Alternative Investments

Q1 Fund Launches & 2023 Pipeline

Investing in alternative assets involves higher risks than traditional investments and is suitable only for sophisticated investors. Alternative investments involve greater
risks than traditional investments and should not be deemed a complete investment program. They are not tax efficient and an investor should consult with his/her tax
advisor prior to investing. Alternative investments have higher fees than traditional investments and they may also be highly leveraged and engage in speculative
investment techniques, which can magnify the potential for investment loss or gain. The value of the investment may fall as well as rise and investors may get back less
than they invested.
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Alternatives Q1 Fund Launches
CORE PRIVATE EQUITY & CORE PRIVATE EQUITY & CORE PRIVATE EQUITY & CORE PRIVATE EQUITY &
SECONDARIES SECONDARIES SECONDARIES SECONDARIES
ARDIAN PROVIDENCE EQUITY
VISTRIA FUND V PSG VI
SECONDARY FUND IX PARTNERS IX
Lower Middle Market
STRATEGY TYPE Secondary Private Equity Global Growth-Oriented Buyout Middle Market Buyout
Software Buyout

Founded in 1996 as AXA Private
Equity by Dominique Senequier,
FIRM OVERVIEW Ardian is a global private
investment house specializing in
secondary funds
Founded in 1989, Providence Equity
Partners is built on sector specialization
and a partnership culture with 180+
employees and 5 offices covering North
America and Europe
Founded in 2013, Vistria is
headquartered in Chicago with 85+
person team of investment
professionals, value creation support
and operations
Founded in 2014, PSG manages
approximately $14bn in
aggregate capital commitments
and consists of 197
professionals across six offices

Dedicated to traditional LP
secondary transaction at scale
WHAT DO THEY DO?
focusing on buyout and growth
equity fund portfolios
Majority control investments with a
middle market+ focus where strategic
M&A can accelerate growth and help
platform building
Majority control investments in U.S.
Buy-and-build strategy helping
middle market companies believed to
software companies navigate
be at the nexus of the public and
transformational growth
private sectors

FUND Dominique Senequier, Mark Michael Dominguez, Davis Noell, David

Kip Kirkpatrick & Martin Nesbitt Mark Hastings & Peter Wilde
LEADERSHIP Benedetti & Vladimir Colas Philips, Andrew Tisdale & Karim Tabet

Media, Communications, Healthcare, Knowledge & Learning,

SECTOR FOCUS Diversified Software
Education & Technology Financial Services

GEOGRAPHIC FOCUS Global North America & Europe United States North America

NO. OF POSITIONS 30 transactions 15-25 15 50+

AVG. INVESTMENT
$250MM-5BN+ $150-500MM $50-500MM $10-150MM
SIZE

TARGET FUND SIZE $15BN $6BN $4BN $6.5BN

5 years
INVESTMENT PERIOD 5 years 6 years 5 years
(two 1-yr. extensions)
10 years 10 years 10 years 10 years
FUND TERM
(three 1 yr. extensions) (three 1 yr. extensions) (two 1-yr. extensions) (three 1 yr. extensions)

Source: J.P. Morgan Private Bank as of April 2023, subject to change. Please refer to the respective fund’s offering documents and marketing materials for additional information.
Please note that all numbers and dates are estimates, and minimums are $250k unless otherwise stated. There can be no assurance that any specific investment opportunity will be
available at a given point in time. There can be no assurance that any or all of these professionals will remain with the firm or that past performance or success of any such
professional serves as an indicator of the portfolio’s success. There can be no assurance that the Fund will achieve comparable results or that the Fund will be able to implement its
investment strategy or achieve its investment objective. Certain investment opportunities may not be available in all jurisdictions, may not be suitable for all investors and may require
the signature of certain additional documentation before they may be offered. Individual offerings are subject to capacity. This material is intended to inform you of products and
services offered by the Private Bank at J.P. Morgan. This document is not intended as an offer or solicitation for the purchase or sale of any financial instrument. To the extent that this
material relates to investment activities, it is directed solely at persons to whom it may be lawfully directed.

CONFIDENTIAL AND PROPRIETARY 2

Alternatives Q1 Fund Launches
GROWTH EQUITY & GROWTH EQUITY & GROWTH EQUITY & GROWTH EQUITY &
VENTURE CAPITAL VENTURE CAPITAL VENTURE CAPITAL VENTURE CAPITAL
INDUSTRY VENTURES GREENOAKS CAPITAL
STRIPES VI GLOBAL IMPACT FUND II
SECONDARY X OPPORTUNTIES FUND V
Diversified Impact Focused
STRATEGY TYPE Software & Consumer Growth Equity Secondary Venture Internet-Focused Growth Equity
Private Equity
Powered by the experience,
intellectual capital and access of
Founded in 2008, Stripes is a NYC- Founded in 2000, Industry Ventures Founded in 2012, Greenoaks is a
the J.P. Morgan Alternative
based growth equity firm investing in is a leading provider of flexible private investment firm based in
FIRM OVERVIEW Investments Team, J.P. Morgan
high-growth software and consumer capital solutions to the venture San Francisco with approximately
Sustainable Investing Team and
business globally capital community $11bn of assets under management
Tideline, a leading impact
investment consultant
Concentrated portfolio of
Investing in high-growth software and Focus on gaining exposure to Diversified portfolio of specialized investments, primarily in growth-
branded consumer companies with leading venture-backed technology mangers investing behind
WHAT DO THEY DO? stage technology companies
“amazing products” where Stripes can businesses at attractive valuations innovative companies in the fund’s specifically compounding franchises
be a hands-on value-add partner through a variety of deal structures three target themes built on the internet
Carlotta Saporito & JP Morgan
FUND Ken Fox Hans Swildens & Justin Burden Private Bank Private Equity Neil Mehta & Benny Peretz
LEADERSHIP Allocation Committee
Climate Solutions, Health &
SECTOR FOCUS Consumer & Software Diversified Internet
Wellness, and Inclusive Growth
North America, Western
GEOGRAPHIC FOCUS Global Global Global
Europe & Israel

NO. OF POSITIONS 25-30 45-95 transactions 8-9 underlying managers 15

AVG. INVESTMENT $10-100MM $5-25MM $300MM-$1BN underlying fund size $30-100MM

SIZE

TARGET FUND SIZE $1.75BN $1BN $200MM $2.25BN

INVESTMENT PERIOD 5 years 5 years 18 months 5 years

10 years 10 years 10 years

FUND TERM 12 years
(three 1 yr. extensions) (two 1 yr. extensions) (two 1 yr. extensions)

Source: J.P. Morgan Private Bank as of April 2023, subject to change. Please refer to the respective fund’s offering documents and marketing materials for additional information.
Please note that all numbers and dates are estimates, and minimums are $250k unless otherwise stated. There can be no assurance that any specific investment opportunity will be
available at a given point in time. There can be no assurance that any or all of these professionals will remain with the firm or that past performance or success of any such
professional serves as an indicator of the portfolio’s success. There can be no assurance that the Fund will achieve comparable results or that the Fund will be able to implement its
investment strategy or achieve its investment objective. Certain investment opportunities may not be available in all jurisdictions, may not be suitable for all investors and may require
the signature of certain additional documentation before they may be offered. Individual offerings are subject to capacity. This material is intended to inform you of products and
services offered by the Private Bank at J.P. Morgan. This document is not intended as an offer or solicitation for the purchase or sale of any financial instrument. To the extent that this
material relates to investment activities, it is directed solely at persons to whom it may be lawfully directed.

CONFIDENTIAL AND PROPRIETARY 3

Alternatives Q1 Fund Launches
REAL ASSETS REAL ASSETS PRIVATE CREDIT & SPECIAL SITUATIONS

KSL CAPITAL PARTNERS VI EQT INFRASTRUCTURE VI SIXTH STREET LENDING PARTNERS

STRATEGY TYPE Travel Leisure Real Estate Global Opportunistic Infrastructure Senior Direct Lending

Founded in 1994, EQT is a global leader in Founded in 2009 by Alan Waxman, Sixth Street
KSL Capital Partners is a global investment firm
private investments and invests across Real is an independent global investment business
FIRM OVERVIEW focused exclusively on travel and leisure real
Assets and Private Equity with €92bn+ in with over $60bn of assets under management
asset investment opportunities
AUM and over 1,300+ employees globally across a number of core platforms

Focus on travel and leisure assets with an

WHAT DO THEY DO?
Investing in infrastructure with an industrial
operationally intensive approach focusing on Originate direct loans and other debt
approach to assets that provide essential
upscale and luxury segments that cater to “mass instruments to upper middle market companies
services to society, have long-term stable
affluent” consumer base less sensitive to in the United States
demand and predictable cash flows
economic cycles

FUND
Eric Resnick Lennart Blecher Joshua Easterly
LEADERSHIP

Digital, Energy & Environment,

SECTOR FOCUS Hospitality, Recreation & Clubs Diversified
Transportation & Logistics and Social

GEOGRAPHIC FOCUS North America & Europe North America & Europe North America

NO. OF POSITIONS 15-20 20-25 30-50

AVG. INVESTMENT SIZE $50-250MM €200-1,000MM $200-500MM

TARGET FUND SIZE $3BN €20BN $5BN

INVESTMENT PERIOD 5 years 6 years 5 years

Targeting an exchange listing within

Commitment Period; if no such exchange
10 years 12 years
FUND TERM listing has occurred within 10 years from the
(two 1 yr. extensions) (three 1 yr. extensions)
Effective Date (two 1-yr. extensions) the
vehicle will wind down

Source: J.P. Morgan Private Bank as of April 2023, subject to change. Please refer to the respective fund’s offering documents and marketing materials for additional information.
Please note that all numbers and dates are estimates, and minimums are $250k unless otherwise stated. There can be no assurance that any specific investment opportunity will be
available at a given point in time. There can be no assurance that any or all of these professionals will remain with the firm or that past performance or success of any such
professional serves as an indicator of the portfolio’s success. There can be no assurance that the Fund will achieve comparable results or that the Fund will be able to implement its
investment strategy or achieve its investment objective. Certain investment opportunities may not be available in all jurisdictions, may not be suitable for all investors and may require
the signature of certain additional documentation before they may be offered. Individual offerings are subject to capacity. This material is intended to inform you of products and
services offered by the Private Bank at J.P. Morgan. This document is not intended as an offer or solicitation for the purchase or sale of any financial instrument. To the extent that this
material relates to investment activities, it is directed solely at persons to whom it may be lawfully directed.

CONFIDENTIAL AND PROPRIETARY 4

2023 Potential Private Investment Opportunities
CLOSED LIVE DEALS

Q1 2023 Q2 2023 Q3 2023 Q4 2023

PROVIDENCE EQUITY HEALTHCARE MIDDLE

PSG VI OPPORTUNISTIC BUYOUT
PARTNERS IX** MARKET BUYOUT

ARDIAN
VISTRIA FUND V MULTI-SECTOR BUYOUT IMPACT FOCUSED BUYOUT
CORE PRIVATE SECONDARY FUND IX*
EQUITY & SECONDARY
SECONDARIES PRIVATE EQUITY*

GREENOAKS CAPITAL MULTI-STAGE TECHNOLOGY DIVERSIFIED TECHNOLOGY

STRIPES VI**
OPPORTUNITIES FUND V GROWTH EQUITY GROWTH EQUITY

INDUSTRY VENTURES EARLY GROWTH

VENTURE ACCESS PORTFOLIO*
SECONDARY X* STAGE TECHNOLOGY
GROWTH EQUITY &
VENTURE CAPITAL
GLOBAL IMPACT FUND II*

GLOBAL OPPORTUNISTIC OPPORTUNISTIC

KSL CAPITAL PARTNERS VI**
REAL ESTATE REAL ESTATE

REAL ASSETS EQT INFRASTRUCTURE VI GLOBAL INFRASTRUCTURE

DIAMETER DISLOCATION TECHNOLOGY SPECIAL SITUATIONS /

JUNIOR DIRECT LENDING
FUND II* STRUCTURED EQUITY DISTRESSED CREDIT
PRIVATE CREDIT
& SPECIAL SIXTH STREET
SITUATIONS LENDING PARTNERS*

VINTAGE 2023 PRIVATE EQUITY PORTFOLIO* PRIVATE EQUITY PORTFOLIO*

DIVERSIFIED
PORTFOLIOS

Source: J.P. Morgan Private Bank as of April 2023, subject to change. **Included in Vintage 2022. *Not expected to be in Vintage 2023. There can be no assurance that any specific
investment opportunity will be available at a given point in time. Certain investment opportunities may not be available in all jurisdictions, may not be suitable for all investors and may
require the signature of certain additional documentation before they may be offered. Individual offerings are subject to capacity. This material is intended to inform you of products and
services offered by the Private Bank at J.P. Morgan. This document is not intended as an offer or solicitation for the purchase or sale of any financial instrument. To the extent that this
material relates to investment activities, it is directed solely at persons to whom it may be lawfully directed.

CONFIDENTIAL AND PROPRIETARY 5

Diversified core portfolio solutions

J.P. MORGAN
STRATEGY VINTAGE 2023 PRIVATE EQUITY GROUP (“PEG”) ADAMS STREET GLOBAL 2023
GLOBAL PRIVATE EQUITY (“GPE”)

Offered annually and deployed over

Offered annually, each Vintage Fund aims to
Build a diversified, multi-vintage year (3 year) multiple vintage years, offers a
build a comprehensive and broadly diversified
private equity and VC portfolio through growth comprehensive private equity only
OBJECTIVE private investments portfolio designed to
oriented primary investments and secondaries program which integrates primaries,
generate long-term outperformance relative to
(50/50 split) secondaries, co-investments, and direct
public markets
growth equity

STRUCTURE Commingled fund of fund Commingled fund of fund Commingled fund of fund

• 55.0% Small/Mid Buyout

• 55-85% Private Equity
INVESTMENT • 5.0% Large Cap Buyout • 60-75% Buyout
• 5-20% Private Credit
STRATEGIES • 20% Growth • 20-30% Venture Capital
(subject to change) • 10-30% Real Assets
• 15% VC • Up to 10% Growth Equity
• Min exposure to VC
• 5% Other

Source: J.P. Morgan Private Bank as of April 2023, subject to change. Certain investment opportunities may not be available in all jurisdictions, may not be suitable for all investors
and may require the signature of certain additional documentation before they may be offered. Individual offerings are subject to capacity. This material is intended to inform you of
products and services offered by the Private Bank at J.P. Morgan. This document is not intended as an offer or solicitation for the purchase or sale of any financial instrument. There
can be no assurance that the Fund will achieve comparable results or that the Fund will be able to implement its investment strategy or achieve its investment objective.

CONFIDENTIAL AND PROPRIETARY 6

 CURRENTLY AVAILABLE

Alternative Yield Platform OPEN SEARCH

Characteristics of open-ended funds:

• Quarterly subscriptions, in certain cases may be subject to a queue
• Quarterly redemptions, in certain cases after a lock up (subject to available liquidity)
• In certain cases, clients have the option of reinvesting the yield or receiving monthly and/or quarterly income distributions

INFRASTRUCTURE
CORE REAL ESTATE CORE PLUS REAL ESTATE LONG/SHORT EQUITY CREDIT
&TRANSPORTATION

Carlyle Property Investors J.P. Morgan Infrastructure Rose Grove Wellesley

Clarion
Invests in demographically-driven Vision Opportunity Investments Fund (IIF) Opportunistically invests across the
Identifies, acquires and manages a
property types in the U.S. with core Opportunistic fund focused on public Acquires global core and core plus capital structure with an expertise in
diversified portfolio of institutional quality
attributes, that may benefit from minor REITS in the U.S. and Canada infrastructure assets as part of a hybrid capital and preferred securities
real estate assets in the U.S
repositioning diversified portfolio (1.5x levered flagship)

J.P. Morgan Global Transport Income CS Dollar Senior Loan

Clarion IDF
Insurance dedicated fund to invest in
property funds, real estate securities
and direct investments
U.S. Real Estate Income & Growth Actively managed diversified portfolio of
Fund (GTIF)
Invests primarily in U.S. core and core senior secured corporate loans. Portfolio
Acquires transportation infrastructure
plus direct real estate, complemented by generates current income with a focus on
assets globally and leases them to high principal preservation and secondary
mezzanine investments quality corporations market liquidity

Open-Ended Infrastructure MacKay Municipal High Yield Select

Blackstone Non-Traded REIT (BREIT) Focused on tax-advantaged investments in
Strategy invests across all major
Diversified portfolio of high-quality, U.S. stabilized, income oriented assets – equity and the High Yield Municipal Market capitalizing
infrastructure sectors in North America
debt on market inefficiencies, stress and retail
and Europe flows

HPS Corporate Lending Fund

Starwood Non-Traded REIT (SREIT) (HLEND)
Diversified portfolio of high quality, stabilized, income oriented assets and debt in the Sector-agnostic mandate investing in senior
U.S. and Europe secured, privately originated loans of mid
and upper mid market U.S. companies

Sculptor Diversified REIT Multi-Strategy Private Lending

Targeting equity investments in stabilized properties and portfolios in non-traditional Diversified direct lending portfolio
asset classes including gaming, digital infrastructure, cold storage and life science investing globally in asset-backed and
senior lending opportunities

Non-Traded Core Real Estate REIT

Focus on new economy assets positioned for growth over the next decade including last Liquid Multi-Strat Credit
mile warehouses, logistics terminals and healthcare with an emphasis on development Diversified portfolio of high conviction
opportunities across corporate credit,
structured credit, EM Debt and Converts
Triple Net Lease Fund
Strategy focused on acquiring high quality, single-tenant and mission critical properties
that are triple net leased on a long-term basis to creditworthy tenants
Senior Direct Lending

Source: J.P. Morgan Private Bank as of April 2023, subject to change. Certain investment opportunities may not be available in all jurisdictions, may not be suitable for all investors
and may require the signature of certain additional documentation before they may be offered. Individual offerings are subject to capacity. This material is intended to inform you of
products and services offered by the Private Bank at J.P. Morgan. This document is not intended as an offer or solicitation for the purchase or sale of any financial instrument.

CONFIDENTIAL AND PROPRIETARY 7

Hedge Fund Platform
CAPACITY OPEN
CLOSED
CONSTRAINED SEARCH

GLOBAL MACRO
DIVERSIFIED RELATIVE VALUE / CREDIT EVENT DRIVEN / DISTRESSED LONG / SHORT
OPPORTUNISTIC

Fund of Funds RV Credit Preferreds Multi-Strat Distressed Discretionary Broad Based Sector Specific

COATUE
BLACKSTONE CANYON VALUE ROSE GROVE THIRD POINT VÄRDE BREVAN HOWARD GLADSTONE
(TMT)

CS DOLLAR SENIOR THIRD POINT

CORBIN ROSE GROVE WELLESLEY ANTARA BREVAN HOWARD PT LAKEWOOD PFM HEALTHCARE
LOAN FUND (IDF)

HIGHBRIDGE REDMILE
JPM MULTI-STRATEGY Systematic Systematic EVENT EQUITY BREVAN HOWARD ALPHA SUVRETTA
TACTICAL CREDIT (HEALTHCARE)

GLOBAL ACCESS RTW

Multi-Manager LIBREMAX MAGNETAR PRA Multi-Strat Lower Vol BRIDGEWATER NAYA
(QUANT STRATEGIES) (HEALTHCARE)

VISION
BOOTHBAY SPF Municipals Sector Specific SCULPTOR NWI MERCATOR
(REITs)

MACKAY CALIFORNIA
MILLENNIUM LINDEN INHERENT ESG PSAM Geography Specific Lower Vol EQUITY TMT
OPPORTUNITIES

MACKAY
NORTH ROCK SECURITIZED PRODUCT TACONIC ASIA MACRO POLAR IMPACT
CREDIT OPPORTUNITIES

MULTI-STRATEGY IDF MACKAY

Multi-Strat RV Hybrid Geography Specific
HIGH YIELD SELECT

BLACKROCK EMERGING
MARINER MUNI DIRECT LENDING D1 CAPITAL PARTNERS
FRONTIERS

TWO SIGMA CHINA CORE

ARISTEIA Geography Specific COATUE CLIMATE TECH II
EQUITY

ASIA SPECIAL
Rates
SITUATIONS

CONCORDIA G-10 Sector Specific

ESG CREDIT

CARBON CREDIT

Source: J.P. Morgan Private Bank as of April 2023, subject to change.

Note: Individual offerings are subject to capacity. These characteristics represent the characteristics typical of these types of alternative investment funds. There can be no assurance that any specific fund will possess
these typical characteristics. This material is intended to inform you of products and services offered by the Private Bank at J.P. Morgan. This document is not intended as an offer or solicitation for the purchase or sale of
any financial instrument. To the extent that this material relates to investment activities, it is directed solely at persons to whom it may be lawfully directed, please see the important disclosures on the cover of this
document. Any discussion of specific investment opportunities may require the signature of certain additional documentation by such persons.

CONFIDENTIAL AND PROPRIETARY 8

Appendix
Historical Private Equity & Credit Investment Opportunities
STRATEGY 1990s 2000-2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Apollo V, VI, VII

Apax VIII
Apax Euro VII Apax IX Ares Corporate KKR North America XIII
Apax XI
Blackstone VI KKR North Opportunities VI
Large-cap Apollo VIII CD&R X Apax X
CD&R VII, VIII America XI KKR North Vista Equity Partners
CD&R XII
KKR Euro II, III America XII CD&R XI VIII
CD&R IX
KKR 2006

Diamond Castle IV MidOcean Partners VI

CCMP II
Crestview IV Providence Equity
Mid-cap JPM CF I JPM CF II, III CCMP III Crestview III Mid Ocean V JLL VIII PEG IX Providence Strategic
Partners IX
JPM Partners Growth V
Mid Ocean III
BXG II
Silver Lake Coatue Growth V
DFJ Growth Kona II Bain Double DFJ Growth IV NEA 18
DFJ Growth 2006 Alpine Bain Double Impact II General Atlantic 2021
Growth PEG Digital 2013 Warburg DFJ Growth Impact Blackstone Growth GCM New Pathways
OrbiMed II, IV PSG Encore
Equity OrbiMed Israel
Growth I PEG Digital Pincus XII 2016
Warburg Coatue Growth IV
NightDragon Growth
Tiger PIP XV
Stripes VI
Kona I Growth II Kona III Global Impact I Warburg Pincus Growth
Global Growth Silver Lake Alpine II
XIV
Ecosystem Integrity IV Industry Venture
PEG VC I Nestor 2000
Venture Coatue Early Secondary X
TL I, II, III PEG VC II Causeway II Allegis Techstars Accelerator
Capital JH Whitney III TL V
Stage Industry Venture
Secondary IX Elevar India

Carlyle Asia II, III L Catterton

Gavea IV
JPMP Latin America Asia II Coatue Asia
Emerging JPMP Asia Colony Latin L Catterton
KKR Asia I KKR Asia II Carlyle Asia IV Gavea V KKR Asia III Carlyle Asia V KKR Asia IV
Markets Opportunity
L Capital Asia
PEG China
Carlyle Sub-
America Asia III
Loyal Valley
PE
OrbiMed Asia Saharan Africa

Altaris V
Providence
BCOM
Equity VIII OrbiMed Royalties III General Atlantic BnZ
Industry Corsair II Trident JC Flowers II, III Providence Vintage Healthcare Innovation III
Silver Lake IV Silver Lake V RedCo II Healthcare Innovation IV
Specific Advent Lion Capital Equity VII Healthcare
Vintage Redmile Biopharma II Silver Lake VII
Silver Lake III Silver Lake VI
Healthcare II

Apollo EPF IV
GSO Secured Ares Private Credit
Apollo EPF III CVC European Direct Coatue Structured
Apollo EPF II Ares PCS Lending Solutions II
Benefit Street II Lending II CVC European Direct
Apollo EPF GSO Capital Angelo Benefit Street HPS CSL II Lending III
Avenue Benefit Street Avenue HPS CSL SVSS IV HLEND
Credit JH Whitney Mezz HPS Mezz I Solutions II Gordon IV HPS Mezz IV Diameter Dislocation II
Europe II III Europe III
GSO Capital Whole Loan JPM TALF HG Vora OCF II
GSO Capital III Highbridge Varde Dislocation II
Solutions I HPS Mezz III Silver Lake HPS SIP V (Mezz)
HPS Mezz II Strategic
Waterman OrbiMed Royalty & Credit
Credit SVSS V
Opp IV

Ardian Secondaries Adams Street 2021

Eastport JPM Vintage Adams Street
Third Point GSO Energy VIII Highbridge SPAC Adams Street 2022
Hybrid/ CPEPS II PEG Europé PEG Highbridge Converts
CPEPS I Hellenic Landmark XVI Strategic Partners Lexington Capital TPG GP Solutions
Opportunistic Sankaty DIP Secondary II
Recovery Cerberus VI
Secondary III
VIII
GCM Advance
Partners X PEG GPE XI
PEG Secondary Watford RE PEG GPE VIII
Varde Dislocation I PEG GPE X

TOTAL 10 42 8 4 11 7 5 10 9 11 13 19 21 23

For illustrative purposes only. Past performance is no guarantee of future results.

Source: J.P. Morgan Private Bank as of April 2023, subject to change. There can be no assurance that any specific investment opportunity will be available at a given point in time. Certain investment opportunities may not be available in all
jurisdictions, may not be suitable for all investors and may require the signature of certain additional documentation before they may be offered. Individual offerings are subject to capacity. This material is intended to inform you of products
and services offered by the Private Bank at J.P. Morgan. This document is not intended as an offer or solicitation for the purchase or sale of any financial instrument. To the extent that this material relates to investment activities, it is directed
solely at persons to whom it may be lawfully directed. Please see the important disclosures on the cover of this document.

CONFIDENTIAL AND PROPRIETARY 10

Historical Real Assets Investment Opportunities
STRATEGY 2002-2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Guggenheim

JPM Alternative
Property
Carlyle BREIT
Core and Clarion Lion JPM Global Transport
Property
Core Plus JPM Infrastructure Property
Investors SREIT
Income Fund (GTIF)
Investments (IIF)

JPM Real Estate

Income & Growth

JPM European Junius Partners Junius Junius Partner Junius One

Value-Add Property
Ares Europe IV
Program Hospitality Program II
Ares Europe V
Court Square

JPM India Property Campbell Global Forest &

Blackstone Debt Blackstone IV Climate Solutions II
EQT
JPM Greater China VII
Infrastructure V
Property Starwood VIII Blackstone Asia BREP IX BREP Asia III
Junius CAA
Colony Single Blackstone Asia Blackstone VIII II Brookfield III Starwood
Next Generation
Opportunistic JPM Asian Infra Blackstone Starwood IX Family
Junius
Starwood XI Sculptor IV Distressed
Real Estate
KSL Capital Partners VI
Commercial Residential Starwood X Brookfield II Carlyle Realty Elevar IV Opportunity XII
Woodfield
JPM Urban Debt Partners VIII RRG BREP X
Carlyle Realty
Renaissance Junius Sustainable
Partners IX
Salamander Water Ardian Infrastructure
Blackstone RE CMBS Secondaries VIII

Brookfield QOZ
Qualified
Bridge QOZ
Opportunity Zone Starwood QOZ

Kayne Anderson II, III

Riverstone IV
Warburg Pincus Encap Energy
Energy Riverstone
Riverstone V
Energy
Riverstone VI
XI
Renewables

Quantum Energy V

TOTAL 15 2 1 4 3 4 4 1 5 4 6 5 3 5

For illustrative purposes only. Past performance is no guarantee of future results.

Source: J.P. Morgan Private Bank as of April 2023, subject to change. There can be no assurance that any specific investment opportunity will be available at a given point in time. Certain investment opportunities may not be available in all
jurisdictions, may not be suitable for all investors and may require the signature of certain additional documentation before they may be offered. Individual offerings are subject to capacity. This material is intended to inform you of products
and services offered by the Private Bank at J.P. Morgan. This document is not intended as an offer or solicitation for the purchase or sale of any financial instrument. To the extent that this material relates to investment activities, it is directed
solely at persons to whom it may be lawfully directed. Please see the important disclosures on the cover of this document.

CONFIDENTIAL AND PROPRIETARY 11

Important information
An investment in alternative investment strategies involves substantial risks, and potential investors should clearly understand the risks involved. Investing in alternative investment strategies is
speculative, not suitable for all clients, and intended for experienced and sophisticated investors who are willing to bear the high economic risks of the investment, which can include: loss of all or a
substantial portion of the investment due to leveraging, short-selling or other speculative investment practices; lack of liquidity in that there may be no secondary market for the fund and none expected
to develop; volatility of returns; restrictions on transferring interests in the fund; absence of information regarding valuations and pricing; delays in tax reporting; less regulation and higher fees than
mutual funds; and advisor risk.

This communication is provided for information purposes only and therefore does not constitute an offer or a solicitation of an offer of shares or investment services. Certain investment opportunities
may not be available in all jurisdictions, may not be suitable for all investors and may require the signature of certain additional documentation before they may be offered. Certain opinions, estimates,
investment strategies and views expressed in this document constitute our judgment based on current market conditions and are subject to change without notice. This material should not be regarded
as research or as a J.P. Morgan research report. Investors may get back less than they invested. Past performance is not a reliable indicator of future results. Please read the Important Information
section at the end of the presentation

To the extent that this material relates to investment activities, it is directed solely at persons to whom it may be lawfully directed, as provided for under section 238 of the FSMA, the Financial Services
and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemption) Order 2001, as amended from time to time, and Chapter 4 of the Financial Conduct Authority’s Conduct of Business
Sourcebook. Any investment services and products will only be available to, or engaged in with, such persons, and no other person should rely or act upon information contained in this
communication.

Some of the products and/or services mentioned may not be available in all jurisdictions.

Investing in alternative assets involves higher risks than traditional investments and is suitable only for sophisticated investors. Alternative investments involve greater risks than traditional investments
and should not be deemed a complete investment program. They are generally not tax efficient and an investor should consult with his/her tax advisor prior to investing. Alternative investments have
higher fees than traditional investments and they may also be highly leveraged and engage in speculative investment techniques, which can magnify the potential for investment loss or gain. The value
of the investment may fall as well as rise and investors may get back less than they invested.

Real estate, hedge funds, and other private investments may not be suitable for all individual investors, may present significant risks, and may be sold or redeemed at more or less than the original
amount invested. Private investments are offered only by offering memoranda, which more fully describe the possible risks. There are no assurances that the stated investment objectives of any
investment product will be met. Hedge funds (or funds of hedge funds): often engage in leveraging and other speculative investment practices that may increase the risk of investment loss; can be
highly illiquid; are not required to provide periodic pricing or valuation information to investors; may involve complex tax structures and delays in distributing important tax information; are not subject to
the same regulatory requirements as mutual funds; and often charge high fees. Further, any number of conflicts of interest may exist in the context of the management and/or operation of any hedge
fund.

Alternative investments are not available to the general public and may be promoted in Hong Kong to Professional Investors and in Singapore to Accredited Investors only.
With respect to countries in Latin America, the distribution of this material may be restricted in certain jurisdictions. Receipt of this material does not constitute an offer or solicitation to any person in
any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it would be unlawful to make such offer or solicitation. To the extent this content makes reference to a fund,
the Fund may not be publicly offered in any Latin American country, without previous registration of such fund’s securities in compliance with the laws of the corresponding jurisdiction. Presentation
produced by the Alternative Investments Team. Please read important disclosures at the end of the presentation.

CONFIDENTIAL AND PROPRIETARY 12

Key risks of investing in alternatives
Additional risks. There may be additional risks inherent in the underlying investments within funds.
Currency risks and non-United States investments. Investments may be denominated in non-U.S. currencies. Accordingly, changes in currency exchange rates, costs of conversion and exchange control
regulations may adversely affect the dollar value of investments.
Dependence on manager. Performance is more dependent on manager-specific skills, rather than broad exposure to a particular market.
Event risk. Given certain funds’ niche specialization (e.g., in an industry or a region), market dislocations can affect some strategies more adversely than others.
Financial services industry risk factors. Financial services institutions have asset and liability structures that are essentially monetary in nature and are directly affected by many factors, including
domestic and international economic and political conditions, broad trends in business and finance, legislation and regulation affecting the national and international business and financial communities,
monetary and fiscal policies, interest rates, inflation, currency values, market conditions, the availability and cost of short-term or long-term funding and capital, the credit capacity or perceived
creditworthiness of customers and counterparties, and the volatility of trading markets. Financial services institutions operate in a highly regulated environment and are subject to extensive legal and
regulatory restrictions and limitations and to supervision, examination and enforcement by regulatory authorities. Failure to comply with any of these laws, rules or regulations, some of which are subject to
interpretation and may be subject to change, could result in a variety of adverse consequences, including civil penalties, fines, suspension or expulsion, and termination of deposit insurance, which may have
material adverse effects.
General/Loss of capital. An investment in private equity funds involves a high degree of risk. There can be no assurance that (i) a private equity fund will be able to choose, make and realize investments in
any particular company or portfolio of companies, (ii) the private equity fund will be able to generate returns for its investors or that the returns will be commensurate with the risks of investing in the type of
companies and transactions that constitute the fund's investment strategy or (iii) an investor will receive any distributions from the private equity fund. Accordingly, an investment in a private equity fund
should only be considered by persons who can afford a loss of their entire investment due to its high degree of risk. Investors in the private equity fund could lose up to the full amount of their invested
capital. The private equity fund’s fees and expenses may offset the private equity fund’s profits. Past performance is not indicative of future results.
J.P. Morgan’s role. J.P. Morgan generally acts as a placement agent to the funds. The investment managers or general partners (or the equivalent) may pay (or cause the funds to pay) J.P. Morgan an
initial fee and/or an ongoing servicing fee in connection with its services. In addition, where J.P. Morgan acts as placement agent, an origination fee of up to 2% will be paid by investors in the funds
(including those investing through a conduit vehicle and in the Vintage Funds) to J.P. Morgan at the closing and will be in addition to, and not in reduction of, capital commitments to the applicable fund. The
origination fee is in addition to fees charged by a fund. J.P. Morgan also provides investment advice and/or administrative functions for certain private investment funds (including the Vintage funds and
funds serving as conduit vehicles investing in the funds); J.P. Morgan receives a fee for providing these services in some cases (including with respect to the Vintage Funds).
Lack of information. The industry is largely unregistered and loosely regulated with little or no public market coverage. Investors are reliant on the manager for the availability, quality and quantity of
information. Information regarding investment strategies and performance may not be readily available to investors.
Leverage. The capital structures of many portfolio companies typically include substantial leverage. In addition, investments may be consummated through the use of significant leverage. Leveraged capital
structures and the use of leverage in financing investments increase the exposure of a company to adverse economic factors such as rising interest rates, downturns in the economy or deteriorations in the
condition of the company or its industry and make the company more sensitive to declines in revenues and to increases in expenses.
Limited liquidity for private equity. Investments in private equity funds are intended for long-term investors who have the financial ability and willingness to accept the risks associated with making
speculative and primarily illiquid investments. Interests in the private equity funds are generally not redeemable. An investor in such a fund may not freely transfer, assign or sell any interest without the prior
written consent of the fund manager. An investor may not, save in particular circumstances, withdraw from a private equity fund. Interests in private equity funds will not be registered under the U.S.
Securities Act of 1933, as amended or any other securities laws in any jurisdiction. There is no liquid market for such interests and none is expected to develop. Consequently, a commitment may be difficult
to sell or realize.
Limited liquidity generally. Interests are not publicly listed or traded on an exchange or automated quotation system. There is not a secondary market for interests, and as a result, invested capital is less
accessible than that of traditional asset classes. Also, withdrawals and transfers are generally restricted.
Potential conflicts of interest. Investors should be aware that there will be occasions when a private equity fund’s general partner and its officers and affiliates may encounter potential conflicts of interest in
connection with the fund. Fund professionals may work on other matters and, therefore, conflicts may arise in the allocation of management resources. The payment of carried interest to the general partner
may create an incentive for the general partner to cause the private equity fund to make riskier or more speculative investments than it would in the absence of such incentive.

CONFIDENTIAL AND PROPRIETARY 13

Key risks of investing in alternatives (continued)
Risks associated with infrastructure investments generally. An infrastructure investment is subject to certain risks associated with the ownership of infrastructure and infrastructure-related assets in
general, including: the burdens of ownership of infrastructure assets; local, national and international economic conditions; the supply and demand for services from and access to infrastructure; the
financial condition of users and suppliers of infrastructure assets; changes in interest rates and the availability of funds, which may render the purchase, sale or refinancing of infrastructure assets difficult or
impracticable; changes in environmental laws and regulations, and planning laws and other governmental rules; environmental claims arising in respect of infrastructure assets acquired with undisclosed or
unknown environmental problems or as to which inadequate reserves have been established; changes in the price of energy, raw materials and labor; changes in fiscal and monetary policies; negative
developments in the economy that depress travel; uninsured casualties; force majeure acts, terrorist events, underinsured or uninsurable losses; sovereign and sub-sovereign risks; contract counterparty
default risk.
Risks of certain investments. The securities of portfolio companies and the ability of such companies to pay debts could be adversely affected by interest rate movements, changes in the general
economic or political climate, or the economic factors affecting a particular industry, changes in tax law or specific developments within such companies. The securities in which a private equity fund will
invest generally will be among the most junior in the portfolio company’s capital structure, and thus may be subject to the greatest risk of loss. Most of a private equity fund’s investments will not have a
readily available public market, and disposition of such investments may require a lengthy time period or may result in distributions in kind to investors. A private equity fund’s manager generally has a
limited ability to extend the term of the fund, therefore the fund may have to sell, distribute or otherwise dispose of investments at a disadvantageous time as a result of dissolution.
Speculation. Alternative investments often employ leverage, sometimes at significant levels, to enhance potential returns. Investment techniques may include the use of derivative instruments such as
futures, options and short sales, which amplify the possibilities for both profits and losses and may add volatility to the alternative investment fund’s performance.
Taxation considerations. An investment in a private equity fund or hedge fund may involve complex tax considerations, which may differ for each investor. Each investor is advised to consult its own tax
advisers. Changes in applicable tax laws could affect, perhaps adversely, the tax consequences of an investment.
Valuation. Because of overall size or concentration in particular markets of positions held by the alternative investment fund or other reasons, the value at which its investments can be liquidated may
differ, sometimes significantly, from the interim valuations arrived at by the alternative investment fund.
Private investments are subject to special risks. Individuals must meet specific suitability standards before investing. This information does not constitute an offer to sell or a solicitation of an offer to buy .
As a reminder, hedge funds (or funds of hedge funds), private equity funds, real estate funds often engage in leveraging and other speculative investment practices that may increase the risk of investment
loss. These investments can be highly illiquid, and are not required to provide periodic pricing or valuation information to investors, and may involve complex tax structures and delays in distributing
important tax information. These investments are not subject to the same regulatory requirements as mutual funds; and often charge high fees. Further, any number of conflicts of interest may exist in the
context of the management and/or operation of any such fund. For complete information, please refer to the applicable offering memorandum. Securities are made available through J.P. Morgan Securities
LLC, Member FINRA, and SIPC, and its broker-dealer affiliates.
Hedge funds (or funds of hedge funds) often engage in leveraging and other speculative investment practices that may increase the risk of investment loss. These investments can be highly illiquid, and
are not required to provide periodic pricing or valuation information to investors, and may involve complex tax structures and delays in distributing important tax information. These investments are not
subject to the same regulatory requirements as mutual funds; and often charge high fees. Further, any number of conflicts of interest may exist in the context of the management and/or operation of any
such fund. For complete information, please refer to the applicable offering memorandum.
Liquid alternative funds are registered funds that seek to accomplish the fund's objectives through non-traditional investments and trading strategies. They differ significantly from both hedge funds and
traditional mutual funds because they can be redeemed on any business day, they are said to be "liquid." Such funds do not follow the typical buy and hold strategy of a traditional mutual fund and
generally hold more nontraditional investments and use more complex trading strategies than a traditional mutual fund, which may make an investment in a liquid alternative fund riskier. Non-traditional
investments may include, but not limited to private equity, derivatives, commodities, real estate, distressed debt and hedge funds.
While investments in private equity funds provide potential for attractive returns, access to opportunities not available in the public markets and diversification, they also present significant risks including
illiquidity, long-term time horizons, loss of capital and significant execution and operating risks that are not typically present in public equity markets. Private equity funds typically have a 10-15 year term and
will begin to monetize investments after holding them for 4-5 years.
Hedge funds (or funds of hedge funds) often engage in leveraging and other speculative investment practices that may increase the risk of investment loss; can be highly illiquid; are not required to provide
periodic pricing or valuation information to investors; may involve complex tax structures and delays in distributing important tax information; are not subject to the same regulatory requirements as mutual
funds; and often charge high fees. Further, any number of conflicts of interest may exist in the context of the management and/or operation of any hedge fund.

CONFIDENTIAL AND PROPRIETARY 14

Key risks of investing in alternatives (continued)
Economy, currency, tax and market conditions, including market liquidity, may increase the risks of these investments and may impact performance of the funds. The views and strategies described herein
may not be suitable for all investors, and more complete information is available which discusses risks, liquidity, and other matters of interest.
Hedge funds (or funds of hedge funds) often engage in leveraging and other speculative investment practices that may increase the risk of investment loss; can be highly illiquid; are not required to provide
periodic pricing or valuation information to investors; may involve complex tax structures and delays in distributing important tax information; are not subject to the same regulatory requirements as mutual
funds; and often charge high fees. Further, any number of conflicts of interest may exist in the context of the management and/or operation of any hedge fund

Any investment associated with leverage will include additional risks such as implied volatility, exposure to rising interest rates (borrowing costs) and margin calls, which may occur if the underlying
investment declines below its minimum lending values. Leverage will have the effect of magnifying losses or gains. Please note that lines of credit are extended at the discretion of J.P. Morgan, and J.P.
Morgan has no commitment to extend a line of credit or make loans available under the line of credit. Margin calls may include sale of the asset serving as collateral if the collateral value declines below the
amount required to secure the line of credit. In exercising its remedies, J.P. Morgan will not be required to marshal assets or act in accordance with any fiduciary duty it otherwise might have.

CONFIDENTIAL AND PROPRIETARY 15

Important information
This material is for information purposes only, and may inform you of certain products and services
offered by private banking businesses, part of JPMorgan Chase & Co. (“JPM”). Products and
services described, as well as associated fees, charges and interest rates, are subject to change in
accordance with the applicable account agreements and may differ among geographic locations.
Not all products and services are offered at all locations. If you are a person with a disability and
need additional support accessing this material, please contact your J.P. Morgan team or email us
at accessibility.support@jpmorgan.com for assistance. Please read all Important Information.
GENERAL RISKS & CONSIDERATIONS. Any views, strategies or products discussed in this
material may not be appropriate for all individuals and are subject to risks. Investors may get back
less than they invested, and past performance is not a reliable indicator of future
results. Asset allocation/diversification does not guarantee a profit or protect against loss. Nothing
in this material should be relied upon in isolation for the purpose of making an investment decision.
You are urged to consider carefully whether the services, products, asset classes (e.g. equities,
fixed income, alternative investments, commodities, etc.) or strategies discussed are suitable to your
needs. You must also consider the objectives, risks, charges, and expenses associated with an
investment service, product or strategy prior to making an investment decision. For this and more
complete information, including discussion of your goals/situation, contact your J.P. Morgan team.
NON-RELIANCE. Certain information contained in this material is believed to be reliable; however,
JPM does not represent or warrant its accuracy, reliability or completeness, or accept any liability for
any loss or damage (whether direct or indirect) arising out of the use of all or any part of this
material. No representation or warranty should be made with regard to any computations, graphs,
tables, diagrams or commentary in this material, which are provided for illustration/ reference
purposes only. The views, opinions, estimates and strategies expressed in this material constitute
our judgment based on current market conditions and are subject to change without notice. JPM
assumes no duty to update any information in this material in the event that such information
changes. Views, opinions, estimates and strategies expressed herein may differ from those
expressed by other areas of JPM, views expressed for other purposes or in other contexts, and this
material should not be regarded as a research report. Any projected results and risks are based
solely on hypothetical examples cited, and actual results and risks will vary depending on specific
circumstances. Forward-looking statements should not be considered as guarantees or predictions
of future events.
Nothing in this document shall be construed as giving rise to any duty of care owed to, or advisory
relationship with, you or any third party. Nothing in this document shall be regarded as an offer,
solicitation, recommendation or advice (whether financial, accounting, legal, tax or other) given by
J.P. Morgan and/or its officers or employees, irrespective of whether or not such communication was
given at your request. J.P. Morgan and its affiliates and employees do not provide tax, legal or
accounting advice. You should consult your own tax, legal and accounting advisors before engaging
in any financial transactions.
YOUR INVESTMENTS AND POTENTIAL CONFLICTS OF INTEREST. Conflicts of interest will
arise whenever JPMorgan Chase Bank, N.A. or any of its affiliates (together, “J.P. Morgan”) have an
actual or perceived economic or other incentive in its management of our clients’ portfolios to act in
a way that benefits J.P. Morgan. Conflicts will result, for example (to the extent the following
activities are permitted in your account): (1) when J.P. Morgan invests in an investment product,
such as a mutual fund, structured product, separately managed account or hedge fund issued or
managed by JPMorgan Chase Bank, N.A. or an affiliate, such as J.P. Morgan Investment
Management Inc.; (2) when a J.P. Morgan entity obtains services, including trade execution and
trade clearing, from an affiliate; (3) when J.P. Morgan receives payment as a result of purchasing an
investment product for a client’s account; or (4) when J.P. Morgan receives payment for providing
services (including shareholder servicing, recordkeeping or custody) with respect to investment
products purchased for a client’s portfolio. Other conflicts will result because of relationships that
J.P. Morgan has with other clients or when J.P. Morgan acts for its own account.
Investment strategies are selected from both J.P. Morgan and third-party asset managers and are
subject to a review process by our manager research teams. From this pool of strategies, our
portfolio construction teams select those strategies we believe fit our asset allocation goals and
forward-looking views in order to meet the portfolio's investment objective.
As a general matter, we prefer J.P. Morgan managed strategies. We expect the proportion of J.P.
Morgan managed strategies will be high (in fact, up to 100 percent) in strategies such as, for
example, cash and high-quality fixed income, subject to applicable law and any account-specific
considerations.
While our internally managed strategies generally align well with our forward-looking views, and we
are familiar with the investment processes as well as the risk and compliance philosophy of the firm,
it is important to note that J.P. Morgan receives more overall fees when internally managed
strategies are included. We offer the option of choosing to exclude J.P. Morgan managed strategies
(other than cash and liquidity products) in certain portfolios.
CONFIDENTIAL AND PROPRIETARY 16
Legal entity, brand, & regulatory information
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CONFIDENTIAL AND PROPRIETARY 17
Important information
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CONFIDENTIAL AND PROPRIETARY 18