0259 Fund 4 Terms Raising: $100M-$150M Management Fee: 2.5%/year (subject to step-down) Carry: 20% scaling to 25%/30% at 3x/6x net to investors Fund Life: 10 years Investment Period: 5 years Minimum Investor Commitment: $5M Due Date for Executed Sub Docs: Dec. 2017 (Jan. 2018 vintage fund) VALAR I