PensionReservesInvestmentManagementBoard

PrivateEquityPartnershipInvestmentsandIRRSinceInception
AsofDecember31,2015(VintageYears19892010)

Note:FundIRRswerecalculatedbytheLimitedPartnerandhave
notbeenreviewedorapprovedbytheGeneralPartners.The
performanceprovidedmaynotnecessarilyreflectthecurrentor
futureperformanceofthefundslistedbelow.
InvestmentName

IRR

1818FundII,L.P.
AdventEuropeanSpecialSituationsFund
AdventGlobalPrivateEquityII,L.P.
AdventGlobalPrivateEquityIII,L.P.
AdventInternationalGPEVL.P.
AdventInternationalGPEVIL.P.
AlchemyInvestmentPlan(HawthorneI)
AlchemyInvestmentPlan(HawthorneII)
AltaCommunicationsIX,L.P.
AltaCommunicationsVIII,L.P.
AmericanSecuritiesPartnersV,L.P.
APAGermanEuropeanVentures,L.P.
APAXCapitalRisqueIII,L.P.
ApaxEuropeVA,L.P.
ApaxEuropeanBuyInFund
ApaxVenturesIVInternationalPartners,L.P.
ApolloInvestmentFundIV,L.P.
AsiaPacificTrust(ArralPacificEquityTrustII)
AustinVenturesIX,L.P.
AustinVenturesVII,L.P.
AustinVenturesVIII,L.P.
BainCapitalFundX,L.P.
BainCapitalXCoinvestmentFund,L.P.
BatteryVenturesV,L.P.
BatteryVenturesVI,L.P.
BatteryVenturesVII,L.P.
BatteryVenturesVIIISideFund,L.P.
BatteryVenturesVIII,L.P.
BaysideOpportunityFund,L.P.
BelmontCapitalPartnersII,L.P.
BerkshireFundVI,L.P.
BerkshireFundVII,LP
BlackstoneCapitalPartnersII,L.P.Secondary
BlackstoneCapitalPartnersII,L.P.PRIM
BlackstoneCapitalPartnersIII,L.P.
BlackstoneCapitalPartnersIVL.P.
BlackstoneCapitalPartnersV,L.P.

11.42%
16.78%
19.98%
10.11%
48.84%
17.82%
14.74%
2.43%
2.44%
6.17%
20.85%
24.73%
13.96%
36.30%
1.85%
23.92%
8.51%
2.39%
5.72%
2.82%
6.91%
7.28%
8.35%
8.29%
4.78%
9.59%
31.34%
17.09%
0.82%
11.63%
24.54%
15.22%
44.29%
37.90%
14.67%
36.45%
7.67%

Page1of6

PensionReservesInvestmentManagementBoard
PrivateEquityPartnershipInvestmentsandIRRSinceInception
AsofDecember31,2015(VintageYears19892010)
InvestmentName

IRR

BostonVenturesIII/IIIA,L.P.
BostonVenturesIV/IVA,L.P.
BostonVenturesV,L.P.
BostonVenturesVI,L.P.
BostonVenturesVIA,L.P.
BridgepointEuropeIV,L.P.
Candover2005Fund,L.P.
Candover2008FundUSNo.1,L.P.
CapitalResourceLendersII,L.P.
CarlylePartnersIV,L.P.
CarlylePartnersV,L.P.
CastileVenturesIII
CenterbridgeCapitalPartners,LP
CharlesRiverPartnershipXI,L.P.
CharlesbankEquityFundV,L.P.
CharlesbankEquityFundVI,L.P.
CharlesbankEquityFundVII,L.P.
CharterhouseCapitalPartnersIX,L.P.
ChequersCapitalXV(ChequersII)
ChisholmPartnersIV,L.P.
CHSPrivateEquityV,L.P.
CommonwealthBioVenturesII,L.P.
CommonwealthBioVenturesIII,L.P.
CommonwealthBioventuresV,L.P.
CommonwealthCapitalVenturesII,L.P.
CommonwealthCapitalVentures,L.P.
CrossroadsCapitalIII,L.P.
CVCEuropeanEquityPartnersII,L.P.Euro
CVCEuropeanEquityPartnersIII,L.P.Euro
CVCEuropeanEquityPartnersIV,L.P.
CVCEuropeanEquityPartnersV,L.P.
CVCEuropeanEquityPartners,LP
CypressMerchantBankingPartnersII,LP
DLJMerchantBankingPartnersII,LP
DLJMerchantBankingPartners,L.P.
DominionFundIII,L.P.
ElDoradoVenturesVI,L.P.
ElDoradoVenturesVII,L.P.
EquitableEquityII
EssexWoodlandsHealthVenturesFundIV,L.P.
EssexWoodlandsHealthVenturesFundV,L.P.
EssexWoodlandsHealthVenturesFundVI,L.P.
ExponentPrivateEquityPartners
ExponentPrivateEquityPartnersII,L.P.

18.67%
18.72%
2.85%
9.48%
9.84%
10.74%
11.71%
85.28%
5.71%
13.10%
13.37%
10.62%
20.75%
7.97%
19.20%
10.88%
26.98%
12.99%
7.71%
0.71%
9.36%
43.37%
4.22%
10.40%
13.51%
0.62%
16.82%
18.94%
41.00%
16.44%
11.18%
22.95%
0.57%
6.01%
77.13%
16.81%
1.83%
0.18%
13.51%
7.34%
6.00%
2.25%
7.40%
8.81%

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PensionReservesInvestmentManagementBoard
PrivateEquityPartnershipInvestmentsandIRRSinceInception
AsofDecember31,2015(VintageYears19892010)
InvestmentName

IRR

FirstReserveFundIX,L.P.
FirstReserveFundVIII,L.P.
FirstReserveFundX,L.P.
FirstReserveFundXI,L.P.
FlagshipVenturesFund2004,L.P.
FlagshipVenturesFund2007,L.P.
FlagshipVenturesFundIV,L.P.
ForstmannLittleD&EMBOV,L.P.
FSEquityPartnersIII,LP
FSEquityPartnersIV,L.P.
GenstarCapitalPartnersIV,L.P.
GenstarCapitalPartnersV,L.P.
Golder,Thoma,Cressey&RaunerFundV,LP
GoresCapitalPartnersII,L.P.
GoresCapitalPartnersIII,L.P.
GTCRFundIX,L.P.
GTCRFundVI,L.P.
GTCRFundVII,L.P.
GTCRFundVIIA,L.P.
GTCRFundVIII,L.P.
H.I.G.BaysideDebt&LBOFundII,L.P.
H.I.G.CapitalPartnersIII,L.P.
HarbourVestInt'lPrivateEquityPartners,L.P.
Hellman&FriedmanCapitalPartnersIII,LP
Hellman&FriedmanCapitalPartnersIV,LP
Hellman&FriedmanCapitalPartnersV,L.P.
Hellman&FriedmanCapitalPartnersVI,L.P.
HighlandCapitalPartnersVIB,L.P.
HighlandCapitalPartnersVII,L.P.
HighlandCapitalPartnersVIII,L.P.
InsightVenturePartnersV,LP.
InsightVenturePartnersV,LP.Coinvestment2005
InsightVenturePartnersV,LP.Coinvestment2006
InsightVenturePartnersVI,L.P.
InstitutionalVenturePartnersXIII,L.P.
InterWestPartnersVIII,L.P.
J.H.WhitneyIV,L.P.
JosephLittlejohnLevyFundII,L.P.
Joseph,Littlejohn&LevyFund,LP
KelsoInvestmentAssociatesVI,L.P.
KelsoInvestmentAssociatesVII,L.P.
KelsoInvestmentAssociatesVIII,L.P.
KKR1993Fund
KKR1996Fund,LP

48.23%
15.80%
31.08%
9.20%
6.37%
18.86%
81.65%
18.28%
16.26%
12.87%
8.09%
13.55%
10.99%
7.03%
6.91%
14.00%
3.84%
21.50%
82.69%
22.42%
16.80%
24.10%
11.13%
34.26%
34.94%
27.95%
13.03%
11.64%
2.75%
5.95%
20.79%
26.66%
26.66%
19.65%
18.50%
4.01%
11.08%
7.13%
33.22%
9.33%
11.57%
9.23%
17.18%
13.18%

Page3of6

PensionReservesInvestmentManagementBoard
PrivateEquityPartnershipInvestmentsandIRRSinceInception
AsofDecember31,2015(VintageYears19892010)
InvestmentName

IRR

KKR2006Fund,L.P.
KPSSpecialSituationsFundIII,(Supplemental),L.P.
LandmarkEquityPartnersIII,LP
LandmarkEquityPartnersIV,LP
LandmarkEquityPartnersV,L.P.
M/CVenturePartnersV,L.P.
M/CVenturePartnersVI,L.P.
MadisonDearbornCapitalPartnersIII,L.P.
MadisonDearbornCapitalPartnersIV,L.P.
MadisonDearbornCapitalPartnersV,L.P.
MadisonGroup,LP
MenloVenturesIX,L.P.
MenloVenturesVII,L.P.
MenloVenturesVIII,L.P.
MenloVenturesX,L.P.
MFAMASTERS
MontaguIII,L.P.
MontreuxEquityPartnersIV,L.P.
NashSellsLimitedPartnershipI
Nash,SellsLimitedPartnershipII
NauticPartnersV,L.P.
NewEnterpriseAssociates10,L.P.
NewEnterpriseAssociates11,L.P.
NewEnterpriseAssociates12,L.P.
NewEnterpriseAssociates9,L.P.
NewEnterpriseAssociatesVIII,L.P.
NewEnterpriseAssociatesVIIIA,L.P.
NordicCapitalFundVI,L.P.
NordicCapitalFundVII,L.P.
NordicCapitalV,L.P.
OdysseyInvestmentPartnersFundIV,L.P.
OlympusGrowthFundIII,L.P.
OlympusGrowthFundIV,L.P.
OlympusGrowthFundV,L.P.
OneLibertyFundIII,L.P.
OnexPartnersII,L.P.
OnexPartnersIII,L.P.
OnexPartners,L.P.
PAIEuropeV
PermiraEuropeII,L.P.2
PermiraEuropeIII,L.P.
PermiraEuropeIV,L.P.
PermiraGermanBuyOuts1992,L.P.
PermiraUKVentureFundIII,L.P.

8.58%
21.39%
35.56%
16.63%
8.32%
8.38%
13.80%
8.58%
14.61%
7.02%
17.94%
0.14%
136.03%
8.94%
10.90%
15.21%
7.48%
6.43%
18.24%
17.63%
17.15%
3.80%
15.42%
9.34%
6.67%
30.63%
2.56%
6.95%
3.68%
20.73%
31.41%
15.05%
8.46%
15.85%
28.43%
14.25%
13.26%
38.44%
4.87%
23.79%
25.85%
7.98%
35.66%
30.69%

Page4of6

PensionReservesInvestmentManagementBoard
PrivateEquityPartnershipInvestmentsandIRRSinceInception
AsofDecember31,2015(VintageYears19892010)
InvestmentName

IRR

PermiraVenturesEuropeanFund,L.P.5
PolarisVenturePartnersIII,L.P.
PolarisVenturePartnersIV,L.P.
PolarisVenturePartnersV,L.P.
ProvidenceEquityPartnersIV,L.P.
ProvidenceEquityPartnersV,L.P.
ProvidenceEquityPartnersVI,L.P.
QuadCPartnersVI,L.P.
QuadCPartnersVIICoInvestmentFund,L.P.
QuadCPartnersVII,L.P.
RembrandtVenturePartnersII,L.P.
RichlandVenturesIII,L.P.
SAIFPartnersIV,L.P.
SCPVitalifePartnersII,L.P.
SentryEquipmentFinancing,L.P.
SherbrookeCapitalHealth&WellnessII,L.P.
SparkCapitalII,L.P.
SparkCapital,L.P.
SpectrumEquityInvestorsII,L.P.
SpectrumEquityInvestorsIII,L.P.
SpectrumEquityInvestorsIV,L.P.
SpectrumEquityInvestorsV,L.P.
SummitPartnersPrivateEquityFundVIIA,L.P.
SummitPartnersVentureCapitalFundIIA,L.P.
SummitVenturesVIA,L.P.
SVLifeSciencesFundV,L.P.
T/AAdventVIII,LP
TAIX,L.P.
TAX,L.P.
TAXI,L.P.
TCVVI,L.P.
TCVVII,L.P.
ThomaBravoFundIX,L.P.
ThomaCresseyFundVI,L.P.
ThomaCresseyFundVII,L.P.
ThomaCresseyFundVIII,L.P.
ThomasH.LeeEquityFundIII,LP
ThomasH.LeeEquityFundIV,L.P.
ThomasH.LeeEquityFundV,L.P.
ThomasH.LeeEquityFundVI,L.P.
ThomasH.LeeEquityFund,L.P.
TorquestPartnersFundII,LP
TowerbrookInvestorsIII,L.P.
TPGPartnersII,L.P.

73.54%
3.67%
2.96%
8.98%
23.86%
4.00%
6.66%
24.69%
11.36%
12.05%
6.02%
3.02%
12.68%
6.37%
5.68%
21.46%
52.72%
8.98%
22.56%
2.38%
7.42%
17.76%
11.57%
21.02%
15.28%
19.78%
23.28%
21.94%
4.85%
18.86%
14.11%
21.56%
43.40%
0.37%
24.34%
18.13%
31.22%
2.58%
13.71%
8.29%
54.58%
4.58%
11.11%
9.93%

Page5of6

PensionReservesInvestmentManagementBoard
PrivateEquityPartnershipInvestmentsandIRRSinceInception
AsofDecember31,2015(VintageYears19892010)
InvestmentName

IRR

TPGPartnersIII,L.P.
TPGPartnersIV,L.P.
TPGPartnersV,L.P.
TPGPartnersVI,L.P.
TridentCapitalFundV,L.P.
TridentCapitalFundVI,L.P.
UnionSquareVentures2004
UnionSquareVentures2008,L.P.
UnionSquareVenturesOpportunityFund,L.P.
VantagePointCommunicationsPartners,L.P.
VantagePointVenturePartnersIII,L.P.
VantagePointVenturePartnersIV,L.P.
VestarCapitalPartnersIII,LP
VestarCapitalPartnersIV,L.P.
VestarCapitalPartnersV,L.P.
VistaEquityPartnersFundIII,L.P.
Welsh,Carson,Anderson&StoweIX,L.P.
Welsh,Carson,Anderson&StoweVII,LP
Welsh,Carson,Anderson&StoweVIII,L.P.
WestonPresidioCapitalIV,L.P.
WestonPresidioV,L.P.
WestviewCapitalPartnersII,L.P.
WhitneyV,L.P.
WilliamBlairMezzanineCapitalFund,L.P.
WillisStein&PartnersII,L.P.
WillisStein&PartnersIII,L.P.
WillisStein&Partners,L.P.
XenonPrivateEquityV,L.P.

24.56%
15.85%
5.07%
12.08%
8.47%
1.69%
67.69%
23.45%
64.56%
9.12%
16.20%
0.78%
2.76%
13.50%
2.96%
28.58%
11.19%
17.77%
3.12%
2.76%
14.55%
23.62%
23.33%
14.05%
9.38%
0.31%
20.63%
11.61%

Page6of6