Partners Capital is an investment management firm that provides its view of the future of private equity investing over the next 5 years based on historical trends and forecasts. It projects that private equity assets under management will increase from $4.5 trillion to $6 trillion from 2017 to 2021 as committed but uncalled capital grows 80% and net asset value increases due to strong returns. It also examines projected returns for large cap buyout funds under different earnings growth and valuation scenarios, finding returns of 6.7-12% are possible. The document provides context and sources for its projections primarily using data from Preqin and the firm's own models.

1. PARTNERS
CAPITAL
Europe
5 Young Street
London W8 5EH
England
Tel: +44 (0) 20 7938 5200
North America
50 Rowes Wharf
Boston, MA 02110
United States
Tel: +1 (617) 292 2570
152 West 57th St., 47th Floor
New York, NY 10019
United States
Tel: +1 347 594 5506
Asia
Level 8, Two Exchange Square
8 Connaught Place
Central, Hong Kong
Tel: +852 2297 2467
7 November 2017
Partners Capital View of the Future of Private Equity Investing
Partners Capital Investment Group LLC

2. PARTNERS CAPITAL
Past performance is not indicative of future returns
This information is confidential and was prepared by Partners Capital solely for the use of our clients; it is not to be relied upon by any 3rd party. 2
PE Invested + Committed Uncalled Capital to grow by 80% in 5 years
$1,365
$1,895
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
$4,500
$5,000
$5,500
$6,000
$6,500
Forecast LP Commitments
(2017-21)
$Billion
Net Asset Value
$1,617
Dry Powder
$869
Current Private Equity
Assets under Management
Estimated Increase $423
Maintaining 2014-16
annual
commitments
$2,117
Forecast NAV
Increase of Assets
(2017-21)
Forecast Private
Equity Distributions
(2017-21)
Dry Powder
$1,369
Net Asset Value
$3,128
Estimated Private Equity
Assets under Management
2021
$2,486
$4,497
Source
Preqin, Private Equity
Assets under
Management as of 30th
June 2016
PEI, Annual Fundraising Report 2016,
average of last 3 year commitments.
Preqin, Increase estimated by average
allocations of Global Institutional
Investors compared to their targets.
Partners Capital, long term
annualised return assumption of
10.5%.
Preqin, assumption that annual
realisations as a percentage of
private equity NAV are consistent with
previous 3 years.

3. PARTNERS CAPITAL
Past performance is not indicative of future returns
This information is confidential and was prepared by Partners Capital solely for the use of our clients; it is not to be relied upon by any 3rd party.
Buyout Manager Net IRR by Vintage Year 1997 - 2014
3
Median IRR for each vintage year
Source: Preqin, as of 31st March 2017.
0%
5%
10%
15%
20%
25%
30%
35%
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Net IRR
Market Cap Average IRR
Mega Cap 15.7%
Large Cap 12.4%
Mid Cap 12.8%
Small Cap 12.1%

4. PARTNERS CAPITAL
Past performance is not indicative of future returns
This information is confidential and was prepared by Partners Capital solely for the use of our clients; it is not to be relied upon by any 3rd party. 4
Expected Large Cap Buyout Returns: with Average S&P Earnings Growth
Model Inputs Large Cap Transaction
Entry Multiples 12.5x
Exit Multiples 12.5x
Debt / EBITDA Multiple and Cost of Debt 6.1x / LIBOR +4.5%
EBITDA CAGR over 5 year hold period 4.0%
Fees 1.5% / 20%
Net Cash Multiple 1.4x
Net IRR 6.7%
Source: Partners Capital leveraged buyout model as of 30th September 2017, using assumptions listed above. Corporate income tax rate assumed is 35%. Excludes Partners Capital fees.
No guarantees are or can be made as to the actual performance that will be achieved.

5. PARTNERS CAPITAL
Past performance is not indicative of future returns
This information is confidential and was prepared by Partners Capital solely for the use of our clients; it is not to be relied upon by any 3rd party. 5
Expected Large Cap Buyout Returns: with 8% Earnings Growth
Model Inputs Large Cap Transaction
Entry Multiples 12.5x
Exit Multiples 12.5x
Debt / EBITDA Multiple and Cost of Debt 6.1x / LIBOR +4.5%
EBITDA CAGR over 5 year hold period 8.0%
Fees 1.5% / 20%
Net Cash Multiple 1.9x
Net IRR 12.0%
Source: Partners Capital leveraged buyout model as of 30th September 2017, using assumptions listed above. Corporate income tax rate assumed is 35%. Excludes Partners Capital fees.
No guarantees are or can be made as to the actual performance that will be achieved.

6. PARTNERS CAPITAL
Past performance is not indicative of future returns
This information is confidential and was prepared by Partners Capital solely for the use of our clients; it is not to be relied upon by any 3rd party. 6
Expected Large Cap Buyout Returns: with 6.5% Earnings + Multiple Expansion
Model Inputs Large Cap Transaction
Entry Multiples 12.5x
Exit Multiples 13.5x
Debt / EBITDA Multiple and Cost of Debt 6.1x / LIBOR +4.5%
EBITDA CAGR over 5 year hold period 6.5%
Fees 1.5% / 20%
Net Cash Multiple 1.9x
Net IRR 12.0%
Source: Partners Capital leveraged buyout model as of 30th September 2017, using assumptions listed above. Corporate income tax rate assumed is 35%. Excludes Partners Capital fees.
No guarantees are or can be made as to the actual performance that will be achieved.

7. PARTNERS CAPITAL
Past performance is not indicative of future returns
This information is confidential and was prepared by Partners Capital solely for the use of our clients; it is not to be relied upon by any 3rd party.
Dispersion of Private Equity Manager Performance
7
Average IRR for Private Equity vintages 2000-2013.
Notes:
1. State Street, as of 31st March 2017. Average IRRs for funds in vintages 2000-2013.
0%
5%
10%
15%
20%
25%
Net IRR
Small Cap BuyoutVenture CapitalAll Private Equity Buyout Large Cap Buyout
17.7%
2.7%
9.3%
15.7%
21.5%
18.7%
22.0%
0.5%
5.3%
6.6%
3.7%
12.3%12.4%12.7%
7.5%

8. PARTNERS CAPITAL
Past performance is not indicative of future returns
This information is confidential and was prepared by Partners Capital solely for the use of our clients; it is not to be relied upon by any 3rd party.
Certain information presented herein constitutes “forward-looking statements” which can be identified by
the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,”
“continue” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Any
projections, market outlooks or estimates in this material are forward-looking statements and are based
upon certain assumptions. Due to various risks and uncertainties, actual market events, opportunities or
results or strategies may differ materially from those reflected in or contemplated by such forward-looking
statements and any such projections, outlooks or assumptions should not be construed to be indicative of
the actual events which will occur.
Partners Capital Investment Group, LLP is not a tax adviser and clients should seek independent
professional advice on all tax matters. The content herein is for informational purposes only, including any
content related to the tax implications or outcomes of any investment program, and is provided with the
understanding that Partners Capital is not offering or rendering tax or other professional advice.
Accordingly, in no event will Partners Capital be liable for any loss or damage including, without limitation,
indirect or consequential loss or damage, or any loss or damage whatsoever arising from adverse or
unintended tax consequences. Any reference to taxation relies upon information and regulations currently
in force. While every effort is made to ensure that the information provided to clients is accurate and up to
date, some of the information may be rendered inaccurate by changes in applicable laws and regulations,
for example, the bases on which taxes may be incurred or avoided. The tax treatment of investment
actions depends upon the individual circumstances of each client and the content herein may not take into
account those circumstances in their entirety.
Certain transactions, including those involving futures, options, and high yield securities, give rise to
substantial risk and are not suitable for all investors. The investments described herein are speculative,
involve significant risk and are suitable only for investors of substantial net worth who are willing and have
the financial capacity to purchase a high risk investment which may not provide any immediate cash return
and may result in the loss of all or a substantial part of their investment. An investor should be able to bear
the complete loss in connection with any investment.
Certain aspects of the investment strategies described in this presentation may from time to time include
commodity interests as defined under applicable law. Pursuant to an exemption from the U.S. Commodity
Futures Trading Commission (CFTC) in connection with accounts of qualified eligible clients, this brochure
is not required to be, and has not been filed with the CFTC. The CFTC does not pass upon the merits of
participating in a trading program or upon the adequacy or accuracy of commodity trading advisor
disclosure. Consequently, the CFTC has not reviewed or approved this trading program or this brochure.
Copyright © 2017, Partners Capital Investment Group, LLP
This material has been issued by Partners Capital Investment Group, LLP which is registered with the U.S.
Securities and Exchange Commission (the “SEC”) and as a commodity trading adviser with the CFTC and
is a member of the National Future’s Association (the “NFA”). This materials are being provided to
customers on the condition that they will not form a primary basis for any investment decision by or on
behalf of its customers. These materials and any related documentation provided herewith is given on a
confidential basis.
This material is not intended for public use or distribution. It is the responsibility of every person reading
this material to satisfy himself or herself as to the full observance of any laws of any relevant jurisdiction
applicable to such person, including obtaining any governmental or other consent which may be required or
observing any other formality which needs to be observed in such jurisdiction. This report is not an offer to
sell or the solicitation of an offer to buy any security.
The source for all figures included in this material is Partners Capital Investment Group, LLP, unless stated
otherwise. While all the information prepared in this material is believed to be accurate, Partners Capital
Investment Group, LLP may have relied on information obtained from third parties and makes no warranty
as to the completeness or accuracy of information obtained from such third parties, nor can it accept
responsibility for errors of such third parties, appearing in this material.
Opinions expressed are our current opinions as of the date appearing on this material only. We do not
undertake to update the information discussed in this material. We and our affiliates, officers, directors,
managing directors, and employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and sell, the securities, or
derivatives thereof, of any companies mentioned herein.
This material contains hypothetical or simulated performance results which have certain inherent
limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also,
since the trades have not actually been executed, the results may have under- or over-compensated for
the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in
general are also subject to the fact that they are designed with the benefit of hindsight. No representation
is being made that any client will or is likely to achieve profits or losses similar to those shown. These
results are simulated and may be presented gross or net of management fees.
This material may include indications of past performance of investments or asset classes. This information
has neither been reviewed nor approved by the referenced funds or investment managers. Past
performance is not a reliable indicator and is no guarantee of future results. Investment returns will
fluctuate with market conditions and every investment has the potential for loss as well as profit. The value
of investments may fall as well as rise and investors may not get back the amount invested.
Disclaimer
8