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ibit 14: 2017: Seller composition breakdowno Exhibit 15: Funds marketed by vintage 100% - 2016 >20013 Post-ens* General Eneommetts Fa 80% • 39% Pones 24% -abloom Poesy Oerre aba 60% 143% 203606 Owens* 40% 43% Franoal instaatiens 12% Asset 'Arnowe ice, le% 20% • <2006 PIIKIISIS 0%
y Oerre aba 60% 143% 203606 Owens* 40% 43% Franoal instaatiens 12% Asset 'Arnowe ice, le% 20% • <2006 PIIKIISIS 0% 2316 2017 0.koc Penvens SW! 24% Emergence of tail-end sales There has been a recent emergence of traditional secondary buyers and funds-of-funds entering the market as s
017: Seller composition breakdowno Exhibit 15: Funds marketed by vintage 100% - 2016 >20013 POSI-4116.4 General Entkmmeto Ircue4ens 410% 39% Pones 24% reerdy 0114. arm 60% 66% 2036a Pre.crisa 40% 43% Franoal instaatiens 12% Asset 1AIneger / rcf 20% • 11% <2006 PIIKIISIS 0% 2316
114. arm 60% 66% 2036a Pre.crisa 40% 43% Franoal instaatiens 12% Asset 1AIneger / rcf 20% • 11% <2006 PIIKIISIS 0% 2316 2017 0.koc Penvens SW! 24% Emergence of tail-end sales There has been a recent emergence of traditional secondary buyers and funds-of-funds entering the market as s
4: 2017: Seller composition breakdowno Exhibit 15: Funds marketed by vintage 100% - 2016 >20013 PoststIsts General Entkmmems 'memo» 410% 39% Pones 24% Fray 0114. arm BD% 66% 210606 Pre.crise 40% 43% Franoal instaatiens 12% 20% • Asset 14Ineger le% <2006 PM-COSI' 0% 2316 2017
Fray 0114. arm BD% 66% 210606 Pre.crise 40% 43% Franoal instaatiens 12% 20% • Asset 14Ineger le% <2006 PM-COSI' 0% 2316 2017 0.koc Penvens SW! 24% Emergence of tail-end sales There has been a recent emergence of traditional secondary buyers and funds-of-funds entering the market as s
bit 14: 2017: Seller composition breakdowno Exhibit 15: Funds marketed by vintage 100% - 2016 >20013 Post-crisis General Eneomneys Fa 80% • 39% Pones 24% -abloom Poesy Osre asa 80% 93% 2C0608 Oncosts 40% 43% VrnoI instaatiens 12% Aug Wrist., /Po le% 20% • <2006 PIIKIISIS 0% 2016
Poesy Osre asa 80% 93% 2C0608 Oncosts 40% 43% VrnoI instaatiens 12% Aug Wrist., /Po le% 20% • <2006 PIIKIISIS 0% 2016 2017 0.koc Penvens SW! 24% Emergence of tail-end sales There has been a recent emergence of traditional secondary buyers and funds-of-funds entering the market as s
bit 14: 2017: Seller composition breakdowns' Exhibit 15: Funds marketed by vintage 100% - 2016 >2006 POSI-4t1S.6 General Entkmmems Fa 80% 39% Pones 24% -edition Firmly OOP aria 60% Se% 203666 Precasts 40% 43% VrnoI instaatiens 12% 20% • Asset 14Ineger fcf 11% <2006 PM-COSI' 0%
rmly OOP aria 60% Se% 203666 Precasts 40% 43% VrnoI instaatiens 12% 20% • Asset 14Ineger fcf 11% <2006 PM-COSI' 0% 2316 2017 0.koc Penvens SW!, 24% Emergence of tail-end sales There has been a recent emergence of traditional secondary buyers and funds-of-funds entering the market as
ibit 14: 2017: Seller composition breakdowno Exhibit 15: Funds marketed by vintage 100% - 2016 >2006 POSI-4t1S.6 General Entkmmems Fa 80% 39% Pones 24% -edition Firmly OOP ese es 60% Se% 20:36.06 Owens* 40% 43% VrnoI instaatiens 12% Asset 14Ineger fcf 20% • 11% <2006 PM-COSI' 0%
y OOP ese es 60% Se% 20:36.06 Owens* 40% 43% VrnoI instaatiens 12% Asset 14Ineger fcf 20% • 11% <2006 PM-COSI' 0% 2316 2017 0.koc Penvens SW!, 24% Emergence of tail-end sales There has been a recent emergence of traditional secondary buyers and funds-of-funds entering the market as
4: 2017: Seller composition breakdowno Exhibit 15: Funds marketed by vintage 100% 2016 +20013 P0SIsnO4 General Entkmmems Ircunarban 410% 39% Pones 24% Firmly Gat. arm BD% 643% 2036.06 Procne* 40% 43% Franoal instaatiens 12% 20% Asset leIneger /Ca 11% •2006 PM-00SI' 0% 2316 201
mly Gat. arm BD% 643% 2036.06 Procne* 40% 43% Franoal instaatiens 12% 20% Asset leIneger /Ca 11% •2006 PM-00SI' 0% 2316 2017 0.koc Penvens SW! 24% Emergence of tail-end sales There has been a recent emergence of traditional secondary buyers and funds-of-funds entering the market as s
2017: Seller composition breakdowns' Exhibit 15: Funds marketed by vintage 100% - 2016 >2006 POSI-eness General Entkemems Fcuneeens 410% 39% Pones 24% Prey Gat. 60% arm 66% 200606 Pre.crisec 40% 43% VrnoI instaatiens 12% 20% • Asset Weer, lrcl 11% <2006 PM-COSI' 0% 2316 2017 0
Prey Gat. 60% arm 66% 200606 Pre.crisec 40% 43% VrnoI instaatiens 12% 20% • Asset Weer, lrcl 11% <2006 PM-COSI' 0% 2316 2017 0.koc Penvens SW! 24% Emergence of tail-end sales There has been a recent emergence of traditional secondary buyers and funds-of-funds entering the market as s
ibit 14: 2017: Seller composition breakdowns' Exhibit 15: Funds marketed by vintages(' 100% - 20% .X013 Pyil<nfn General foam/mt. Fa 80% • 39% Pones 24% -abloom Fray 0•84 aba ea 68% 16% 203608 Pre.crises 40% 43% Franoal instaatiens 12% Ansi repot 20% • 11% <2006 PIIKIISIS 0% 20
ray 0•84 aba ea 68% 16% 203608 Pre.crises 40% 43% Franoal instaatiens 12% Ansi repot 20% • 11% <2006 PIIKIISIS 0% 2016 2017 0.koc Penvens SW! 24% Emergence of tail-end sales There has been a recent emergence of traditional secondary buyers and funds-of-funds entering the market as s
Entities connected to both Pones and Penvens
Franoal
LOCATIONFund Vintage Year
ORGANIZATIONGreenhill Cogent Secondary Market
ORGANIZATIONEntkmmems
ORGANIZATIONGreenhill Cogent Secondary Market Trends & Oileok
ORGANIZATIONGreenhill Cogent Secondary Market Trends & Outlook
ORGANIZATION