1. 1
Access to U.S. Institutional Investors
– The Largest Concentration of Institutional Assets in the World
– Increasing US Sanctions Against Illegal Fundraising Activity
Typical Monthly 4-5 DayTypical Monthly 4-5 Day
Fundraising TripFundraising Trip

2. Rowe Capital Partners U.S. Investor Relationships
• Internal Proprietary Investor Database Breakout
Assets Under Management > $10B >$1.0B >$250M
• Public Entities 75 168 182
• Corporations 58 519 1024
• Endowments / Foundations 8 63 181
• Insurance Companies 9 89 82
• Wealth Advisory Platforms 59 149 125
• Even geographic U.S. distribution: 53% east of the Mississippi
& 47% west
• Fundraising focused on larger institutions or smaller family
offices depending on the managers need and investor appetite
• Global investor relationships are increasing significantly,
including sovereign funds and family offices
• The highest concentration of global relationships are in the
Pacific Rim, South America, Europe and the Middle East
• External database and research is used to update investment
personnel, allocations and consultant changes in the Rowe
Capital database
1800; 31%
2

3. Proactive Distribution
• Broad and Deep Market Penetration
• $1.8 Billion USD Raised
First Six Months Distribution Statistics
Firm 1 Firm 2 Firm 3 Avg.
Prospects Identified 2,101 1,698 2,269 2,023
Prospects Contacted 1,972 1,312 2,243 1,842
Weekly Calls 207 225 259 230
Total Meetings 65 52 51 56
3

4. A Sample of Investor Meetings
• Abbott Capital
• Alaska Permanent Fund Corporation
• Alaska Retirement Management
• Alignment Capital Group
• Altius Associates
• Arkansas Teachers Retirement
• Auda Associates
• Boeing Corporation
• Cambridge Associates
• Constitution Capital
• Duke University Investment Management
• Dupont Capital Management
• Florida State Board of Administration
• Ford Foundation
• Frank Russell Associates
• Franklin Park & Associates
• General Motors Asset Management Company
• Goldman Sachs Asset Management
• Grove Street Advisors (CALPERS)
• HarbourVest Partners
• Harvard University Management Company
• Hewlett Foundation
• Houston Fire Fighters’ Retirement
• Illinois Teachers’ Retirement
• Los Angeles City Retirement
• Los Angeles County Retirement
• Louisiana State Employees’ Retirement System
• Lumina Foundation for Education
• Macquarie Asset Management
• Massachusetts Institute of Technology
• Massachusetts Pension Reserve
• Meadows Foundation
• Neuberger Berman (Formerly Lehman Brothers)
• New York City Office of Controller
• Ohio Public Employees Retirement System
• Orange County Retirement System
• Oregon Public Employees’ Retirement System
• Parish Capital Advisors
• Pathway Capital
• Pennsylvania State Employees’ Retirement System
• Perella Weinberg
• Princeton University Management Company
• Rice University
• Rockefeller Foundation
• RREEF
• San Bernardino County Retirement System
• San Diego County Retirement System
• San Francisco City and County Retirement
• Shott Capital
• Siguler Guff & Company
• Southern Methodist University
• Spider Management (University of Richmond)
• Stanford University Management Company
• State of Hawaii Employees’ Retirement System
• Summit Strategies Group
• Teacher Retirement System of Texas
• Texas Treasury Safekeeping Trust
• TIAA CREF
• University of California Endowment
• University of Michigan
• University of Minnesota
• University of North Carolina
• University of Notre Dame
• University of Pennsylvania
• University of Texas Investment Management Company
• University of Virginia
• Virginia Retirement System
• Washington University
• Wellesley College
Family Offices typically prefer not to be listed
International
• Abbey National Treasury Services
• Abu Dhabi Investment Authority
• British Coal Pension Trustees
• Government of Singapore Investment Corporation (GIC)
• Korean Teachers’ Mutual Fund
• Korea Investment Corporation
• Mitsubishi Bank
• National Bank of Abu Dhabi
• NLI International
• Nomura Group
4

5. 2
Credit Markets
Credit Investments
• “In the past year, investors that had been flirting with
leveraged loans and other types of credit investments
began defining actual credit allocations and making
investments.”
• “The $7 billion Michigan Municipal Employees’ Retirement
System, Lansing, in May restructured its $2 billion fixed
income portfolio, moving all but $770 million into private
credit strategies.” … “The Oregon Investment Council,
Tigard, which manages the $58.4 billion Oregon Public
Employees Retirement Fund, Salem, was one of the
earliest investors in private credit.”
• “Institutional investors are searching for current income,
said Theodore “Ted” Koenig, CEO of Monroe Capital,
Chicago, a debt investment management firm. “Private
equity is not a current yield business…..We are, and have
always been, about current yield. That has become a much
more sexy business to investors now.”
Consultant Participation
• “A number of consulting firms – including NEPC, LLC,
Hewitt EnnisKnupp,Inc., Pension Consulting Alliance, Inc.,
and Summit Strategies Group – have been bringing the
investment strategy [leverged loans] to pension fund clients
that are moving money out of fixed income or equity.”
______________________________________________________________
There is a building case
for disaggregating the
traditional core fixed
income portfolio.
Credit Strategies Are Attracting More Pension Funds, Pension &
Investments, November 25th
, 2014

6. 2
Credit Markets
Credit Investments
• “In the past year, investors that had been flirting with
leveraged loans and other types of credit investments
began defining actual credit allocations and making
investments.”
• “The $7 billion Michigan Municipal Employees’ Retirement
System, Lansing, in May restructured its $2 billion fixed
income portfolio, moving all but $770 million into private
credit strategies.” … “The Oregon Investment Council,
Tigard, which manages the $58.4 billion Oregon Public
Employees Retirement Fund, Salem, was one of the
earliest investors in private credit.”
• “Institutional investors are searching for current income,
said Theodore “Ted” Koenig, CEO of Monroe Capital,
Chicago, a debt investment management firm. “Private
equity is not a current yield business…..We are, and have
always been, about current yield. That has become a much
more sexy business to investors now.”
Consultant Participation
• “A number of consulting firms – including NEPC, LLC,
Hewitt EnnisKnupp,Inc., Pension Consulting Alliance, Inc.,
and Summit Strategies Group – have been bringing the
investment strategy [leverged loans] to pension fund clients
that are moving money out of fixed income or equity.”
______________________________________________________________
There is a building case
for disaggregating the
traditional core fixed
income portfolio.
Credit Strategies Are Attracting More Pension Funds, Pension &
Investments, November 25th
, 2014