increasing the applicable expense ratio and decreasing returns. Accordingly, the returns to investors only participating in the equity, such as any Fund II and Fund III investors, would have been lower on a gross and net basis. 'Unrealized Value' or "Amount Unrealized": Unless otherwise noted, the Unre

ated a realized gross IRR of 87.7% and a multiple of invested capital of 4.7x. In keeping with the Investment Team's historical investment strategy, Fund II is seeking commitments of 42.5 billion from limited partners. The Investment Team intends to commit 5150 million to Fund II. Fund is 100% called, 10

ated a realized gross IRR of 87.7% and a multiple of invested capital of 4.7x. In keeping with the Investment Team's historical investment strategy, Fund II is seeking commitments of 42.5 billion from limited partners- The Investment Team intends to commit S150 million to Fund II. Fund is 100% called, 10