December 2015

1. PERACS
ALPHA BENCHMARK REPORT
DECEMBER 2015

2. ALPHA BENCHMARK REPORT 2DECEMBER 2015 x PERACS
TABLE OF CONTENTS
MESSAGE FROM THE FOUNDER 3
THE PERACS METHODOLOGY 4
ABOUT PERACS 5
GLOBAL PE
u GLOBAL PE PERACS MULTIPLE 6
u GLOBAL PE PERACS ALPHA 7
u GLOBAL PE PERACS RATE OF RETURN 8
NORTH AMERICA PE
u NORTH AMERICA PE PERACS MULTIPLE 9
u NORTH AMERICA PE PERACS ALPHA 10
u NORTH AMERICA PE PERACS RATE OF RETURN 11
EUROPE PE
u EUROPE PE PERACS MULTIPLE 12
u EUROPE PE PERACS ALPHA 13
u EUROPE PE PERACS RATE OF RETURN 14
GLOBAL BUYOUT
u GLOBAL BUYOUT PERACS MULTIPLE 15
u GLOBAL BUYOUT PERACS ALPHA 16
u GLOBAL BUYOUT PERACS RATE OF RETURN 17
NORTH AMERICA BUYOUT
u NORTH AMERICA BUYOUT PERACS MULTIPLE 18
u NORTH AMERICA BUYOUT PERACS ALPHA 19
u NORTH AMERICA BUYOUT PERACS RATE OF RETURN 20
GLOBAL VENTURE
u GLOBAL VENTURE PERACS MULTIPLE 21
u GLOBAL VENTURE PERACS ALPHA 22
u GLOBAL VENTURE PERACS RATE OF RETURN 23
NORTH AMERICA VENTURE
u NORTH AMERICA VENTURE PERACS MULTIPLE 24
u NORTH AMERICA VENTURE PERACS ALPHA 25
u NORTH AMERICA VENTURE PERACS RATE OF RETURN 26

3. ALPHA BENCHMARK REPORT 3DECEMBER 2015 x PERACS
MESSAGE FROM THE FOUNDER
PERACS provides customized and formula-
ic PE track record analytics and validation
services to PE investors. It is our goals to
bring increased accuracy and efficiency to
the fundraising and fund due diligence pro-
cesses for industry players.
Professor Oliver Gottschalg,
Founder, PERACS
The work being conducted by PERACS on fund performance, persistence and quantifying
the true value of Alpha for private equity performance, is increasingly becoming a must-
have component for GPs and LPs in fund analytics.The inherent bias of IRR as a measure
of performance continues to be an industry standard that perpetuates the top performer
myths. Track record certification allows true top quartile performers to talk openly with in-
vestors and backup that talk with facts. PERACS Alpha™ measures PE returns in an accu-
rate and unbiased fashion making it possible to quantify the extent to which performance
is attributable to broad market trends, financial leverage, sector choices or operational
outperformance.
This, the inaugural PERACS Alpha Benchmark Report, will provide you with the necessary
industry standard against which to compare fund performance to a relevant peer group on
a quarterly basis.
For more information see PERACS.com

4. ALPHA BENCHMARK REPORT 4DECEMBER 2015 x PERACS
The PERACS Alpha™ provides a computationally robust and analytically
accurate first indication of the ‘alpha’ of a private equity investment,
that is, its outperformance relative to a broad public market index.This
measure serves as a (non-risk-adjusted) proxy for the opportunity cost
of having invested in private equity.
The PERACS Alpha™ calculates the annualized performance of a
PE investment relative to the public market returns by i) discounting
all of the fund’s cash flows back to the date of the first cash flow of the
fund, using the actual returns of a broad public market index, such as
the MSCI World Index over the relevant time period, as the discount
rate ii) calculating the PERACS Multiple, the ratio of the present value
of all inflows over the present value of all outflows, to obtain a present
value version of the total return multiple (TVPI or MOIC) iii) deriving the
duration of the fund as the time period between (a) the capital weighted
average date of all takedowns and (b) the capital weighted average
date of all distributions and the remaining NAV.
PERACS uses the duration to annualise the PERACS multiple by
calculating:
[PERACS Alpha = (PERACS Multiple^(1/duration)) -1]
THE PERACS METHODOLOGY
For purposes of its analysis and results, PERACS™ has relied exclusively upon data available through Preqin, without independent verification by PERACS™; PERACS™ disclaims any
responsibility or liability whatsoever for the accuracy or completeness of such information, including any misrepresentations or errors arising from, or as a result of, any such information.
Its companion, the PERACS Rate of Return (PRR), uses a similar
approach to measure absolute annual returns. It does so by taking
the multiple (TVPI or MOIC) and using the investment duration (the
difference between the capital weighted average date of all realizations
and the capital weighted average date of all investments) to calculate
the compounded annual return (over the duration of the investment)
which led to value appreciation.
[PERACS Annualized Rate of Return = (Multiple^(1/Duration in
years))-1]
3-Year Rolling Average Vintage Year:
Inspired by the empirical observation that PE funds are often more sim-
ilar in terms of when they do their deals to the funds raised in the years
immediately prior to and immediately following their own vintage year,
than their direct vintage year peers, we calculate a benchmark based
on rolling 3-year vintage cycles. i.e. the 2005 benchmark considers all
funds raised in 2004, 2005 or 2006.
Single Vintage Year:
Calculations from the year in which a private equity fund makes its first
investment.

5. ALPHA BENCHMARK REPORT 5DECEMBER 2015 x PERACS
PERACS is a leading provider of independent track record performance certification services for
alternative investments; driven by the pioneering research over the past decade by the company’s
world recognized founder, Professor Oliver Gottschalg. More than 20% of global private equity
fundraising volume utilizes PERACS™ as the performance standard of choice.
The company’s proprietary PE Due Diligence Analytics™ is an exceptionally powerful statistical
method for identifying key attributes of a fund’s performance, its risk profile, and its strategic
differentiators. This comprehensive set of standardized, quantitative metrics is generated at the deal,
fund and portfolio level, cumulatively and continuously, for periodic reporting.
General Partners use PERACS to demonstrate competitive positioning, not only for internal use
but to enhance fundraising effectiveness and efficiency and for ongoing investor communication.
Limited Partners use PERACS to provide unique perspective into portfolio risk and return profile with
application in portfolio design, investment decision support and optimizing performance.
ABOUT PERACS

6. ALPHA BENCHMARK REPORT 6DECEMBER 2015 x PERACS
GLOBAL PE PERACS MULTIPLE
PERFORMANCE AS OF 9/30/15 OR 3Q 2015
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
3.11x 3.11x 3.11x 12.47x 12.47x 12.47x 5.28x 5.28x 5.28x 3.37x 3.63x 3.63x 3.63x
1.47x 1.43x 1.47x 1.53x 1.53x 1.48x 1.44x 1.40x 1.36x 1.32x 1.26x 1.20x 1.15x
1.08x 1.11x 1.20x 1.22x 1.24x 1.25x 1.23x 1.19x 1.16x 1.13x 1.09x 1.05x 1.02x
0.68x 0.75x 0.83x 0.96x 1.02x 1.02x 1.02x 1.00x 0.99x 0.96x 0.94x 0.94x 0.92x
0.01x 0.10x 0.01x 0.01x 0.01x 0.08x 0.08x 0.12x 0.17x 0.25x 0.37x 0.29x 0.25x
324 308 224 207 275 395 515 566 480 397 368 438 504
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
2.83x 3.11x 2.56x 2.69x 12.47x 4.88x 3.57x 5.28x 3.37x 2.53x 2.88x 3.63x 2.38x
1.40x 1.47x 1.45x 1.47x 1.58x 1.47x 1.44x 1.40x 1.33x 1.32x 1.29x 1.20x 1.15x
1.01x 1.20x 1.15x 1.25x 1.27x 1.24x 1.26x 1.19x 1.13x 1.13x 1.12x 1.06x 1.02x
0.66x 0.77x 0.83x 1.03x 0.97x 1.02x 1.02x 1.03x 0.99x 0.93x 0.97x 0.94x 0.93x
0.10x 0.13x 0.17x 0.01x 0.25x 0.08x 0.12x 0.17x 0.25x 0.47x 0.37x 0.43x 0.29x
139 98 71 55 81 139 175 201 190 89 118 161 159
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
1.50x
1.00x
0.50x
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000
We calculate these measures for each of over 2000 PE funds worldwide based on a unique dataset provided by Preqin which includes detailed information
on the funds’ cash flows and their most recent net-asset-values to then derive quartile cut-offs for groups of funds according to vintage year and geography.
Due to small data sample size for European Buyout and VC performance, charts not included.
3-YEAR ROLLING AVERAGE
SINGLE YEAR VINTAGE
3-YR ROLLING
VINTAGE Q3
3-YR ROLLING
VINTAGE Q1
3-YR ROLLING
VINTAGE MEDIAN

7. ALPHA BENCHMARK REPORT 7DECEMBER 2015 x PERACS
GLOBAL PE PERACS ALPHA
PERFORMANCE AS OF 9/30/15 OR 3Q 2015
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
61.07% 46.63% 46.63% 58.44% 58.44% 58.44% 52.40% 56.08% 56.08% 59.32% 380.04% 380.04% 380.04%
9.18% 9.18% 9.27% 9.41% 9.19% 9.17% 9.15% 9.21% 9.72% 9.90% 10.19% 9.76% 9.77%
1.41% 2.05% 3.71% 4.53% 4.74% 5.12% 5.08% 4.86% 4.64% 4.22% 3.65% 3.28% 1.46%
-6.28% -4.83% -3.14% -0.70% 0.44% 0.37% 0.45% -0.01% -0.41% -1.42% -2.74% -3.43% -6.24%
-98.35% -98.35% -56.04% -56.04% -68.76% -68.76% -68.76% -44.27% -36.48% -37.93% -37.93% -94.51% -94.51%
324 308 224 207 275 395 515 566 480 397 368 438 504
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.31% 46.63% 42.18% 22.64% 58.44% 51.05% 20.16% 52.40% 56.08% 36.21% 59.32% 380.04% 61.88%
7.61% 10.41% 9.97% 7.95% 9.84% 9.16% 8.89% 9.40% 9.49% 10.30% 10.80% 9.74% 9.35%
0.14% 3.71% 3.20% 4.75% 4.81% 4.48% 5.46% 4.90% 4.14% 4.31% 4.90% 3.28% 1.43%
-6.10% -4.60% -2.94% 0.47% -0.65% 0.66% 0.31% 0.82% -0.49% -2.92% -1.06% -3.90% -4.99%
-98.35% -35.25% -23.94% -56.04% -40.72% -68.76% -44.27% -36.48% -23.16% -23.26% -37.93% -36.04% -94.51%
139 98 71 55 81 139 175 201 190 89 118 161 159
10.00%
0.00%
-10.00%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000
We calculate these measures for each of over 2000 PE funds worldwide based on a unique dataset provided by Preqin which includes detailed information
on the funds’ cash flows and their most recent net-asset-values to then derive quartile cut-offs for groups of funds according to vintage year and geography.
Due to small data sample size for European Buyout and VC performance, charts not included.
3-YEAR ROLLING AVERAGE
SINGLE YEAR VINTAGE
3-YR ROLLING
VINTAGE Q3
3-YR ROLLING
VINTAGE Q1
3-YR ROLLING
VINTAGE MEDIAN

8. ALPHA BENCHMARK REPORT 8DECEMBER 2015 x PERACS
GLOBAL PE PERACS RATE OF RETURN
PERFORMANCE AS OF 9/30/15 OR 3Q 2015
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.62x 0.62x 0.62x 0.63x 0.63x 0.63x 0.63x 0.67x 0.67x 0.73x 4.50x 4.50x 4.50x
0.13x 0.15x 0.16x 0.14x 0.13x 0.12x 0.13x 0.15x 0.17x 0.19x 0.20x 0.20x 0.19x
0.05x 0.07x 0.09x 0.09x 0.08x 0.08x 0.09x 0.10x 0.11x 0.13x 0.12x 0.11x 0.09x
-0.02x -0.01x 0.03x 0.03x 0.03x 0.03x 0.04x 0.05x 0.06x 0.07x 0.06x 0.05x 0.00x
0.01x 0.10x 0.01x 0.01x 0.01x 0.08x 0.08x 0.12x 0.17x 0.25x 0.37x 0.29x 0.25x
324 308 224 207 275 395 515 566 480 397 368 438 504
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.33x 0.62x 0.55x 0.27x 0.63x 0.51x 0.25x 0.63x 0.67x 0.48x 0.73x 4.50x 0.77x
0.13x 0.17x 0.17x 0.13x 0.13x 0.11x 0.12x 0.15x 0.18x 0.21x 0.20x 0.20x 0.18x
0.04x 0.08x 0.09x 0.09x 0.08x 0.08x 0.08x 0.10x 0.13x 0.13x 0.14x 0.12x 0.10x
-0.02x 0.00x 0.02x 0.04x 0.03x 0.04x 0.04x 0.06x 0.07x 0.05x 0.07x 0.05x 0.02x
-0.99x -0.34x -0.22x -0.56x -0.34x -0.68x -0.40x -0.32x -0.17x -0.15x -0.32x -0.26x -0.94x
139 98 71 55 81 139 175 201 190 89 118 161 159
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
We calculate these measures for each of over 2000 PE funds worldwide based on a unique dataset provided by Preqin which includes detailed information
on the funds’ cash flows and their most recent net-asset-values to then derive quartile cut-offs for groups of funds according to vintage year and geography.
Due to small data sample size for European Buyout and VC performance, charts not included.
3-YEAR ROLLING AVERAGE
SINGLE YEAR VINTAGE
3-YR ROLLING
VINTAGE Q3
3-YR ROLLING
VINTAGE Q1
3-YR ROLLING
VINTAGE MEDIAN
0.50x
0.00x
-0.50x
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000

9. ALPHA BENCHMARK REPORT 9DECEMBER 2015 x PERACS
NORTH AMERICA PE PERACS MULTIPLE
PERFORMANCE AS OF 9/30/15 OR 3Q 2015
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
3.11x 3.11x 3.11x 12.47x 12.47x 12.47x 5.28x 5.28x 5.28x 3.37x 3.63x 3.63x 3.63x
1.37x 1.36x 1.42x 1.50x 1.49x 1.47x 1.45x 1.44x 1.43x 1.37x 1.30x 1.23x 1.16x
1.01x 1.05x 1.16x 1.20x 1.25x 1.26x 1.25x 1.24x 1.19x 1.17x 1.13x 1.07x 1.03x
0.64x 0.69x 0.78x 0.87x 1.02x 1.02x 1.06x 1.04x 1.04x 1.01x 1.01x 0.97x 0.94x
0.01x 0.10x 0.01x 0.01x 0.01x 0.08x 0.08x 0.17x 0.17x 0.32x 0.37x 0.37x 0.29x
252 232 157 145 188 277 342 365 288 239 205 250 281
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
2.83x 3.11x 2.18x 2.58x 12.47x 4.88x 2.70x 5.28x 3.37x 2.53x 2.23x 3.63x 2.38x
1.33x 1.38x 1.41x 1.47x 1.57x 1.44x 1.46x 1.47x 1.38x 1.40x 1.29x 1.22x 1.16x
0.98x 1.11x 1.11x 1.24x 1.24x 1.25x 1.28x 1.24x 1.18x 1.15x 1.15x 1.09x 1.03x
0.65x 0.76x 0.79x 1.03x 0.92x 1.10x 1.02x 1.07x 1.01x 1.01x 1.01x 1.01x 0.94x
0.10x 0.13x 0.17x 0.01x 0.25x 0.08x 0.23x 0.17x 0.32x 0.47x 0.37x 0.57x 0.43x
69 69 50 38 57 93 127 122 116 50 73 82 95
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
1.50x
1.00x
0.50x
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000
We calculate these measures for each of over 2000 PE funds worldwide based on a unique dataset provided by Preqin which includes detailed information
on the funds’ cash flows and their most recent net-asset-values to then derive quartile cut-offs for groups of funds according to vintage year and geography.
Due to small data sample size for European Buyout and VC performance, charts not included.
3-YEAR ROLLING AVERAGE
SINGLE YEAR VINTAGE
3-YR ROLLING
VINTAGE Q3
3-YR ROLLING
VINTAGE Q1
3-YR ROLLING
VINTAGE MEDIAN

10. ALPHA BENCHMARK REPORT 10DECEMBER 2015 x PERACS
NORTH AMERICA PE PERACS ALPHA
PERFORMANCE AS OF 9/30/15 OR 3Q 2015
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
61.07% 46.63% 46.63% 58.44% 58.44% 58.44% 52.40% 56.08% 56.08% 56.08% 380.04% 380.04% 380.04%
6.99% 6.56% 7.26% 8.16% 9.04% 9.20% 9.82% 10.61% 11.20% 11.02% 11.74% 11.06% 10.58%
0.24% 1.04% 3.01% 3.48% 4.73% 5.22% 5.64% 5.65% 5.73% 5.77% 5.77% 4.42% 2.61%
-6.47% -5.17% -4.47% -2.05% 0.53% 0.48% 1.49% 1.16% 1.20% 0.40% 0.41% -2.00% -5.12%
-98.35% -98.35% -56.04% -56.04% -68.76% -68.76% -68.76% -44.27% -36.48% -37.93% -37.93% -40.83% -83.19%
252 232 157 145 188 277 342 365 288 239 205 250 281
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
24.58% 46.63% 42.18% 22.64% 58.44% 51.05% 17.67% 52.40% 56.08% 36.21% 46.17% 380.04% 61.88%
6.17% 6.62% 7.18% 7.81% 9.22% 9.17% 9.22% 11.60% 10.23% 11.42% 11.74% 11.71% 10.06%
-0.43% 2.27% 2.17% 4.42% 4.61% 5.12% 5.64% 6.22% 5.56% 6.11% 6.49% 5.03% 3.17%
-6.32% -4.97% -4.44% 0.56% -1.68% 1.96% 0.37% 1.72% 0.42% 0.55% 0.38% 0.51% -4.58%
-98.35% -35.25% -23.94% -56.04% -40.72% -68.76% -44.27% -36.48% -23.16% -17.15% -37.93% -26.15% -40.83%
113 69 50 38 57 93 127 122 116 50 73 82 95
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
10.00%
0.00%
-10.00%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000
We calculate these measures for each of over 2000 PE funds worldwide based on a unique dataset provided by Preqin which includes detailed information
on the funds’ cash flows and their most recent net-asset-values to then derive quartile cut-offs for groups of funds according to vintage year and geography.
Due to small data sample size for European Buyout and VC performance, charts not included.
3-YEAR ROLLING AVERAGE
SINGLE YEAR VINTAGE
3-YR ROLLING
VINTAGE Q3
3-YR ROLLING
VINTAGE Q1
3-YR ROLLING
VINTAGE MEDIAN

11. ALPHA BENCHMARK REPORT 11DECEMBER 2015 x PERACS
3-YR ROLLING
VINTAGE Q3
3-YR ROLLING
VINTAGE Q1
3-YR ROLLING
VINTAGE MEDIAN
NORTH AMERICA PE PERACS RATE OF RETURN
PERFORMANCE AS OF 9/30/15 OR 3Q 2015
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.62x 0.62x 0.62x 0.63x 0.63x 0.63x 0.63x 0.67x 0.67x 0.67x 4.50x 4.50x 4.50x
0.12x 0.12x 0.12x 0.12x 0.12x 0.12x 0.14x 0.16x 0.19x 0.20x 0.21x 0.21x 0.19x
0.04x 0.05x 0.07x 0.08x 0.08x 0.08x 0.09x 0.11x 0.13x 0.14x 0.14x 0.13x 0.10x
-0.03x -0.01x 0.00x 0.01x 0.04x 0.03x 0.06x 0.07x 0.08x 0.08x 0.08x 0.07x 0.00x
0.01x 0.10x 0.01x 0.01x 0.01x 0.08x 0.08x 0.17x 0.17x 0.32x 0.37x 0.37x 0.29x
252 232 157 145 188 277 342 365 288 239 205 250 281
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.31x 0.62x 0.48x 0.27x 0.63x 0.51x 0.22x 0.63x 0.67x 0.48x 0.54x 4.50x 0.77x
0.12x 0.12x 0.12x 0.12x 0.13x 0.12x 0.13x 0.17x 0.19x 0.21x 0.21x 0.22x 0.19x
0.03x 0.07x 0.08x 0.07x 0.08x 0.08x 0.09x 0.11x 0.14x 0.15x 0.15x 0.14x 0.10x
-0.03x 0.00x 0.01x 0.04x 0.02x 0.05x 0.03x 0.08x 0.09x 0.08x 0.08x 0.09x 0.04x
-0.99x -0.34x -0.22x -0.56x -0.34x -0.68x -0.40x -0.32x -0.17x -0.10x -0.32x -0.21x -0.32x
113 69 50 38 57 93 127 122 116 50 73 82 95
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
We calculate these measures for each of over 2000 PE funds worldwide based on a unique dataset provided by Preqin which includes detailed information
on the funds’ cash flows and their most recent net-asset-values to then derive quartile cut-offs for groups of funds according to vintage year and geography.
Due to small data sample size for European Buyout and VC performance, charts not included.
3-YEAR ROLLING AVERAGE
SINGLE YEAR VINTAGE
0.50x
0.00x
-0.50x
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000

12. ALPHA BENCHMARK REPORT 12DECEMBER 2015 x PERACS
EUROPE PE PERACS MULTIPLE
PERFORMANCE AS OF 9/30/15 OR 3Q 2015
2005 2006 2007 2008 2009 2010 2011 2012
3.57x 3.57x 3.57x 1.80x 1.56x 1.55x 1.55x 1.55x
1.43x 1.34x 1.31x 1.21x 1.23x 1.12x 1.12x 1.08x
1.17x 1.11x 1.07x 1.04x 1.06x 0.99x 0.99x 0.98x
0.97x 0.88x 0.90x 0.86x 0.91x 0.81x 0.82x 0.81x
0.48x 0.23x 0.23x 0.23x 0.54x 0.57x 0.57x 0.25x
47 73 80 74 50 52 54 67
2005 2006 2007 2008 2009 2010 2011 2012
2.29x 3.57x 1.80x 1.56x 1.33x 1.51x 1.55x 1.29x
1.24x 1.41x 1.25x 1.19x 1.07x 1.43x 1.08x 1.08x
1.11x 1.24x 1.05x 1.06x 0.93x 1.31x 0.98x 0.97x
0.88x 1.01x 0.80x 1.02x 0.81x 1.13x 0.81x 0.81x
0.53x 0.48x 0.23x 0.54x 0.74x 1.08x 0.57x 0.59x
21 22 30 28 16 6 30 18
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
We calculate these measures for each of over 2000 PE funds worldwide based on a unique dataset provided by Preqin which includes detailed information
on the funds’ cash flows and their most recent net-asset-values to then derive quartile cut-offs for groups of funds according to vintage year and geography.
Due to small data sample size for European Buyout and VC performance, charts not included.
3-YEAR ROLLING AVERAGE
SINGLE YEAR VINTAGE
3-YR ROLLING
VINTAGE Q3
3-YR ROLLING
VINTAGE Q1
3-YR ROLLING
VINTAGE MEDIAN
2.00x
1.50x
1.00x
0.50x
2005 2006 2007 2008 2009 2010 2011 2012

13. ALPHA BENCHMARK REPORT 13DECEMBER 2015 x PERACS
EUROPE PE PERACS ALPHA
PERFORMANCE AS OF 9/30/15 OR 3Q 2015
2005 2006 2007 2008 2009 2010 2011 2012
28.44% 28.44% 20.16% 19.76% 17.74% 26.37% 26.37% 26.37%
8.16% 7.28% 7.25% 6.20% 6.66% 6.17% 6.51% 5.88%
3.19% 2.12% 2.08% 1.25% 1.82% -0.65% -0.49% -1.47%
-0.69% -3.34% -2.77% -4.26% -3.01% -7.97% -8.79% -9.58%
-16.56% -22.45% -22.55% -22.55% -22.55% -24.08% -29.33% -74.85%
47 73 80 74 50 52 54 67
2005 2006 2007 2008 2009 2010 2011 2012
28.44% 20.16% 19.76% 17.74% 10.18% 15.04% 26.37% 19.69%
5.67% 8.44% 6.88% 6.36% 3.36% 14.30% 4.55% 5.55%
2.12% 4.41% 1.56% 1.82% -2.63% 11.11% -1.32% -2.83%
-3.34% 0.28% -5.90% 0.48% -7.20% 5.62% -9.50% -10.46%
-16.56% -14.04% -22.45% -22.55% -10.01% 3.41% -24.08% -29.33%
21 22 30 28 16 6 30 18
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
We calculate these measures for each of over 2000 PE funds worldwide based on a unique dataset provided by Preqin which includes detailed information
on the funds’ cash flows and their most recent net-asset-values to then derive quartile cut-offs for groups of funds according to vintage year and geography.
Due to small data sample size for European Buyout and VC performance, charts not included.
3-YEAR ROLLING AVERAGE
SINGLE YEAR VINTAGE
3-YR ROLLING
VINTAGE Q3
3-YR ROLLING
VINTAGE Q1
3-YR ROLLING
VINTAGE MEDIAN
20.00%
10.00%
0.00%
-10.00%
2005 2006 2007 2008 2009 2010 2011 2012

14. ALPHA BENCHMARK REPORT 14DECEMBER 2015 x PERACS
EUROPE PE PERACS RATE OF RETURN
PERFORMANCE AS OF 9/30/15 OR 3Q 2015
2005 2006 2007 2008 2009 2010 2011 2012
0.30x 0.30x 0.30x 0.30x 0.30x 0.38x 0.38x 0.38x
0.11x 0.11x 0.12x 0.13x 0.15x 0.14x 0.15x 0.13x
0.06x 0.06x 0.08x 0.08x 0.10x 0.07x 0.07x 0.06x
0.04x 0.01x 0.02x 0.01x 0.05x -0.01x -0.02x -0.03x
0.48x 0.23x 0.23x 0.23x 0.54x 0.57x 0.57x 0.25x
47 73 80 74 50 52 54 67
2005 2006 2007 2008 2009 2010 2011 2012
0.30x 0.25x 0.26x 0.30x 0.19x 0.22x 0.38x 0.26x
0.08x 0.11x 0.11x 0.14x 0.13x 0.22x 0.12x 0.14x
0.06x 0.07x 0.07x 0.10x 0.05x 0.20x 0.06x 0.05x
0.00x 0.05x 0.00x 0.07x 0.01x 0.13x -0.02x -0.04x
--0.11x -0.12x -0.18x -0.17x -0.03x 0.11x -0.17x -0.23x
21 22 30 28 16 6 30 18
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
We calculate these measures for each of over 2000 PE funds worldwide based on a unique dataset provided by Preqin which includes detailed information
on the funds’ cash flows and their most recent net-asset-values to then derive quartile cut-offs for groups of funds according to vintage year and geography.
Due to small data sample size for European Buyout and VC performance, charts not included.
3-YEAR ROLLING AVERAGE
SINGLE YEAR VINTAGE
3-YR ROLLING
VINTAGE Q3
3-YR ROLLING
VINTAGE Q1
3-YR ROLLING
VINTAGE MEDIAN
0.50x
0.00x
-0.50x
2005 2006 2007 2008 2009 2010 2011 2012

15. ALPHA BENCHMARK REPORT 15DECEMBER 2015 x PERACS
GLOBAL BUYOUT PERACS MULTIPLE
PERFORMANCE AS OF 9/30/15 OR 3Q 2015
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
2.83x 2.83x 2.58x 3.42x 4.77x 4.77x 4.77x 3.57x 2.69x 2.69x 2.87x 2.87x 2.87x
1.74x 1.74x 1.59x 1.59x 1.54x 1.50x 1.42x 1.39x 1.33x 1.30x 1.24x 1.18x 1.13x
1.37x 1.34x 1.31x 1.32x 1.30x 1.29x 1.24x 1.20x 1.15x 1.13x 1.08x 1.05x 1.02x
1.10x 1.10x 1.12x 1.13x 1.14x 1.14x 1.08x 1.05x 1.01x 1.00x 0.96x 0.95x 0.93x
0.37x 0.48x 0.01x 0.01x 0.01x 0.23x 0.23x 0.23x 0.23x 0.25x 0.37x 0.37x 0.29x
133 127 109 108 173 266 359 393 337 288 275 323 373
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
2.83x 2.49x 2.32x 2.58x 3.42x 4.77x 3.57x 2.21x 2.69x 2.05x 1.80x 2.87x 1.83x
1.96x 1.52x 1.65x 1.57x 1.59x 1.44x 1.47x 1.38x 1.32x 1.29x 1.25x 1.16x 1.15x
1.40x 1.31x 1.30x 1.32x 1.36x 1.24x 1.30x 1.19x 1.13x 1.13x 1.11x 1.05x 1.03x
1.10x 1.18x 1.08x 1.14x 1.20x 1.11x 1.14x 1.05x 1.02x 0.96x 0.99x 0.95x 0.95x
0.76x 0.48x 0.60x 0.01x 0.27x 0.52x 0.23x 0.23x 0.25x 0.47x 0.37x 0.57x 0.59x
50 43 34 32 42 99 125 135 133 69 86 120 117
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
2.00x
1.50x
1.00x
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000
We calculate these measures for each of over 2000 PE funds worldwide based on a unique dataset provided by Preqin which includes detailed information
on the funds’ cash flows and their most recent net-asset-values to then derive quartile cut-offs for groups of funds according to vintage year and geography.
Due to small data sample size for European Buyout and VC performance, charts not included.
3-YEAR ROLLING AVERAGE
SINGLE YEAR VINTAGE
3-YR ROLLING
VINTAGE Q3
3-YR ROLLING
VINTAGE Q1
3-YR ROLLING
VINTAGE MEDIAN

16. ALPHA BENCHMARK REPORT 16DECEMBER 2015 x PERACS
GLOBAL BUYOUT PERACS ALPHA
PERFORMANCE AS OF 9/30/15 OR 3Q 2015
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
46.63% 46.63% 46.63% 42.18% 51.05% 51.05% 51.05% 36.75% 36.75% 36.75% 380.04% 380.04% 380.04%
15.10% 15.71% 13.43% 12.19% 9.33% 9.49% 9.06% 9.10% 8.95% 9.35% 9.35% 9.36% 9.62%
8.20% 7.28% 6.64% 6.55% 5.74% 5.70% 5.28% 5.08% 4.40% 4.14% 3.56% 3.21% 1.43%
2.61% 2.56% 2.80% 3.15% 2.69% 2.73% 1.84% 1.34% 0.50% -0.05% -1.92% -2.99% -5.38%
-25.44% -16.44% -47.57% -47.57% -47.57% -44.27% -44.27% -44.27% -22.55% -37.93% -37.93% -40.83% -83.19%
133 127 109 108 173 266 359 393 337 288 275 323 373
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.31% 46.63% 42.18% 22.64% 28.06% 51.05% 20.16% 33.86% 36.75% 25.03% 34.75% 380.04% 55.30%
16.49% 14.55% 13.44% 8.29% 10.65% 8.83% 9.42% 8.73% 8.96% 9.77% 9.36% 8.68% 9.51%
9.08% 6.93% 6.29% 6.17% 7.30% 5.12% 5.93% 4.83% 4.14% 4.31% 3.84% 2.94% 2.12%
2.62% 3.71% 1.23% 3.12% 4.45% 2.09% 3.07% 1.52% 0.57% -1.35% -0.63% -2.84% -4.86%
-3.76% -16.44% -12.71% -47.57% -40.72% -16.56% -44.27% -22.45% -22.55% -17.15% -37.93% -26.15% -40.83%
50 43 34 32 42 99 125 135 133 69 86 120 117
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
10.00%
0.00%
-10.00%
20.00%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000
We calculate these measures for each of over 2000 PE funds worldwide based on a unique dataset provided by Preqin which includes detailed information
on the funds’ cash flows and their most recent net-asset-values to then derive quartile cut-offs for groups of funds according to vintage year and geography.
Due to small data sample size for European Buyout and VC performance, charts not included.
3-YEAR ROLLING AVERAGE
SINGLE YEAR VINTAGE
3-YR ROLLING
VINTAGE Q3
3-YR ROLLING
VINTAGE Q1
3-YR ROLLING
VINTAGE MEDIAN

17. ALPHA BENCHMARK REPORT 17DECEMBER 2015 x PERACS
GLOBAL BUYOUT PERACS RATE OF RETURN
PERFORMANCE AS OF 9/30/15 OR 3Q 2015
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.62x 0.62x 0.62x 0.48x 0.51x 0.51x 0.51x 0.47x 0.47x 0.47x 4.50x 4.50x 4.50x
0.20x 0.22x 0.20x 0.16x 0.13x 0.13x 0.13x 0.15x 0.16x 0.18x 0.19x 0.19x 0.18x
0.12x 0.13x 0.12x 0.10x 0.09x 0.09x 0.09x 0.10x 0.12x 0.13x 0.12x 0.11x 0.09x
0.06x 0.08x 0.08x 0.07x 0.06x 0.06x 0.06x 0.07x 0.07x 0.08x 0.07x 0.05x 0.00x
0.37x 0.48x 0.01x 0.01x 0.01x 0.23x 0.23x 0.23x 0.23x 0.25x 0.37x 0.37x 0.29x
133 127 109 108 173 266 359 393 337 288 275 323 373
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.33x 0.62x 0.48x 0.27x 0.32x 0.51x 0.25x 0.38x 0.47x 0.35x 0.44x 4.50x 0.55x
0.21x 0.23x 0.22x 0.14x 0.13x 0.12x 0.13x 0.15x 0.17x 0.18x 0.19x 0.19x 0.19x
0.14x 0.12x 0.12x 0.10x 0.10x 0.08x 0.09x 0.10x 0.13x 0.13x 0.12x 0.11x 0.10x
0.08x 0.08x 0.07x 0.07x 0.08x 0.05x 0.06x 0.07x 0.08x 0.08x 0.08x 0.06x 0.02x
0.00x -0.07x -0.03x -0.47x -0.34x -0.08x -0.40x -0.18x -0.17x -0.10x -0.32x -0.21x -0.32x
50 43 34 32 42 99 125 135 133 69 86 120 117
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
We calculate these measures for each of over 2000 PE funds worldwide based on a unique dataset provided by Preqin which includes detailed information
on the funds’ cash flows and their most recent net-asset-values to then derive quartile cut-offs for groups of funds according to vintage year and geography.
Due to small data sample size for European Buyout and VC performance, charts not included.
3-YEAR ROLLING AVERAGE
SINGLE YEAR VINTAGE
3-YR ROLLING
VINTAGE Q3
3-YR ROLLING
VINTAGE Q1
3-YR ROLLING
VINTAGE MEDIAN
0.50x
0.00x
-0.50x
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000

18. ALPHA BENCHMARK REPORT 18DECEMBER 2015 x PERACS
NORTH AMERICA BUYOUT PERACS MULTIPLE
PERFORMANCE AS OF 9/30/15 OR 3Q 2015
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
2.83x 2.83x 2.58x 3.42x 3.42x 3.42x 3.04x 2.70x 2.69x 2.69x 2.87x 2.87x 2.87x
1.73x 1.74x 1.56x 1.62x 1.57x 1.53x 1.44x 1.42x 1.39x 1.34x 1.27x 1.20x 1.15x
1.34x 1.31x 1.31x 1.39x 1.32x 1.32x 1.27x 1.25x 1.18x 1.16x 1.13x 1.06x 1.03x
1.08x 1.08x 1.12x 1.14x 1.18x 1.19x 1.14x 1.09x 1.06x 1.03x 1.01x 0.97x 0.95x
0.37x 0.60x 0.01x 0.01x 0.01x 0.23x 0.23x 0.23x 0.46x 0.37x 0.37x 0.37x 0.29x
107 103 81 83 123 188 238 253 204 176 155 195 224
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
2.83x 2.49x 2.18x 2.58x 3.42x 3.04x 2.70x 2.21x 2.69x 1.67x 1.80x 2.87x 1.83x
1.89x 1.47x 1.53x 1.61x 1.62x 1.44x 1.50x 1.41x 1.36x 1.37x 1.26x 1.20x 1.15x
1.36x 1.25x 1.26x 1.36x 1.49x 1.25x 1.32x 1.22x 1.17x 1.15x 1.15x 1.08x 1.04x
1.07x 1.16x 1.02x 1.18x 1.25x 1.17x 1.20x 1.07x 1.06x 1.03x 1.01x 1.01x 0.95x
0.76x 0.62x 0.60x 0.01x 0.27x 0.78x 0.23x 0.52x 0.46x 0.47x 0.37x 0.57x 0.69x
44 30 29 22 32 69 87 82 84 38 54 63 78
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
1.50x
1.00x
2.00x
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000
We calculate these measures for each of over 2000 PE funds worldwide based on a unique dataset provided by Preqin which includes detailed information
on the funds’ cash flows and their most recent net-asset-values to then derive quartile cut-offs for groups of funds according to vintage year and geography.
Due to small data sample size for European Buyout and VC performance, charts not included.
3-YEAR ROLLING AVERAGE
SINGLE YEAR VINTAGE
3-YR ROLLING
VINTAGE Q3
3-YR ROLLING
VINTAGE Q1
3-YR ROLLING
VINTAGE MEDIAN

19. ALPHA BENCHMARK REPORT 19DECEMBER 2015 x PERACS
NORTH AMERICA BUYOUT PERACS ALPHA
PERFORMANCE AS OF 9/30/15 OR 3Q 2015
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
46.63% 46.63% 46.63% 42.18% 51.05% 51.05% 51.05% 36.75% 36.75% 36.75% 380.04% 380.04% 380.04%
13.21% 13.42% 13.09% 12.26% 10.07% 10.41% 10.07% 10.10% 10.01% 9.94% 10.06% 9.68% 9.51%
6.90% 6.62% 5.85% 7.32% 6.05% 6.23% 5.91% 5.82% 5.40% 5.60% 5.06% 3.97% 2.61%
1.56% 1.49% 2.50% 2.92% 3.66% 3.86% 3.08% 2.34% 1.92% 0.99% 0.50% -1.71% -5.05%
-25.44% -12.71% -47.57% -47.57% -47.57% -44.27% -44.27% -44.27% -17.15% -37.93% -37.93% -40.83% -83.19%
107 103 81 83 123 188 238 253 204 176 155 195 224
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
24.58% 46.63% 42.18% 22.64% 28.06% 51.05% 17.67% 33.86% 36.75% 25.03% 34.75% 380.04% 55.30%
14.51% 12.70% 13.09% 10.52% 11.17% 9.20% 10.86% 10.02% 9.81% 11.22% 9.79% 9.68% 9.51%
7.61% 5.35% 5.55% 6.68% 8.68% 5.47% 6.23% 5.17% 5.56% 6.11% 5.55% 4.37% 3.42%
1.39% 3.60% 0.39% 3.60% 4.69% 3.55% 4.07% 1.96% 2.09% 1.11% 0.39% 0.66% -3.62%
-3.76% -8.64% -12.71% -47.57% -40.72% -8.06% -44.27% -14.73% -16.40% -17.15% -37.93% -26.15% -40.83%
44 30 29 22 32 69 87 82 84 38 54 63 78
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
20.00%
10.00%
0.00%
-10.00%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000
We calculate these measures for each of over 2000 PE funds worldwide based on a unique dataset provided by Preqin which includes detailed information
on the funds’ cash flows and their most recent net-asset-values to then derive quartile cut-offs for groups of funds according to vintage year and geography.
Due to small data sample size for European Buyout and VC performance, charts not included.
3-YEAR ROLLING AVERAGE
SINGLE YEAR VINTAGE
3-YR ROLLING
VINTAGE Q3
3-YR ROLLING
VINTAGE Q1
3-YR ROLLING
VINTAGE MEDIAN

20. ALPHA BENCHMARK REPORT 20DECEMBER 2015 x PERACS
NORTH AMERICA BUYOUT PERACS RATE OF RETURN
PERFORMANCE AS OF 9/30/15 OR 3Q 2015
We calculate these measures for each of over 2000 PE funds worldwide based on a unique dataset provided by Preqin which includes detailed information
on the funds’ cash flows and their most recent net-asset-values to then derive quartile cut-offs for groups of funds according to vintage year and geography.
Due to small data sample size for European Buyout and VC performance, charts not included.
0.50x
0.00x
-0.50x
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.62x 0.62x 0.62x 0.48x 0.51x 0.51x 0.51x 0.47x 0.47x 0.47x 4.50x 4.50x 4.50x
0.17x 0.20x 0.17x 0.16x 0.13x 0.13x 0.14x 0.16x 0.18x 0.19x 0.21x 0.20x 0.19x
0.12x 0.12x 0.11x 0.11x 0.09x 0.09x 0.10x 0.12x 0.13x 0.14x 0.14x 0.12x 0.10x
0.06x 0.07x 0.07x 0.07x 0.07x 0.07x 0.07x 0.08x 0.09x 0.09x 0.08x 0.07x 0.00x
0.37x 0.60x 0.01x 0.01x 0.01x 0.23x 0.23x 0.23x 0.46x 0.37x 0.37x 0.37x 0.29x
107 103 81 83 123 188 238 253 204 176 155 195 224
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.31x 0.62x 0.48x 0.27x 0.32x 0.51x 0.22x 0.38x 0.47x 0.35x 0.44x 4.50x 0.55x
0.21x 0.19x 0.20x 0.14x 0.13x 0.12x 0.14x 0.15x 0.18x 0.21x 0.20x 0.21x 0.19x
0.13x 0.12x 0.10x 0.10x 0.11x 0.08x 0.10x 0.11x 0.14x 0.15x 0.14x 0.13x 0.11x
0.06x 0.08x 0.06x 0.07x 0.08x 0.06x 0.07x 0.08x 0.10x 0.10x 0.08x 0.09x 0.04x
0.00x -0.03x -0.03x -0.47x -0.34x -0.05x -0.40x -0.09x -0.12x -0.10x -0.32x -0.21x -0.32x
44 30 29 22 32 69 87 82 84 38 54 63 78
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
3-YEAR ROLLING AVERAGE
SINGLE YEAR VINTAGE
3-YR ROLLING
VINTAGE Q3
3-YR ROLLING
VINTAGE Q1
3-YR ROLLING
VINTAGE MEDIAN

21. ALPHA BENCHMARK REPORT 21DECEMBER 2015 x PERACS
GLOBAL VENTURE PERACS MULTIPLE
PERFORMANCE AS OF 9/30/15 OR 3Q 2015
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
3.11x 3.11x 3.11x 12.47x 12.47x 12.47x 5.28x 5.28x 5.28x 3.37x 3.63x 3.63x 3.63x
1.05x 1.07x 1.20x 1.18x 1.26x 1.31x 1.48x 1.51x 1.58x 1.49x 1.45x 1.33x 1.26x
0.75x 0.77x 0.86x 0.92x 0.98x 1.01x 1.16x 1.19x 1.21x 1.19x 1.18x 1.16x 1.04x
0.49x 0.55x 0.58x 0.62x 0.62x 0.63x 0.73x 0.80x 0.86x 0.84x 0.89x 0.91x 0.90x
0.01x 0.10x 0.01x 0.01x 0.01x 0.08x 0.08x 0.17x 0.17x 0.32x 0.60x 0.43x 0.25x
158 145 86 68 74 97 122 130 104 72 58 64 69
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
2.44x 3.11x 2.56x 1.72x 12.47x 4.88x 1.87x 5.28x 3.37x 2.53x 2.23x 3.63x 2.38x
0.93x 1.13x 1.17x 1.22x 1.12x 1.40x 1.34x 1.71x 1.47x 1.49x 1.50x 1.36x 1.18x
0.74x 0.86x 0.77x 0.99x 0.93x 1.01x 1.01x 1.34x 1.19x 1.13x 1.24x 1.18x 0.99x
0.51x 0.58x 0.60x 0.51x 0.69x 0.62x 0.63x 0.96x 0.69x 0.85x 1.00x 0.98x 0.84x
0.10x 0.13x 0.17x 0.01x 0.25x 0.08x 0.27x 0.17x 0.32x 0.60x 0.77x 0.77x 0.43x
77 44 24 18 26 30 41 51 38 15 19 24 21
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
1.50x
1.00x
0.50x
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000
We calculate these measures for each of over 2000 PE funds worldwide based on a unique dataset provided by Preqin which includes detailed information
on the funds’ cash flows and their most recent net-asset-values to then derive quartile cut-offs for groups of funds according to vintage year and geography.
Due to small data sample size for European Buyout and VC performance, charts not included.
3-YEAR ROLLING AVERAGE
SINGLE YEAR VINTAGE
3-YR ROLLING
VINTAGE Q3
3-YR ROLLING
VINTAGE Q1
3-YR ROLLING
VINTAGE MEDIAN

22. ALPHA BENCHMARK REPORT 22DECEMBER 2015 x PERACS
GLOBAL VENTURE PERACS ALPHA
PERFORMANCE AS OF 9/30/15 OR 3Q 2015
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
61.07% 20.33% 20.33% 58.44% 58.44% 58.44% 52.40% 56.08% 56.08% 56.08% 85.56% 85.56% 85.56%
0.81% 1.22% 3.06% 3.03% 4.14% 6.00% 9.39% 11.14% 13.65% 13.65% 20.07% 21.44% 13.58%
-4.75% -4.52% -2.12% -1.47% -0.23% 0.12% 3.54% 4.84% 5.67% 6.31% 8.06% 7.58% 3.32%
-12.32% -9.49% -9.30% -9.44% -8.22% -8.45% -7.28% -6.28% -4.01% -4.69% -4.19% -4.86% -6.56%
-98.35% -98.35% -56.04% -56.04% -68.76% -68.76% -68.76% -36.48% -36.48% -23.16% -13.03% -29.73% -74.85%
158 145 86 68 74 97 122 130 104 72 58 64 69
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
17.90% 18.64% 20.33% 10.21% 58.44% 31.80% 16.10% 52.40% 56.08% 36.21% 46.17% 85.56% 61.88%
-0.96% 2.15% 3.00% 3.41% 2.12% 7.76% 6.74% 14.55% 11.14% 13.60% 24.32% 17.64% 13.58%
-4.81% -2.25% -3.50% -0.06% -1.06% 0.34% 0.25% 7.65% 5.02% 3.37% 8.17% 8.43% -1.48%
-9.51% -7.27% -9.67% -8.77% -6.56% -7.79% -10.26% -1.02% -9.48% -4.33% -0.27% -0.77% -11.03%
-98.35% -35.25% -23.94% -56.04% -19.05% -68.76% -22.50% -36.48% -23.16% -13.03% -11.47% -12.64% -29.73%
77 44 24 18 26 30 41 51 38 15 19 24 21
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
20.00%
10.00%
0.00%
-10.00%
-20.00%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000
We calculate these measures for each of over 2000 PE funds worldwide based on a unique dataset provided by Preqin which includes detailed information
on the funds’ cash flows and their most recent net-asset-values to then derive quartile cut-offs for groups of funds according to vintage year and geography.
Due to small data sample size for European Buyout and VC performance, charts not included.
3-YEAR ROLLING AVERAGE
SINGLE YEAR VINTAGE
3-YR ROLLING
VINTAGE Q3
3-YR ROLLING
VINTAGE Q1
3-YR ROLLING
VINTAGE MEDIAN

23. ALPHA BENCHMARK REPORT 23DECEMBER 2015 x PERACS
3-YR ROLLING
VINTAGE Q3
3-YR ROLLING
VINTAGE Q1
3-YR ROLLING
VINTAGE MEDIAN
GLOBAL VENTURE PERACS RATE OF RETURN
PERFORMANCE AS OF 9/30/15 OR 3Q 2015
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.57x 0.25x 0.25x 0.63x 0.63x 0.63x 0.63x 0.67x 0.67x 0.67x 1.03x 1.03x 1.03x
0.05x 0.05x 0.07x 0.07x 0.08x 0.10x 0.15x 0.17x 0.20x 0.22x 0.30x 0.32x 0.23x
-0.02x 0.00x 0.03x 0.03x 0.03x 0.03x 0.08x 0.09x 0.12x 0.13x 0.17x 0.16x 0.10x
-0.11x -0.06x -0.05x -0.04x -0.05x -0.05x -0.03x -0.01x 0.03x 0.03x 0.04x 0.04x 0.00x
0.01x 0.10x 0.01x 0.01x 0.01x 0.08x 0.08x 0.17x 0.17x 0.32x 0.60x 0.43x 0.25x
158 145 86 68 74 97 122 130 104 72 58 64 69
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.21x 0.24x 0.25x 0.12x 0.63x 0.37x 0.22x 0.63x 0.67x 0.48x 0.54x 1.03x 0.77x
0.03x 0.07x 0.08x 0.07x 0.05x 0.09x 0.11x 0.20x 0.20x 0.24x 0.34x 0.27x 0.22x
-0.01x 0.03x 0.01x 0.04x 0.03x 0.03x 0.03x 0.13x 0.13x 0.11x 0.17x 0.18x 0.07x
-0.07x -0.03x -0.05x -0.04x -0.03x -0.05x -0.06x 0.05x -0.02x 0.03x 0.09x 0.08x -0.02x
-0.99x -0.34x -0.22x -0.56x -0.14x -0.68x -0.18x -0.32x -0.17x -0.06x -0.05x -0.05x -0.23x
77 44 24 18 26 30 41 51 38 15 19 24 21
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
We calculate these measures for each of over 2000 PE funds worldwide based on a unique dataset provided by Preqin which includes detailed information
on the funds’ cash flows and their most recent net-asset-values to then derive quartile cut-offs for groups of funds according to vintage year and geography.
Due to small data sample size for European Buyout and VC performance, charts not included.
3-YEAR ROLLING AVERAGE
SINGLE YEAR VINTAGE
0.50x
0.00x
-0.50x
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000

24. ALPHA BENCHMARK REPORT 24DECEMBER 2015 x PERACS
NORTH AMERICAN VENTURE PERACS MULTIPLE
PERFORMANCE AS OF 9/30/15 OR 3Q 2015
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
3.11x 3.11x 3.11x 12.47x 12.47x 12.47x 5.28x 5.28x 5.28x 3.37x 3.63x 3.63x 3.63x
1.06x 1.06x 1.20x 1.17x 1.27x 1.31x 1.50x 1.55x 1.65x 1.56x 1.45x 1.34x 1.27x
0.76x 0.77x 0.86x 0.90x 1.02x 1.01x 1.16x 1.19x 1.26x 1.21x 1.18x 1.14x 1.04x
0.48x 0.54x 0.58x 0.61x 0.63x 0.63x 0.76x 0.71x 0.86x 0.82x 0.91x 0.92x 0.92x
0.01x 0.10x 0.01x 0.01x 0.01x 0.08x 0.08x 0.17x 0.17x 0.32x 0.60x 0.43x 0.43x
145 129 76 62 65 89 104 112 84 63 50 55 57
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
1.91x 3.11x 1.47x 1.72x 12.47x 4.88x 1.87x 5.28x 3.37x 2.53x 2.23x 3.63x 2.38x
0.93x 1.15x 1.16x 1.23x 1.13x 1.42x 1.31x 1.88x 1.58x 1.45x 1.50x 1.39x 1.18x
0.77x 0.91x 0.73x 1.09x 0.92x 1.09x 0.95x 1.36x 1.22x 1.15x 1.24x 1.18x 0.99x
0.51x 0.63x 0.58x 0.58x 0.69x 0.63x 0.63x 0.97x 0.65x 0.86x 1.00x 0.95x 0.90x
0.10x 0.13x 0.17x 0.01x 0.25x 0.08x 0.27x 0.17x 0.32x 0.60x 0.77x 0.84x 0.43x
69 39 21 16 25 24 40 40 32 12 19 19 17
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
1.50x
1.00x
0.50x
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000
We calculate these measures for each of over 2000 PE funds worldwide based on a unique dataset provided by Preqin which includes detailed information
on the funds’ cash flows and their most recent net-asset-values to then derive quartile cut-offs for groups of funds according to vintage year and geography.
Due to small data sample size for European Buyout and VC performance, charts not included.
3-YEAR ROLLING AVERAGE
SINGLE YEAR VINTAGE
3-YR ROLLING
VINTAGE Q3
3-YR ROLLING
VINTAGE Q1
3-YR ROLLING
VINTAGE MEDIAN

25. ALPHA BENCHMARK REPORT 25DECEMBER 2015 x PERACS
NORTH AMERICAN VENTURE PERACS ALPHA
PERFORMANCE AS OF 9/30/15 OR 3Q 2015
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
61.07% 18.64% 18.64% 58.44% 58.44% 58.44% 52.40% 56.08% 56.08% 56.08% 85.56% 85.56% 85.56%
0.97% 1.15% 3.09% 3.06% 4.22% 6.00% 9.37% 11.29% 15.06% 14.93% 20.07% 21.51% 13.65%
-4.66% -4.42% -2.12% -1.72% 0.46% 0.12% 4.18% 5.07% 7.73% 6.57% 7.88% 6.91% 1.88%
-12.41% -9.51% -9.01% -9.96% -7.94% -8.45% -7.24% -8.08% -4.23% -7.05% -4.10% -4.46% -5.17%
-98.35% -98.35% -56.04% -56.04% -68.76% -68.76% -68.76% -36.48% -36.48% -23.16% -13.03% -29.73% -34.17%
145 129 76 62 65 89 104 112 84 63 50 55 57
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
10.50% 18.64% 6.34% 10.21% 58.44% 31.80% 16.10% 52.40% 56.08% 36.21% 46.17% 85.56% 61.88%
-0.96% 2.25% 2.91% 3.67% 2.35% 8.56% 6.23% 15.16% 13.65% 12.30% 24.32% 19.99% 13.58%
-4.68% -1.45% -4.52% 1.77% -1.26% 1.75% -1.10% 8.48% 5.41% 5.59% 8.17% 7.95% -1.48%
-9.96% -6.33% -10.23% -9.70% -6.74% -7.48% -10.39% -0.64% -10.97% -4.23% -0.27% -2.22% -10.24%
-98.35% -35.25% -23.94% -56.04% -19.05% -68.76% -22.50% -36.48% -23.16% -13.03% -11.47% -11.33% -29.73%
69 39 21 16 25 24 40 40 32 12 19 19 17
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
20.00%
10.00%
0.00%
-10.00%
-20.00%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000
We calculate these measures for each of over 2000 PE funds worldwide based on a unique dataset provided by Preqin which includes detailed information
on the funds’ cash flows and their most recent net-asset-values to then derive quartile cut-offs for groups of funds according to vintage year and geography.
Due to small data sample size for European Buyout and VC performance, charts not included.
3-YEAR ROLLING AVERAGE
SINGLE YEAR VINTAGE
3-YR ROLLING
VINTAGE Q3
3-YR ROLLING
VINTAGE Q1
3-YR ROLLING
VINTAGE MEDIAN

26. ALPHA BENCHMARK REPORT 26DECEMBER 2015 x PERACS
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.57x 0.24x 0.24x 0.63x 0.63x 0.63x 0.63x 0.67x 0.67x 0.67x 1.03x 1.03x 1.03x
0.05x 0.05x 0.07x 0.07x 0.08x 0.10x 0.15x 0.17x 0.21x 0.25x 0.30x 0.32x 0.24x
-0.01x 0.00x 0.03x 0.02x 0.03x 0.03x 0.08x 0.09x 0.14x 0.16x 0.17x 0.16x 0.09x
-0.11x -0.06x -0.05x -0.05x -0.03x -0.04x -0.02x -0.02x 0.03x 0.01x 0.04x 0.04x 0.00x
0.01x 0.10x 0.01x 0.01x 0.01x 0.08x 0.08x 0.17x 0.17x 0.32x 0.60x 0.43x 0.43x
145 129 76 62 65 89 104 112 84 63 50 55 57
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.14x 0.24x 0.10x 0.12x 0.63x 0.37x 0.22x 0.63x 0.67x 0.48x 0.54x 1.03x 0.77x
0.03x 0.07x 0.08x 0.07x 0.06x 0.09x 0.11x 0.21x 0.21x 0.23x 0.34x 0.29x 0.22x
-0.01x 0.03x 0.01x 0.05x 0.02x 0.06x 0.03x 0.14x 0.13x 0.14x 0.17x 0.17x 0.07x
-0.08x -0.02x -0.06x -0.05x -0.03x -0.03x -0.06x 0.05x -0.04x 0.03x 0.09x 0.06x 0.00x
-0.99x -0.34x -0.22x -0.56x -0.14x -0.68x -0.18x -0.32x -0.17x -0.06x -0.05x -0.03x -0.23x
69 39 21 16 25 24 40 40 32 12 19 19 17
NORTH AMERICAN VENTURE PERACS RATE OF RETURN
PERFORMANCE AS OF 9/30/15 OR 3Q 2015
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
VINTAGE YEAR
MAX
Q1
MEDIAN
Q3
MIN
FUND COUNT
We calculate these measures for each of over 2000 PE funds worldwide based on a unique dataset provided by Preqin which includes detailed information
on the funds’ cash flows and their most recent net-asset-values to then derive quartile cut-offs for groups of funds according to vintage year and geography.
Due to small data sample size for European Buyout and VC performance, charts not included.
3-YEAR ROLLING AVERAGE
SINGLE YEAR VINTAGE
3-YR ROLLING
VINTAGE Q3
3-YR ROLLING
VINTAGE Q1
3-YR ROLLING
VINTAGE MEDIAN
0.50x
0.00x
-0.50x
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122000

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