Utimco Active

University of Texas Investment Management Company
Private Investments
Fund Performance (Active Relationships)
As of May 31, 2016
Capital Invested1
Capital Returned
to UTIMCO2
Current Value3
Cash-on-Cash
Return4
IRR5
Fund Manager Name
Partnership Name
Actis Capital
Actis Africa 3, L.P.

Actis India 3, L.P.
26,715,444.73
24,494,205.17
51,209,649.90
18,462,697.82
9,201,738.49
27,664,436.31
18,591,143.26
12,184,001.86
30,775,145.12
0.69
0.38
0.54
8.31%
-3.98%
3.59%
Activum SG Capital Management
Activum SG Feeder Fund III L.P.

Activum SG Iberia Feeder Fund I, L.P.
47,058,147.33
32,458,530.75
79,516,678.08
8,630,601.94
301,973.15
8,932,575.09
38,967,608.30
32,177,040.02
71,144,648.32
0.18
0.01
0.11
1.02%
0.10%
0.78%
Advanced Technology Ventures
Advanced Technology Ventures VII, L.P.
22,502,167.19
22,500,000.82
3,375,657.74
1.00
2.22%
Agribusiness Latin America Management LLC
Mid-Market LAIF II, L.P.
3,486,114.00
0.00
3,486,114.00
0.00
0.00%
Alcion Ventures
Alcion Real Estate Tax-Exempt Parallel Fund II, LP

Alcion Real Estate Partners III-A, L.P.
66,886,529.00
14,548,843.00
81,435,372.00
71,149,442.00
15,614.00
71,165,056.00
27,002,495.03
12,189,951.79
39,192,446.82
1.06
0.00
0.87
18.30%
-28.91%
16.70%
Alpine Investors
Alpine Investors V (Co-Investment), L.P.6

Alpine Investors V, L.P.
0.00
18,001,953.12
18,001,953.12
0.00
0.00
0.00
0.00
16,116,518.19
16,116,518.19
0.00
0.00
0.00
0.00%
-9.64%
-9.64%
Altra Investments
Altra Private Equity Fund II, L.P.
26,135,676.71
0.00
23,597,009.90
0.00
-5.87%
American Industrial Partners
American Industrial Partners Capital Fund, L.P.

American Industrial Partners Capital Fund V (Co-Investment), L.P.
American Industrial Partners Capital Fund V, L.P.
American Industrial Partners Capital Fund VI, L.P.
15,975,656.67
33,609,444.00
58,105,489.41
2,509,634.89
110,200,224.97
26,311,130.36
23,179,215.09
19,796,684.78
86,303.79
69,373,334.02
0.00
26,154,315.85
52,726,075.51
1,590,870.10
80,471,261.46
1.65
0.69
0.34
0.03
0.63
12.35%
20.71%
14.25%
-43.83%
13.05%
American Securities Capital
American Securities Partners II, L.P.

American Securities Partners III, L.P.
23,832,151.56
29,152,478.69
52,984,630.25
58,146,433.09
54,163,295.89
112,309,728.98
0.00
40,118.41
40,118.41
2.44
1.86
2.12
19.92%
19.30%
19.76%
1"Capital Invested" may exceed "Commitment" amounts

2"Capital
due to the recall of previously distributed capital or other capitalized expenditures.
Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.
3 Private investment funds are fair valued by management. The fair values of these investments are estimated by management using the investment's capital account balance
at the closest available reporting date, as communicated by the investment manager, adjusted for contributions and withdrawals subsequent to the latest available reporting
date as well as consideration of any other information, which has been provided by the investment manager or other source.
4Cash-on-Cash Return is
calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."
5 IRR,
or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers the
timing and size of irregular flows of capital invested and returned to UTIMCO and the value of the remaining investments. IRRs are based on capital invested and returned
to UTIMCO through May 31, 2016 and the current value of remaining investments as of March 31, 2016. IRRs for periods of less than one year are nominalized,
not annualized.
6The
investment period for this fund has not yet commenced.

WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general
partners of the partnerships. In addition, due to a number of factors, including most importantly a lack of valuation standards in the private equity industry, differences
in the pace of investments across partnerships, and the understatement of returns in the early years of a partnership life, the IRR information contained in this report
DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare
returns across partnerships.
THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.

Private Investments
As of May 31, 2016
Capital Invested1
Capital Returned
to UTIMCO2
Current Value3
Cash-on-Cash
Return4
IRR5
Fund Manager Name
Partnership Name
Ampersand Ventures
Ampersand 1995 Limited Partnership

15,002,118.75
20,001,472.50
25,006,056.25
25,000,000.00
85,009,647.50
18,163,614.45
51,035,831.39
63,762,870.10
31,919,037.00
164,881,352.94
0.00
0.00
1,083,101.05
18,334,018.08
19,417,119.13
1.21
2.55
2.55
1.28
1.94
3.36%
16.44%
16.75%
13.32%
12.78%
Angelo, Gordon & Co.
AG Capital Recovery Partners IV, L.P.

AG Capital Recovery Partners V, L.P.
AG Private Equity Partners III, L.P.
14,166,086.00
25,000,000.00
25,350,000.00
64,516,086.00
22,397,390.00
26,152,481.00
24,300,000.00
72,849,871.00
0.00
1,499,921.68
4,159,431.68
5,659,353.36
1.58
1.05
0.96
1.13
28.68%
2.59%
1.72%
5.16%
Apollo Management
Apollo Credit Opportunity Fund II, L.P.

AGRE U.S. Real Estate Fund, L.P.
115,086,965.00
53,593,195.35
168,680,160.35
156,066,572.00
43,044,603.72
199,111,175.72
6,925,473.62
26,173,932.68
33,099,406.30
1.36
0.80
1.18
10.27%
12.35%
10.62%
ARCH Venture Partners
ARCH Venture Fund VI, L.P.

ARCH Venture Fund VII, L.P.
ARCH Venture Fund VIII, L.P.
ARCH Venture Fund VIII Overage, L.P.
30,004,283.22
40,000,000.00
31,750,000.00
16,800,000.00
0.00
20,584,886.57
89,027,341.98
13,050.00
0.00
0.00
12,233,467.11
70,604,029.62
34,149,574.42
20,234,827.20
0.00
0.69
2.23
0.00
0.00
0.00
1.25%
40.69%
10.63%
36.17%
0.00%
118,554,283.22
109,625,278.55
137,221,898.35
0.92
19.10%
27,344,118.00
56,374,637.00
52,716,441.00
40,926,868.00
177,362,064.00
49,410,482.00
83,234,410.00
76,769,218.00
52,014,103.00
261,428,213.00
0.00
93,333.00
1,518,227.00
5,972,425.88
7,583,985.88
1.81
1.48
1.46
1.27
1.47
24.37%
16.16%
8.62%
11.59%
14.52%
30,000,000.00
35,220,000.00
27,918,336.50
93,138,336.50
15,769,891.00
0.00
4,256,721.00
20,026,612.00
17,359,058.15
31,635,344.72
25,751,134.64
74,745,537.51
0.53
0.00
0.15
0.22
1.95%
-3.48%
2.37%
0.47%
ARCH Venture Fund IX, L.P.6
ArcLight Capital Partners
ArcLight Energy Partners Fund I, L.P.

ArcLight Energy Partners Fund II, L.P.
ArcLight Energy Partners Fund III, L.P.
ArcLight Energy Partners Fund IV, L.P.
Artiman Ventures
Artiman Ventures II, L.P.

Artiman Ventures III, L.P.
Artiman Ventures Special Opportunities Fund, L.P.

2"Capital
5 IRR,
not annualized.
6The


Private Investments
As of May 31, 2016
Capital Invested1
Fund Manager Name
Partnership Name
Ashmore Investment Management
Ashmore Global Special Situations Fund IV, L.P.
Atlas Venture
Atlas Venture Fund VI, L.P.
Austin Ventures
Capital Returned
to UTIMCO2
Current Value3
Cash-on-Cash
Return4
IRR5
100,160,183.34
53,686,547.57
7,415,576.84
0.54
-8.65%
15,506,452.07
8,040,483.81
7,054,169.06
0.52
-0.32%
Austin Ventures IV, L.P.

Austin Ventures V, L.P.
Austin Ventures VI, L.P.
Austin Ventures VII, L.P.
Austin Ventures VIII, L.P.
Austin Ventures IX, L.P.
Austin Ventures X, L.P.
5,008,592.15
15,001,997.50
21,164,850.30
20,000,000.00
17,210,095.57
17,430,244.00
25,472,621.78
121,288,401.30
42,094,128.26
29,635,767.24
13,306,766.27
15,926,870.94
27,342,993.48
16,459,439.93
18,761,803.53
163,527,769.65
0.00
0.00
91,323.97
224,535.05
670,007.94
7,296,602.15
16,771,172.32
25,053,641.43
8.40
1.98
0.63
0.80
1.59
0.94
0.74
1.35
73.14%
31.88%
-7.83%
-2.82%
6.89%
5.52%
9.23%
26.13%
Avenue Capital Group
Avenue Asia Special Situations Fund IV, L.P.

Avenue Special Situations Fund V, L.P.
25,089,502.00
76,166,202.00
101,255,704.00
22,728,702.00
98,939,674.00
121,668,376.00
4,518,621.11
827,210.30
5,345,831.41
0.91
1.30
1.20
1.73%
10.90%
7.72%
Axxon Group
Axxon Brazil Private Equity Fund III, LP
289,456.44
0.00
289,456.44
0.00
0.00%
Azimuth Capital Management
Azimuth Energy Partners III U.S. LP

Azimuth Energy Partners IV (NR) L.P.
70,245,322.80
20,037,005.75
90,282,328.55
9,723,377.86
-194,795.79
9,528,582.07
52,713,751.03
17,958,102.02
70,671,853.05
0.14
-0.01
0.11
-3.33%
-12.06%
-4.03%
Baker Capital
Baker Communications Fund, L.P.

Baker Communications Fund II (QP), L.P.
42,964,832.37
30,929,197.33
73,894,029.70
45,119,824.06
32,413,672.51
77,533,496.57
0.00
1,764,541.93
1,764,541.93
1.05
1.05
1.05
0.57%
1.12%
0.80%
Band of Angels
Band of Angels Fund, L.P.
10,121,549.63
0.00
1,512,369.34
0.00
-12.86%
Baring Private Equity Asia
Baring Asia Private Equity Fund IV, L.P.
49,870,943.29
32,002,549.15
41,978,352.08
0.64
7.85%
Baring Vostok Capital Partners
Baring Vostok Private Equity Fund V, L.P.
23,291,647.70
744,297.14
12,528,092.85
0.03
-26.53%

2"Capital
3 Private investment
funds are fair valued by management. The fair values of these investments are estimated by management using the investment's capital account balance
5 IRR,
not annualized.
6The


Private Investments
As of May 31, 2016
Capital Invested1
Capital Returned
to UTIMCO2
Current Value3
Cash-on-Cash
Return4
IRR5
Fund Manager Name
Partnership Name
Beacon Focus Value Investors
Beacon Group III - Focus Value Fund, L.P.
23,996,991.25
7,495,695.66
39,527.01
0.31
-15.19%
Benson Elliot Capital Management
Bensell US Feeder III, L.P.

Benson Elliot Real Estate Partners III, L.P.
Bensell US Feeder IV, L.P.
Bensell Host US Feeder Partners, L.P.
42,225,218.91
17,518,774.25
18,434,847.52
9,754,550.00
87,933,390.68
24,344,731.00
10,056,884.61
169,504.20
-35,583.77
34,535,536.04
24,997,044.80
10,432,795.68
2,698,325.32
9,791,920.12
47,920,085.92
0.58
0.57
0.01
-0.00
0.39
8.65%
8.64%
-46.37%
0.02%
-4.36%
Black River Asset Management
Black River Capital Partners Fund (Food) L.P.

Black River Food Fund 2 LP
69,860,838.49
20,160,453.01
90,021,291.50
3,241,796.85
15,723.25
3,257,520.10
84,556,030.93
15,805,038.28
100,361,069.21
0.05
0.00
0.04
8.27%
-22.98%
5.91%
Blackstone Real Estate
Blackstone Real Estate Partners VII, L.P.

Blackstone Real Estate Partners Europe IV L.P.
Blackstone Real Estate Partners VIII, L.P.
59,611,118.00
135,163,358.00
27,086,663.00
221,861,139.00
34,798,185.00
11,647,130.00
37,124.00
46,482,439.00
52,291,391.52
136,181,243.77
28,474,401.64
216,947,036.93
0.58
0.09
0.00
0.21
20.55%
7.90%
9.60%
13.96%
BY Capital Management GmbH
BY Capital 1 GP GmbH & Co. KG
2,035,902.00
15,289.39
1,505,737.18
0.01
-35.96%
Care Capital
Care Capital Investments III, L.P.
36,675,147.20
7,884,994.37
21,246,480.07
0.21
-5.00%
Carmel Partners
Carmel Partners Investment Fund IV, L.P.

Carmel Partners Investment Fund V, L.P.
75,472,372.00
8,240,668.00
83,713,040.00
28,319,739.00
0.00
28,319,739.00
96,310,450.03
6,799,892.92
103,110,342.95
0.38
0.00
0.34
27.27%
-16.15%
25.53%
Carrick Capital
Carrick Capital Partners, L.P.

Carrick Capital Partners II Co-Investment Fund, L.P.
Carrick Capital Partners II, L.P.
47,072,741.00
10,075,000.00
29,384,636.00
86,532,377.00
0.00
0.00
0.00
0.00
66,654,117.85
10,016,434.03
26,076,307.99
102,746,859.87
0.00
0.00
0.00
0.00
17.03%
-0.58%
-11.89%
11.45%

2"Capital
5 IRR,
not annualized.
6The


Private Investments
As of May 31, 2016
Capital Returned
to UTIMCO2
Capital Invested1
Fund Manager Name
Partnership Name
CarVal Investors
CVI Global Value Fund A, L.P.

CVI Global Value Fund A, L.P. - 2008 Top-Off
Catterton Aimara
Cash-on-Cash
Return4
Current Value3
IRR5
71,250,000.00
47,500,000.00
118,750,000.00
92,675,174.87
81,689,993.71
174,365,168.58
15,200,004.41
10,799,996.24
26,000,000.65
1.30
1.72
1.47
6.93%
16.27%
9.96%
Catterton Aimara Latin America Fund II (B), L.P.6
0.00
0.00
0.00
0.00
0.00%
Catterton Aimara Latin America Fund II, L.P.6
0.00
0.00
0.00
0.00
0.00%
0.00
0.00
0.00
0.00
0.00%
53,376,879.94
20,065,594.28
55,624,402.30
0.38
23.88%
78,102,496.03
135,764,688.00
41,737,874.00
255,605,058.03
115,227,404.00
52,605,774.00
1,573,515.00
169,406,693.00
26,761,816.04
92,902,488.64
43,906,863.23
163,571,167.91
1.48
0.39
0.04
0.66
20.53%
3.47%
13.01%
13.94%
Cendana Capital
Cendana Co-Investment Fund, L.P.
Centerbridge Partners
Centerbridge Capital Partners, L.P.

Centerbridge Capital Partners II, L.P.
Centerbridge Capital Partners III, L.P.
Cerberus Capital Management
Cerberus Institutional Partners, L.P.- Series Four
69,266,757.36
83,183,680.88
27,281,237.88
1.20
7.95%
Correlation Ventures
Correlation Ventures Executives Fund, L.P.

Correlation Ventures, L.P.
9,625,000.00
9,625,000.00
19,250,000.00
112,610.25
112,610.25
225,220.50
10,269,970.66
10,196,071.42
20,466,042.08
0.01
0.01
0.01
3.08%
2.79%
2.94%
Cortec Group
Cortec Group Fund II, L.P.

Cortec Group Fund III, L.P.
Cortec Group Fund IV, L.P.
Cortec Group Fund V, L.P.
Cortec Group Fund V (Parallel), L.P.
18,839,278.25
19,781,312.25
45,758,878.00
48,815,355.00
4,076,937.00
137,271,760.50
16,396,552.00
41,424,728.00
61,969,411.00
24,071,577.00
17,600,000.00
161,462,268.00
0.00
0.00
19,715,317.92
107,400,610.96
65,228,776.01
192,344,704.89
0.87
2.09
1.35
0.49
4.32
1.18
-1.93%
21.77%
11.64%
43.92%
120.22%
14.50%
Crescendo Ventures
Crescendo II, L.P.

Crescendo III, L.P.
Crescendo IV, L.P.
15,001,892.58
25,005,950.00
10,001,413.75
50,009,256.33
20,342,427.88
10,907,685.35
4,528,275.55
35,778,388.78
0.00
777,379.33
44,492.00
821,871.33
1.36
0.44
0.45
0.72
19.86%
-11.60%
-7.40%
-7.48%

2"Capital
5 IRR,
not annualized.
6The


Private Investments
As of May 31, 2016
Capital Invested1
Fund Manager Name
Partnership Name
CVC Capital Partners
CVC European Equity Partners, L.P.

CVC European Equity Partners IV (C) LP
CVC European Equity Partners Tandem Fund
CVC European Equity Partners V, L.P.
DDJ Capital Management
B IV Capital Partners, L.P.

DDJ Total Return Loan Fund, L.P.
Deerfield Management Company, LP
Deerfield Healthcare Innovations Fund LP
Doughty Hanson & Co
Capital Returned
to UTIMCO2
Current Value3
Cash-on-Cash
Return4
IRR5
29,092,294.45
37,167,704.78
40,584,705.83
44,980,734.91
151,825,439.97
73,156,108.95
61,932,016.45
50,364,753.67
43,211,498.47
228,664,377.54
0.00
6,865,397.04
3,195,721.41
20,031,186.97
30,092,305.42
2.51
1.67
1.24
0.96
1.51
22.90%
16.23%
6.46%
10.87%
19.48%
13,559,445.78
25,000,000.00
38,559,445.78
15,177,887.84
30,200,118.12
45,378,005.96
9,134.26
500,621.39
509,755.65
1.12
1.21
1.18
2.19%
4.08%
3.40%
3,500,000.00
0.00
4,276,709.50
0.00
27.78%
Doughty Hanson & Co. II

Doughty Hanson III, L.P.
Doughty Hanson & Co IV, L.P.
Doughty Hanson & Co. V
27,578,599.69
42,438,012.44
48,978,839.61
93,712,915.37
212,708,367.11
58,106,736.02
68,842,237.32
66,667,542.84
87,161,700.53
280,778,216.71
0.00
10,385,191.31
7,139,186.18
23,272,032.69
40,796,410.18
2.11
1.62
1.36
0.93
1.32
48.94%
13.48%
9.98%
4.14%
17.83%
Emerald Hill Capital Partners
Emerald Hill Capital Partners I, L.P.

Emerald Hill Capital Partners II, L.P.
Emerald Hill Capital Partners II - Co-Invest A, LP
Emerald Hill Capital Partners III, L.P.
Emerald Hill Capital Partners III-A, L.P.
48,252,501.00
63,900,000.00
79,550,000.00
21,600,012.00
37,905,090.00
251,207,603.00
15,885,585.00
12,861,681.00
10,824,007.00
403,374.00
0.00
39,974,647.00
35,429,296.30
104,143,160.92
112,197,040.33
24,666,080.54
42,409,887.12
318,845,465.21
0.33
0.20
0.14
0.02
0.00
0.16
1.17%
19.12%
19.00%
12.72%
9.96%
11.99%
EnCap Investments
EnCap Energy Capital Fund III-B, L.P.

EnCap Energy Capital Fund IV-B, L.P.
EnCap Energy Capital Fund VII, L.P.
EnCap Energy Infrastructure Fund, L.P.
EnCap Flatrock Midstream Fund II, L.P.
EnCap Flatrock Midstream Fund III, L.P.
51,354,134.91
17,380,345.06
107,238,873.83
77,756,453.32
56,248,253.33
12,321,049.97
322,299,110.42
113,220,497.89
29,884,711.69
134,711,819.54
153,303,299.04
24,859,320.46
3,557,010.71
459,536,659.33
0.00
0.00
9,455,914.36
20,795,029.45
54,376,827.73
10,870,738.70
95,498,510.24
2.20
1.72
1.26
1.97
0.44
0.29
1.43
21.42%
50.53%
15.63%
52.31%
23.43%
29.56%
23.62%

2"Capital
5 IRR,
not annualized.
6The


Private Investments
As of May 31, 2016
Capital Invested1
Capital Returned
to UTIMCO2
Current Value3
Cash-on-Cash
Return4
IRR5
Fund Manager Name
Partnership Name
Energy Ventures
Energy Ventures IV, L.P.

Energy Ventures Private Equity V LP
40,778,768.88
17,873,438.44
58,652,207.32
4,468,457.68
173,112.20
4,641,569.88
23,067,052.85
11,810,785.99
34,877,838.84
0.11
0.01
0.08
-16.96%
-30.77%
-20.29%
Eos Partners
Eos Capital Partners III, L.P.

Eos Capital Partners IV, L.P.
25,351,366.00
49,277,627.00
74,628,993.00
23,586,921.00
28,625,838.00
52,212,759.00
12,849,621.02
39,939,705.21
52,789,326.23
0.93
0.58
0.70
7.11%
9.49%
8.33%
Epic Real Estate Partners
Epic Real Estate Partners I (Sponsor), L.P.

Epic Real Estate Partners I, L.P.
32,462,577.23
32,462,577.22
64,925,154.45
0.00
0.00
0.00
33,991,672.18
33,991,511.18
67,983,183.36
0.00
0.00
0.00
7.23%
7.23%
7.23%
Equis Pte Ltd
Equis Asia Fund Co-Invest, L.P.

Equis Asia Fund, L.P.
Equis Asia Fund II, LP
Equis Direct Investment Fund, LP
44,596,618.64
48,035,782.50
44,582,161.59
39,161,200.16
176,375,762.89
1,438,464.31
1,427,776.31
0.00
627,820.16
3,494,060.78
56,001,312.41
56,220,686.54
45,611,296.21
58,230,981.55
216,064,276.71
0.03
0.03
0.00
0.02
0.02
13.00%
9.13%
3.57%
66.36%
15.91%
Equistone Partners Europe
Equistone Partners Europe Fund A LP

Equistone Partners Europe Fund III E LP
28,757,196.06
70,268,374.67
99,025,570.73
69,234,282.41
86,935,129.64
156,169,412.05
0.00
10,090,044.70
10,090,044.70
2.41
1.24
1.58
34.68%
7.46%
19.54%
Escalate Capital
Escalate Capital I, L.P.

Escalate Capital Partners SBIC III LP
22,411,727.00
21,676,300.00
44,088,027.00
27,284,825.84
11.22
27,284,837.06
7,929,434.25
24,904,233.65
32,833,667.90
1.22
0.00
0.62
7.70%
18.43%
8.39%
Everstone Capital Partners
Everstone Capital Partners II, LLC

ECP TX CoInvestment LP
Everstone Capital Partners III, LLC
38,356,701.00
21,304,810.00
5,250,000.00
64,911,511.00
504,000.00
0.00
0.00
504,000.00
42,169,500.79
35,112,606.49
3,630,322.50
80,912,429.78
0.01
0.00
0.00
0.01
3.59%
46.00%
-35.94%
10.08%
Falcon House Capital Management Ltd.
Falcon House Partners Fund II, LP
8,136,986.49
0.00
8,136,986.49
0.00
0.00%

2"Capital
5 IRR,
not annualized.
6The


Private Investments
As of May 31, 2016
Capital Invested1
Capital Returned
to UTIMCO2
Current Value3
Cash-on-Cash
Return4
IRR5
Fund Manager Name
Partnership Name
Fisher Lynch Capital
Fisher Lynch Venture Partnership, L.P.
38,960,000.00
23,093,698.00
31,372,579.61
0.59
5.51%
Five Mile Capital Partners
Five Mile Capital Partners II, L.P.
50,271,647.00
46,823,414.26
23,870,729.14
0.93
7.10%
Ford Management
Ford Financial Fund II, L.P.
38,233,349.00
0.00
39,100,677.04
0.00
2.01%
Fortress Investment Group
Fortress Fund IV (Coinvestment Fund A), L.P.

Fortress Fund IV (Fund A), L.P.
Fortress Fund V (Coinvestment Fund A), L.P.
Fortress Fund V (Fund A), L.P.
Fortress Credit Opportunities Fund, L.P.
FCO MA LSS LP
20,167,004.57
20,503,608.12
29,737,708.70
29,663,494.22
188,417,501.82
458,763,073.50
747,252,390.93
7,899,527.57
7,726,855.10
7,802,346.62
12,671,289.40
225,640,632.55
343,800,106.05
605,540,757.29
8,471,645.71
9,449,173.34
12,317,143.56
28,501,050.50
27,256,206.83
236,476,631.26
322,471,851.20
0.39
0.38
0.26
0.43
1.20
0.75
0.81
-2.60%
-2.23%
-5.08%
4.68%
23.66%
12.50%
8.72%
Foundation Capital
Foundation Capital IV, L.P.
20,004,869.75
10,670,903.16
7,333,553.48
0.53
-1.16%
Foundry Group
Foundry Venture Capital 2007, L.P.

Foundry Group Select Fund, L.P.
Foundry Venture Capital 2010 Annex, L.P.
39,400,000.01
43,312,500.02
37,575,000.00
42,500,000.00
4,387,500.02
8,268,750.00
175,443,750.05
151,388,737.76
11,634,762.01
0.00
20,461,690.69
0.00
0.00
183,485,190.46
48,205,985.81
49,862,256.79
51,137,543.99
52,922,803.88
4,107,266.01
7,752,101.96
213,987,958.44
3.84
0.27
0.00
0.48
0.00
0.00
1.05
44.68%
11.20%
17.59%
54.58%
-7.21%
-13.99%
36.50%
Francisco Partners
Francisco Partners II, L.P.

Francisco Partners III, L.P.
37,240,000.00
68,672,165.00
105,912,165.00
45,620,223.03
14,781,802.52
60,402,025.55
14,151,336.72
91,725,281.13
105,876,617.85
1.23
0.22
0.57
10.82%
15.85%
12.99%
Galena Asset Management
Galena Private Equity Resources Fund, L.P.
44,199,717.36
147,036.48
37,811,544.45
0.00
-7.10%
Gavea Investimentos
Gavea Investment Fund III, L.P.
38,400,000.00
40,018,059.40
4,741,917.45
1.04
3.71%

2"Capital
5 IRR,
not annualized.
6The


Private Investments
As of May 31, 2016
Capital Returned
to UTIMCO2
Capital Invested1
Cash-on-Cash
Return4
Current Value3
IRR5
Fund Manager Name
Partnership Name
GEC Advisors LLC
Global Energy Capital 2010 LP

GEC Partners III LP
15,140,540.00
2,953,007.00
18,093,547.00
8,812,391.00
0.00
8,812,391.00
14,598,516.17
1,318,998.97
15,917,515.14
0.58
0.00
0.49
18.01%
-67.02%
14.52%
GEI Capital
Green Equity Investors III, L.P.

Green Equity Investors IV, L.P.
Green Equity Investors V, L.P.
68,270,709.59
25,905,915.36
78,351,733.59
172,528,358.54
161,717,681.85
48,957,980.25
90,927,579.10
301,603,241.20
0.00
1,975,092.74
52,383,197.43
54,358,290.17
2.37
1.89
1.16
1.75
21.57%
11.32%
17.35%
19.78%
GEM Realty Capital
GEM Realty Fund IV, L.P.

GEM Realty Fund V, L.P.
57,830,386.97
38,267,812.50
96,098,199.47
75,785,245.71
1,312,500.00
77,097,745.71
27,354,372.74
42,640,370.71
69,994,743.45
1.31
0.03
0.80
21.76%
12.32%
20.48%
GGV Capital V L.P.
24,000,000.00
0.00
0.00
0.00
36,163,177.64
0.00
0.00
0.00
48.00%
0.00%
GGV Capital
GGV Capital VI, L.P.6

GGV Discovery Fund I, L.P.6
Gobi Partners
Gobi Fund II, L.P.
Grain Management
Grain Infrastructure Fund, L.P.

Grain Infrastructure Fund II, L.P.
Grain Communications Opportunity Fund, L.P.
Green Courte Partners
Green Courte Real Estate Partners III, LLC

Green Courte Real Estate Partners IV, LLC

2"Capital
0.00
0.00
0.00
0.00
0.00%
24,000,000.00
0.00
36,163,177.64
0.00
48.00%
25,000,001.16
3,707,193.00
55,533,863.05
0.15
18.26%
36,746,707.00
65,911,839.00
1,479,624.00
104,138,170.00
59,787,408.00
11,565,259.00
0.00
71,352,667.00
0.00
65,720,147.53
1,479,624.00
67,199,771.53
1.63
0.18
0.00
0.69
25.85%
35.98%
0.00%
27.51%
37,219,821.00
2,315,505.00
39,535,326.00
17,457,227.60
0.00
17,457,227.60
39,826,251.45
1,752,691.41
41,578,942.86
0.47
0.00
0.44
18.08%
-24.31%
17.59%
5 IRR,
not annualized.
6The


Private Investments
As of May 31, 2016
Capital Invested1
Capital Returned
to UTIMCO2
Current Value3
Cash-on-Cash
Return4
IRR5
Fund Manager Name
Partnership Name
H.I.G. Capital
H.I.G. Bayside Debt & LBO Fund II, L.P.

H.I.G. Growth Buyouts & Equity Fund II, L.P.
H.I.G. Capital Partners V, L.P.
H.I.G. Europe Capital Partners II, L.P.
H.I.G. Middle Market LBO Fund II, L.P.
100,033,334.61
13,030,338.98
5,689,188.52
413,241.53
2,406,867.79
121,572,971.43
69,404,117.91
5,164,172.75
0.00
741.53
0.00
74,569,032.19
80,522,303.32
7,965,508.50
4,960,691.05
-398,626.90
2,009,754.71
95,059,630.68
0.69
0.40
0.00
0.00
0.00
0.61
15.04%
0.29%
-8.03%
N/M
-17.57%
-17.57%
Helios Investment Partners
Helios Investors II, L.P.

Helios Investors III, L.P.
102,643,272.00
29,045,257.00
131,688,529.00
11,046,785.00
875,288.00
11,922,073.00
120,420,884.82
22,385,246.77
142,806,131.59
0.11
0.03
0.09
7.37%
-24.72%
5.71%
Hillhouse Capital
Hillhouse Fund II Feeder, LP

Hillhouse Fund III Feeder, LP
62,617,719.53
3,741,700.38
66,359,419.91
86,022.00
682,006.70
768,028.70
76,185,755.68
2,488,920.41
78,674,676.09
0.00
0.18
0.01
19.39%
-14.85%
18.34%
Horizon Capital
Emerging Europe Growth Fund II, L.P.
27,651,960.15
9,949,664.56
13,430,493.93
0.36
-4.60%
IA Ventures
IA Venture Strategies Fund I, L.P.

IA Venture Strategies Fund II, L.P.
IA Venture Strategies Fund III, L.P.
7,107,090.50
27,273,174.31
1,836,148.65
36,216,413.46
88,020.00
0.00
0.00
88,020.00
19,488,643.73
53,734,806.91
1,526,059.87
74,749,510.51
0.01
0.00
0.00
0.00
34.97%
33.86%
-16.89%
33.86%
Intellectual Ventures
Invention Development Fund I, LLC

Invention Investment Fund II, L.L.C.
42,521,373.00
47,578,967.04
90,100,340.04
985,610.92
17,541,719.20
18,527,330.12
9,993,246.37
14,266,031.03
24,259,277.40
0.02
0.37
0.21
-33.96%
-13.08%
-22.03%
Inverness Group
Inverness/Phoenix Partners, L.P.

Inverness Partners II LP
38,161,016.57
26,324,966.18
64,485,982.75
46,904,387.21
31,383,737.04
78,288,124.25
0.00
18,833,668.49
18,833,668.49
1.23
1.19
1.21
5.29%
8.31%
6.98%
Jaguar Growth Partners
Jaguar Real Estate Partners, L.P.
7,103,026.00
0.00
4,076,895.42
0.00
-39.16%

2"Capital
5 IRR,
not annualized.
6The


Private Investments
As of May 31, 2016
Capital Invested1
Fund Manager Name
Partnership Name
JatoTech Ventures
JatoTech Ventures, L.P.
Kerogen Capital Limited
Kerogen Energy Fund, L.P.

Kerogen Energy Fund II UT Co-Investment, L.P.
Kerogen Energy Fund II, L.P.
Knightsbridge Advisors
Capital Returned
to UTIMCO2
Cash-on-Cash
Return4
Current Value3
IRR5
9,639,607.44
958,287.10
0.00
0.10
-33.20%
171,184,183.00
22,181,919.00
23,834,834.00
217,200,936.00
0.00
79,296.00
78,517.00
157,813.00
257,306,016.40
21,610,246.58
21,610,924.81
300,527,187.79
0.00
0.00
0.00
0.00
17.94%
-6.96%
-24.47%
17.04%
Knightsbridge Venture Capital VI, L.P.

Knightsbridge Venture Completion 2005, L.P.
22,833,333.00
22,401,322.00
45,234,655.00
13,342,431.00
25,051,393.33
38,393,824.33
20,036,996.66
0.00
20,036,996.66
0.58
1.12
0.85
5.64%
9.11%
6.26%
KSL Capital Partners
KSL Capital Partners III TE, L.P.

KSL Capital Partners Fund IV, L.P.
78,460,771.51
4,086,774.95
82,547,546.46
55,754,216.40
0.00
55,754,216.40
36,698,144.87
3,406,829.59
40,104,974.46
0.71
0.00
0.68
11.44%
-16.64%
10.92%
Lake Partners
Lake Capital Partners LP

Lake Capital Partners II LP
27,336,029.02
41,902,816.60
69,238,845.62
19,067,031.65
38,177,318.65
57,244,350.30
7,605,443.75
18,817,200.12
26,422,643.87
0.70
0.91
0.83
-0.64%
7.74%
4.67%
LFM Capital
LFM Capital Partners, L.P.
1,284,547.11
0.00
-1,121,491.00
0.00
N/M
Lineage Capital
Lineage Capital II, L.P.
5,125,000.00
0.00
3,031,934.63
0.00
-91.02%
LNK Partners
LNK Partners II, L.P.

LNK Partners II (Co-Investment LSS), LP
46,396,182.00
16,380,618.00
0.00
4,499,036.00
3,607,528.00
0.00
49,723,416.92
23,228,888.34
0.00
0.10
0.22
0.00
8.56%
24.23%
0.00%
62,776,800.00
8,106,564.00
72,952,305.26
0.13
13.65%
LNK Partners III, L.P.6

2"Capital
5 IRR,
not annualized.
6The


Private Investments
As of May 31, 2016
Fund Manager Name
Partnership Name
Mandala Capital Limited
Mandala Ag SPV
Mandala Agribusiness Fund
Mandala FF SPV
Mandala Food Fund II
MatlinPatterson Global Advisors
Capital Invested1
Capital Returned
to UTIMCO2
Current Value3
Cash-on-Cash
Return4
IRR5
26,420,917.55
26,138,866.22
18,715,558.41
18,715,558.41
89,990,900.59
0.00
9,489.70
0.00
0.00
9,489.70
26,050,866.41
25,835,817.40
18,715,558.41
18,715,558.41
89,317,800.63
0.00
0.00
0.00
0.00
0.00
-0.89%
-0.72%
0.00%
0.00%
-0.66%
MatlinPatterson Global Opportunities Partners L.P.

MatlinPatterson Global Opportunities Partners II
Matlin Patterson Global Opportunities Partners III
25,828,684.85
43,739,426.27
70,885,124.00
140,453,235.12
45,016,849.31
24,656,112.20
44,727,401.99
114,400,363.50
0.00
1,260,250.95
37,262,768.69
38,523,019.64
1.74
0.56
0.63
0.81
15.97%
-21.66%
3.68%
2.74%
Meadow Partners
Meadow Real Estate Fund II LP

Meadow Fund II Co-Investment LP
Meadow Fund III Co-Investment LP
Meadow Real Estate Fund III LP
75,010,388.91
17,494,705.22
6,257,812.50
39,815,759.76
138,578,666.39
57,070,511.57
890,000.00
0.00
0.00
57,960,511.57
59,989,148.85
27,477,355.26
8,189,255.04
47,151,943.76
142,807,702.91
0.76
0.05
0.00
0.00
0.42
22.59%
24.80%
30.89%
31.39%
24.11%
Mercer Real Estate Partners
MREP II (No.2) L.P.
28,924,388.07
-555,769.07
25,605,851.47
-0.02
-13.96%
Morgenthaler Management Partners
Morgenthaler Venture Partners III, L.P.

Morgenthaler Venture Partners IV, L.P.
Morgenthaler Venture Partners V, L.P.
Morgenthaler Partners VI, L.P.
Morgenthaler Partners VII, L.P.
Morgenthaler Partners VII, L.P. (Secondary)
Morgenthaler Partners VIII, L.P.
Morgenthaler Venture Partners IX, L.P.
15,000,000.00
15,002,334.86
25,681,391.01
10,109,226.16
25,005,700.00
1,439,502.00
35,000,000.00
38,400,000.00
165,638,154.03
45,304,680.22
31,965,815.29
45,121,261.73
5,616,589.51
20,429,300.81
1,288,755.02
33,967,455.58
54,973,624.36
238,667,482.52
0.00
0.00
0.00
135,279.19
1,518,784.13
145,241.90
22,252,528.57
34,906,562.73
58,958,396.52
3.02
2.13
1.76
0.56
0.82
0.90
0.97
1.43
1.44
27.53%
33.13%
11.53%
-10.86%
-2.38%
-0.09%
9.62%
29.83%
21.75%
Mosaic Ventures
Mosaic Ventures I, L.P.
6,937,843.13
0.00
5,519,049.99
0.00
-21.99%

2"Capital
5 IRR,
not annualized.
6The


Private Investments
As of May 31, 2016
Capital Invested1
Fund Manager Name
Partnership Name
Mount Kellett Capital Partners
Mount Kellett Capital Partners II LP

MKCP CI TX, L.P.
MKCP MA TX, L.P.
MSouth Equity Partners
Capital Returned
to UTIMCO2
Current Value3
Cash-on-Cash
Return4
IRR5
87,631,907.00
10,000,000.00
28,471,370.00
126,103,277.00
63,603,517.00
0.00
5,450,732.87
69,054,249.87
26,376,189.06
14,712,082.46
15,973,272.09
57,061,543.61
0.73
0.00
0.19
0.55
1.21%
20.88%
-15.72%
0.00%
MSouth Equity Partners, L.P.

MSouth Equity Partners II, L.P.
MSouth Equity Partners III, L.P.
45,589,198.57
42,632,443.95
4,607,774.11
92,829,416.63
87,516,333.46
11,278,267.58
0.00
98,794,601.04
20,604,439.96
42,559,317.78
4,099,785.45
67,263,543.19
1.92
0.26
0.00
1.06
27.58%
11.98%
-16.69%
24.39%
Natural Gas Partners
Natural Gas Partners IX, L.P.

NGP Natural Resources X, L.P.
53,724,241.13
68,488,390.00
122,212,631.13
63,380,109.64
22,505,759.00
85,885,868.64
10,124,252.18
42,100,394.89
52,224,647.07
1.18
0.33
0.70
10.11%
-2.74%
5.07%
NewMargin Ventures
NewMargin Growth Fund, L.P.
48,236,907.04
13,117,728.85
14,717,913.90
0.27
-9.35%
Niam AB
Niam Nordic V L.P.
37,864,738.48
6,492,448.69
36,240,725.26
0.17
5.51%
Northstar Capital
Northstar Seidler Mezzanine Partners II, L.P.
25,007,518.00
29,925,775.00
4,247,330.30
1.20
6.65%
Northstar Equity Partners
Northstar Equity Partners II Limited

Northstar Equity Partners III Limited
Northstar Equity Partners IV Limited
43,322,932.26
89,184,201.26
20,648,162.68
153,155,296.20
24,277,432.09
7,727,297.77
114,296.31
32,119,026.17
16,564,881.45
70,982,951.08
21,688,788.78
109,236,621.31
0.56
0.09
0.01
0.21
-1.58%
-3.88%
7.09%
-2.71%
Northwood Investors
Northwood Real Estate Co-Investors, L.P.

Northwood Real Estate Partners, L.P.
Northwood Real Estate Co-Investors L.P. (Series 2)
Northwood Real Estate Partners L.P. (Series 2)
30,713,099.80
41,270,397.80
21,356,794.00
82,464,588.00
38,632,945.00
14,611,384.00
229,049,208.60
24,738,915.00
27,657,497.00
15,834,166.00
45,039,712.00
3,904,945.00
461,045.00
117,636,280.00
18,755,595.35
28,948,945.15
13,272,106.62
64,531,168.99
40,392,151.93
14,518,054.33
180,418,022.37
0.81
0.67
0.74
0.55
0.10
0.03
0.51
12.69%
10.81%
14.36%
13.89%
9.06%
2.92%
12.21%

2"Capital
5 IRR,
not annualized.
6The


Private Investments
As of May 31, 2016
Fund Manager Name
Partnership Name
Oaktree Capital Management
OCM Opportunities Fund III, L.P.

OCM Opportunities Fund IV, L.P.
OCM Opportunities Fund V, L.P.
OCM Opportunities Fund VI, L.P.
OCM/GFI Power Opportunities Fund II, L.P.
OCM Opportunities Fund VII, L.P.
OCM Opportunities Fund VIIB, L.P.
Oaktree Loan Fund 2x, L.P.
Oaktree Opportunities Fund VIII, L.P.
Oaktree Opportunities Fund VIIIB, L.P.
Oaktree Power Opportunities Fund III, L.P.
Oaktree Opportunities Fund IX, L.P.
Oaktree Power Opportunities Fund IV, L.P.
Paine & Partners, LLC
Capital Invested1
Capital Returned
to UTIMCO2
Current Value3
Cash-on-Cash
Return4
IRR5
50,005,479.46
40,000,000.00
25,000,000.00
25,000,000.00
16,685,196.82
35,000,000.00
31,500,000.00
250,000,000.00
20,000,000.00
10,000,000.00
49,280,188.00
25,000,000.00
5,053,559.00
582,524,423.28
74,555,189.59
65,955,027.82
40,470,071.20
38,205,460.00
50,529,832.90
44,201,559.90
50,615,874.31
251,829,846.56
19,420,858.22
3,962,696.03
39,189,507.00
0.00
0.00
678,935,923.53
750,936.16
131,206.88
813,677.58
1,434,600.22
214,064.32
3,915,468.65
3,162,759.19
0.00
7,505,572.21
7,467,332.71
29,618,964.36
23,912,184.79
4,671,525.10
83,598,292.17
1.49
1.65
1.62
1.53
3.03
1.26
1.61
1.01
0.97
0.40
0.80
0.00
0.00
1.17
11.97%
28.03%
14.15%
8.80%
58.32%
7.53%
16.64%
0.32%
8.19%
3.97%
13.57%
-2.15%
-7.56%
10.79%
Paine & Partners Capital Fund IV, L.P.
22,088,446.00
717,739.00
17,595,429.57
0.03
-21.90%
Parthenon Capital
Parthenon Investors II, L.P.
28,403,376.25
45,405,844.00
891,741.55
1.60
12.29%
Patria Investimentos S.A. and Grupo Promom S.A.
P2 Brasil Private Infrastructure Fund II, L.P.

P2 Brasil Private Infrastructure Fund III, L.P.
91,682,884.48
14,582,319.43
106,265,203.91
20,112,467.82
91,655.77
20,204,123.59
88,489,179.07
11,034,511.88
99,523,690.95
0.22
0.01
0.19
6.22%
-20.92%
4.74%
Pennybacker Capital
Pennybacker III, LP
84,931,821.00
8,711,522.00
81,773,754.31
0.10
7.62%
Polaris Venture Partners
Polaris Venture Partners IV, L.P.

Polaris Venture Partners V, L.P.
19,904,267.50
24,500,000.00
44,404,267.50
15,043,848.58
16,621,659.00
31,665,507.58
8,692,717.51
20,383,939.11
29,076,656.62
0.76
0.68
0.71
2.38%
8.26%
5.07%
Pomona Capital
Pomona Capital V, L.P.

Pomona Capital VI, L.P.
24,796,744.99
35,641,546.00
60,438,290.99
34,154,711.92
34,279,871.00
68,434,582.92
1,804,755.00
12,948,813.80
14,753,568.80
1.38
0.96
1.13
12.45%
5.14%
7.67%

2"Capital
5 IRR,
not annualized.
6The


Private Investments
As of May 31, 2016
Capital Invested1
Capital Returned
to UTIMCO2
Current Value3
Cash-on-Cash
Return4
IRR5
Fund Manager Name
Partnership Name
Post Oak Energy Capital
POEP Co-Invest, LP
Post Oak Energy Partners, LP
Post Oak Energy Partners II, L.P.
136,830,237.60
101,243,714.26
31,355,902.74
269,429,854.60
59,195,802.47
58,046,183.52
0.00
117,241,985.99
139,142,246.05
77,695,385.86
30,274,946.92
247,112,578.83
0.43
0.57
0.00
0.44
24.21%
19.05%
-4.17%
20.82%
Prospect Venture Partners
Prospect Venture Partners II, L.P.
23,142,577.93
28,953,862.78
541,783.07
1.25
5.01%
PTV Healthcare Capital
PTV Sciences, L.P.

PTV Sciences II, L.P.
Pinto TV Annex Fund, L.P.
PTV Special Opportunities I, L.P.
29,881,725.31
49,372,207.24
7,262,274.07
5,976,379.33
92,492,585.95
41,274,752.02
49,505,661.14
11,775,840.26
0.00
102,556,253.42
61,822.08
33,266,730.48
99,700.82
10,223,224.59
43,651,477.97
1.38
1.00
1.62
0.00
1.11
6.01%
9.49%
9.58%
25.63%
8.51%
Quintana Minerals Corporation
Quintana Resources Holdings, LP
33,006,518.90
0.00
31,290,840.05
0.00
-5.20%
RCF Management LLC
RCF V Annex Fund L.P.
2,720,073.36
0.00
2,720,073.36
0.00
0.00%
Realterm Everstone
IndoSpace Logistics Parks II, L.P.
18,000,000.00
36,337.50
14,956,715.08
0.00
-17.02%
Reservoir Capital Group
Reservoir Capital Partners (Cayman), L.P.

Reservoir Capital Investment Partners (Cayman), L.P.
40,000,000.00
100,000,000.00
140,000,000.00
18,801,218.00
66,562,391.00
85,363,609.00
31,738,660.61
73,493,123.31
105,231,783.92
0.47
0.67
0.61
2.77%
8.28%
5.73%
Resource Capital Funds
Resource Capital Fund V L.P.

Resource Capital Fund VI L.P.
50,082,502.09
50,808,823.52
100,891,325.61
13,292,191.38
0.00
13,292,191.38
16,962,792.20
45,080,445.77
62,043,237.97
0.27
0.00
0.13
-17.32%
-8.30%
-13.48%
The Roxborough Group, LLC
Roxborough Fund I, L.P.

Roxborough Sponsor Fund I, L.P.
17,005,449.08
17,005,449.08
34,010,898.16
210,963.89
210,963.89
421,927.78
17,520,255.04
17,511,344.18
35,031,599.22
0.01
0.01
0.01
10.06%
9.93%
10.00%
Russia Partners Management
Russia Partners III, L.P.
44,937,471.55
13,084,200.75
22,952,005.87
0.29
-6.74%

2"Capital
5 IRR,
not annualized.
6The


Private Investments
As of May 31, 2016
Capital Invested1
Capital Returned
to UTIMCO2
Current Value3
Cash-on-Cash
Return4
IRR5
Fund Manager Name
Partnership Name
Sante Ventures
Sante Health Ventures II, LP
24,438,953.92
11,424,775.57
27,698,394.09
0.47
24.06%
SCF Partners
SCF Partners, L.P.

OFS Investments
SCF-III, L.P.
SCF-IV, L.P.
SCF-V, L.P.
SCF-VI, L.P.
SCF-VII, L.P.
SCF-VIII, L.P.
11,541,715.05
11,536,728.30
22,737,242.65
35,078,338.84
19,932,635.99
33,481,968.20
41,993,672.39
17,282,339.63
0.00
35,957,844.65
30,714,905.07
55,965,515.39
110,644,257.64
51,996,589.02
70,384,846.53
24,617,605.60
0.00
0.00
0.00
0.00
0.00
0.00
11,043,263.26
10,034,207.74
31,700,466.54
10,152,750.23
0.00
3.12
2.66
2.46
3.15
2.61
2.10
0.59
0.00
0.00
33.71%
15.91%
14.65%
25.55%
33.92%
26.89%
9.43%
-23.28%
0.00%
193,584,641.05
380,281,563.90
62,930,687.77
1.96
24.04%
SCF-VII (A), L.P.6
Secured Capital Investment Management
Secured Capital Japan Real Estate Partners IV, L.P

Secured Capital Real Estate Partners V, L.P.
49,030,185.60
34,494,407.11
83,524,592.71
70,826,681.60
22,440,974.15
93,267,655.75
30,857.00
20,531,742.22
20,562,599.22
1.44
0.65
1.12
10.27%
34.23%
12.13%
Shorenstein Properties
Shorenstein Realty Investors Nine, L.P.
40,395,923.00
51,798,979.00
7,627,924.53
1.28
10.35%
Sindicatum Carbon & Energy Management
International Sindicatum Climate Change Partners
48,006,130.00
943,258.03
16,231,241.46
0.02
-17.26%
Sofinnova Ventures
Sofinnova Venture Partners VII, L.P.

Sofinnova Venture Partners VIII, L.P.
20,000,000.00
34,400,000.00
54,400,000.00
25,412,872.34
31,818,466.18
57,231,338.52
9,483,769.87
20,611,791.40
30,095,561.27
1.27
0.92
1.05
16.64%
28.54%
20.13%
Spark Management Partners
Spark Capital II, L.P.
24,895,000.00
88,812,043.09
10,538,021.16
3.57
52.42%
Taurus Fund Management Pty Limited
Taurus Resources Fund No. 2 Ltd
65,131,322.95
5,401,957.07
33,559,464.11
0.08
-18.48%
TDR Capital
TDR Capital II 'A' L.P.
66,466,338.77
35,846,822.78
41,318,346.16
0.54
3.14%

2"Capital
5 IRR,
not annualized.
6The


Private Investments
As of May 31, 2016
Capital Invested1
Fund Manager Name
Partnership Name
Teakwood Capital
Teakwood Capital III Co-Investment, L.P.

Teakwood Capital III, L.P.
Technology Crossover Ventures
TCV V, L.P.
TCV VI, L.P.
TCV VII, L.P.
Techstars
Capital Returned
to UTIMCO2
Current Value3
Cash-on-Cash
Return4
IRR5
4,000,000.00
1,000,000.00
5,000,000.00
0.00
0.00
0.00
3,834,752.00
-1,594,773.00
2,239,979.00
0.00
0.00
0.00
-4.37%
N/M
N/M
29,745,000.00
34,835,500.00
49,080,000.00
113,660,500.00
42,106,130.48
47,956,852.05
57,384,282.29
147,447,264.82
13,123,531.70
9,171,180.32
47,523,589.65
69,818,301.67
1.42
1.38
1.17
1.30
11.36%
13.92%
21.67%
15.04%
Techstars Ventures 2014, L.P.
24,862,500.00
111,126.20
24,077,865.85
0.00
-3.23%
Tembo Capital LLP
Tembo Capital Mining Co-Investment LP

Tembo Capital Mining Fund LP
Tembo Capital Mining Co-Investment II LP
Tembo Capital Mining Fund II LP
32,753,493.57
31,961,852.39
3,219,039.92
3,219,039.92
71,153,425.80
0.00
0.00
0.00
0.00
0.00
31,003,114.26
31,079,131.81
3,219,039.92
3,219,039.92
68,520,325.91
0.00
0.00
0.00
0.00
0.00
-4.87%
-2.50%
0.00%
0.00%
-3.70%
Tenaska
TPF II, L.P.
54,081,774.00
46,433,244.00
2,896,896.71
0.86
-2.26%
Texas Pacific Group
TPG Partners IV, L.P.

TPG Partners V, L.P.
TPG Partners VI, L.P.
TPG Star, L.P.
21,955,069.00
78,704,136.00
94,990,572.00
52,575,115.00
248,224,892.00
39,626,463.40
68,718,919.00
71,395,763.00
52,155,233.00
231,896,378.40
3,623,151.70
36,719,416.52
64,440,506.09
31,403,593.86
136,186,668.17
1.80
0.87
0.75
0.99
0.93
15.69%
4.97%
10.79%
11.88%
9.13%
TGF Management Corporation
The Texas Growth Fund - 1991 Trust

The Texas Growth Fund - 1995 Trust
Southwest Opportunity Partners, L.P.
8,997,176.96
6,338,483.57
23,490,011.00
38,825,671.53
22,161,318.88
3,943,453.17
46,806,111.27
72,910,883.32
0.00
0.00
571,351.86
571,351.86
2.46
0.62
1.99
1.88
21.20%
-10.65%
19.60%
15.90%
TLV Partners
TLV Partners, L.P.
2,410,285.00
0.00
1,744,839.06
0.00
-27.61%

2"Capital
5 IRR,
not annualized.
6The


Private Investments
As of May 31, 2016
Capital Invested1
Capital Returned
to UTIMCO2
Current Value3
Cash-on-Cash
Return4
IRR5
Fund Manager Name
Partnership Name
Tree Line Capital Partners
Tree Line Direct Lending Co-investment, L.P.

Tree Line Direct Lending, L.P.
5,000,000.00
9,174,274.64
14,174,274.64
287,806.67
1,334,930.74
1,622,737.41
5,945,020.00
10,401,232.96
16,346,252.96
0.06
0.15
0.11
31.62%
27.53%
31.14%
Triton Managers II Limited
Triton Fund II L.P.
52,722,845.92
88,422,976.12
10,733,268.14
1.68
18.76%
Trophy Property
Trophy Property (TE), L.P.
54,035,194.00
17,184,791.00
18,175,560.73
0.32
-5.77%
True Ventures
True Ventures III, L.P.

True Ventures IV, L.P.
True Ventures Select I, L.P.
True Ventures V, L.P.
32,660,005.36
25,600,000.00
24,400,000.00
2,000,000.00
84,660,005.36
1,108,895.84
3,095,322.56
0.00
0.00
4,204,218.40
36,744,342.37
27,665,383.14
25,516,519.60
2,000,000.00
91,926,245.11
0.03
0.12
0.00
0.00
0.05
5.08%
19.81%
6.13%
0.00%
7.71%
Turk Venture Partners
Turkish Private Equity Fund III L.P.
25,860,069.38
0.00
20,857,149.77
0.00
-7.22%
Union Park Capital
Union Park Capital I (Co-Investment), L.P.

Union Park Capital I, L.P.
22,209.93
25,854,151.18
25,876,361.11
0.00
3,397.50
3,397.50
3,939.02
23,174,770.13
23,178,709.15
0.00
0.00
0.00
-79.83%
-8.29%
-8.34%
Union Square Ventures
Union Square Ventures 2004, L.P.

Union Square Ventures Opportunity Fund, L.P.
Union Square Ventures 2012 Fund, L.P.
Union Square Ventures Opportunity 2014, L.P.
22,250,000.00
22,750,000.00
16,125,000.00
21,450,000.00
8,868,750.00
5,981,250.00
0.00
301,051,685.61
851,917.00
41,601,427.74
2,909,419.00
0.00
0.00
0.00
8,252,202.98
64,670,288.69
11,883,798.36
36,636,794.34
8,106,068.03
5,521,357.74
0.00
13.53
0.04
2.58
0.14
0.00
0.00
0.00
66.53%
21.49%
63.03%
25.19%
-8.72%
-5.03%
0.00%
97,425,000.00
346,414,449.35
135,070,510.14
3.56
59.82%
15,872,221.00
21,741,958.00
37,614,179.00
0.00
0.00
0.00
8,419,619.33
13,544,280.81
21,963,900.14
0.00
0.00
0.00
-20.98%
-13.58%
-16.43%
USV 2016, L.P.6
University Ventures
University Ventures Fund I UTIMCO-Investment, L.P.

University Ventures Fund I, L.P.

2"Capital
5 IRR,
not annualized.
6The


Private Investments
As of May 31, 2016
Fund Manager Name
Partnership Name
Upfront Ventures
Upfront V, L.P.
Varde Partners
Varde Fund VIII, L.P.

Varde Fund IX, L.P.
Varde Fund X, L.P.
Viburnum Funds Ply Ltd
Capital Invested1
Capital Returned
to UTIMCO2
Current Value3
Cash-on-Cash
Return4
IRR5
12,607,135.00
63,313.00
11,568,445.75
0.01
-14.42%
60,000,000.00
200,000,000.00
100,000,000.00
360,000,000.00
70,645,103.53
342,970,710.00
49,727,100.00
463,342,913.53
8,378,196.94
62,350,740.34
117,273,751.72
188,002,689.00
1.18
1.71
0.50
1.29
4.86%
14.30%
11.36%
11.92%
Viburnum Equity 3
12,953,776.30
-250,731.48
8,528,799.87
-0.02
-29.59%
Victoria Capital Partners
Victoria South American Partners II L.P.
27,548,671.95
517,317.00
18,120,635.94
0.02
-17.23%
Wand Partners
Wand Equity Portfolio II, L.P.

Wand Secondary Interests
40,377,661.00
10,007,706.10
50,385,367.10
31,677,491.86
11,068,791.00
42,746,282.86
5,835,067.05
0.00
5,835,067.05
0.78
1.11
0.85
-0.82%
2.62%
-0.47%
Warburg, Pincus & Co.
Warburg Pincus Private Equity VIII, L.P.

Warburg Pincus Private Equity IX, L.P.
Warburg Pincus Private Equity X, L.P.
30,227,138.75
50,017,142.36
74,879,017.56
155,123,298.67
60,105,038.69
80,041,207.10
67,524,078.97
207,670,324.76
7,852,747.50
7,355,632.35
38,423,470.63
53,631,850.48
1.99
1.60
0.90
1.34
14.56%
9.99%
7.40%
10.54%
Warwick Energy Investment Group
Warwick Partners III, L.P.
30,252,273.32
1,928,369.90
28,126,597.34
0.06
-0.38%
Wheelock Street Capital
WS/UT Co-Investment Fund I LP

Wheelock Street Real Estate Fund, L.P.
Wheelock Street Real Estate Fund II LP
14,794,629.95
96,274,787.00
54,645,880.00
165,715,296.95
24,978,785.04
123,829,572.00
4,170,641.00
152,978,998.04
4,819,690.84
45,547,358.01
56,295,443.10
106,662,491.95
1.69
1.29
0.08
0.92
28.03%
26.32%
14.61%
25.72%

2"Capital
5 IRR,
not annualized.
6The


Private Investments
As of May 31, 2016
Capital Invested1
Capital Returned
to UTIMCO2
Current Value3
Cash-on-Cash
Return4
IRR5
Fund Manager Name
Partnership Name
Wingate Partners
Wingate Partners, L.P.

Wingate Partners II, L.P.
Wingate Partners III, L.P.
Wingate Partners IV, L.P.
Wingate Partners V, L.P.
Wingate Partners V (TX Co-Investment), L.P.
9,634,328.36
12,622,734.59
16,983,865.62
48,237,921.68
61,780,434.00
12,533,721.00
161,793,005.25
58,575,959.44
25,210,932.52
55,648,732.72
29,713,225.29
4,741.00
0.00
169,153,590.97
0.00
0.00
0.00
64,073,714.37
35,619,788.06
9,998,921.18
109,692,423.61
6.08
2.00
3.28
0.62
0.00
0.00
1.05
30.34%
23.58%
23.54%
11.38%
-27.18%
-11.48%
29.12%
The Woodlands
The Woodlands Venture Fund, L.P.

The Woodlands/Essex Venture Fund III, L.P.
5,350,000.00
6,008,852.50
11,358,852.50
8,603,862.28
3,090,493.77
11,694,356.05
0.00
388,625.43
388,625.43
1.61
0.51
1.03
7.21%
-6.01%
1.17%

2"Capital
5 IRR,
not annualized.
6The


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University of Texas Investment Management Company

Fund Manager Name

Actis Africa 3, L.P.

Activum SG Capital Management

Activum SG Feeder Fund III L.P.

Advanced Technology Ventures

Advanced Technology Ventures VII, L.P.

Agribusiness Latin America Management LLC

Mid-Market LAIF II, L.P.

Alcion Real Estate Tax-Exempt Parallel Fund II, LP

Alpine Investors V (Co-Investment), L.P.6

Altra Private Equity Fund II, L.P.

American Industrial Partners

American Industrial Partners Capital Fund, L.P.

American Securities Capital

American Securities Partners II, L.P.

1"Capital Invested" may exceed "Commitment" amounts

due to the recall of previously distributed capital or other capitalized expenditures.

Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.

calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."

investment period for this fund has not yet commenced.

University of Texas Investment Management Company

Fund Manager Name

Ampersand 1995 Limited Partnership

Angelo, Gordon & Co.

AG Capital Recovery Partners IV, L.P.

Apollo Credit Opportunity Fund II, L.P.

ARCH Venture Partners

ARCH Venture Fund VI, L.P.

ARCH Venture Fund IX, L.P.6

ArcLight Capital Partners

ArcLight Energy Partners Fund I, L.P.

Artiman Ventures II, L.P.

1"Capital Invested" may exceed "Commitment" amounts

due to the recall of previously distributed capital or other capitalized expenditures.

Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.

calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."

investment period for this fund has not yet commenced.

University of Texas Investment Management Company

Fund Manager Name

Ashmore Investment Management

Ashmore Global Special Situations Fund IV, L.P.

Atlas Venture Fund VI, L.P.

Austin Ventures IV, L.P.

Avenue Capital Group

Avenue Asia Special Situations Fund IV, L.P.

Axxon Brazil Private Equity Fund III, LP

Azimuth Capital Management

Azimuth Energy Partners III U.S. LP

Baker Communications Fund, L.P.

Band of Angels Fund, L.P.

Baring Private Equity Asia

Baring Asia Private Equity Fund IV, L.P.

Baring Vostok Capital Partners

Baring Vostok Private Equity Fund V, L.P.

1"Capital Invested" may exceed "Commitment" amounts

due to the recall of previously distributed capital or other capitalized expenditures.

Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.

calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."

investment period for this fund has not yet commenced.

University of Texas Investment Management Company

Fund Manager Name

Beacon Focus Value Investors

Beacon Group III - Focus Value Fund, L.P.