PERACS Alpha Benchmark Report

PERACSALPHA BENCHMARK REPORT DECEMBER 2015

ALPHA BENCHMARK REPORT 2 DECEMBER 2015 x PERACS ALPHA BENCHMARK REPORT 3 DECEMBER 2015 x PERACS

TABLE OF CONTENTS

MESSAGE FROM THE FOUNDER 3

THE PERACS METHODOLOGY 4

ABOUT PERACS 5

GLOBAL PE u GLOBAL PE PERACS MULTIPLE 6 u GLOBAL PE PERACS ALPHA 7 u GLOBAL PE PERACS RATE OF RETURN 8

NORTH AMERICA PE u NORTH AMERICA PE PERACS MULTIPLE 9 u NORTH AMERICA PE PERACS ALPHA 10 u NORTH AMERICA PE PERACS RATE OF RETURN 11

EUROPE PE u EUROPE PE PERACS MULTIPLE 12 u EUROPE PE PERACS ALPHA 13 u EUROPE PE PERACS RATE OF RETURN 14

GLOBAL BUYOUT u GLOBAL BUYOUT PERACS MULTIPLE 15 u GLOBAL BUYOUT PERACS ALPHA 16 u GLOBAL BUYOUT PERACS RATE OF RETURN 17

NORTH AMERICA BUYOUT u NORTH AMERICA BUYOUT PERACS MULTIPLE 18 u NORTH AMERICA BUYOUT PERACS ALPHA 19 u NORTH AMERICA BUYOUT PERACS RATE OF RETURN 20

GLOBAL VENTURE u GLOBAL VENTURE PERACS MULTIPLE 21 u GLOBAL VENTURE PERACS ALPHA 22 u GLOBAL VENTURE PERACS RATE OF RETURN 23

NORTH AMERICA VENTURE u NORTH AMERICA VENTURE PERACS MULTIPLE 24 u NORTH AMERICA VENTURE PERACS ALPHA 25 u NORTH AMERICA VENTURE PERACS RATE OF RETURN 26


MESSAGE FROM THE FOUNDER

PERACS provides customized and formula-

ic PE track record analytics and validation

services to PE investors. It is our goals to

bring increased accuracy and efficiency to

the fundraising and fund due diligence pro-

cesses for industry players.

Professor Oliver Gottschalg,

Founder, PERACS

The work being conducted by PERACS on fund performance, persistence and quantifying

the true value of Alpha for private equity performance, is increasingly becoming a must-

have component for GPs and LPs in fund analytics. The inherent bias of IRR as a measure

of performance continues to be an industry standard that perpetuates the top performer

myths. Track record certification allows true top quartile performers to talk openly with in-

vestors and backup that talk with facts. PERACS Alpha™ measures PE returns in an accu-

rate and unbiased fashion making it possible to quantify the extent to which performance

is attributable to broad market trends, financial leverage, sector choices or operational

outperformance.

This, the inaugural PERACS Alpha Benchmark Report, will provide you with the necessary

industry standard against which to compare fund performance to a relevant peer group on

a quarterly basis.

For more information see PERACS.com

GLOBAL BUYOUT u GLOBAL BUYOUT PERACS MULTIPLE 15 u GLOBAL BUYOUT PERACS ALPHA 16 u GLOBAL BUYOUT PERACS RATE OF RETURN 17

NORTH AMERICA BUYOUT u NORTH AMERICA BUYOUT PERACS MULTIPLE 18 u NORTH AMERICA BUYOUT PERACS ALPHA 19 u NORTH AMERICA BUYOUT PERACS RATE OF RETURN 20

GLOBAL VENTURE u GLOBAL VENTURE PERACS MULTIPLE 21 u GLOBAL VENTURE PERACS ALPHA 22 u GLOBAL VENTURE PERACS RATE OF RETURN 23

NORTH AMERICA VENTURE u NORTH AMERICA VENTURE PERACS MULTIPLE 24 u NORTH AMERICA VENTURE PERACS ALPHA 25 u NORTH AMERICA VENTURE PERACS RATE OF RETURN 26


The PERACS Alpha™ provides a computationally robust and analytically accurate first indication of the ‘alpha’ of a private equity investment, that is, its outperformance relative to a broad public market index. This measure serves as a (non-risk-adjusted) proxy for the opportunity cost of having invested in private equity.

The PERACS Alpha™ calculates the annualized performance of a

PE investment relative to the public market returns by i) discounting

all of the fund’s cash flows back to the date of the first cash flow of the

fund, using the actual returns of a broad public market index, such as

the MSCI World Index over the relevant time period, as the discount

rate ii) calculating the PERACS Multiple, the ratio of the present value

of all inflows over the present value of all outflows, to obtain a present

value version of the total return multiple (TVPI or MOIC) iii) deriving the

duration of the fund as the time period between (a) the capital weighted

average date of all takedowns and (b) the capital weighted average

date of all distributions and the remaining NAV.

PERACS uses the duration to annualise the PERACS multiple by calculating:

[PERACS Alpha = (PERACS Multiple^(1/duration)) -1]

THE PERACS METHODOLOGY

For purposes of its analysis and results, PERACS™ has relied exclusively upon data available through Preqin, without independent verification by PERACS™; PERACS™ disclaims any

responsibility or liability whatsoever for the accuracy or completeness of such information, including any misrepresentations or errors arising from, or as a result of, any such information.

Its companion, the PERACS Rate of Return (PRR), uses a similar

approach to measure absolute annual returns. It does so by taking

the multiple (TVPI or MOIC) and using the investment duration (the

difference between the capital weighted average date of all realizations

and the capital weighted average date of all investments) to calculate

the compounded annual return (over the duration of the investment)

which led to value appreciation.

[PERACS Annualized Rate of Return = (Multiple^(1/Duration in years))-1]

3-Year Rolling Average Vintage Year:

Inspired by the empirical observation that PE funds are often more sim-

ilar in terms of when they do their deals to the funds raised in the years

immediately prior to and immediately following their own vintage year,

than their direct vintage year peers, we calculate a benchmark based

on rolling 3-year vintage cycles. i.e. the 2005 benchmark considers all

funds raised in 2004, 2005 or 2006.

Single Vintage Year:

Calculations from the year in which a private equity fund makes its first

investment.


PERACS is a leading provider of independent track record performance certification services for

alternative investments; driven by the pioneering research over the past decade by the company’s

world recognized founder, Professor Oliver Gottschalg. More than 20% of global private equity

fundraising volume utilizes PERACS™ as the performance standard of choice.

The company’s proprietary PE Due Diligence Analytics™ is an exceptionally powerful statistical

method for identifying key attributes of a fund’s performance, its risk profile, and its strategic

differentiators. This comprehensive set of standardized, quantitative metrics is generated at the deal,

fund and portfolio level, cumulatively and continuously, for periodic reporting.

General Partners use PERACS to demonstrate competitive positioning, not only for internal use

but to enhance fundraising effectiveness and efficiency and for ongoing investor communication.

Limited Partners use PERACS to provide unique perspective into portfolio risk and return profile with

application in portfolio design, investment decision support and optimizing performance.

ABOUT PERACS


GLOBAL PE PERACS MULTIPLEPERFORMANCE AS OF 9/30/15 OR 3Q 2015

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 3.11x 3.11x 3.11x 12.47x 12.47x 12.47x 5.28x 5.28x 5.28x 3.37x 3.63x 3.63x 3.63x 1.47x 1.43x 1.47x 1.53x 1.53x 1.48x 1.44x 1.40x 1.36x 1.32x 1.26x 1.20x 1.15x 1.08x 1.11x 1.20x 1.22x 1.24x 1.25x 1.23x 1.19x 1.16x 1.13x 1.09x 1.05x 1.02x 0.68x 0.75x 0.83x 0.96x 1.02x 1.02x 1.02x 1.00x 0.99x 0.96x 0.94x 0.94x 0.92x 0.01x 0.10x 0.01x 0.01x 0.01x 0.08x 0.08x 0.12x 0.17x 0.25x 0.37x 0.29x 0.25x 324 308 224 207 275 395 515 566 480 397 368 438 504


VINTAGE YEARMAXQ1MEDIANQ3MINFUND COUNT


1.50x

1.00x

0.50x

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000

We calculate these measures for each of over 2000 PE funds worldwide based on a unique dataset provided by Preqin which includes detailed information on the funds’ cash flows and their most recent net-asset-values to then derive quartile cut-offs for groups of funds according to vintage year and geography. Due to small data sample size for European Buyout and VC performance, charts not included.

3-YEAR ROLLING AVERAGE

SINGLE YEAR VINTAGE

3-YR ROLLINGVINTAGE Q3


3-YR ROLLINGVINTAGE MEDIAN


GLOBAL PE PERACS ALPHAPERFORMANCE AS OF 9/30/15 OR 3Q 2015





2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 61.07% 46.63% 46.63% 58.44% 58.44% 58.44% 52.40% 56.08% 56.08% 59.32% 380.04% 380.04% 380.04% 9.18% 9.18% 9.27% 9.41% 9.19% 9.17% 9.15% 9.21% 9.72% 9.90% 10.19% 9.76% 9.77% 1.41% 2.05% 3.71% 4.53% 4.74% 5.12% 5.08% 4.86% 4.64% 4.22% 3.65% 3.28% 1.46% -6.28% -4.83% -3.14% -0.70% 0.44% 0.37% 0.45% -0.01% -0.41% -1.42% -2.74% -3.43% -6.24% -98.35% -98.35% -56.04% -56.04% -68.76% -68.76% -68.76% -44.27% -36.48% -37.93% -37.93% -94.51% -94.51% 324 308 224 207 275 395 515 566 480 397 368 438 504

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 28.31% 46.63% 42.18% 22.64% 58.44% 51.05% 20.16% 52.40% 56.08% 36.21% 59.32% 380.04% 61.88% 7.61% 10.41% 9.97% 7.95% 9.84% 9.16% 8.89% 9.40% 9.49% 10.30% 10.80% 9.74% 9.35% 0.14% 3.71% 3.20% 4.75% 4.81% 4.48% 5.46% 4.90% 4.14% 4.31% 4.90% 3.28% 1.43% -6.10% -4.60% -2.94% 0.47% -0.65% 0.66% 0.31% 0.82% -0.49% -2.92% -1.06% -3.90% -4.99% -98.35% -35.25% -23.94% -56.04% -40.72% -68.76% -44.27% -36.48% -23.16% -23.26% -37.93% -36.04% -94.51% 139 98 71 55 81 139 175 201 190 89 118 161 159

10.00%

0.00%

-10.00%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000



SINGLE YEAR VINTAGE





GLOBAL PE PERACS RATE OF RETURNPERFORMANCE AS OF 9/30/15 OR 3Q 2015

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.62x 0.62x 0.62x 0.63x 0.63x 0.63x 0.63x 0.67x 0.67x 0.73x 4.50x 4.50x 4.50x 0.13x 0.15x 0.16x 0.14x 0.13x 0.12x 0.13x 0.15x 0.17x 0.19x 0.20x 0.20x 0.19x 0.05x 0.07x 0.09x 0.09x 0.08x 0.08x 0.09x 0.10x 0.11x 0.13x 0.12x 0.11x 0.09x -0.02x -0.01x 0.03x 0.03x 0.03x 0.03x 0.04x 0.05x 0.06x 0.07x 0.06x 0.05x 0.00x 0.01x 0.10x 0.01x 0.01x 0.01x 0.08x 0.08x 0.12x 0.17x 0.25x 0.37x 0.29x 0.25x 324 308 224 207 275 395 515 566 480 397 368 438 504 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.33x 0.62x 0.55x 0.27x 0.63x 0.51x 0.25x 0.63x 0.67x 0.48x 0.73x 4.50x 0.77x 0.13x 0.17x 0.17x 0.13x 0.13x 0.11x 0.12x 0.15x 0.18x 0.21x 0.20x 0.20x 0.18x 0.04x 0.08x 0.09x 0.09x 0.08x 0.08x 0.08x 0.10x 0.13x 0.13x 0.14x 0.12x 0.10x -0.02x 0.00x 0.02x 0.04x 0.03x 0.04x 0.04x 0.06x 0.07x 0.05x 0.07x 0.05x 0.02x -0.99x -0.34x -0.22x -0.56x -0.34x -0.68x -0.40x -0.32x -0.17x -0.15x -0.32x -0.26x -0.94x 139 98 71 55 81 139 175 201 190 89 118 161 159





SINGLE YEAR VINTAGE




0.50x

0.00x

-0.50x

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000


NORTH AMERICA PE PERACS MULTIPLEPERFORMANCE AS OF 9/30/15 OR 3Q 2015





1.50x

1.00x

0.50x

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000



SINGLE YEAR VINTAGE





NORTH AMERICA PE PERACS ALPHAPERFORMANCE AS OF 9/30/15 OR 3Q 2015

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 61.07% 46.63% 46.63% 58.44% 58.44% 58.44% 52.40% 56.08% 56.08% 56.08% 380.04% 380.04% 380.04% 6.99% 6.56% 7.26% 8.16% 9.04% 9.20% 9.82% 10.61% 11.20% 11.02% 11.74% 11.06% 10.58% 0.24% 1.04% 3.01% 3.48% 4.73% 5.22% 5.64% 5.65% 5.73% 5.77% 5.77% 4.42% 2.61% -6.47% -5.17% -4.47% -2.05% 0.53% 0.48% 1.49% 1.16% 1.20% 0.40% 0.41% -2.00% -5.12% -98.35% -98.35% -56.04% -56.04% -68.76% -68.76% -68.76% -44.27% -36.48% -37.93% -37.93% -40.83% -83.19% 252 232 157 145 188 277 342 365 288 239 205 250 281

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 24.58% 46.63% 42.18% 22.64% 58.44% 51.05% 17.67% 52.40% 56.08% 36.21% 46.17% 380.04% 61.88% 6.17% 6.62% 7.18% 7.81% 9.22% 9.17% 9.22% 11.60% 10.23% 11.42% 11.74% 11.71% 10.06% -0.43% 2.27% 2.17% 4.42% 4.61% 5.12% 5.64% 6.22% 5.56% 6.11% 6.49% 5.03% 3.17% -6.32% -4.97% -4.44% 0.56% -1.68% 1.96% 0.37% 1.72% 0.42% 0.55% 0.38% 0.51% -4.58% -98.35% -35.25% -23.94% -56.04% -40.72% -68.76% -44.27% -36.48% -23.16% -17.15% -37.93% -26.15% -40.83% 113 69 50 38 57 93 127 122 116 50 73 82 95



10.00%

0.00%

-10.00%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000



SINGLE YEAR VINTAGE








NORTH AMERICA PE PERACS RATE OF RETURNPERFORMANCE AS OF 9/30/15 OR 3Q 2015

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.62x 0.62x 0.62x 0.63x 0.63x 0.63x 0.63x 0.67x 0.67x 0.67x 4.50x 4.50x 4.50x 0.12x 0.12x 0.12x 0.12x 0.12x 0.12x 0.14x 0.16x 0.19x 0.20x 0.21x 0.21x 0.19x 0.04x 0.05x 0.07x 0.08x 0.08x 0.08x 0.09x 0.11x 0.13x 0.14x 0.14x 0.13x 0.10x -0.03x -0.01x 0.00x 0.01x 0.04x 0.03x 0.06x 0.07x 0.08x 0.08x 0.08x 0.07x 0.00x 0.01x 0.10x 0.01x 0.01x 0.01x 0.08x 0.08x 0.17x 0.17x 0.32x 0.37x 0.37x 0.29x 252 232 157 145 188 277 342 365 288 239 205 250 281 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.31x 0.62x 0.48x 0.27x 0.63x 0.51x 0.22x 0.63x 0.67x 0.48x 0.54x 4.50x 0.77x 0.12x 0.12x 0.12x 0.12x 0.13x 0.12x 0.13x 0.17x 0.19x 0.21x 0.21x 0.22x 0.19x 0.03x 0.07x 0.08x 0.07x 0.08x 0.08x 0.09x 0.11x 0.14x 0.15x 0.15x 0.14x 0.10x -0.03x 0.00x 0.01x 0.04x 0.02x 0.05x 0.03x 0.08x 0.09x 0.08x 0.08x 0.09x 0.04x -0.99x -0.34x -0.22x -0.56x -0.34x -0.68x -0.40x -0.32x -0.17x -0.10x -0.32x -0.21x -0.32x 113 69 50 38 57 93 127 122 116 50 73 82 95





SINGLE YEAR VINTAGE

0.50x

0.00x

-0.50x

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000


EUROPE PE PERACS MULTIPLEPERFORMANCE AS OF 9/30/15 OR 3Q 2015

2005 2006 2007 2008 2009 2010 2011 2012 3.57x 3.57x 3.57x 1.80x 1.56x 1.55x 1.55x 1.55x 1.43x 1.34x 1.31x 1.21x 1.23x 1.12x 1.12x 1.08x 1.17x 1.11x 1.07x 1.04x 1.06x 0.99x 0.99x 0.98x 0.97x 0.88x 0.90x 0.86x 0.91x 0.81x 0.82x 0.81x 0.48x 0.23x 0.23x 0.23x 0.54x 0.57x 0.57x 0.25x 47 73 80 74 50 52 54 67






SINGLE YEAR VINTAGE




2.00x

1.50x

1.00x

0.50x

2005 2006 2007 2008 2009 2010 2011 2012




EUROPE PE PERACS ALPHAPERFORMANCE AS OF 9/30/15 OR 3Q 2015

2005 2006 2007 2008 2009 2010 2011 2012 28.44% 28.44% 20.16% 19.76% 17.74% 26.37% 26.37% 26.37% 8.16% 7.28% 7.25% 6.20% 6.66% 6.17% 6.51% 5.88% 3.19% 2.12% 2.08% 1.25% 1.82% -0.65% -0.49% -1.47% -0.69% -3.34% -2.77% -4.26% -3.01% -7.97% -8.79% -9.58% -16.56% -22.45% -22.55% -22.55% -22.55% -24.08% -29.33% -74.85% 47 73 80 74 50 52 54 67

2005 2006 2007 2008 2009 2010 2011 2012 28.44% 20.16% 19.76% 17.74% 10.18% 15.04% 26.37% 19.69% 5.67% 8.44% 6.88% 6.36% 3.36% 14.30% 4.55% 5.55% 2.12% 4.41% 1.56% 1.82% -2.63% 11.11% -1.32% -2.83% -3.34% 0.28% -5.90% 0.48% -7.20% 5.62% -9.50% -10.46% -16.56% -14.04% -22.45% -22.55% -10.01% 3.41% -24.08% -29.33% 21 22 30 28 16 6 30 18





SINGLE YEAR VINTAGE




20.00%

10.00%

0.00%

-10.00%

2005 2006 2007 2008 2009 2010 2011 2012


EUROPE PE PERACS RATE OF RETURNPERFORMANCE AS OF 9/30/15 OR 3Q 2015

2005 2006 2007 2008 2009 2010 2011 2012 0.30x 0.30x 0.30x 0.30x 0.30x 0.38x 0.38x 0.38x 0.11x 0.11x 0.12x 0.13x 0.15x 0.14x 0.15x 0.13x 0.06x 0.06x 0.08x 0.08x 0.10x 0.07x 0.07x 0.06x 0.04x 0.01x 0.02x 0.01x 0.05x -0.01x -0.02x -0.03x 0.48x 0.23x 0.23x 0.23x 0.54x 0.57x 0.57x 0.25x 47 73 80 74 50 52 54 67 2005 2006 2007 2008 2009 2010 2011 2012 0.30x 0.25x 0.26x 0.30x 0.19x 0.22x 0.38x 0.26x 0.08x 0.11x 0.11x 0.14x 0.13x 0.22x 0.12x 0.14x 0.06x 0.07x 0.07x 0.10x 0.05x 0.20x 0.06x 0.05x 0.00x 0.05x 0.00x 0.07x 0.01x 0.13x -0.02x -0.04x --0.11x -0.12x -0.18x -0.17x -0.03x 0.11x -0.17x -0.23x 21 22 30 28 16 6 30 18





SINGLE YEAR VINTAGE




0.50x

0.00x

-0.50x

2005 2006 2007 2008 2009 2010 2011 2012


GLOBAL BUYOUT PERACS MULTIPLEPERFORMANCE AS OF 9/30/15 OR 3Q 2015





2.00x

1.50x

1.00x

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000



SINGLE YEAR VINTAGE

2005 2006 2007 2008 2009 2010 2011 2012 0.30x 0.30x 0.30x 0.30x 0.30x 0.38x 0.38x 0.38x 0.11x 0.11x 0.12x 0.13x 0.15x 0.14x 0.15x 0.13x 0.06x 0.06x 0.08x 0.08x 0.10x 0.07x 0.07x 0.06x 0.04x 0.01x 0.02x 0.01x 0.05x -0.01x -0.02x -0.03x 0.48x 0.23x 0.23x 0.23x 0.54x 0.57x 0.57x 0.25x 47 73 80 74 50 52 54 67 2005 2006 2007 2008 2009 2010 2011 2012 0.30x 0.25x 0.26x 0.30x 0.19x 0.22x 0.38x 0.26x 0.08x 0.11x 0.11x 0.14x 0.13x 0.22x 0.12x 0.14x 0.06x 0.07x 0.07x 0.10x 0.05x 0.20x 0.06x 0.05x 0.00x 0.05x 0.00x 0.07x 0.01x 0.13x -0.02x -0.04x --0.11x -0.12x -0.18x -0.17x -0.03x 0.11x -0.17x -0.23x 21 22 30 28 16 6 30 18





GLOBAL BUYOUT PERACS ALPHAPERFORMANCE AS OF 9/30/15 OR 3Q 2015

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 46.63% 46.63% 46.63% 42.18% 51.05% 51.05% 51.05% 36.75% 36.75% 36.75% 380.04% 380.04% 380.04% 15.10% 15.71% 13.43% 12.19% 9.33% 9.49% 9.06% 9.10% 8.95% 9.35% 9.35% 9.36% 9.62% 8.20% 7.28% 6.64% 6.55% 5.74% 5.70% 5.28% 5.08% 4.40% 4.14% 3.56% 3.21% 1.43% 2.61% 2.56% 2.80% 3.15% 2.69% 2.73% 1.84% 1.34% 0.50% -0.05% -1.92% -2.99% -5.38% -25.44% -16.44% -47.57% -47.57% -47.57% -44.27% -44.27% -44.27% -22.55% -37.93% -37.93% -40.83% -83.19% 133 127 109 108 173 266 359 393 337 288 275 323 373

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 28.31% 46.63% 42.18% 22.64% 28.06% 51.05% 20.16% 33.86% 36.75% 25.03% 34.75% 380.04% 55.30% 16.49% 14.55% 13.44% 8.29% 10.65% 8.83% 9.42% 8.73% 8.96% 9.77% 9.36% 8.68% 9.51% 9.08% 6.93% 6.29% 6.17% 7.30% 5.12% 5.93% 4.83% 4.14% 4.31% 3.84% 2.94% 2.12% 2.62% 3.71% 1.23% 3.12% 4.45% 2.09% 3.07% 1.52% 0.57% -1.35% -0.63% -2.84% -4.86% -3.76% -16.44% -12.71% -47.57% -40.72% -16.56% -44.27% -22.45% -22.55% -17.15% -37.93% -26.15% -40.83% 50 43 34 32 42 99 125 135 133 69 86 120 117



10.00%

0.00%

-10.00%

20.00%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000



SINGLE YEAR VINTAGE





GLOBAL BUYOUT PERACS RATE OF RETURNPERFORMANCE AS OF 9/30/15 OR 3Q 2015

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.62x 0.62x 0.62x 0.48x 0.51x 0.51x 0.51x 0.47x 0.47x 0.47x 4.50x 4.50x 4.50x 0.20x 0.22x 0.20x 0.16x 0.13x 0.13x 0.13x 0.15x 0.16x 0.18x 0.19x 0.19x 0.18x 0.12x 0.13x 0.12x 0.10x 0.09x 0.09x 0.09x 0.10x 0.12x 0.13x 0.12x 0.11x 0.09x 0.06x 0.08x 0.08x 0.07x 0.06x 0.06x 0.06x 0.07x 0.07x 0.08x 0.07x 0.05x 0.00x 0.37x 0.48x 0.01x 0.01x 0.01x 0.23x 0.23x 0.23x 0.23x 0.25x 0.37x 0.37x 0.29x 133 127 109 108 173 266 359 393 337 288 275 323 373 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.33x 0.62x 0.48x 0.27x 0.32x 0.51x 0.25x 0.38x 0.47x 0.35x 0.44x 4.50x 0.55x 0.21x 0.23x 0.22x 0.14x 0.13x 0.12x 0.13x 0.15x 0.17x 0.18x 0.19x 0.19x 0.19x 0.14x 0.12x 0.12x 0.10x 0.10x 0.08x 0.09x 0.10x 0.13x 0.13x 0.12x 0.11x 0.10x 0.08x 0.08x 0.07x 0.07x 0.08x 0.05x 0.06x 0.07x 0.08x 0.08x 0.08x 0.06x 0.02x 0.00x -0.07x -0.03x -0.47x -0.34x -0.08x -0.40x -0.18x -0.17x -0.10x -0.32x -0.21x -0.32x 50 43 34 32 42 99 125 135 133 69 86 120 117





SINGLE YEAR VINTAGE




0.50x

0.00x

-0.50x

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000


NORTH AMERICA BUYOUT PERACS MULTIPLEPERFORMANCE AS OF 9/30/15 OR 3Q 2015





1.50x

1.00x

2.00x

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000



SINGLE YEAR VINTAGE







NORTH AMERICA BUYOUT PERACS ALPHAPERFORMANCE AS OF 9/30/15 OR 3Q 2015

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 46.63% 46.63% 46.63% 42.18% 51.05% 51.05% 51.05% 36.75% 36.75% 36.75% 380.04% 380.04% 380.04% 13.21% 13.42% 13.09% 12.26% 10.07% 10.41% 10.07% 10.10% 10.01% 9.94% 10.06% 9.68% 9.51% 6.90% 6.62% 5.85% 7.32% 6.05% 6.23% 5.91% 5.82% 5.40% 5.60% 5.06% 3.97% 2.61% 1.56% 1.49% 2.50% 2.92% 3.66% 3.86% 3.08% 2.34% 1.92% 0.99% 0.50% -1.71% -5.05% -25.44% -12.71% -47.57% -47.57% -47.57% -44.27% -44.27% -44.27% -17.15% -37.93% -37.93% -40.83% -83.19% 107 103 81 83 123 188 238 253 204 176 155 195 224

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 24.58% 46.63% 42.18% 22.64% 28.06% 51.05% 17.67% 33.86% 36.75% 25.03% 34.75% 380.04% 55.30% 14.51% 12.70% 13.09% 10.52% 11.17% 9.20% 10.86% 10.02% 9.81% 11.22% 9.79% 9.68% 9.51% 7.61% 5.35% 5.55% 6.68% 8.68% 5.47% 6.23% 5.17% 5.56% 6.11% 5.55% 4.37% 3.42% 1.39% 3.60% 0.39% 3.60% 4.69% 3.55% 4.07% 1.96% 2.09% 1.11% 0.39% 0.66% -3.62% -3.76% -8.64% -12.71% -47.57% -40.72% -8.06% -44.27% -14.73% -16.40% -17.15% -37.93% -26.15% -40.83% 44 30 29 22 32 69 87 82 84 38 54 63 78



20.00%

10.00%

0.00%

-10.00%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000



SINGLE YEAR VINTAGE





NORTH AMERICA BUYOUT PERACS RATE OF RETURNPERFORMANCE AS OF 9/30/15 OR 3Q 2015


0.50x

0.00x

-0.50x

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000


2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.31x 0.62x 0.48x 0.27x 0.32x 0.51x 0.22x 0.38x 0.47x 0.35x 0.44x 4.50x 0.55x 0.21x 0.19x 0.20x 0.14x 0.13x 0.12x 0.14x 0.15x 0.18x 0.21x 0.20x 0.21x 0.19x 0.13x 0.12x 0.10x 0.10x 0.11x 0.08x 0.10x 0.11x 0.14x 0.15x 0.14x 0.13x 0.11x 0.06x 0.08x 0.06x 0.07x 0.08x 0.06x 0.07x 0.08x 0.10x 0.10x 0.08x 0.09x 0.04x 0.00x -0.03x -0.03x -0.47x -0.34x -0.05x -0.40x -0.09x -0.12x -0.10x -0.32x -0.21x -0.32x 44 30 29 22 32 69 87 82 84 38 54 63 78




SINGLE YEAR VINTAGE





GLOBAL VENTURE PERACS MULTIPLEPERFORMANCE AS OF 9/30/15 OR 3Q 2015





1.50x

1.00x

0.50x

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000



SINGLE YEAR VINTAGE


2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.31x 0.62x 0.48x 0.27x 0.32x 0.51x 0.22x 0.38x 0.47x 0.35x 0.44x 4.50x 0.55x 0.21x 0.19x 0.20x 0.14x 0.13x 0.12x 0.14x 0.15x 0.18x 0.21x 0.20x 0.21x 0.19x 0.13x 0.12x 0.10x 0.10x 0.11x 0.08x 0.10x 0.11x 0.14x 0.15x 0.14x 0.13x 0.11x 0.06x 0.08x 0.06x 0.07x 0.08x 0.06x 0.07x 0.08x 0.10x 0.10x 0.08x 0.09x 0.04x 0.00x -0.03x -0.03x -0.47x -0.34x -0.05x -0.40x -0.09x -0.12x -0.10x -0.32x -0.21x -0.32x 44 30 29 22 32 69 87 82 84 38 54 63 78





GLOBAL VENTURE PERACS ALPHAPERFORMANCE AS OF 9/30/15 OR 3Q 2015

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 61.07% 20.33% 20.33% 58.44% 58.44% 58.44% 52.40% 56.08% 56.08% 56.08% 85.56% 85.56% 85.56% 0.81% 1.22% 3.06% 3.03% 4.14% 6.00% 9.39% 11.14% 13.65% 13.65% 20.07% 21.44% 13.58% -4.75% -4.52% -2.12% -1.47% -0.23% 0.12% 3.54% 4.84% 5.67% 6.31% 8.06% 7.58% 3.32% -12.32% -9.49% -9.30% -9.44% -8.22% -8.45% -7.28% -6.28% -4.01% -4.69% -4.19% -4.86% -6.56% -98.35% -98.35% -56.04% -56.04% -68.76% -68.76% -68.76% -36.48% -36.48% -23.16% -13.03% -29.73% -74.85% 158 145 86 68 74 97 122 130 104 72 58 64 69

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 17.90% 18.64% 20.33% 10.21% 58.44% 31.80% 16.10% 52.40% 56.08% 36.21% 46.17% 85.56% 61.88% -0.96% 2.15% 3.00% 3.41% 2.12% 7.76% 6.74% 14.55% 11.14% 13.60% 24.32% 17.64% 13.58% -4.81% -2.25% -3.50% -0.06% -1.06% 0.34% 0.25% 7.65% 5.02% 3.37% 8.17% 8.43% -1.48% -9.51% -7.27% -9.67% -8.77% -6.56% -7.79% -10.26% -1.02% -9.48% -4.33% -0.27% -0.77% -11.03% -98.35% -35.25% -23.94% -56.04% -19.05% -68.76% -22.50% -36.48% -23.16% -13.03% -11.47% -12.64% -29.73% 77 44 24 18 26 30 41 51 38 15 19 24 21



20.00%

10.00%

0.00%

-10.00%

-20.00%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000



SINGLE YEAR VINTAGE








GLOBAL VENTURE PERACS RATE OF RETURNPERFORMANCE AS OF 9/30/15 OR 3Q 2015

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.57x 0.25x 0.25x 0.63x 0.63x 0.63x 0.63x 0.67x 0.67x 0.67x 1.03x 1.03x 1.03x 0.05x 0.05x 0.07x 0.07x 0.08x 0.10x 0.15x 0.17x 0.20x 0.22x 0.30x 0.32x 0.23x -0.02x 0.00x 0.03x 0.03x 0.03x 0.03x 0.08x 0.09x 0.12x 0.13x 0.17x 0.16x 0.10x -0.11x -0.06x -0.05x -0.04x -0.05x -0.05x -0.03x -0.01x 0.03x 0.03x 0.04x 0.04x 0.00x 0.01x 0.10x 0.01x 0.01x 0.01x 0.08x 0.08x 0.17x 0.17x 0.32x 0.60x 0.43x 0.25x 158 145 86 68 74 97 122 130 104 72 58 64 69 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.21x 0.24x 0.25x 0.12x 0.63x 0.37x 0.22x 0.63x 0.67x 0.48x 0.54x 1.03x 0.77x 0.03x 0.07x 0.08x 0.07x 0.05x 0.09x 0.11x 0.20x 0.20x 0.24x 0.34x 0.27x 0.22x -0.01x 0.03x 0.01x 0.04x 0.03x 0.03x 0.03x 0.13x 0.13x 0.11x 0.17x 0.18x 0.07x -0.07x -0.03x -0.05x -0.04x -0.03x -0.05x -0.06x 0.05x -0.02x 0.03x 0.09x 0.08x -0.02x -0.99x -0.34x -0.22x -0.56x -0.14x -0.68x -0.18x -0.32x -0.17x -0.06x -0.05x -0.05x -0.23x 77 44 24 18 26 30 41 51 38 15 19 24 21





SINGLE YEAR VINTAGE

0.50x

0.00x

-0.50x

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000


NORTH AMERICAN VENTURE PERACS MULTIPLEPERFORMANCE AS OF 9/30/15 OR 3Q 2015





1.50x

1.00x

0.50x

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000



SINGLE YEAR VINTAGE







NORTH AMERICAN VENTURE PERACS ALPHAPERFORMANCE AS OF 9/30/15 OR 3Q 2015

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 61.07% 18.64% 18.64% 58.44% 58.44% 58.44% 52.40% 56.08% 56.08% 56.08% 85.56% 85.56% 85.56% 0.97% 1.15% 3.09% 3.06% 4.22% 6.00% 9.37% 11.29% 15.06% 14.93% 20.07% 21.51% 13.65% -4.66% -4.42% -2.12% -1.72% 0.46% 0.12% 4.18% 5.07% 7.73% 6.57% 7.88% 6.91% 1.88% -12.41% -9.51% -9.01% -9.96% -7.94% -8.45% -7.24% -8.08% -4.23% -7.05% -4.10% -4.46% -5.17% -98.35% -98.35% -56.04% -56.04% -68.76% -68.76% -68.76% -36.48% -36.48% -23.16% -13.03% -29.73% -34.17% 145 129 76 62 65 89 104 112 84 63 50 55 57

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 10.50% 18.64% 6.34% 10.21% 58.44% 31.80% 16.10% 52.40% 56.08% 36.21% 46.17% 85.56% 61.88% -0.96% 2.25% 2.91% 3.67% 2.35% 8.56% 6.23% 15.16% 13.65% 12.30% 24.32% 19.99% 13.58% -4.68% -1.45% -4.52% 1.77% -1.26% 1.75% -1.10% 8.48% 5.41% 5.59% 8.17% 7.95% -1.48% -9.96% -6.33% -10.23% -9.70% -6.74% -7.48% -10.39% -0.64% -10.97% -4.23% -0.27% -2.22% -10.24% -98.35% -35.25% -23.94% -56.04% -19.05% -68.76% -22.50% -36.48% -23.16% -13.03% -11.47% -11.33% -29.73% 69 39 21 16 25 24 40 40 32 12 19 19 17



20.00%

10.00%

0.00%

-10.00%

-20.00%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000



SINGLE YEAR VINTAGE




ALPHA BENCHMARK REPORT 26 DECEMBER 2015 x PERACS

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.57x 0.24x 0.24x 0.63x 0.63x 0.63x 0.63x 0.67x 0.67x 0.67x 1.03x 1.03x 1.03x 0.05x 0.05x 0.07x 0.07x 0.08x 0.10x 0.15x 0.17x 0.21x 0.25x 0.30x 0.32x 0.24x -0.01x 0.00x 0.03x 0.02x 0.03x 0.03x 0.08x 0.09x 0.14x 0.16x 0.17x 0.16x 0.09x -0.11x -0.06x -0.05x -0.05x -0.03x -0.04x -0.02x -0.02x 0.03x 0.01x 0.04x 0.04x 0.00x 0.01x 0.10x 0.01x 0.01x 0.01x 0.08x 0.08x 0.17x 0.17x 0.32x 0.60x 0.43x 0.43x 145 129 76 62 65 89 104 112 84 63 50 55 57 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.14x 0.24x 0.10x 0.12x 0.63x 0.37x 0.22x 0.63x 0.67x 0.48x 0.54x 1.03x 0.77x 0.03x 0.07x 0.08x 0.07x 0.06x 0.09x 0.11x 0.21x 0.21x 0.23x 0.34x 0.29x 0.22x -0.01x 0.03x 0.01x 0.05x 0.02x 0.06x 0.03x 0.14x 0.13x 0.14x 0.17x 0.17x 0.07x -0.08x -0.02x -0.06x -0.05x -0.03x -0.03x -0.06x 0.05x -0.04x 0.03x 0.09x 0.06x 0.00x -0.99x -0.34x -0.22x -0.56x -0.14x -0.68x -0.18x -0.32x -0.17x -0.06x -0.05x -0.03x -0.23x 69 39 21 16 25 24 40 40 32 12 19 19 17

NORTH AMERICAN VENTURE PERACS RATE OF RETURNPERFORMANCE AS OF 9/30/15 OR 3Q 2015





SINGLE YEAR VINTAGE




0.50x

0.00x

-0.50x

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.57x 0.24x 0.24x 0.63x 0.63x 0.63x 0.63x 0.67x 0.67x 0.67x 1.03x 1.03x 1.03x 0.05x 0.05x 0.07x 0.07x 0.08x 0.10x 0.15x 0.17x 0.21x 0.25x 0.30x 0.32x 0.24x -0.01x 0.00x 0.03x 0.02x 0.03x 0.03x 0.08x 0.09x 0.14x 0.16x 0.17x 0.16x 0.09x -0.11x -0.06x -0.05x -0.05x -0.03x -0.04x -0.02x -0.02x 0.03x 0.01x 0.04x 0.04x 0.00x 0.01x 0.10x 0.01x 0.01x 0.01x 0.08x 0.08x 0.17x 0.17x 0.32x 0.60x 0.43x 0.43x 145 129 76 62 65 89 104 112 84 63 50 55 57 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0.14x 0.24x 0.10x 0.12x 0.63x 0.37x 0.22x 0.63x 0.67x 0.48x 0.54x 1.03x 0.77x 0.03x 0.07x 0.08x 0.07x 0.06x 0.09x 0.11x 0.21x 0.21x 0.23x 0.34x 0.29x 0.22x -0.01x 0.03x 0.01x 0.05x 0.02x 0.06x 0.03x 0.14x 0.13x 0.14x 0.17x 0.17x 0.07x -0.08x -0.02x -0.06x -0.05x -0.03x -0.03x -0.06x 0.05x -0.04x 0.03x 0.09x 0.06x 0.00x -0.99x -0.34x -0.22x -0.56x -0.14x -0.68x -0.18x -0.32x -0.17x -0.06x -0.05x -0.03x -0.23x 69 39 21 16 25 24 40 40 32 12 19 19 17

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