Performance by Investment

Inception to 3/31/2020
Vintage Total Unfunded Cum ulative Cum ulative Net Asset
Partnership Nam e Year Investm ent Type Com m itm ents Com m itm ent Paid-In Distributions Value Total Value 1 DPI2 TVPI3 IRR
Defined Benefit Portfolio
TRG Grow th Partnership II, L.P.6 2006 Buyout - Large $25,000,000 $674,886 $24,757,592 $25,570,271 $2,818,128 $28,388,399 1.03x 1.15x 2.92%
New Mountain Partners III, L.P. 2007 Buyout - Mega 25,000,000 1,714,702 25,658,710 34,052,247 17,321,023 51,373,270 1.33x 2.00x 12.82%
Presidio Partners 2007, L.P.9 2007 Venture - Early 20,000,000 0 20,070,686 23,912,463 5,044,518 28,956,981 1.19x 1.44x 7.52%
Sun Capital Partners V, L.P. 2007 Turnaround 18,002,649 1,267,695 19,352,016 16,679,964 3,436,107 20,116,071 0.86x 1.04x 0.84%
The Resolute Fund II, L.P. 2007 Buyout - Large 25,000,000 2,141,983 27,566,066 30,863,744 8,053,954 38,917,698 1.12x 1.41x 7.85%
Wayzata Opportunities Fund II, L.P. 2007 Distressed Debt 15,000,000 3,000,000 17,475,000 32,711,698 203,037 32,914,735 1.87x 1.88x 16.48%
Accel-KKR Capital Partners III, L.P. 2008 Buyout - Medium 12,500,000 4,406,181 12,970,959 40,479,004 46,950 40,525,954 3.12x 3.12x 23.91%
Ares Corporate Opportunities Fund III, L.P. 2008 Buyout - Large 20,000,000 1,409,785 24,987,178 48,981,640 2,871,758 51,853,398 1.96x 2.08x 21.09%
Bridgepoint Europe IV, L.P.7 2008 Buyout - Large 26,000,000 2,075,925 24,108,066 33,890,415 3,831,779 37,722,194 1.41x 1.56x 9.78%
CVC European Equity Partners V, L.P.7 2008 Buyout - Mega 26,000,000 3,691,722 29,571,111 55,042,329 2,514,626 57,556,955 1.86x 1.95x 17.46%
Quantum Energy Partners V, L.P. 2008 Energy 20,000,000 2,412,870 21,448,748 20,439,535 4,525,562 24,965,097 0.95x 1.16x 4.22%
Fulcrum Grow th Partners IV, L.P. 2009 Buyout - Small 10,000,000 2,017,362 8,905,639 8,130,075 8,625,297 16,755,372 0.91x 1.88x 10.22%
Lincolnshire Equity Fund IV, L.P. 2009 Buyout - Medium 20,000,000 184,915 21,814,181 25,073,578 7,936,818 33,010,396 1.15x 1.51x 9.97%
Longroad Capital Partners III, L.P. 2009 Distressed Debt 20,000,000 11,953,855 8,046,145 4,071,020 64,910 4,135,930 0.51x 0.51x -27.60%
New Enterprise Associates 13, L.P. 2009 Venture - Balanced 20,000,000 - 20,002,071 24,546,709 15,319,705 39,866,414 1.23x 1.99x 13.93%
EIF United States Pow er Fund IV, L.P. 2010 Energy 20,000,000 2 25,071,105 12,123,093 15,779,709 27,902,802 0.48x 1.11x 2.98%
Merit Mezzanine Fund V, L.P. 2010 Mezzanine 15,000,000 791,020 14,208,980 15,054,647 6,445,293 21,499,941 1.06x 1.51x 9.62%
Ares Mezzanine Partners, L.P. 2011 Mezzanine 15,000,000 722,466 8,520,566 9,780,971 62,972 9,843,943 1.15x 1.16x 8.80%
Lightyear Fund III, L.P. 2011 Buyout - Medium 20,000,000 2,516,897 23,120,656 46,534,721 1,509,546 48,044,267 2.01x 2.08x 22.65%
Ares Corporate Opportunities Fund IV, L.P. 2012 Buyout - Large 20,000,000 2,933,353 22,177,097 20,347,837 12,577,084 32,924,921 0.92x 1.48x 11.83%
Dover Street VIII, L.P. 2012 Secondaries 25,000,000 2,250,000 22,750,000 27,285,173 8,152,638 35,437,811 1.20x 1.56x 19.13%
Green Equity Investors VI, L.P. 2012 Buyout - Mega 20,000,000 2,000,634 22,095,499 15,986,194 19,872,813 35,859,007 0.72x 1.62x 13.71%
McCarthy Capital V, L.P. 2012 Buyout - Small 20,000,000 1,680,253 19,976,511 25,343,978 9,182,310 34,526,288 1.27x 1.73x 12.98%
New Enterprise Associates 14, L.P. 2012 Venture - Balanced 20,000,000 900,000 19,107,229 18,109,554 22,472,851 40,582,405 0.95x 2.12x 16.08%
Accel-KKR Capital Partners IV, L.P. 2013 Buyout - Medium 12,500,000 8,559,144 11,908,233 19,391,571 11,221,749 30,613,320 1.63x 2.57x 35.97%
Beecken Petty O'Keefe Fund IV, L.P. 2013 Buyout - Medium 20,000,000 899,329 20,881,766 15,884,115 15,805,224 31,689,339 0.76x 1.52x 15.65%
Pine Brook Capital Partners II, L.P. 2013 Buyout - Large 30,000,000 1,177,136 36,691,490 11,069,563 24,098,596 35,168,159 0.30x 0.96x -1.36%
Wayzata Opportunities Fund III, L.P. 2013 Distressed Debt 25,000,000 19,842,312 12,358,995 7,351,142 3,765,301 11,116,443 0.59x 0.90x -3.35%
CVC Capital Partners VI, L.P.7 2014 Buyout - Mega 19,599,150 6,229,240 18,619,261 9,859,971 19,897,200 29,757,170 0.53x 1.60x 18.93%
New Mountain Partners IV, L.P. 2014 Buyout - Large 30,000,000 3,135,830 27,287,806 26,709,369 23,075,564 49,784,933 0.98x 1.82x 22.13%
Quantum Energy Partners VI, LP 2014 Energy 30,000,000 8,099,570 26,906,153 16,072,937 22,464,295 38,537,232 0.60x 1.43x 20.02%
The Energy & Minerals Group Fund III, LP 2014 Energy 35,000,000 224,795 35,161,227 3,765,448 16,838,959 20,604,407 0.11x 0.59x -11.66%
The Resolute Fund III, L.P. 2014 Buyout - Large 30,000,000 2,778,639 34,091,979 26,926,599 23,293,815 50,220,414 0.79x 1.47x 17.68%
Francisco Partners IV, L.P. 2015 Buyout - Large 20,000,000 510,000 19,490,000 16,015,931 25,120,960 41,136,891 0.82x 2.11x 27.37%
Wynnchurch Capital Partners IV, L.P. 2015 Buyout - Medium 25,000,000 3,669,714 21,330,286 4,167,411 18,494,371 22,661,782 0.20x 1.06x 3.77%

See Section 5 for notes.

Aon
Proprietary & Confidential | March 31, 2020
Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. 22
 Performance by Investment (cont’d)
Inception to 3/31/2020
Vintage Total Unfunded Cum ulative Cum ulative Net Asset
Partnership Nam e Year Investm ent Type Com m itm ents Com m itm ent Paid-In Distributions Value Total Value 1 DPI2 TVPI3 IRR
Defined Benefit Portfolio
Bridgepoint Europe V, L.P. 2016 Buyout - Large $25,070,600 $3,491,978 $22,276,272 $7,898,148 $21,577,117 $29,475,265 0.35x 1.32x 12.86%
Dover Street IX, L.P. 2016 Secondaries 50,000,000 14,000,000 36,000,000 14,395,124 33,731,333 48,126,457 0.40x 1.34x 23.83%
McCarthy Capital VI, L.P. 2016 Buyout - Small 40,000,000 7,464,616 37,156,586 8,198,212 50,015,177 58,213,389 0.22x 1.57x 31.73%
Ares Corporate Opportunities Fund V, L.P. 2017 Buyout - Mega 50,000,000 11,848,206 43,225,879 5,360,319 37,891,844 43,252,163 0.12x 1.00x 0.05%
Francisco Partners V, L.P. 2017 Buyout - Large 50,000,000 24,000,000 26,000,000 0 28,164,247 28,164,247 0.00x 1.08x 6.19%
Genstar Capital Partners VIII, L.P. 2017 Buyout - Large 50,000,000 6,626,740 48,140,288 4,220,937 64,311,151 68,532,088 0.09x 1.42x 30.00%
Green Equity Investors VII, L.P. 2017 Buyout - Mega 50,000,000 11,645,146 38,802,305 447,451 43,828,257 44,275,708 0.01x 1.14x 8.31%
New Mountain Partners V, L.P. 2017 Buyout - Mega 50,000,000 19,025,152 30,974,848 621,700 35,138,434 35,760,134 0.02x 1.15x 12.60%
Quantum Energy Partners VII, LP 2017 Energy 50,000,000 25,700,165 28,051,757 3,833,067 17,365,929 21,198,996 0.14x 0.76x -18.15%
Bridgepoint Europe VI, L.P. 2018 Buyout - Large 48,968,000 44,346,038 8,552,381 0 7,692,053 7,692,053 0.00x 0.90x -18.38%
The Resolute Fund IV, L.P. 2018 Buyout - Large 50,000,000 25,945,170 27,378,936 5,466,572 30,541,649 36,008,221 0.20x 1.32x 69.48%
Genstar Capital Partners IX, L.P. 2019 Buyout - Mega 50,000,000 38,378,208 12,306,038 684,246 11,246,017 11,930,263 0.06x 0.97x -5.39%
New Enterprise Associates 17, L.P. 2019 Venture - Balanced 50,000,000 41,250,000 8,750,000 0 8,386,097 8,386,097 0.00x 0.96x -6.71%
Dover Street X, L.P. 2019 Secondaries 50,000,000 47,500,000 2,500,000 0 2,368,821 2,368,821 0.00x 0.95x -5.31%
Wynnchurch Capital Partners V, L.P. 2020 Special Situations 50,000,000 50,000,000 0 0 0 0 N/A N/A N/A
Total Direct Portfolio 1,468,640,399 477,093,633 1,118,604,298 823,350,692 775,003,548 1,598,354,240 0.74x 1.43x 12.03%
Abbott Capital Private Equity Fund V, L.P. 2005 Fund of Funds 50,000,000 1,700,000 48,300,000 61,966,982 7,320,113 69,287,095 1.28x 1.43x 6.58%
Pathw ay Private Equity Fund XVIII, LLC 2006 Fund of Funds 100,000,000 7,545,146 103,351,113 137,934,169 20,594,173 158,528,342 1.33x 1.53x 8.10%
Total Fund of Funds Portfolio 150,000,000 9,245,146 151,651,113 199,901,151 27,914,286 227,815,437 1.32x 1.50x 7.60%
Total Defined Benefit Portfolio $1,618,640,399 $486,338,780 $1,270,255,410 $1,023,251,843 $802,917,834 $1,826,169,677 0.81x 1.44x 10.89%

Vintage Total Unfunded Cum ulative Cum ulative Net Asset

Partnership Nam e Year Investm ent Type Com m itm ents Com m itm ent Paid-In Distributions Value Total Value 1 DPI2 TVPI3 IRR
Endow m ent Portfolio
Dover Street VIII, L.P. 2012 Secondaries $15,000,000 $1,350,000 $13,650,000 $16,371,105 $4,891,590 $21,262,695 1.20x 1.56x 19.13%
Dover Street X, L.P. 2019 Secondaries 16,000,000 15,200,000 800,000 0 758,022 758,022 0.00x 0.95x -0.05x
Total Direct Portfolio 31,000,000 16,550,000 14,450,000 16,371,105 5,649,612 22,020,717 1.13x 1.52x 19.02%
Abbott Capital Private Equity Fund VI, L.P. 2008 Fund of Funds 45,000,000 450,000 44,550,000 49,003,064 23,162,704 72,165,768 1.10x 1.62x 11.35%
RCP Fund VII, L.P. 2010 Fund of Funds 20,000,000 167,435 21,778,763 27,770,691 11,911,253 39,681,944 1.28x 1.82x 16.12%
RCP Fund VIII, L.P. 2012 Fund of Funds 10,000,000 2,048,711 10,368,047 7,790,902 8,415,659 16,206,561 0.75x 1.56x 15.57%
Abbott Capital Private Equity Fund VII, L.P. 2014 Fund of Funds 20,000,000 600,000 19,400,630 7,000,000 20,871,611 27,871,611 0.36x 1.44x 14.17%
Ironsides Partnership Fund IV, L.P. 2017 Fund of Funds 20,000,000 8,629,930 14,952,770 3,575,368 15,630,767 19,206,135 0.24x 1.28x 22.75%
Total Fund of Funds Portfolio 115,000,000 11,896,076 111,050,210 95,140,025 79,991,994 175,132,019 0.86x 1.58x 13.38%
Total Endow m ent Portfolio $146,000,000 $28,446,076 $125,500,210 $111,511,130 $85,641,606 $197,152,736 0.89x 1.57x 13.80%

See Section 5 for notes.

Aon
Proprietary & Confidential | March 31, 2020
Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. 23