth Equity Fund Index Details: One Quarter End-to-End Pooled ReturnNet to Limited Partners


QuarterEnding

End to EndReturn

2003 Q1 -3.74

2003 Q2 6.48

2003 Q3 5.70

2003 Q4 7.46

2004 Q1 3.51

2004 Q2 1.97

2004 Q3 -0.25

2004 Q4 10.49

2005 Q1 -0.26

2005 Q2 8.19

2005 Q3 7.79

2005 Q4 2.15

2006 Q1 7.46

2006 Q2 -0.34

2006 Q3 4.37

2006 Q4 7.82

2007 Q1 7.12

QuarterEnding

End to EndReturn

2007 Q2 8.91

2007 Q3 3.71

2007 Q4 4.03

2008 Q1 -3.59

2008 Q2 0.01

2008 Q3 -3.28

2008 Q4 -13.08

2009 Q1 -3.84

2009 Q2 5.97

2009 Q3 5.28

2009 Q4 3.97

2010 Q1 4.53

2010 Q2 0.85

2010 Q3 4.45

2010 Q4 10.77

2011 Q1 4.19

2011 Q2 5.19

QuarterEnding

End to EndReturn

2011 Q3 -3.40

2011 Q4 5.85

2012 Q1 6.23

2012 Q2 -0.45

2012 Q3 3.56

2012 Q4 3.13

2013 Q1 3.68

2013 Q2 2.97

2013 Q3 8.35

2013 Q4 8.62

2014 Q1 3.20

2014 Q2 4.85

2014 Q3 1.55

2014 Q4 1.55

2015 Q1 3.30

End-to-end calculation based on data compiled from 175 U.S. growth equity funds, including fully liquidated partnerships, formed between 1986 and 2014. All returns are net of fees,expenses, and carried interest. Historic quarterly returns are updated in each year-end report to adjust for changes in the index sample. | 92


U.S. Growth Equity Fund Index Details: End-to-End Pooled ReturnNet to Limited Partners


One Year Ended End to End Return (%)

3/31/2015 11.69

3/31/2014 24.95

3/31/2013 10.07

3/31/2012 14.37

3/31/2011 21.64

3/31/2010 21.19

3/31/2009 -19.44

3/31/2008 12.44

3/31/2007 20.64

3/31/2006 28.21

3/31/2005 12.12

Multi-Year Returns

Years End to End Return (%)

1 Year 11.69

2 Years 18.38

3 Years 15.17

4 Years 14.95

5 Years 16.37

6 Years 17.19

7 Years 11.27

8 Years 11.39

9 Years 12.18

10 Years 13.34

11 Years 13.25

End-to-end calculation based on data compiled from 175 U.S. growth equity funds, including fully liquidated partnerships, formed between 1986 and 2014. All returns are net of fees, expenses, and carried interest. | 93

Global ex U.S. Growth Equity: Fund Index Analysis

| 94


Global ex U.S. Growth Equity Fund Index Summary: End-to-End Pooled ReturnNet to Limited Partners


The index is an end-to-end calculation based on data compiled from 282 global ex U.S. growth equity funds including fully liquidated partnerships, formed between 1989 and 2014.1Pooled end-to-end return, net of fees, expenses, and carried interest.

Sources: Cambridge Associates LLC, Barclays, Frank Russell Company, Standard & Poor's, Thomson Reuters Datastream, and Wilshire Associates, Inc.*Capital change only.

Index 1-Quarter 1-Year 3-Year 5-Year 10-Year

Global ex U.S. Growth Equity Index1 2.81 9.71 10.45 10.17 11.83

Barclays Capital Government/Credit Bond Index 1.84 5.86 3.35 4.75 4.96

Dow Jones Industrial Average Index 0.33 10.57 13.18 13.23 8.17

Dow Jones U.S. Small Cap Index 5.25 10.71 17.53 15.39 10.14

Dow Jones U.S. TopCap Index 1.48 12.71 16.23 14.65 8.38

MSCI Emerging Markets Index 2.28 0.79 0.67 2.08 8.82

MSCI Europe Index (US$) 3.45 -4.94 9.37 6.38 4.91

MSCI Europe Index (€) 16.56 21.99 17.50 11.41 6.93

MSCI Pacific Index 7.61 7.40 8.39 5.92 5.12

MSCI World ex U.S. Index 3.83 -1.39 8.24 5.72 5.03

MSCI World Index 2.31 6.03 12.19 10.01 6.39

Nasdaq Composite Index* 3.48 16.72 16.60 15.37 9.38

Russell 1000® Index 1.59 12.73 16.45 14.73 8.34

Russell 2000® Index 4.32 8.21 16.27 14.57 8.82

S&P 500 Index 0.95 12.73 16.11 14.47 8.01

| 95


CA Index 1-Year 3-Year 5-Year 10-Year

Global ex U.S. Growth Equity Index1 9.71 10.45 10.17 11.83

mPME Analysis2

MSCI EAFE Index -0.91 9.02 6.86 4.96

Value-Add (bps) 1,062 143 331 687

MSCI Europe Index -4.93 9.31 7.06 4.91

Value-Add (bps) 1,463 113 310 692

S&P 500 Index 12.76 16.29 15.16 10.43

Value-Add (bps) -305 -584 -499 140

Russell 3000® Index 12.38 16.61 15.39 10.72

Value-Add (bps) -267 -616 -522 111

Global ex U.S. Growth Equity: Fund Index Summary: End-to-End Pooled Return Compared to CA Modified Public Market Equivalent (mPME)Net to Limited Partners


The index is an end-to-end calculation based on data compiled from 282 global ex U.S. growth equity funds including fully liquidated partnerships, formed between 1989 and 2014.1Pooled end-to-end return, net of fees, expenses, and carried interest.2Refer to Methodology page for further details on Cambridge Associates Modified PME (mPME).Sources: Cambridge Associates LLC, Frank Russell Company, MSCI Inc., Standard & Poor's and Thomson Reuters Datastream. | 96


Global ex U.S. Growth Equity Fund Index Details: End-to-End Pooled ReturnNet to Limited Partners


QuarterEnding

End to EndReturn

2003 Q1 -3.34

2003 Q2 6.00

2003 Q3 7.49

2003 Q4 6.42

2004 Q1 6.45

2004 Q2 -0.30

2004 Q3 3.04

2004 Q4 9.97

2005 Q1 6.13

2005 Q2 5.80

2005 Q3 6.69

2005 Q4 7.77

2006 Q1 8.88

2006 Q2 0.27

2006 Q3 6.95

2006 Q4 16.89

2007 Q1 11.36

QuarterEnding

End to EndReturn

2007 Q2 12.67

2007 Q3 5.60

2007 Q4 13.95

2008 Q1 -8.14

2008 Q2 0.07

2008 Q3 -12.47

2008 Q4 -18.45

2009 Q1 -2.71

2009 Q2 13.72

2009 Q3 9.97

2009 Q4 10.22

2010 Q1 5.34

2010 Q2 -1.35

2010 Q3 9.01

2010 Q4 10.09

2011 Q1 2.54

2011 Q2 2.76

QuarterEnding

End to EndReturn

2011 Q3 -8.39

2011 Q4 -0.75

2012 Q1 6.64

2012 Q2 -3.02

2012 Q3 1.64

2012 Q4 4.07

2013 Q1 1.49

2013 Q2 -0.28

2013 Q3 3.65

2013 Q4 8.98

2014 Q1 3.95

2014 Q2 4.10

2014 Q3 2.15

2014 Q4 -0.11

2015 Q1 2.81

The index is an end-to-end calculation based on data compiled from 282 global ex U.S. growth equity funds including fully liquidated partnerships, formed between 1989 and 2014.All returns are net of fees, expenses, and carried interest. Historic quarterly returns are updated in each year-end report to adjust for changes in the index sample. | 97


Global ex U.S. Growth Equity Fund Index Details: End-to-End Pooled ReturnNet to Limited Partners


One Year Ended End to End Return (%)

3/31/2015 9.71

3/31/2014 17.28

3/31/2013 4.44

3/31/2012 -0.25

3/31/2011 21.51

3/31/2010 44.74

3/31/2009 -30.90

3/31/2008 22.22

3/31/2007 40.60

3/31/2006 32.21

3/31/2005 19.87

Multi-Year Returns

Years End to End Return (%)

1 Year 9.71

2 Years 13.37

3 Years 10.45

4 Years 7.98

5 Years 10.17

6 Years 14.15

7 Years 8.29

8 Years 9.32

9 Years 10.87

10 Years 11.83

11 Years 12.23

End-to-end calculation based on data compiled 282 global ex U.S. growth equity funds including fully liquidated partnerships, formed between 1989 and 2014. All returns are net of fees, expenses, and carried interest. | 98


Cambridge Associates LLC (CA) has established a database to monitor investments made by venture capital and other alternative asset partnerships. On March 31, 2015, 1,791 U.S. and ex U.S. buyout and growth equity funds, including fully liquidated partnerships, formed between 1986 and 2014 were included in this sample. Users of the analysis may find the following description of the data sources and calculation techniques helpful to their interpretation of information presented in the report:

1. Partnership financial statements and narratives are the primary source of information concerning cash flows and ending residual/ net asset values (NAV) for both partnerships and portfolio company investments.

2. Recognizing the alternative asset community's sensitivity to the distribution of information pertaining to individual fund investments, as a matter of policy CA only releases aggregated figures in its benchmark report.

3. Vintage year is defined as the legal inception date as noted in a fund's financial statement. This date can usually be found in the first note to the audited financial statements and is prior to the first close or capital call.

4. CA uses both the since inception internal rate of return and the end-to-end or horizon performance calculation in its benchmark reports:

a. The since inception internal rate of return (SI IRR) is a since inception calculation that solves for the discount rate, which makes thenet present value of an investment equal to zero. The calculation is based on cash-on-cash returns over equal periods modified forthe residual value of the partnership’s equity or portfolio company’s NAV. The residual value attributed to each respective groupbeing measured is incorporated as its ending value. Transactions are accounted for on a quarterly basis, and annualized values areused for reporting purposes. Please note that all transactions are recorded on the 45th day or midpoint of the quarter.

b. Cambridge Associates uses the end-to-end or horizon internal rate of return calculation to calculate the official quarterly, annual,and multi-year index figures. The horizon IRR performance calculation is a money-weighted return similar to the since inceptionIRR; however, it is measuring performance between two points in time. The calculation incorporates the beginning NAV (if any,treated as an inflow), interim cash flows and the ending NAV (if any, treated as an outflow). All interim cash flows are recorded onthe mid-period date of the quarter. In order for a fund to be included in a horizon IRR calculation, the fund must have at least onequarterly contribution, distribution or NAV during the time frame being measured. Similar to the since inception IRR, the horizonIRR is annualized for time frames greater than one year.

Description of Performance Measurement Methodology


| 99


5. Additional Calculation Definitions:In order to provide meaningful statistics, Cambridge Associates has applied minimum fund count thresholds for each calculation.. See

minimum counts in parenthesis after each calculation.a. Pooled return aggregates all cash flows and ending NAVs in a sample to calculate a dollar-weighted return.(minimum 3 funds)b. Arithmetic mean averages the individual fund IRRs included in a vintage year. (minimum 3 funds)c. Median is the middle fund IRR of the group of individual fund IRRs included in a vintage year. (minimum 5 funds)d. Equal-weighted pooled return equally weights all cash flows and ending NAVs based on paid in capital to calculate a dollar-

weighted return. (minimum 3 funds)e. Upper/ lower quartile are the thresholds for the upper (top 25%) and lower (bottom 25%) quartiles based on the individual

fund IRRs included in a vintage year. Can be used in conjunction with the median to determine quartile placement. (minimum8 funds)

f. Standard deviation is measure of the dispersion of the individual returns. The calculation employs the standard methodologyfor calculating a sample mean (not a population mean). (minimum 3 funds)

6. Realization ratio exhibits (TVPI, DPI, RVPI): CA has independently calculated the proper realization ratio for each fund in eachvintage year. Please note that each fund has been ranked within its respective vintage year by the corresponding realization ratio, asopposed to being ranked by IRR as they are ranked in the since inception IRR exhibit. As a result a fund's ranking within its vintageyear may change. For example, it is possible that a vintage year can have a different median fund when ranked by IRR vs. when rankedby TVPI, DPI or RVPI.

7. Cambridge Associates Modified Public Market Equivalent (mPME): The mPME calculation is a private-to-public comparison that seeks to replicate private investment performance under public market conditions. The public index’s shares are purchased and sold according to the private fund cash flow schedule, with distributions calculated in the same proportion as the private fund, and the mPME NAV (the value of the shares held by the public equivalent) is a function of mPME cash flows and public index returns. The mPME attempts to evaluate what return would have been earned had the dollars been deployed in the public markets instead of in private investments while avoiding the “negative NAV” issue inherent in some PME methodologies. “Value-Add” shows (in basis points) the difference between the actual private investment return and the mPME calculated return.

8. Exhibits detailing data for portfolio companies are grouped by year of the fund’s initial investment in a company, as opposed to vintage year.Returns are gross returns.

Description of Performance Measurement Methodology (Continued)


| 100

Copyright © 2015 by Cambridge Associates LLC. All rights reserved. Confidential.

This report may not be displayed, reproduced, distributed, transmitted, or used to create derivative works in any form, in whole or in portion, by any means, without written permission from Cambridge Associates LLC (“CA”). Copying of this publication is a violation of U.S. and global copyright laws (e.g., 17 U.S.C. 101 et seq.). Violators of this copyright may be subject to liability for substantial monetary damages. The information and material published in this report are confidential and non-transferable. Therefore, recipients may not disclose any information or material derived from this report to third parties, or use information or material from this report, without prior written authorization. This report is provided for informational purposes only. It is not intended to constitute an offer of securities of any of the issuers that may be described in the report. No part of this report is intended as a recommendation of any firm or any security, unless expressly stated otherwise. Nothing contained in this report should be construed as the provision of tax or legal advice. Past performance is not indicative of future performance. Any information or opinions provided in this report are as of the date of the report and CA is under no obligation to update the information or communicate that any updates have been made. Information contained herein may have been provided by third parties, including investment firms providing information on returns and assets under management, and may not have been independently verified. CA can neither assure nor accept responsibility for accuracy, but substantial legal liability may apply to misrepresentations of results made by a manager that are delivered to CA electronically, by wire, or through the mail. Managers may report returns to CA gross (before the deduction of management fees), net (after the deduction of management fees), or both.

Cambridge Associates, LLC is a Massachusetts limited liability company with offices in Arlington, VA; Boston, MA; Dallas, TX; and Menlo Park, CA. Cambridge Associates Fiduciary Trust, LLC is a New Hampshire limited liability company chartered to serve as a non-depository trust company, and is a wholly-owned subsidiary of Cambridge Associates, LLC. Cambridge Associates Limited is registered as a limited company in England and Wales No. 06135829 and is authorised and regulated by the Financial Conduct Authority in the conduct of Investment Business. Cambridge Associates Limited, LLC is a Massachusetts limited liability company with a branch office in Sydney, Australia (ARBN 109 366 654). Cambridge Associates Asia Pte Ltd is a Singapore corporation (Registration No. 200101063G). Cambridge Associates Investment Consultancy (Beijing) Ltd is a wholly owned subsidiary of Cambridge Associates, LLC and is registered with the Beijing Administration for Industry and Commerce (Registration No. 110000450174972).

Documents

Global Buyout & Growth Equity Index and Selected Benchmark ...cambridgeassociates.com/wp-content/uploads/2015/07/... · Russell 2000® Index 4.32 8.21 16.27 14.57 8.82 7.19 9.62 10.03