EFTA01389515.pdf

GLDUS133 Georgetown University Endowment Consistent top returns among peers SOF Funds vs Cambridge Associates' secondary funds performance' 7'3 Secondary funds: Net IRR4 to limited partners Secondary funds: Net multiples to limited partners 50% - 2 5x + Upper Quartile Lower Quartile • Media n 45% - SOF D TVPI =2.3x 40% - SOF DPI = 2.1x SOF II TVPI = 1.84x SOF III TVPI = 1 5x 35% DPI = 1.80x TVPI = 1 3x SOF D SOF III DPI= 1.2x DPI = 0.3x 29% 30% et 30% - ix S0F SOF II 1; 25% - 22% 20% 0.5x • 5% - t 0% 0.0x 04 05 06 07 08 09 10 11 12 13 14 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 • Index DPI Index RVPI SOF funds DPI SOF funds RVPI 11) Source' Cambric* Associates Secondaries Benchmark statistics as of September 30. 2017 based on data complied from 140 secondary [Kt with a retiid nutn (A Lands per vear. ;n-iticlina fully liquidated partnerships. fanned between .Q04 and 2014 Earth SOF Fund its startsbenchmarked against their respectra Vintage peer oiodp..This inromnaion ierftectsa compariSiM Si3F. sor SDF II arid SO)- III performaivre against one benchmark only: quart*es may differ when corarileed to ether benctereirking seines. SOF. UF. SOF J. SCir it and SOF data snot included in IF* data sad reed to calculate the beittirialk data (21 Information veserted in this chair is based an the inauelted results of SOF, SOF 0. SOF II and SOF In as vi September 3D. 2017 and ts+culd be read and ftMewed in con)tettion with the important Information" and Wes to investinent Performance Intimation' sections of !MIS d-Ocialligni (31 Past performance is n'$ a plight-Pon of the future 1:4900fIttext6 Of SOF. SOF 0, SOF If or SOF HI but is included to denmnstrae the track record vi the Gler45wer SOF Team. (41 internal rates of returns are net of fees. expenses and tamed interest. Cambridge .Assoaates research shots that most funds trite et feast six years to settle irto their final quartile tanking. anrA INEWIOUV to thin settling they tYlwalPY rank in 2-3 WIWI .rflaillnkni. therefore fund or benchmark PrnfOnTr±lee metrics frommore recent vintage years may be less meaningful. Median, is the middle fund IRR of the, (gaup of individual fund iRrts mrzspiss m a writage year trarivinin 3 tundst. Upper Ir..ww: quartile are ti.e threshos for the upper 4t"X and (batom "4”41quartikes based on thai Indendual heed IRRs included in a :nriage year and are ksed in conjunclion with the median to determine quartile placement (minimum 3 finds). CS3 DPI Distiibidlorz to a,d-€n Capital: RtiFi Residual Vim!, to Paid-in Capita. Pr?In Total Valve to Paid+1 Capital. TVPI. RsPI ard ;ham€ are p.t.toted rehon awiegating all cast, 1+.4es and endir *Ws in a sample to calculate a dollar•werghted return. Glendower STRICTLY CONFIDENTIAL Capital CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0093874 CONFIDENTIAL SDNY_GM_00240058 EFTA01389515