September 30, 2013 Cambridge Associates LLC Global ex U.S. Developed ...

[Pages:29]September 30, 2013

Cambridge Associates LLC Global ex U.S. Developed Markets and Emerging Markets Private Equity & Venture Capital Index and Selected Benchmark Statistics

Global ex U.S. Developed Markets & Emerging Markets Private Equity & Venture Capital Index and Selected Benchmark Statistics

Data as of September 30, 2013

New Geographic Hierarchy:

We are pleased to introduce our new geographic hierarchy being used in our Global ex U.S. Private Equity and Venture Capital Benchmarks. This new geographic hierarchy is used to classify both private investment funds and their underlying company investments, and is intended to better reflect evolving geographic realities and better align the geographic hierarchies and naming conventions used across all Cambridge Associates' platforms.

The following changes have been made and are reflected in the benchmark book:

Europe Developed Western Europe benchmarks have been renamed Europe Developed Israel focused funds have been removed from the Europe Developed benchmarks

Israel "Israel" has been split across Developed and Emerging Markets according to time Funds formed and investments made since 2010 are considered "Israel Developed (Since-2010)" and have been moved under the Global ex U.S. Developed benchmark Funds formed and investments made prior to 2010 are considered "Israel Emerging (Pre-2010)" and have been moved under the Global Emerging Markets benchmark

Asia/Pacific Asia has been renamed Asia/Pacific Asia/Pacific Developed consists of the following countries Australia Hong Kong Japan New Zealand Singapore All other countries are considered Asia/Pacific Emerging

We hope that you will find these changes beneficial.

Global ex U.S. Developed Markets & Emerging Markets Private Equity & Venture Capital Index and Selected Benchmark Statistics

Data as of September 30, 2013

Note on Currency:

The Global ex U.S. benchmarks are calculated in U.S. Dollars. All funds denominated in other currencies are converted to U.S. Dollars by using the average quarterly exchange rate for cash flows and ending quarterly exchange rate for net asset value as provided by Thomson Datastream. Approximately 50% percent of the number of funds and 38% of commitments in our sample are denominated in U.S. Dollars, 28% number of funds and 52% of commitments in Euros, 9% number of funds and 5% of commitments in U.K. Sterling and 6% of funds and 2% of commitments in Australia Dollars. However, our Developed Europe sample is approximately 63% of funds and 84% of commitments in Euros. Since currency exchange rates have an impact on returns, we have calculated the Developed Europe benchmarks in U.S. Dollars as well as Euros. Approximately 85% of funds and 94% of commitments of the Australia benchmarks are denominated in Australia Dollars. All Australia benchmarks have been calculated in Australia Dollars.

Global ex U.S. Developed Markets & Emerging Markets Private Equity & Venture Capital Index and Selected Benchmark Statistics

Data as of September 30, 2013

Table of Contents

Global ex U.S. Developed Markets Private Equity & Venture Capital

Fund Index Analysis

2

mPME Returns

Index Returns

Fund Since Inception Analysis

7

mPME Returns

Since Inception Returns

Global Emerging Markets Private Equity & Venture Capital

Fund Index Analysis

13

mPME Returns

Index Returns

Fund Since Inception Analysis

18

mPME Returns

Since Inception Returns

Methodology

24

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Global ex U.S. Developed Markets Private Equity & Venture Capital: Fund Index Analysis

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Global ex U.S. Developed Markets & Emerging Markets Private Equity & Venture Capital Index and Selected Benchmark Statistics

Data as of September 30, 2013

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

CA Index Global ex U.S. Developed Markets Private Equity & Venture Capital Index1

MSCI EAFE Index Value-Add (bps)

MSCI Europe Index Value-Add (bps)

mPME Analysis2

1-Year 14.38

3-Year 11.83

5-Year 6.81

10-Year 14.35

15-Year 13.45

20-Year 13.84

25-Year 13.80

23.63

8.30

7.12

6.29

5.32

5.28

5.31

-925

353

-31

807

813

856

849

24.01

8.56

6.96

6.59

5.42

5.87

5.93

-963

327

-15

776

803

797

787

The index is an end-to-end calculation based on data compiled from 698 global ex U.S. developed markets private equity and venture capital funds (includes funds investing primarily

in Asia/Pacific?Developed, Europe?Developed, Middle East?Developed and Canada), including fully liquidated partnerships, formed between 1986 and 2013.

1Pooled end-to-end return, net of fees, expenses, and carried interest.

2 CA Modified Public Market Equivalent (mPME) replicates 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 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, MSCI Inc. and Thomson Reuters Datastream.

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Global ex U.S. Developed Markets & Emerging Markets Private Equity & Venture Capital Index and Selected Benchmark Statistics

Global ex U.S. Developed Markets Private Equity & Venture Capital Fund Index Summary: End-to-End Pooled Return Net to Limited Partners

Data as of September 30, 2013

Index

1-Quarter YTD

Global ex U.S. Developed Markets Private Equity & Venture Capital Index1

6.66 9.12

Barclays Capital Government/Credit Bond Index

0.36 -2.32

Dow Jones Industrial Average Index

2.12 17.64

Dow Jones U.S. Small Cap Index

8.54 23.98

Dow Jones U.S. TopCap Index

5.75 20.53

MSCI Emerging Markets Index

5.90 -4.05

MSCI Europe Index (US$)

13.61 16.09

MSCI Europe Index ()

9.10 13.06

MSCI Pacific Index

7.99 16.45

MSCI World ex U.S. Index

11.31 14.66

MSCI World Index

8.18 17.29

Nasdaq Composite Index*

10.82 24.90

Russell 1000? Index

6.02 20.76

Russell 2000? Index

10.21 27.69

S&P 500 Index

5.25 19.79

1-Year 14.38 -1.96 15.59 28.56 20.41

1.33 24.23 18.07 23.32 21.45 20.21 21.03 20.91 30.06 19.34

3-Year 11.83

2.89 14.94 18.24 16.51

0.00 8.73 9.04 8.34 7.89 11.82 16.77 16.64 18.29 16.27

5-Year 6.81 5.71 9.93

12.86 10.43

7.56 6.03 6.81 7.34 6.12 7.84 12.51 10.53 11.15 10.02

10-Year 15-Year 20-Year 25-Year

14.35 13.45 13.84 13.80

4.52

5.24

5.73

6.89

7.74

6.93 10.02 10.97

10.67 10.95 10.38

NA

8.03

5.67

8.80

NA

13.16 12.32

7.10 11.10

8.47

5.20

8.08

8.81

6.85

4.18

7.38

8.15

7.13

6.32

2.09

1.82

8.18

5.74

5.68

5.50

7.58

5.13

6.73

6.94

7.76

5.48

8.32

9.53

7.98

5.78

8.94 10.13

9.64

8.91

8.96

9.80

7.57

5.33

8.80

9.96

The index is an end-to-end calculation based on data compiled from 698 global ex U.S. developed markets private equity and venture capital funds (includes funds investing primarily in

in Asia/Pacific?Developed, Europe?Developed, Middle East?Developed and Canada), including fully liquidated partnerships, formed between 1986 and 2013.

1Pooled end-to-end return, net of fees, expenses, and carried interest.

Sources: Barclays, Dow Jones Indexes, Frank Russell Company, MSCI Inc., Standard & Poor's and Thomson Reuters Datastream. *Capital change only. Notes: Total returns for MSCI Emerging Markets indices are gross of dividend taxes. Total returns for MSCI Developed Markets indices are net of dividend taxes.

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Global ex U.S. Developed Markets & Emerging Markets Private Equity & Venture Capital Index and Selected Benchmark Statistics

Data as of September 30, 2013

Global ex U.S. Developed Markets Private Equity & Venture Capital Fund Index Details: One Quarter End-to-End Pooled Return Net to Limited Partners

Quarter End to End

Ending

Return

Quarter End to End

Ending

Return

Quarter End to End

Ending

Return

Quarter End to End

Ending

Return

Quarter End to End

Ending

Return

1986 Q1

NA

1992 Q1

4.39

1998 Q1

1.31

2004 Q1

1.15

2010 Q1

-1.97

1986 Q2

NA

1992 Q2

11.23

1998 Q2

12.33

2004 Q2

4.56

2010 Q2

-3.07

1986 Q3

NA

1992 Q3

3.56

1998 Q3

3.90

2004 Q3

4.62

2010 Q3

12.09

1986 Q4

3.64

1992 Q4

-15.52

1998 Q4

3.91

2004 Q4

17.96

2010 Q4

8.70

1987 Q1

8.26

1993 Q1

1.13

1999 Q1

0.02

2005 Q1

0.22

2011 Q1

6.48

1987 Q2

0.90

1993 Q2

7.42

1999 Q2

7.04

2005 Q2

5.20

2011 Q2

6.29

1987 Q3

0.61

1993 Q3

6.17

1999 Q3

7.54

2005 Q3

6.24

2011 Q3

-8.81

1987 Q4

7.32

1993 Q4

-1.14

1999 Q4

13.57

2005 Q4

12.07

2011 Q4

-0.01

1988 Q1

-8.53

1994 Q1

11.61

2000 Q1

6.58

2006 Q1

6.83

2012 Q1

7.34

1988 Q2

-5.36

1994 Q2

-1.68

2000 Q2

3.43

2006 Q2

17.46

2012 Q2

-1.52

1988 Q3

-10.59

1994 Q3

3.66

2000 Q3

-1.12

2006 Q3

4.37

2012 Q3

3.23

1988 Q4

13.60

1994 Q4

5.21

2000 Q4

5.35

2006 Q4

21.60

2012 Q4

4.79

1989 Q1

-3.86

1995 Q1

7.23

2001 Q1

-7.93

2007 Q1

5.52

2013 Q1

0.06

1989 Q2

-9.11

1995 Q2

3.70

2001 Q2

-1.68

2007 Q2

13.61

2013 Q2

2.39

1989 Q3

-1.79

1995 Q3

3.96

2001 Q3

1.70

2007 Q3

5.67

2013 Q3

6.66

1989 Q4

80.63

1995 Q4

-5.34

2001 Q4

-2.87

2007 Q4

3.60

1990 Q1

0.57

1996 Q1

-0.49

2002 Q1

-1.56

2008 Q1

3.87

1990 Q2

5.76

1996 Q2

4.56

2002 Q2

8.30

2008 Q2

-3.10

1990 Q3

3.17

1996 Q3

0.07

2002 Q3

-1.84

2008 Q3

-16.07

1990 Q4

-9.48

1996 Q4

20.50

2002 Q4

6.61

2008 Q4

-22.58

1991 Q1

-9.44

1997 Q1

-1.93

2003 Q1

1.07

2009 Q1

-8.35

1991 Q2

-3.65

1997 Q2

-0.47

2003 Q2

7.98

2009 Q2

8.04

1991 Q3

9.31

1997 Q3

4.28

2003 Q3

1.78

2009 Q3

7.79

1991 Q4

12.06

1997 Q4

15.14

2003 Q4

13.85

2009 Q4

8.35

The index is an end-to-end calculation based on data compiled from 698 global ex U.S. developed markets private equity and venture capital funds (includes funds investing

| primarily in Asia/Pacific?Developed, Europe?Developed, Middle East?Developed and Canada), including fully liquidated partnerships, formed between 1986 and 2013. All returns

are net of fees, expenses, and carried interest. Historical quarterly returns were updated this quarter due to change in composition of the benchmark.

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