PREQIN SPECIAL REPORT: THE PRIVATE EQUITY TOP 100

1 PREQIN SPECIAL REPORT: THE PRIVATE EQUITY TOP 100 FEBRUARY 2017 alternative assets. intelligent data. PREQIN Ltd. 2017 / SPECIAL REPORT: THE PRIVATE EQUITY TOP 100 FOREWORDAs reported in the recently released 2017 PREQIN Global PRIVATE EQUITY & Venture Capital Report, the PRIVATE EQUITY industry s total assets under management (AUM), grew from the end of December 2015 to reach a new record of $ as of June 2016 (the latest data available) more than double the size of the industry at the end of 2006. The PRIVATE EQUITY industry has now experienced eight consecutive years of growth since the Global Financial Crisis, when the industry contracted for the only time in the period trend towards greater concentration of capital among fewer funds continued in 2016: 12% fewer funds closed than in 2015, resulting in the average fund size increasing to $471mn, an all-time high.

2 LPs appear to be investing more capital with a smaller number of proven and well-known GPs, with the largest funds accounting for a greater proportion of overall fundraising. The 10 largest PRIVATE EQUITY funds closed in 2014 accounted for 19% of overall fundraising for that year; in 2016, the fi gure is 26%. Similarly, the proportion of capital accounted for by the 20 largest funds has increased from 30% to 38% over the same period, while the largest 100 funds secured 64% of capital raised in 2014 and 67% in PREQIN s end-of-year surveys indicating that investors remain committed to the asset class, and with many looking to increase allocations over the longer term a result of record distributions in recent years the asset class is poised for future growth.

3 The 100 largest LPs in PRIVATE EQUITY have a combined $791bn invested in the asset class. These investors are the main driver behind the growth in prominence of the largest fund managers, as they require GPs to be of suffi cient scale to accept and deploy increasingly large the objective of providing greater insight into who the most infl uential players are, PREQIN is pleased to provide a comprehensive ranking for the fi rst time of the top 100 GPs and LPs within the asset class, taken from our fl agship PRIVATE EQUITY Online the purpose of this report, the GP rankings have been compiled based on the total value of PRIVATE EQUITY funds raised by each GP in the last 10 years this includes any capital raised by owned subsidiaries.

4 PRIVATE EQUITY refers to the core asset class centred on the buyout and venture capital industry, together with other closely related strategies, including balanced, fund of funds, growth, hybrid, secondaries and turnaround funds. For LP rankings, these only include institutional investors, and therefore exclude funds of addition to the full fundraising history of the top 100 GPs and investment preferences of the top 100 LPs, PRIVATE EQUITY Online contains information on the entire PRIVATE EQUITY universe including more than 10,800 GPs, 17,900 funds, 6,400 LPs and more than 163,000 completed buyout and venture capital fi nd out more, please visit or contact us at PREQIN GLOBAL ALTERNATIVES REPORTSThe 2017 PREQIN Global Alternatives Reports are the most detailed and comprehensive reviews of the alternative assets industry available.

5 Off ering exclusive insight into the latest trends and by our dedicated teams of multilingual analysts based around the world, the Reports feature expert commentary, key trends, historical data, league tables, survey results and more, covering the PRIVATE EQUITY & venture capital, hedge fund, real estate and infrastructure asset out more information, download sample pages and purchase your copies: : | : 3 PREQIN SPECIAL REPORT: THE PRIVATE EQUITY TOP 100 THE TOP 100 GPs$ PRIVATE EQUITY capital raised by the top 100 GPs in the last US is home to the highest number of the top 100 GPs, followed by the UK (16).$494bnEstimated dry powder available to the top 100 AMERICA64321111 FAR EASTGREATER CHINANORDICTop 100 PRIVATE EQUITY GPs by LocationWEST EUROPE580166841031,043330109338020040060 08001,0001,200 NorthAmericaWestEuropeGreaterChinaNordic Far EastNo.

6 Of FundsClosedAggregateCapitalRaised ($bn)Source: PREQIN PRIVATE EQUITY OnlineGP LocationFundraising by the Top 100 PRIVATE EQUITY GPs in the Last 10 Years by Location3748231883211742301071480%10%20% 30%40%50%60%70%80%90%100%No. of Funds ClosedAggregate Capital Raised ($bn)76-10051-7526-50 Top 25 Source: PREQIN PRIVATE EQUITY OnlineProportion of TotalFundraising by the Top 100 PRIVATE EQUITY GPs in the Last 10 Years by Ranking PREQIN Ltd. 2017 / SPECIAL REPORT: THE PRIVATE EQUITY TOP 100 Top 100 PRIVATE EQUITY Firms by Capital Raised in Last 10 Years* (1-50)RankFirmHeadquartersAggregate Capital Raised in the Last 10 Years ($bn)Dry Powder ($bn)1 Carlyle GroupWashington, GroupNew York, York, SachsNew York, , Worth, Capital PartnersLondon, PincusNew York, InternationalBoston, CapitalBoston, PartnersLondon, Global ManagementNew York, & FriedmanSan Francisco, PartnersBoston, LakeMenlo Park, Green & PartnersLos Angeles, PartnersNew York, EQUITY PartnersSan Francisco, Reform Fund ManagementBeijing, Street PartnersChicago, GroupBaar-Zug, EQUITY PartnersProvidence, CapitalLondon, BermanNew York, ManagementLos Angeles, , BravoChicago, , , , PRIVATE EquityHong , Flowers & CoNew York, PartnersLondon, Capital PartnersPf ffi kon, AssociatesBoston, CorporationToronto.

7 Dubilier & RiceNew York, Venture PartnersNew York, Global ManagementNew York, PartnersPalo Alto, Point CapitalNew York, SecuritiesNew York, StanleyWest Conshohocken, H Lee PartnersBoston, CapitalStockholm, CapitalBeijing, PartnersBoston, CapitalMenlo Park, CapitalHong 5 PREQIN SPECIAL REPORT: THE PRIVATE EQUITY TOP 100 Top 100 PRIVATE EQUITY Firms by Capital Raised in Last 10 Years* (51-100)RankFirmHeadquartersAggregate Capital Raised in the Last 10 Years ($bn)Dry Powder ($bn)51 Pamplona Capital ManagementLondon, EquityLos Angeles, Asset Management - PRIVATE EQUITY GroupNew York, , Capital PartnersChicago, Investment Holdings (China)Shanghai, Mountain CapitalNew York, InvestmentsBeijing, PRIVATE EQUITY Funds ManagementBeijing, Dearborn PartnersChicago, CapitalWilton, PartnersSeoul, South GoldbergNew York, Enterprise AssociatesMenlo Park, AdvisorsDarien, CattertonGreenwich, Helier, Firma Capital PartnersLondon, Capital PartnersLondon, LaneBala Cynwyd, & CompanyNew York, PartnersParis, Crossover VenturesPalo Alto, Partners EuropeLondon, , Guff New York.

8 InvestorsNew York, , GlobalCentral, Hong , Carson, Anderson & StoweNew York, Capital AdvisorsNew York, Perkins Caufi eld & ByersMenlo Park, Capital PartnersBoca Raton, PRIVATE EquityLondon, Jordan CompanyNew York, nity EQUITY PartnersCentral, Hong Investment PartnersLondon, Capital PartnersLondon, Square Capital PartnersNew York, CapitalMiami, Gate CapitalSan Francisco, Asia CapitalHong eld Capital PartnersToronto, Investment GroupNew York, HorowitzMenlo Park, Capital PartnersNew York, PRIVATE EQUITY PartnersCopenhagen, PartnersNew York, Bridge PartnersSan Francisco, , : PREQIN PRIVATE EQUITY Online*Excludes separate investors for fundsIDENTIFYnew investment opportunitiesCONDUCT competitor and market analysisFIND potential deal opportunitiesDEVELOPnew businessRegister for demo access to fi nd out how PREQIN s PRIVATE EQUITY Onlinecan help your 7 PREQIN SPECIAL REPORT: THE PRIVATE EQUITY TOP 100 THE TOP 100 LPs$791bnAggregate capital invested in PRIVATE EQUITY by the top 100 US is home to the highest number of the top 100 LPs in PRIVATE EQUITY , followed by Canada (10).

9 Current allocation to PRIVATE EQUITY (as a % of AUM) of the top 100 LPs, below the mean target Pension FundAsset ManagerInsurance CompanySovereign Wealth FundEndowment PlanPrivate Sector Pension FundBankFoundationOtherSource: PREQIN PRIVATE EQUITY OnlineTop 100 PRIVATE EQUITY LPs by 100 PRIVATE EQUITY LPs by Region95%93%89%83%82%46%42%24%15%0%10%20 %30%40%50%60%70%80%90%100%EuropeNorthAme ricaAsiaEmergingMarketsGlobalAustralasia LatinAmericaAfricaMiddle East& IsraelSource: PREQIN PRIVATE EQUITY OnlineProportion of InvestorsGeographic PreferenceGeographic Preferences of the Top 100 PRIVATE EQUITY LPs98%87%82%62%62%52%47%0%10%20%30%40%50 %60%70%80%90%100%BuyoutGrowthVentureCapi talFundof FundsSecondariesTurnaroundBalancedSource : PREQIN PRIVATE EQUITY OnlineProportion of RespondentsFund Type PreferenceFund Type Preferences of the Top 100 PRIVATE EQUITY LPsNorthAmericaWestEuropeFar EastMiddleEastGreaterChinaAustralasiaNor dicSub-SaharanAfrica52367155224329959492 220109 Aggregate Allocation to PRIVATE EQUITY ($bn)No.

10 Of LPs PREQIN Ltd. 2017 / SPECIAL REPORT: THE PRIVATE EQUITY TOP 100 Top 100 PRIVATE EQUITY Investors (1-40)RankInvestorTypeHeadquartersAssets under Management ($bn)Current Allocation to PRIVATE EQUITY ($bn)1 CPP Investment BoardPublic Pension FundToronto, Dhabi Investment Authority (ADIA)Sovereign Wealth FundAbu Dhabi, United Arab *3 GICS overeign Wealth Public Employees' Retirement System (CalPERS)Public Pension FundSacramento, - All Pensions GroupAsset ManagerHeerlen, Teachers' Pension PlanPublic Pension FundToronto, Pension FundMontreal, State Investment BoardPublic Pension FundOlympia, Pension ServicePublic Pension FundSeoul, South State Teachers' Retirement System (CalSTRS)