Confidential

Asian Private Equity Overview

Credit Suisse Private Fund Group

February 2021

For Qualified Investors Only. Strictly Not For Redistribution

These materials may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement
with Credit Suisse AG or its Affiliates (hereafter “Credit Suisse”). For qualified investors only. Strictly not for redistribution.
Global fundraising overview
 Despite the challenges presented by the global COVID-19 pandemic, the fundraising market demonstrated significant resilience during 2020, albeit
with a drop in global fundraising volumes
 Investors and managers adapted quickly to the world of virtual meetings, although with a skew towards existing relationships and established firms
where there is already a pre-existing dialogue
 Long-term interest in the asset class remains robust, with the resilience in 2020 underscoring LP commitment to the market

̶ Private equity AUM is projected to more than double from 2020 to 2025, growing at 15.6% CAGR over the period
̶ By 2025, private equity is projected to reach $9.1 trillion in global AUM, from $4.4 trillion AUM at the end of 2020
̶ 35% of LPs are expected to increase their allocations to the asset class in 2021

 In a world of maturing investor PE programs, PFG sees investors concentrating capital to a core universe of relationships, while seeking attractive,
differentiated new managers to complement their existing portfolio
 Continuing a growing trend, co-investment, secondaries and directs represent an increasingly strong theme in the market, with record levels of
capital available to secondary funds and an increasing number of underlying institutions focused on these market segments

Global fundraising volumes*

1,165 1,207
(US$, billions) 1,120
996 988
864
710 730 746
659
559
496
375 424
343 356
228

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
North America Europe Asia ROW

While 2020 was a challenging year for fundraising in light of COVID-19, long term interest in the asset class in remains
intact heading into 2021

Source: Preqin, as of January 2021; Coller Global Private Equity Barometer Winter 2020-2021, CS PFG Analysis. * By year of final close.
2
Asia remains a key driver of global growth

Breakdown of global population (2020) Annual growth in Real GDP

North America 4.4%4.2%
6%
Europe
12% 2.9% 2.8%
2.6% 2.4% 2.3%
2.0% 2.1%
Asia represents 62%
of global population 0.8%
ROW Asia
20% 62%
Asia-Pacific MENA Latin America North America Europe

2015-2019 2020-2025E

Breakdown of global Nominal GDP (2020) Private equity backed M&A as a percentage of Nominal
ROW GDP (2020)
8%
1.9%
Europe
1.5%
25% Asia
Asia represents 38%
of global GDP 38%
0.8%

North America
29% Asia-Pacific Europe North America

Asia is home to the majority of the world’s population and remains a principal driver of global growth, yet is
significantly under-penetrated by private equity relative to Western markets

Source: EIU, Dealogic as of December 2020.

3
Asian fundraising overview
 2020 Asian fundraising volume was impacted by the COVID-19 outbreak and market volatility, resulting in a ‘flight to familiarity’ and some ‘home
bias’ for certain non-Asian based investors
 The number of final closings reduced dramatically from 772 in 2019 to 479 in 2020, with capital flowing to a smaller number of larger (and often
more established) managers
 51% of capital raised went to pan-regional funds, with Japanese private equity and China venture capital other areas of increased fundraising activity
 Long-term investor commitment to APAC remains robust, but short-term deployment ‘tactics’ have been complicated by the COVID-19 pandemic

Asian fundraising volumes* Asian fundraising by strategy*

($ in billions)
350 100%

90%
300 287
80%
257 261
250 70%

200 206 60%

200
50%
153
150
40%
119
97 99 93 30%
100 81 87
66
57 20%
50 40 43
10%
15
0 0%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Australia / NZ Greater China India Japan SE Asia South Korea ROW Venture Other Growth Infra / Natural Resources Buyout Balanced Credit

Asian fundraising continued consolidating, with a smaller number of groups taking up the majority of capital raised

Source: Preqin, as of January 2021; CS PFG Analysis.

* By year of final close. Data include Asia-focused funds, sorted by manager location. 4
PFG observations on evolving investor reaction to COVID-19
Spring 2020
 LPs were primarily focused on ascertaining impact of COVID
Investor on existing portfolio
Sentiment  Concerns about denominator effect exacerbated perceived
issues
 Most investors only pursued re-ups or continued with
diligence processes that were substantially completed
 Investor processes typically delayed due to travel restrictions
Diligence around onsites and/or for further analysis of the portfolio
Process impact of COVID-19
 Happy to continue desktop work, but more difficult to get
commitments over the line or start serious work on new GPs
they had not previously met in person
 Some LPs deferred investment decisions in order to monitor
Fundraising market and portfolio developments (particularly with a focus
on Q2 2020 marks)
Mechanics
 Some GPs paused roadshow activity while focusing on their
portfolios and their go-forward fundraising strategy
 Familiarity with calls and “boardroom-to-boardroom” video
calls, but less so with Zoom, Teams, etc.
LP appetite has rebounded following a period of reduced activity in Q2 2020, and while the market remains challenging
for new capital commitments, the fundraising market has quickly adapted to the “new normal”
Source: CS PFG Analysis as of January 2021.
Winter 2020/21
 Recovery in public market and private market portfolios has
stabilized investor programs, with most continuing to actively
invest 2020/21 allocations, including “new commitments”
 Some investors continue to be impacted more heavily (e.g.
endowments and foundations)
 Particular caution around first-time managers
 Keen not to miss out on potentially good vintages
 Many LPs are now willing to complete diligence virtually, and
in some cases without ever meeting the GP in person
 In certain high-velocity fundraisings, GPs are able to create
efficiency around the diligence process by utilizing recorded
videos and/or introducing group diligence sessions as a
supplement to one-on-one due diligence sessions
 Reference calls more important, especially with other LPs
 LPs have adjusted to the “new normal” and are comfortable
meeting with GPs virtually
However, a meaningful portion of the LP market
−
remains reticent to make new commitments to
managers without meeting in person
 Video calls make roadshows more efficient: GPs are able to
meet with clients in multiple time zones in a single day
− Can lead to expedited fundraises for “hot funds”
 LPs have significantly increased bandwidth, given that they
are no longer travelling to onsites and AGMs
5
Net cash flows to LPs

Global net cash flow to LPs Asian net cash flow to LPs
(US$, billions) (US$, billions)

500 456 40
438 33
417 411 31 30 30
386 29
400 353 359 30 27

288 20
300
240 20
13 12 13
200 11
157
140 10
5 5
87
100
52
0
0

-10
-100
-14 -14
-20 -17
-200 -158 -165 -20 -19
-20
-207 -22 -23
-230 -236 -236 -24
-30 -26
-300
-282 -270 -273 -30 -30
-323 -317
-346 -345 -35
-400 -40
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 H1 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 H1
2020 2020

Contributions by Year Distributions by Year Net Cash Flow Contributions by Year Distributions by Year Net Cash Flow

Net cash flows weakened globally in 2020, resulting from reduced exit activity in light of COVID-19

Source: ThomsonOne, latest available as of December 2020. Net cash flow to LPs defined as cash distributions less contributions.
6
Secondary market growth and the rise of GP-led transactions
The secondary market has continued to grow significantly with a broader range of transaction types being
contemplated

Volume ($bn) 2018 – 2020:

$90 2019
Advent of single-asset
continuation vehicles
$80 and engagement by $85bn
large cap sponsors
Total
$70
secondary
2014 – 2017: market
$60
Massive growth in volume
2011 – 2013: secondary dry powder
Private equity fund drives rapid increase in GP-
2008 – 2010:
$50 restructurings first led transactions
Early GP-led
appear, beginning
transactions post
with Behrman
$40 GFC involved Capital transaction in $30bn
platform spin-
2011
outs and hedge
$30 fund side pocket GP-led
secondary

$20
$11bn
$10
Single-asset
continuation
$0 fund volume
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Single-asset continuation fund Total GP-led secondary Total secondary market

Source: CS PFG Analysis as of December 2020.

COVID-19 introduced significant volatility to global markets in 2020
In spite of severe economic contraction, the impact on equity markets was softer than during the GFC in ’08-09 and
stocks have rebounded more swiftly
 Since the initial shock and uncertainty of the pandemic in March 2020, stock indices have responded favorably to signs of 583%
economic recovery and monetary policies from central banks to mitigate the economic fallout
Increase in VIX
 Sector dispersion has been pronounced as Tech and Discretionary stocks dominated most of 2020 and non-cyclicals between January
(Healthcare, Staples) have also risen. However, in Q4’20 the recovery has become more broad based with other sectors and March 20201
(Financials, Energy, Industrials, Materials) exhibiting outperformance QTD3
 The IMF’s recent forecast for this year suggests economic activity contracted by 4.4% this year, though the forecast has
-4.4%
improved by 0.5% since June 2020 IMF 2020 Global
 Private markets tend to lag in displaying the effects of COVID-19, as public markets discount future earnings while private growth forecast2
markets look backwards
Declines in equity indices are less severe than those of 2007-08 and indices have regained value since March1
CAC 40 DAX Nikkei 225 Hang Seng FTSE100 S&P500
20%

10%

0%

-10%

-20%

-30%

-40%

-50%

-60%

-70%
YTD Performance 2020 Peak to Trough GFC Peak to Trough
GFC peak
14 18 12 16 16 18 to trough
(months)

Source: (1) FactSet – Minimum VIX on 17th January, and Max VIX on 16th March. (2) IMF October World Economic Outlook. (3) Credit Suisse U.S. Equity
Strategy Navigator, 2 December 2020. Data as of December 2020. 8
Between Q1’20 and Q3’20 valuations recovered following initial sharp declines

 We have gathered c. 70 reported valuations across various fund strategies starting with Q4’19 to Q3’20 for which we have compared the QoQ NAV
performance change
 Buyout and Private Debt strategies each declined by c. 8% on average between Q4’19 and Q1’20, however reported NAVs have shown a
meaningful bounce back since Q2’20, which contradicted the market’s initial expectations for further declines
 Buyout strategies steadily improved QoQ up to Q3’20 and have recovered since the initial shock in Q1’20
 Private Debt strategies have shown a slower recovery when compared to Buyout strategies QoQ NAV performance
 Real Assets proved to be the most resilient strategy in terms of QoQ NAV performance throughout the year, initially experiencing a small decline of
2% in NAVs in Q1’20 while recovering by Q3’20

Q1’20 – Q3‘20 reported NAV adjustments across various strategies

Averages
50%
Q3’20 vs Q2’20

40% Q2’20 vs Q1’20

Q1’20 vs Q4’19
30%

20%

10% 9%
8%
4% 5%
0% 3% 1%
-2%
-10% -8% -8%

-20%

-30%

-40%
Buyout Private Debt Real Assets

Source: CS PFG market intelligence. Data as of December 2020. Historical performance indications and financial market scenarios are not reliable indicators of
current or future performance. Sample size; Q1 and Q2 = 66, Q3 = 38 9
 Pan-Asia private equity market map

Funds by strategy, size and year of last fundraise

Blackstone Capital KKR Asia

Partners Asia Fund IV
Affinity Fund II
PAG MBK Baring Asia Private Asia Pacific
Partners V
Average investment size

Asia III Equity Fund VII Fund V

CVC Capital Carlyle
Partners Asia Asia
Pacific V Partners VI

RRJ Capital
Master Fund IV
Bain
Navis Asia TPG Asia
L Catterton Capital
Fund VIII VII
Headland Private Equity Asia 3 Asia IV
Fund 7 (HSBC) Crescent Asia
Consumer & Deep
ShawKwei Asia Value Fund II
Value Fund 2017
NewQuest Asia Fund North Haven
IV (Secondaries) Private Equity Asia Fund V
Gateway Fund II Quadria Carlyle Asia Growth
(Morgan Stanley)
Fund II Partners VI
OrbiMed Asia EQT Mid Market
Olympus Capital Asia V Unitas Partners IV Asia Fund IV
Opportunity Fund IV

Cobalt Equity Apis Fund II

Aria V TR Capital IV Permira Asia Fund
Advantage Partners Partners I
(CLSA Capital Partners) (Secondaries)
Asia Fund I KKR Asia
TMT Fund

Olympus Asia Foundation PE Excelsior Capital Asia

Environmental Partners II (Secondaries) AIF Capital Asia V
Partners VI

Regional players Global players with dedicated presence

Potentially returning to No imminent Evergreen
Raising 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011
market in the next 12 months fundraising plans Structure

Note: Arbitrary horizontal placement within each band. Size of bubble is indicative of fund size.
Data source: Preqin, Credit Suisse PFG market knowledge. Data as of December 2020. 10
 Asian private credit and special situations market map

Funds by strategy, size and year of last fundraise

Fund
Note: 3.2
 Excludes global players with no dedicated Asian capital pool

MBKP Special Bain Asia Special SSG Capital PAG Asia

Special situations focus

Situations Fund II Situations Fund II Partners V Special Situations III

AION Capital Edelweiss India Kotak Special ADM Asia Private ARCM
ADV Tor Asia
Partners Stressed Assets Situations Fund Avenue Asia Special Credit Fund
Opportunities Credit Fund II
Fund II Situations VI
Farallon Asia
Fund II
Special Situations

Baring Private
Equity Asia Credit ShoreVest Sammasan
DCP China KKR Asia Private
India Fund II Distressed Credit PAG China Capital Asia OCP Asia
Credit Fund III Varde Asia Credit Fund
Fund II Special Situations Fund Credit Opp Fund I Fund IV
Credit Fund II

Olympus Capital
Clearwater Capital Clearwater Captial
DCL Special Shoreline China ASM Connaught Asia Credit
High Tang Fund I Arkkan Partners Fund V Yield Fund LIM Asia
Situations USD Value IV House Fund III
Fund I
Direct lending focus

ICG Asia Pacific

Fund IV BlackRock Asia-Pacific
Private Credit
SSG Secured Lending Opportunities Fund II
Zerobridge Credit PAG Asia Loan Opportunities III
Abax Asian Fund V
CDH Mezzanine Opportunities Fund
Structured Private Adamas Ping An
Fund V Double Haven
Credit Fund III Opportunities
Asian Private Kendall Court Apollo Asia Private
Fund Gateway Mezzanine Keppel-Pierfront Private
Lending Cambridge Fund Credit Fund II
Partners II Credit Fund

Country-focused players Pan-Asian / Regional Players

Potentially returning
No imminent HF HF & drawdown
to market in the Raising 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
fundraising plans structure structures active
next 12 months

Note: Arbitrary horizontal placement within each band. Size of bubble is indicative of fund size.
Data source: Preqin, Credit Suisse PFG market knowledge. Data as of December 2020. 11
 Southeast Asia private equity market map

Funds by strategy, size and year of last fundraise

Northstar Navis Asia

Average investment size

Equity Fund VIII

Partners V
TAEL II Co-Investment Fund

Equis Asia
(Corporate Structure)

Saratoga
Asia Fund IV Southern Tower Capital
Capital Fund IV KV Asia PE Fund I
Capital II
North Haven Thai
Private Equity Lakeshore Capital II Quvat Capital
(Thailand) Creador IV
Falcon House Partners III Novo Tellus PE
Provident Lombard
Partners Indonesia Growth Fund II Fund 2
Asia V
Fund 3
Abraaj / Aureos South-East Vickers
Asia Fund III TAP Venture Fund II Ventures VI
SEAVI Advent Asia Partners I
Dymon Asia Private Equity Jungle Venture Equity VII Caldera Pacific
(S.E. Asia) Fund II Southeast Asian Openspace
Fund I
Vietnam Investments Mekong Enterprise Fund III Ventures III
Fund III Fund IV Golden Gate Innovent Enterprise
Golden Gate Growth Fund I Tech Fund I
Vertex
Ventures SEA IV Ventures III
Asia Green Capital
Brummer & Partners Capsquare Asia Private Equity New Formation
Leopard Capital Renewable Energy Renewables
Navegar Fund II Partners II Markets IV Group Fund I Altair ASEAN Fund
Multiple Frontier Funds Asia Fund II

Country-focused players Region-focused players

Potentially returning to No imminent Evergreen

Raising 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011
market in the next 12 months fundraising plans Structure

Note: Arbitrary horizontal placement within each band. Size of bubble is indicative of fund size.
Data source: Preqin, Credit Suisse PFG market knowledge. Data as of December 2020. 12
 China private equity market map
Funds by strategy, siz e and year of last fundraise

Note:
 Funds located in Greater China only
 Growth, buyout as defined by Preqin Hillhouse
Warburg Pincus Private Equity
 Real estate, infrastructure, mezzanine, distressed debt, fund of funds, Boyu Primavera
China and SE Fund V
Capital Capital
RMB funds, funds <$100M in size, and older fund generations excluded Hopu Asia Fund II
Fund V Fund IV
Fund IV
Average investm ent siz e

Trustbridge
Partners VII
Yunfeng
CITIC DCP Capital CITIC Capital
Fund IV CDH Centurium
PE China Fund II China
Caijin Partners IV Fund VI Capital II
Fund IV
Fosun Hony
Weishi Capital Vivo
Fund Fund IX Capital FountainVest
Vision Knight Asia-Germany Fund IX China
SAIF Partners V
Capital Partners III Industrial Promotion Partners IV Advantech Capital Fund II
Capital Fund II (New Horizon)
Genesis Redview Capital Fund
Principle Capital China II (New Horizon)
Fund VI IDG China Capital Sequoia Capital China Fund II
Lunar Capital Ascendent Orchid
China V Fund III Growth Fund VI Asia VII
Capital
HAO Capital III C-Bridge China Broadband Partners III Jeneration
Healthcare Capital IV Yuan Fund III
Fund V Capital Pagoda M31 Capital I
Kailai China III Bull Capital China Fund I
Fund I
Growth Fund II Cathay Sino-
Ally Bridge (fka Clarity)
Tripod Capital III NDE Fund II French Midcap
Group Flagship
Fund II CMC Loyal Valley
Capital Partners Nexus Point
Capital GenBridge Fund I Capital III USD Fund III PAG Growth Buyout Fund I
Today III
Forebright New Fund II
Jiuding China
Opportunities II Everbright
Growth Fund III Milestone China New Economy
Opps Fund IV GL Capital CDH USD Joy Capital USD Fund II
CICC Growth
CEC Fund III ClearVue Fund III Maison Growth Fund II Opportunity Fund
Partners III CMH Growth Fund Capital III Capital Fund II

Vitalbridge I Greenwoods
CDIB Capital
Fund III Mandarin Capital Innovision Capital Cowin Capital Ocean Link
Prax Capital IV Hosen Capital LYZZ Capital II Asia Partners
ZWC Capital II Fund IV Partners III Fund I USD Fund II USD Fund II

Growth/ buyout funds

Potentially returning to No imminent Evergreen
Raising 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011
market in the next 12 months fundraising plans Structure

Note: Arbitrary horizontal placement within each band. Size of bubble is indicative of fund size.
Data source: Preqin, Credit Suisse PFG market knowledge. Data as of December 2020. 13
 China venture capital market map

Funds by strategy, siz e and year of last fundraise

Note:
 Funds located in Greater China only
 Venture as defined by Preqin
 Real estate, infrastructure, mezzanine, distressed debt, fund of funds,
RMB funds, funds <$100M in size, and older fund generations excluded
Average investm ent siz e

Sinovation Shunwei China

Qiming
Disrupt Fund GGV Capital Internet Fund IV
Venture VII
VIII

NIO New Energy Sinovation LAV

Development Fund II Ventures IV Sequoia Biosciences V Gaorong Partners
Legend Capital Capital China Fund IV
All-Stars (Lilly)
Fund VIII Venture Fund VIII DCM IX
Fund I
Cathay
Innovation II
IDG China Venture Matrix China
Vertex Ventures Northern Light VI H Capital V
Capital Fund VI Fund VI
China IV SBCVC VI 6 Dimensions
K2 Venture GSR
Partners (Softbank) Capital
Arbor Ventures Ventures VII
5Y Capital Fund V
Source II CID Greater (fka Morningside)
Code IV Decheng Capital LYFE Capital
Tsing China China Fund VI
Huaxing Capital China Life Joy Capital Fund III
Environment Fund V Fund III GL Ventures Sciences Fund III Fund III
Ceyuan Keytone Ventures Capital Fund
Ventures IV Fund III
Eastern Bell Fund I
KPCB
China Fund III Lightspeed China China Creation Sherpa
Ince Capital
Quan Venture Partners IV Steamboat Ventures Fund II Healthcare
BVCF IV Partners Fund I
Fund II Ventures VI Partners
HighLight Long Hill Venture Sky 9 Capital
LC Healthcare Capital USD Partners III Volcanics Venture Fund IV
Fund II Xiang He Fund II
Fund III USD Fund II
MindWorks Cathay Innovation Sky9 Capital
Ventures Fund IV WestSummit Fund II MVP Fund
Blue Lake Global Technology Panacea Venture
CITIC Capital Yun Qi Partners II ACE Redpoint China Walden Venture N5Capital Zhen Partners
Capital Fund III Fund III Healthcare I
Venture Partners Ventures China II Investments III Fund II Fund VI

Venture funds
Potentially returning to No imminent Evergreen
Raising 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011
market in the next 12 months fundraising plans Structure

Note: Arbitrary horizontal placement within each band. Size of bubble is indicative of fund size.
Data source: Preqin, Credit Suisse PFG market knowledge. Data as of December 2020. 14
 Korea private equity market map

Funds by strategy, size and year of last fundraise

MBK
Average investment size

Partners V

Hahn & Company III

Anchor Equity IMM RoseGold PEF IV
Partners Fund III

Unison Capital Partners

VIG Partners IV Korea Fund II
STIC Fund IV

H&Q Asia Pacific

Korea Fund IV Orchestra Private BRV Lotus 2015
Equity Fund IIII Crescendo Equity
Partners Fund III

Joshua Tree IDG Ventures

Asia Investments Korea Fund II Altos Korea Eastbridge
Skylake Opportunity Fund IV Corstone Growth Strategy
Fund I Asian Mid-Market Opportunities
Global Incuvest 5 M&A Private Equity Fund II
Fund II

Country-focused players Region-focused players

Potentially returning to No imminent Evergreen

Raising 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011
market in the next 12 months fundraising plans Structure

Note: Arbitrary horizontal placement within each band. Size of bubble is indicative of fund size.
Data source: Preqin, Credit Suisse PFG market knowledge. Data as of December 2020. 15
 Japan private equity market map

Funds by strategy, size and year of last fundraise

Carlyle Japan
Japan KIKAN Polaris Private Partners IV
Fund I Equity Fund V
Japan Industrial Japan Industrial
Solutions Fund II Partners
Average investment size

Fund V

Bain Capital
Japan Fund I
Advantage Integral NSSK Fund III
Partners VI Fund IV
Marunouchi T Capital
Capital Fund II Partners
Unison Capital Fund VI
Partners V
AG Fund III Longreach Capital
(Aspirant) Partners 4

CLSA NIC Japan Fund II

Sunrise
Capital IV
Globis Fund VI New Horizon
(Japan) III iSigma Business
Whiz Healthcare
Japan 3.0 Catalyzer No.5 Advancement
Mizuho Capital Partners
J-STAR No.5 (ANT Capital Partners) Fund III
Buyout Fund No. 5
Investment Limited Yukon No. 1
Partnership
KKTH3 Fund
Nippon Mirai
Capital Fund IV Rising Japan Equity II
Next Capital J-GIA Fund II
Infinity CITIC Japan
DRC IV Partners III
Ventures IV Fund IV

Primarily country focused Primarily regionally focused

Potentially returning to No imminent Evergreen

Raising 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011
market in the next 12 months fundraising plans Structure

Note: Arbitrary horizontal placement within each band. Size of bubble is indicative of fund size.
Data source: Preqin, Credit Suisse PFG market knowledge. Data as of December 2020. 16
 Australia private equity market map

Funds by strategy, size and year of last fundraise

Taurus
EMR Capital
Mining
Resources
PEP Fund II
Fund III
Secure
Assets Fund
Laguna Bay Ag Pacific Road
Others
Fund I Resources III
(e.g. Resources)
Pacific Equity
Partners VI
Odyssey
Mercury Capital
Fund 8
Fund 3
Anacacia PE III Growth Fund 3 Crescent
Next Capital IV Capital
Partners VI
Tasman
Transaction Type

Quadrant
Adamantem
No. 6
Pioneer Capital CHAMP Archer Capital II BGH Capital
Buyout Quadrant Growth
Partners III Ventures No. 8 Capital VI Fund I
Growth
Advent Partners
Evolution Healthcare Fund 2
Partners No 1

Pencarrow V Blackbird Riverside Australia

Ventures 2020 Potentia Fund III
Direct Capital Capital I
Tanarra Credit VI CHAMP
Fund RMB Capital Buyout V
Wattle Hill Partners Fund
Colinton Capital Square Peg RHC Fund I (Pemba Capital
Distressed AirTree Partners)
Ironbridge III Partners Fund I Capital Fund 3
Restructuring Ventures III

Allegro
Arowana Australia Special Helmsman PE III
Situations Fund Safe Harbour Fund Anchorage III

300 Fund Size (AUD m) 600 1,000+

Potentially returning to No imminent Evergreen

Raising 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011
market in the next 12 months fundraising plans Structure

Note: Arbitrary horizontal placement within each band. Size of bubble is indicative of fund size.
Data source: Preqin, Credit Suisse PFG market knowledge. Data as of December 2020. 17
 India private equity market map

Funds by strategy, siz e and year of last fundraise

Note:
 Fund type as defined by Preqin
 Real estate, mezzanine, distressed debt, INR funds, funds <$100M
in size, and older fund generations excluded
Average investment size

ChrysCapital Multiples True North

VIII III Fund VI EW India Stressed
Assets Fund II
(Edelweiss)
Next Orbit
Ventures II
Sequoia Capital India Advantage Everstone IV Nalanda
India VII Early Stage Fund Series 4 Equity
Kedaara III
Fund Greater
Matrix Ascent India Pacific
New Silk Route PE Capital II
India III Fund IV
Asia Fund II AION
Nexus India Capital
Tata Opp. Fund II Partners II
Capital V MegaDelta Capital
Helion Venture Baring India Madison India India Fund I
Kalaari IV Sanaka Capital
Partners IV Samara PE Fund IV Opportunities IV
Growth Fund
Capital Fund III CX Partners II
Lightspeed India
Partners III Tata Growth
Sealink Capital
A91 Fund II
Lightbox Ventures III Fund
Kotak India Aditya Birla PE
Elevation Fund Sequoia Capital Mandala Food &
Accel Growth Fund III Fund III
IV (fka SAIF) India VII Agri Fund III
India VI Motilal Oswal Gaja
Growth IL&FS / Lone Baring Private
IDFC Private Fund III Capital Epsilon Venture Star Distressed Equity Asia India
Chiratae Ventures Equity Fund IV 4 Partners Infra Fund Credit Fund II
Fairwinds II
Fund IV Ventureast India Evolving
(fka Reliance)
(fka IDG Ventures) Proactive Fund II Fund III (Faering) Rabo India Agri
Business Fund III
Lighthouse India Tara India Fund Xponentia Opp. Paragon Partners India Life Sciences CX Partners Intermediate
Antler India Fund Iron Pillar Top-Up Fund Fund III IV (IL&FS) Fund 1 Amicus Capital I Growth Fund II Fund III (InvAscent) Capital Fund

Venture Growth / Buyouts Special Sits

Potentially returning to No imminent Evergreen

Raising 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011
market in the next 12 months fundraising plans Structure

Note: Arbitrary horizontal placement within each band. Size of bubble is indicative of fund size. Data source: Preqin, Credit
Suisse PFG market knowledge. Data as of December 2020. 18
 Asian Opportunistic Real Estate – Pan-Regional (selected)

Funds by strategy, size and year of last fundraise

Blackstone RE
Asia II
PAG
Opportunistic Alpha Asia
Average investment size

Real Estate Macro

SCREP VII Trends Fund Fudo
IV Capital IV

AG Asia Realty
Fund IV
Real Estate Capital
Asia Partners V Blackrock Asia
Property V
Aetos Japan Real Estate
Value-Add Fund PAG Real Estate
Partners II BPE Asia Real
Estate Fund II

Invesco Asia Real LaSalle Asia

Estate Partners IV Opportunity
Fund V
Carlyle Asia Real Estate
Fund III
ARA
Apollo Asia Harmony VI
Real Estate Fund
Phoenix Asia
Summit RE Investments
VI CBRE Asia
Development Fund I
ARCH Capital Value
Asian Partners IV Partners V

~70-80% focus on 1-2 countries with side Pan Asia

focus on other Asian countries

Potentially returning to No imminent Evergreen

Raising 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011
market in the next 12 months fundraising plans Structure

Note: Arbitrary horizontal placement within each band. Size of bubble is indicative of fund size.
Data source: Preqin, Credit Suisse PFG market knowledge. Data as of December 2020. 19
 Asian Opportunistic Real Estate – Country focused (selected)

Funds by strategy, size and year of last fundraise

Mapletree
Average investment size

Mapletree China China Ascendas China Business

Opportunity Logistics Park Fund 4
Fund II Fund II InfraRed NF China RE III

GLP Japan Income

Partners I CapitaMalls
China
CITIC Capital
Development III CR China Retail RE
China Real Estate
Investment Fund V Development I (Harvest)
Gateway RE
Fund VI (GAW)

SoTan China RE I CBRE China

Opportunity Fund II
Mapletree Japan
Office Fund KaiLong Greater China
Real Estate Fund II
CDH Special
GLP China Income Opportunity Fund
Partners I Harmony China RE II
Redwood Japan
White Peak
Logistics Fund II
Real Estate IV

Macquarie Chinese
Real Estate Fund III

Selected Japan Focused China Focused

Potentially returning to No imminent Evergreen

Raising 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011
market in the next 12 months fundraising plans Structure

Note: Arbitrary horizontal placement within each band. Size of bubble is indicative of fund size.
Data source: Preqin, Credit Suisse PFG market knowledge. Data as of December 2020. 20
Credit Suisse Private Fund Group overview
 The Private Fund Group (“PFG”), founded in 1994, is a global placement agent and advisory group

 86 professionals solely dedicated to the PFG

− 25-person distribution team / 58 advisory professionals

 PFG has worked with clients raising 412 funds aggregating over $581 billion in capital

 PFG has an integrated Capital Solutions team, which has advised on ~$49 billion of secondary, direct and co-investment transactions

PFG Global Footprint

Regional GP Advisory / Investor Coverage

Investor Coverage

Source: Credit Suisse PFG data, as of December 2020. The PFG works in partnership with Credit Suisse Asset Management Distribution in Santiago and Tokyo.
Note: Darker shaded areas indicate countries where the PFG has dialogue with institutional investors 21
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