FOR INDIVIDUAL AND INTERNAL USE ONLY. NOT FOR REDISTRIBUTION IN WHOLE OR IN PART WITHOUT WRITTEN APPROVALUS PRIVATE EQUITYINDEX AND SELECTED BENCHMARK STATISTICSJUNE 30, 2023

FOR INDIVIDUAL AND INTERNAL USE ONLY. NOT FOR REDISTRIBUTION IN WHOLE OR IN PART WITHOUT WRITTEN APPROVALUS PRIVATE EQUITYAS OF JUNE 30, 2023

CHANGE IN AVAILABILITY – CAMBRIDGE ASSOCIATES’ PRIVATE INVESTMENTS BENCHMARKS
Effective February 2021 (Q3 2020 reports) many of the private investments benchmark reports historically available todownload on Cambridge Associates’ public website will no longer be distributed free of charge.

Click here to purchase the reports from our partners at

Cambridge Associates will continue to provide our benchmark data directly to several key market segments: (1) our clients, (2) fund managers
that contribute their data to CA’s benchmark dataset, and (3) certain industry partners such as the Institutional Limited Partners Association(ILPA) and other industry coalitions. With exception of these market segments, IHS Markit will become the exclusive distributor of CA’s
benchmark data in PDF and digital-only formats to end users, analytics platforms, and redistributors. Cambridge Associates will continue toown the private investments benchmark data and be responsible for the collection of data, production of the benchmarks, and development,
security, and confidentiality of the dataset. Consistent with the long-standing confidentiality agreements CA has with fund managers thatparticipate in our benchmarks, IHS Markit will not have access to any benchmark constituent data—they will have access only to anonymousand aggregated data.
Please refer to the Frequently Asked Questions document on our public website for more details regarding this change. If you have furtherquestions, please contact: PrivateBenchmarksChange@cambridgeassociates.com.
We hope to make this transition as simple and seamless as possible for those who have adopted our private investments benchmarks andthank you for your continued support.

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FOR INDIVIDUAL AND INTERNAL USE ONLY. NOT FOR REDISTRIBUTION IN WHOLE OR IN PART WITHOUT WRITTEN APPROVALUS PRIVATE EQUITYOVERVIEWAS OF JUNE 30, 2023

Cambridge Associates’ Private Investments Database is one of the most robust collections of institutional quality private fund performance. It
contains the historical performance records of over 2,300 fund managers and their over 9,700 funds. In addition, we capture the performance
information (gross) of over 92,000 investments underlying our venture capital, growth equity, and buyout funds. This is one of the largest
collections of fund portfolio investment-level performance information in the world and represents the investments of approximately 70% of
these funds on a count basis and 72% on a total commitment basis. This fund and investment-level performance information is drawn from thequarterly and audited annual financial statements of the fund managers and each manager’s reported performance numbers areindependently recreated from the financial statements and verified by Cambridge Associates.
Institutional Quality Data
Cambridge Associates strives to include only institutional quality funds in our benchmarks. “Institutional quality” funds, in our definition, tend
to meet the following criteria: closed-end funds, commingled funds that invest third party capital (we exclude firms that invest off of theirbalance sheet, such as a bank’s principal investing group or a corporate’s venture capital arm), and fund vehicles. This institutional quality
screen seeks to provide investors with performance data consistent with their investible opportunity set.
Sources of Benchmark Data
Our benchmark database utilizes the quarterly unaudited and annual audited fund financial statements produced by the fund managers (GPs)for their Limited Partners (LPs). These documents are provided to Cambridge Associates by the fund managers themselves. Unlike other data
providers, Cambridge Associates does not use Freedom of Information Act (FOIA) or similar requests, regulatory filings, manager surveys, orpress “scrapings” to obtain information. Our goal is to have a complete historical record of the quarterly cash flows and net asset values for all
funds in the benchmarks. We use a number of paths to encourage fund managers to submit their performance data to our database: ourclients for whom we provide private investment performance reporting, our research organization’s regular meetings with thousands ofmanagers, our special projects designed to enhance existing benchmarks or launch new ones, our exclusive relationships with over ten
globally-diverse fund manager associations, and finally, our strategic relationships with Refinitiv and the Institutional Limited Partners
Association (ILPA). By leveraging these varied sources and proprietary relationships, Cambridge Associates has constructed a rich anddiversified benchmark data set.
Disclaimer
Our goal is to provide you with the most accurate and relevant performance information possible; as a result, Cambridge Associates’ researchorganization continually monitors the constantly evolving private investments space and its fund managers. When we discern materialchanges in the structure of an asset class and/or a fund’s investment strategy, it is in the interest of all users of our benchmark statistics that
we implement the appropriate classification realignments.
In addition, Cambridge Associates is always working to grow our private investments performance database and ensure that our benchmarks
are as representative as possible of investors’ institutional-quality opportunity set. As a result we continually add funds to the database (bothnewly-raised funds and backfill funds) and occasionally we must remove funds that cease reporting. Our private investments performancedatabase is dynamic and will reflect both classification adjustments and changes to the underlying pool of contributing funds. As a result, you
may notice quarter to quarter changes in the results of some historical benchmark return analyses.
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FOR INDIVIDUAL AND INTERNAL USE ONLY. NOT FOR REDISTRIBUTION IN WHOLE OR IN PART WITHOUT WRITTEN APPROVALUS PRIVATE EQUITYUS PRIVATE EQUITYAS OF JUNE 30, 2023

FUND INDEX SUMMARY: HORIZON POOLED RETURN COMPARED TO CA MODIFIED PUBLIC MARKET EQUIVALENT (MPME)
Net to Limited PartnersCA INDEX

1-QUARTER

YTD

1-YEAR

3-YEAR

5-YEAR

10-YEAR

15-YEAR

20-YEAR

25-YEAR

2.76

5.54

6.52

22.56

17.77

16.93

13.25

15.25

13.04

17.89

11.22

8.84

9.55

7.49

8.26

6.91

Value-Add (bps)-1,138

1,134

894

737

576

699

613

mPME Russell 3000® Index

19.58

13.86

11.59

12.68

10.93

10.11

8.55

Value-Add (bps)-1,307

870

619

425

232

514

450

mPME Russell 2000® Index

12.68

10.07

4.53

8.58

9.09

9.07

8.00

Value-Add (bps)

-616

1,249

1,324

834

415

618

504

CAMBRIDGE ASSOCIATES LLC US PRIVATE EQUITY INDEX®1MPME ANALYSIS2mPME Constructed Index: MSCI World/MSCI All Country WorldIndex3 (gross)

The index is a horizon calculation based on data compiled from 1,529 US private equity funds, including fully liquidated partnerships, formed between 1986 and 2023.
1 Pooled horizon return, net of fees, expenses, and carried interest.
2 CA Modified Public Market Equivalent (mPME) replicates private investment performance under public market conditions. The public index’s shares are purchased and sold according
to the private fund cash flow schedule, with distributions calculated in the same proportion as the private fund, and mPME NAV is a function of mPME cash flows and public index
returns. “Value-Add” shows (in basis points) the difference between the actual private investment return and the mPME calculated return. Refer to Methodology page for details.
3 Constructed Index: MSCI World/MSCI All Country World Index: Data rom 1/1/1986 to 12/31/1987 represented by MSCI index gross total return. Data from 1/1/1988 to present
represented by MSCI ACWI gross total return.
Sources: Cambridge Associates LLC, Frank Russell Company, MSCI Inc., and Thomson Reuters Datastream. See Notice on Third Party Index Disclosure.
MSCI data provided "as is" without any express or implied warranties. Total returns for MSCI Emerging Markets indexes are gross of dividend taxes. Total returns for MSCI Developed
Markets indexes are net of dividend taxes.

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FOR INDIVIDUAL AND INTERNAL USE ONLY. NOT FOR REDISTRIBUTION IN WHOLE OR IN PART WITHOUT WRITTEN APPROVALUS PRIVATE EQUITYDESCRIPTION OF PERFORMANCE MEASUREMENT METHODOLOGYAS OF JUNE 30, 2023

Cambridge Associates LLC (CA) has established a database to monitor investments made by venture capital and other alternative assetpartnerships. On June 30, 2023, 1,529 US private equity funds (buyout and growth equity only) from the years 1986 through 2023 wereincluded in the sample. Users of the analysis may find the following description of the data sources and calculation techniques helpful to theirinterpretation of information presented in the report:
Partnership financial statements and narratives are the primary source of information concerning cash flows and ending residual/ net asset
values (NAV) for both partnerships and portfolio company investments.
Recognizing the alternative asset community's sensitivity to the distribution of information pertaining to individual fund investments, as amatter of policy CA only releases aggregated figures in its benchmark report.
Vintage year is defined as the date of the fund’s first cash flow, defined as the date of the fund’s first LP contribution. Any investment activity
taken prior to the first LP contribution is not taken into account.
CA uses the pooled horizon internal rate of return calculation to calculate the official quarterly, annual, and multi-year index figures. Thehorizon IRR performance calculation is a money-weighted return similar to the since inception IRR; however, it is measuring performance
between two points in time. The calculation incorporates the beginning NAV (if any, treated as an inflow), interim cash flows and the ending
NAV (if any, treated as an outflow). All interim cash flows are recorded on the mid-period date of the quarter. In order for a fund to beincluded in a horizon IRR calculation, the fund must have at least one quarterly contribution, distribution or NAV during the time frame being
measured. Similar to the since inception IRR, the horizon IRR is annualized for time frames greater than one year.
Cambridge Associates Modified Public Market Equivalent (mPME): The mPME calculation is a private-to-public comparison that seeks toreplicate private investment performance under public market conditions. The public index’s shares are purchased and sold according to theprivate fund cash flow schedule, with distributions calculated in the same proportion as the private fund, and the mPME NAV (the value of theshares held by the public equivalent) is a function of mPME cash flows and public index returns. The mPME attempts to evaluate what returnwould have been earned had the dollars been deployed in the public markets instead of in private investments while avoiding the “negativeNAV” issue inherent in some PME methodologies. “Value-Add” shows (in basis points) the difference between the actual private investment
return and the mPME calculated return.

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FOR INDIVIDUAL AND INTERNAL USE ONLY. NOT FOR REDISTRIBUTION IN WHOLE OR IN PART WITHOUT WRITTEN APPROVALUS PRIVATE EQUITYNOTICE ON THIRD PARTY INDEX DISCLOSURE

AS OF JUNE 30, 2023

Source: MSCI. MSCI data provided "as is" without any express or implied warranties. The MSCI data is comprised of a custom index calculatedby MSCI for, and as requested by, Cambridge Associates. The MSCI data is for internal use only and may not be redistributed or used inconnection with creating or offering any securities, financial products, or indices. Neither MSCI nor any other third party involved in or relatedto compiling, computing or creating the MSCI data (the 'MSCI Parties') makes any express or implied warranties or representations withrespect to such data (or the results to be obtained by the use thereof), and the MSCI Parties hereby expressly disclaim all warranties oforiginality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to such data. Without limiting any of theforegoing, in no event shall any of the MSCI Parties have any liability for any direct, indirect, special, punitive, consequential or any otherdamages (including lost profits) even if notified of the possibility of such damages.
Source: MSCI. The MSCI data is comprised of a custom index calculated by MSCI for, and as requested by, Cambridge Associates, LLC. The
MSCI data is for internal use only and may not be redistributed or used in connection with creating or offering any securities, financialproducts or indices. Neither MSCI nor any other third party involved in or related to compiling, computing or creating the MSCI data (the“MSCI Parties”) makes any express or implied warranties or representations with respect to such data (or the results to be obtained by theuse thereof), and the MSCI Parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness
for a particular purpose with respect to such data. Without limiting any of the foregoing, in no event shall any of the MSCI Parties have anyliability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility ofsuch damages.
© 2021, S&P Dow Jones Indices. Reproduction of S&P Dow Jones Indices in any form is prohibited except with the prior written permissionof S&P. S&P does not guarantee the accuracy, adequacy, completeness or availability of any information and is not responsible for any errors
or omissions, regardless of the cause or for the results obtained from the use of such information. S&P DISCLAIMS ANY AND ALL EXPRESSOR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A
PARTICULAR PURPOSE OR USE. In no event shall S&P be liable for any direct, indirect, special or consequential damages, costs, expenses,legal fees, or losses (including lost income or lost profit and opportunity costs) in connection with subscriber’s or others’ use of S&P Dow
Jones Indices.
The Down Jones Industrial Average Index, Dow Jones U.S. Small Cap Index, Down Jones U.S. TopCap Index, and S&P 500 are products of S&P
Dow Jones Indices LLC or its affiliates (“SPDJI”), and has been licensed for use by Cambridge Associates, LLC. Standard & Poor’s® andS&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones
Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes byCambridge Associates, LLC. The Cambridge Associates Private Investment Benchmarks is not sponsored, endorsed, sold or promoted bySPDJI, Dow Jones, S&P, or their respective affiliates, and none of such parties make any representation regarding the advisability of investingin such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Indices.
Source: FTSE Russell 2021. To the extent permissible by law, FTSE Russell accepts no liability for errors or omissions in the data.
The Industry Classification Benchmark is property of FTSE International Limited and has been licensed for use.
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FOR INDIVIDUAL AND INTERNAL USE ONLY. NOT FOR REDISTRIBUTION IN WHOLE OR IN PART WITHOUT WRITTEN APPROVAL

Copyright © 2023 by Cambridge Associates (“CA”). All rights reserved. Confidential.

This report may not be displayed, reproduced, distributed, transmitted, or used to create derivative works in any form, in whole or in portion,by any means, without written permission from CA. Copying of this publication is a violation of US and global copyright laws (e.g., 17 USC. 101
et seq.). Violators of this copyright may be subject to liability for substantial monetary damages. The information and material published inthis report are confidential and non-transferable. Therefore, recipients may not disclose any information or material derived from this reportto third parties, or use information or material from this report, without prior written authorization. For the avoidance of doubt, this report isnot for enterprise use and may not be used to create financial instruments or products. This report is provided for informational purposes
only. It is not intended to constitute an offer of securities of any of the issuers that may be described in the report. No part of this report isintended as a recommendation of any firm or any security, unless expressly stated otherwise. Nothing contained in this report should beconstrued as the provision of any tax or legal advice. Past performance is not indicative of future performance. Any information or opinions
provided in this report are provided as-is as of the date of the report, and CA is under no obligation to update the information orcommunicate that any updates have been made. Information contained herein may have been provided by third parties, including investment
firms providing information on returns and assets under management, and CA takes no responsibility for the accuracy thereof. Managers
may report returns to CA gross (before the deduction of management fees), net (after the deduction of management fees), or both.

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