Manager Venture Capital Benchmark Book 2019 Q2

VENTURE CAPITAL
INDEX AND BENCHMARK STATISTICS
JUNE 30, 2019

VENTURE CAPITAL
DISCLAIMER & NOTE TO MANAGERS AS OF JUNE 30, 2019
DISCLAIMER
Our goal is to provide you with the most accurate and relevant performance information possible; as a result, Cambridge Associates’ research
organization continually monitors the constantly evolving private investments space and its fund managers. When we discern material
changes in the structure of an asset class and/or a fund’s investment strategy, it is in the interest of all users of our benchmark statistics that
we implement the appropriate classification realignments.
In addition, Cambridge Associates is always working to grow our private investments performance database and ensure that our benchmarks
are as representative as possible of investors’ institutional-quality opportunity set. As a result we continually add funds to the database (both
newly-raised funds and backfill funds) and occasionally we must remove funds that cease reporting. Our private investments performance
database is dynamic and will reflect both classification adjustments and changes to the underlying pool of contributing funds. As a result, you
may notice quarter to quarter changes in the results of some historical benchmark return analyses.
NOTE TO MANAGERS
The following benchmark statistics have been provided to you for your internal use only. This document cannot be reproduced in its entirety or
transferred to others outside of your organization without the advance written permission of Cambridge Associates (CA). CA provides the
benchmark statistics without warranty of any kind whatsoever and specifically disclaims all warranties, express or implied, including but not
limited to, the implied warranties of non-infringement, merchantability or fitness for a particular purpose or warranties of quality or
performance.
IN NO EVENT WILL CA OR ITS EMPLOYEES, AGENTS, LICENSORS OR SUPPLIERS BE LIABLE FOR ANY DAMAGES ARISING OUT OF THE
USE OR INABILITY TO USE THE BENCHMARK STATISTICS, INCLUDING, BUT NOT LIMITED TO, ANY DIRECT, INDIRECT, INCIDENTAL,
CONSEQUENTIAL OR PUNITIVE DAMAGES, OR ANY DAMAGES FOR LOST PROFITS OR ANTICIPATED BENEFITS, EVEN IF THEY HAVE
BEEN.
CA provides these benchmark statistics at no cost to those managers that participate in our non-marketable alternative assets performance-
monitoring database. Should you wish to use a limited portion of these statistics in any presentation materials, you must footnote the source as
Cambridge Associates LLC and indicate that the data was provided to you “AS IS” and at no Cost.
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VENTURE CAPITAL
OVERVIEW AS OF JUNE 30, 2019
Cambridge Associates’ Private Investments Database is one of the most robust collections of institutional quality private fund performance. It
contains the historical performance records of over 2,000 fund managers and their over 7,700 funds. In addition, we capture the performance
information (gross) of over 78,000 investments underlying our venture capital, growth equity, buyout, subordinated capital and private equity
energy funds. This is one of the largest collections of portfolio-level performance information in the world and represents the investments of
approximately 79% of these funds on a count basis and 84% on a total commitment basis. This fund and investment-level performance
information is drawn from the quarterly and audited annual financial statements of the fund managers and each manager’s reported
performance numbers are independently recreated from the financial statements and verified by Cambridge Associates.
Institutional Quality Data

Cambridge Associates strives to include only institutional quality funds in our benchmarks. “Institutional quality” funds, in our definition, tend
to meet the following criteria: closed-end funds, commingled funds that invest 3rd party capital (we exclude firms that invest off of their
balance sheet, such as a bank’s principal investing group or a corporate’s venture capital arm), and fund vehicles. This institutional quality
screen seeks to provide investors with performance data consistent with their investible opportunity set.
Sources of Benchmark Data

Our benchmark database utilizes the quarterly unaudited and annual audited fund financial statements produced by the fund managers (GPs)
for their Limited Partners (LPs). These documents are provided to Cambridge Associates by the fund managers themselves. Unlike other data
providers, Cambridge Associates does not use Freedom of Information Act (FOIA) requests, regulatory filings, manager surveys, or press
“scrapings” to obtain information. Our goal is to have a complete historical record of the quarterly cash flows and net asset values for all funds
in the benchmarks. We use a number of paths to encourage fund managers to submit their performance data to our database: our clients for
whom we provide private investment performance reporting, our research organization’s regular meetings with thousands of managers, our
special projects designed to enhance existing benchmarks or launch new ones, our exclusive relationships with over ten globally-diverse fund
manager associations, and finally, our exclusive relationships with Thomson Reuters and the Institutional Limited Partners Association (ILPA).
By leveraging these varied sources and proprietary relationships, Cambridge Associates has constructed a rich and diversified benchmark data
set.
Vintage Year Definition

Vintage year is defined as the legal inception date as noted in a fund's financial statement. This date can usually be found in the first note to
the audited financial statements and is prior to the first close or capital call.
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VENTURE CAPITAL
TIMING OF FINAL BENCHMARKS AND DATA EVOLUTION AS OF JUNE 30, 2019
The Cambridge Associates’ benchmarks are reported on a one-quarter lag from the end of the performance quarter due to the reporting time
frame of private investments fund managers.
Published Data: When the vast majority of a benchmark group’s (organized by asset class, e.g. Venture Capital or Real Estate) performance
information is updated for a performance quarter, that benchmark is considered final and the data is “published” via the quarterly benchmark
reports.
Changes to Data: After a benchmark group is published, any updates to historical data for these funds, which can include adding a fund and its
performance history to the database (“backfills”) and/or updating past information for an existing fund due to late-arriving, updated, or
refined information, would be reflected when that group is published for the next performance quarter.
In addition, Cambridge Associates may change the classification of certain funds; this often driven by the evolution of private investments and
the resulting need to introduce new benchmarks or refine our classification scheme. For example, as growth equity emerged as an asset class
we reclassified certain venture capital and buyout funds accordingly.
Survivorship Bias: In order to track the performance of a fund in our benchmarks, we require the complete set of financial statements from
the fund’s inception to the most current reporting date. When an active fund stops providing financial statements, we reach out to the
manager and make several attempts to encourage them to continue to submit their data. We may, during this communication period, roll
forward the fund’s last reported quarter’s net asset value (NAV) for several quarters. When we are convinced that the manager will not
resume reporting to us, the fund’s entire performance history is removed from the database.
When fund managers stop reporting before their fund’s return history is complete, an element of “survivorship bias” may be introduced to a
performance database, which could skew the reported returns upwards if the funds dropping out had poorer returns than those funds that
remained. Survivorship bias can affect all investment manager databases, including those for public stock managers and hedge funds.
Compared to public stocks and hedge funds, however, the illiquid nature of private investments can actually help limit this survivorship effect.
Whereas an underperforming stock manager may simply close up shop or drop out of databases as clients liquidate their positions and fire the
manager, private investment partnerships owning illiquid assets continue to exist and require reporting to the limited partners, even if the
original manager ceases to exist.
Over the last ten years the number of fund managers that stopped reporting to Cambridge Associates before liquidation represented an
average of 0.6% (per year) of the total number of funds in the database during the respective year, and an average of 0.5% (per year) as a
percentage of total NAV in the database during that respective year. During that same period the overall number of funds in our database
increased by an average of 8% (per year). The performance of the small number of funds that have stopped reporting has been spread
amongst all quartiles and has not been concentrated consistently in the poorer performing quartiles.
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VENTURE CAPITAL
TABLE OF CONTENTS AS OF JUNE 30, 2019
VENTURE CAPITAL (US & EX US)
Fund Index Analysis 6

Index Returns
mPME Returns
Fund Since Inception Analysis 11
Since Inception Returns
mPME Returns
VENTURE CAPITAL (US ONLY)

Index Returns
mPME Returns
Since Inception Returns
mPME Returns
Company Analysis 34
VENTURE CAPITAL: HEALTH CARE (US ONLY)

Company Analysis 53
page | 4
VENTURE CAPITAL
TABLE OF CONTENTS AS OF JUNE 30, 2019
EUROPE DEVELOPED VENTURE CAPITAL (USD & EUR)

APPENDICES
Methodology 65
page | 5
VENTURE CAPITAL: FUND INDEX ANALYSIS
VENTURE CAPITAL
VENTURE CAPITAL AS OF JUNE 30, 2019
FUND INDEX SUMMARY: HORIZON POOLED RETURN

Net to Limited Partners
INDEX 1-QUARTER YTD 1-YEAR 3-YEAR 5-YEAR 10-YEAR 15-YEAR 20-YEAR 25-YEAR
VENTURE CAPITAL INDEX1 6.25 12.33 18.96 15.93 14.95 15.01 11.80 13.06 27.78
Bloomberg Barclays Capital Government/Credit Bond Index 3.53 6.90 8.52 2.41 3.11 4.09 4.33 5.02 5.56
Dow Jones Industrial Average Index 3.21 15.40 12.20 16.80 12.29 15.03 9.16 7.04 10.84
Dow Jones US Small Cap Index 2.57 19.70 2.60 11.75 6.88 14.20 9.00 9.15 10.57
Dow Jones US TopCap Index 4.34 18.63 10.43 14.34 10.62 14.78 9.01 6.13 10.00
MSCI Emerging Markets Index (gross) 0.74 10.76 1.61 11.06 2.87 6.17 9.06 7.59 5.85
MSCI Europe Index (US$) (net) 4.48 15.80 1.88 9.11 1.27 6.99 5.40 4.11 6.96
MSCI Europe Index (€) (net) 3.01 16.24 4.45 8.21 5.07 9.24 5.87 3.59 7.27
MSCI Pacific Index (net) 2.43 11.17 -0.17 9.38 4.29 6.90 5.29 3.80 2.25
MSCI World Ex US Index (net) 3.79 14.64 1.29 9.01 2.04 6.75 5.44 4.16 5.01
MSCI World Index (net) 4.00 16.98 6.33 11.77 6.60 10.72 7.03 4.78 7.07
Nasdaq Composite Index* 3.58 20.66 6.60 18.24 12.68 15.87 9.52 5.61 10.20
Russell 1000® Index 4.25 18.84 10.02 14.15 10.45 14.77 8.94 6.19 10.09
Russell 2000® Index 2.10 16.98 -3.31 12.30 7.06 13.45 8.15 7.77 9.26
S&P 500 Index 4.30 18.54 10.42 14.19 10.71 14.70 8.75 5.90 9.97
The index is a horizon calculation based on data compiled from 2,353 venture capital funds, including fully liquidated partnerships, formed between 1981 and 2019.
1 Private indexes are pooled horizon internal rate of return (IRR) calculations, net of fees, expenses, and carried interest. The timing and magnitude of fund cash flows are integral to the
IRR performance calculation. Public indexes are average annual compounded return (AACR) calculations which are time weighted measures over the specified time horizon, and are
shown for reference and directional purposes only. Due to the fundamental differences between the two calculations, direct comparison of IRRs to AACRs is not recommended. For a
page | 7
more accurate means of comparing private investment performance relative to public alternatives, see the analyses in this document using CA Modified Public Market Equivalent
(mPME). See Methodology section for more detail.
Sources: Cambridge Associates LLC, Bloomberg Barclays, Dow Jones Indices, Frank Russell Company, MSCI Inc., Standard & Poor’s and Thomson Reuters Datastream.
MSCI data provided “as is” without any express or implied warranties. Total returns for MSCI Emerging Markets Indices are gross of dividend taxes. Total Returns for MSCI Developed
Markets Indices are net of dividend taxes.
VENTURE CAPITAL
FUND INDEX SUMMARY: HORIZON POOLED RETURN COMPARED TO CA MODIFIED PUBLIC MARKET EQUIVALENT (MPME)
CA INDEX 1-YEAR 3-YEAR 5-YEAR 10-YEAR 15-YEAR 20-YEAR 25-YEAR
VENTURE CAPITAL INDEX1 18.96 15.93 14.95 15.01 11.80 13.06 27.78
MPME ANALYSIS2
MSCI EAFE Index (net) 1.23 9.02 2.42 6.98 5.50 4.98 5.22
Value-Add (bps) 1,774 691 1,253 803 629 808 2,256
MSCI Europe Index (net) 2.06 9.03 1.47 7.12 5.63 5.07 6.48
Value-Add (bps) 1,690 690 1,347 790 617 799 2,130
S&P 500 Index 10.40 14.25 10.67 14.93 9.23 7.50 9.82
Value-Add (bps) 856 168 428 9 256 555 1,796
Russell 3000® Index 8.97 14.10 10.14 14.96 9.33 7.75 9.84
Value-Add (bps) 1,000 184 480 6 247 530 1,794
The index is a horizon calculation based on data compiled from 2,353 venture capital funds, including fully liquidated partnerships, formed between 1981 and 2019.
1 Pooled horizon return, net of fees, expenses, and carried interest.
2 CA Modified Public Market Equivalent (mPME) replicates private investment performance under public market conditions. The public index’s shares are purchased and sold according
to the private fund cash flow schedule, with distributions calculated in the same proportion as the private fund, and mPME NAV is a function of mPME cash flows and public index page | 8
returns. “Value-Add” shows (in basis points) the difference between the actual private investment return and the mPME calculated return. Refer to Methodology page for details.
Sources: Cambridge Associates LLC, Frank Russell Company, MSCI Inc., Standard & Poor’s, and Thomson Reuters Datastream.
MSCI data provided "as is" without any express or implied warranties. Total returns for MSCI Emerging Markets indexes are gross of dividend taxes. Total returns for MSCI Developed
Markets indexes are net of dividend taxes.
VENTURE CAPITAL
FUND INDEX DETAILS: ONE QUARTER HORIZON POOLED RETURN

QUARTER HORIZON QUARTER HORIZON QUARTER HORIZON QUARTER HORIZON

ENDING RETURN ENDING RETURN ENDING RETURN ENDING RETURN
1994 Q1 4.51 2000 Q3 10.27 2007 Q1 2.43 2013 Q3 6.97
1994 Q2 0.27 2000 Q4 -18.46 2007 Q2 6.25 2013 Q4 12.38
1994 Q3 6.70 2001 Q1 -14.78 2007 Q3 2.59 2014 Q1 5.06
1994 Q4 4.59 2001 Q2 -7.14 2007 Q4 3.31 2014 Q2 3.36
1995 Q1 7.01 2001 Q3 -16.88 2008 Q1 -1.52 2014 Q3 2.45
1995 Q2 7.88 2001 Q4 -8.13 2008 Q2 0.24 2014 Q4 12.22
1995 Q3 10.44 2002 Q1 -8.16 2008 Q3 -3.77 2015 Q1 4.49
1995 Q4 9.91 2002 Q2 -10.41 2008 Q4 -12.44 2015 Q2 6.97
1996 Q1 7.65 2002 Q3 -9.75 2009 Q1 -2.72 2015 Q3 -0.11
1996 Q2 14.71 2002 Q4 -9.69 2009 Q2 0.61 2015 Q4 2.37
1996 Q3 3.27 2003 Q1 -3.92 2009 Q3 2.16 2016 Q1 -2.61
1996 Q4 7.04 2003 Q2 0.07 2009 Q4 3.22 2016 Q2 0.24
1997 Q1 0.12 2003 Q3 -1.21 2010 Q1 0.51 2016 Q3 3.40
1997 Q2 11.17 2003 Q4 1.18 2010 Q2 0.15 2016 Q4 -0.04
1997 Q3 13.52 2004 Q1 1.34 2010 Q3 4.72 2017 Q1 3.20
1997 Q4 4.31 2004 Q2 0.06 2010 Q4 8.77 2017 Q2 2.04
1998 Q1 8.69 2004 Q3 6.13 2011 Q1 5.36 2017 Q3 3.71
1998 Q2 4.68 2004 Q4 6.14 2011 Q2 6.72 2017 Q4 3.92
1998 Q3 -2.13 2005 Q1 -2.23 2011 Q3 -1.24 2018 Q1 4.94
1998 Q4 15.86 2005 Q2 2.00 2011 Q4 1.33 2018 Q2 6.66
1999 Q1 18.13 2005 Q3 4.44 2012 Q1 4.33 2018 Q3 4.94
1999 Q2 36.66 2005 Q4 2.39 2012 Q2 0.94 2018 Q4 0.95
1999 Q3 27.93 2006 Q1 4.64 2012 Q3 0.55 2019 Q1 5.72
1999 Q4 81.95 2006 Q2 0.81 2012 Q4 1.19 2019 Q2 6.25
2000 Q1 29.11 2006 Q3 1.71 2013 Q1 2.19
2000 Q2 4.46 2006 Q4 9.49 2013 Q2 4.50
The index is a horizon calculation based on data compiled from 2,353 venture capital funds, including fully liquidated partnerships, formed between 1981 and 2019. All returns are net of page | 9
fees, expenses, and carried interest.
VENTURE CAPITAL
FUND INDEX DETAILS: HORIZON POOLED RETURN

MULTI-YEAR RETURNS ONE YEAR ROLLING RETURNS
HORIZON HORIZON ONE YEAR HORIZON ONE YEAR HORIZON

YEARS RETURN (%) YEARS RETURN (%) ENDED RETURN (%) ENDED RETURN (%)
1 Year 18.96 14 Years 11.77 6/30/2019 18.96 6/30/2006 12.73
2 Years 19.78 15 Years 11.80 6/30/2018 20.57 6/30/2005 12.34
3 Years 15.93 16 Years 11.28 6/30/2017 8.84 6/30/2004 1.43
4 Years 11.54 17 Years 9.70 6/30/2016 -0.16 6/30/2003 -21.02
5 Years 14.95 18 Years 7.37 6/30/2015 28.42 6/30/2002 -36.95
6 Years 17.77 19 Years 5.63 6/30/2014 30.74 6/30/2001 -27.76
7 Years 16.19 20 Years 13.06 6/30/2013 8.59 6/30/2000 230.85
8 Years 14.54 21 Years 18.43 6/30/2012 5.39 6/30/1999 81.17
9 Years 16.16 22 Years 20.89 6/30/2011 28.07 6/30/1998 35.78
10 Years 15.01 23 Years 21.22 6/30/2010 6.09 6/30/1997 22.65
11 Years 11.59 24 Years 27.46 6/30/2009 -17.27 6/30/1996 49.24
12 Years 11.02 25 Years 27.78 6/30/2008 4.55 6/30/1995 28.75
13 Years 11.70 6/30/2007 21.27
The index is a horizon calculation based on data compiled from 2,353 venture capital funds, including fully liquidated partnerships, formed between 1981 and 2019. All returns are net of page | 10
fees, expenses, and carried interest.
VENTURE CAPITAL: FUND SINCE INCEPTION ANALYSIS
VENTURE CAPITAL
SINCE INCEPTION IRR & MULTIPLES BY FUND VINTAGE YEAR

POOLED ARITHMETIC EQUAL-WEIGHTED UPPER LOWER STANDARD

VINTAGE RETURN MEAN MEDIAN POOLED RETURN TOP 5% QUARTILE QUARTILE BOTTOM 5% DEVIATION NUMBER
YEAR (%) (%) (%) (%) (%) (%) (%) (%) (%) DPI RVPI TVPI OF FUNDS
1994 56.15 31.80 23.84 40.28 108.66 40.15 4.57 -16.50 46.14 5.09 0.00 5.09 45
1995 82.43 52.49 35.07 71.79 181.31 73.30 11.31 -0.61 57.87 5.76 0.00 5.76 38
1996 101.10 59.24 32.97 86.61 193.29 73.56 7.18 -10.63 77.98 4.96 0.00 4.97 42
1997 81.30 50.21 9.14 65.35 267.65 57.87 -1.81 -14.59 96.58 2.84 0.01 2.85 81
1998 11.21 23.90 -0.30 14.44 121.83 14.64 -7.07 -16.69 110.90 1.46 0.01 1.47 91
1999 -0.73 -3.40 -3.76 -1.48 15.36 3.06 -10.03 -28.04 17.11 0.93 0.02 0.95 128
2000 0.81 -2.48 -1.31 0.36 11.81 5.00 -6.51 -19.33 14.24 1.00 0.05 1.06 186
2001 2.75 -0.04 0.99 3.59 18.88 7.45 -4.58 -21.38 17.69 1.12 0.08 1.20 67
2002 0.18 -0.21 -1.05 2.02 14.36 6.48 -7.88 -14.30 9.74 0.95 0.06 1.01 40
2003 9.81 2.73 3.28 7.18 31.99 10.81 -6.02 -19.98 15.42 1.69 0.13 1.82 37
2004 8.54 3.82 2.75 8.19 31.93 9.26 -2.37 -22.14 17.93 1.45 0.28 1.73 73
2005 8.31 3.84 5.21 8.29 20.87 11.50 -0.65 -16.57 15.95 1.30 0.44 1.74 88
2006 8.88 5.29 7.69 7.72 20.42 13.41 -1.57 -13.87 11.36 1.30 0.43 1.73 106
2007 15.67 12.72 10.58 15.24 42.19 17.77 4.61 -6.72 14.45 1.48 0.91 2.38 94
2008 13.24 9.48 7.51 14.30 33.50 16.89 1.24 -10.07 17.90 1.19 0.78 1.97 92
2009 15.78 14.33 11.21 15.35 39.87 19.66 6.84 -4.44 14.52 1.18 0.97 2.14 32
2010 26.98 19.70 16.65 23.08 56.23 26.10 8.04 -0.55 17.71 1.35 1.93 3.28 60
2011 22.94 17.27 15.99 21.14 43.53 24.71 11.65 -6.87 14.85 0.73 1.98 2.71 72
2012 20.23 18.15 14.98 20.41 46.84 23.91 7.31 -1.44 16.91 0.62 1.61 2.23 74
2013 22.13 24.61 17.41 21.76 52.61 26.67 9.86 0.18 44.26 0.35 1.62 1.97 77
2014 20.68 18.61 16.27 21.26 37.42 25.07 8.86 -2.10 18.68 0.19 1.60 1.79 117
2015 21.95 23.56 18.47 21.03 45.49 26.97 10.35 -1.51 35.19 0.14 1.40 1.53 105
2016 24.13 20.35 15.29 23.16 56.09 29.79 7.64 -5.34 20.72 0.04 1.33 1.37 96
2017 21.61 11.42 8.29 19.02 57.53 24.40 -5.90 -19.97 31.66 0.01 1.18 1.19 77
Notes: Based on data compiled from 1,918 venture capital funds, including fully liquidated partnerships, formed between 1994 and 2017. Internal rates of returns are net of fees, page | 12
expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3
other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with “—” have an insufficient number of funds in
the vintage year sample to produce a meaningful return.
VENTURE CAPITAL
SINCE INCEPTION IRR & MULTIPLES COMPARED TO CA MODIFIED PUBLIC MARKET EQUIVALENT (MPME)
POOLED IRR (%) AND IRR-BASED VALUE-ADD (BPS) TOTAL VALUE TO PAID IN (TVPI) DISTRIBUTIONS TO PAID IN (DPI)
CA CA CA
BENCHMARK BENCHMARK MSCI EAFE MSCI EUROPE BENCHMARK MSCI EAFE MSCI EUROPE
INDEX MSCI EAFE INDEX (NET) MSCI EUROPE INDEX (NET) INDEX INDEX (NET) INDEX (NET) INDEX INDEX (NET) INDEX (NET)
VINTAGE NUMBER
YEAR OF FUNDS IRR MPME IRR VALUE-ADD MPME IRR VALUE-ADD TVPI MPME TVPI MPME TVPI DPI MPME DPI MPME DPI
1994 45 56.15 7.49 4,866 16.55 3,960 5.09 1.25 1.58 5.09 1.25 1.58
1995 38 82.43 8.31 7,412 15.09 6,734 5.76 1.25 1.45 5.76 1.25 1.45
1996 42 101.10 7.11 9,400 9.60 9,150 4.97 1.23 1.31 4.96 1.23 1.31
1997 81 81.30 5.25 7,605 5.44 7,586 2.85 1.19 1.20 2.84 1.18 1.19
1998 91 11.21 3.48 772 3.78 743 1.47 1.19 1.20 1.46 1.17 1.19
1999 128 -0.73 3.96 -469 4.47 -520 0.95 1.27 1.31 0.93 1.24 1.28
2000 186 0.81 6.25 -544 6.55 -574 1.06 1.49 1.51 1.00 1.40 1.43
2001 67 2.75 6.59 -384 6.78 -403 1.20 1.47 1.48 1.12 1.39 1.40
2002 40 0.18 6.08 -590 6.29 -610 1.01 1.44 1.45 0.95 1.30 1.31
2003 37 9.81 4.42 538 4.66 514 1.82 1.28 1.30 1.69 1.21 1.23
2004 73 8.54 3.07 548 3.06 548 1.73 1.21 1.21 1.45 1.05 1.05
2005 88 8.31 3.18 513 3.04 527 1.74 1.23 1.22 1.30 0.97 0.97
2006 106 8.88 3.47 541 3.30 558 1.73 1.24 1.22 1.30 0.96 0.95
2007 94 15.67 4.79 1,087 4.69 1,098 2.38 1.30 1.29 1.48 0.88 0.88
2008 92 13.24 5.99 725 5.89 735 1.97 1.36 1.36 1.19 0.83 0.83
2009 32 15.78 5.82 995 5.73 1,005 2.14 1.32 1.32 1.18 0.80 0.79
2010 60 26.98 5.80 2,118 5.66 2,132 3.28 1.29 1.28 1.35 0.64 0.64
2011 72 22.94 5.48 1,746 5.23 1,771 2.71 1.27 1.25 0.73 0.43 0.43
2012 74 20.23 4.84 1,538 4.36 1,586 2.23 1.22 1.19 0.62 0.40 0.39
2013 77 22.13 4.61 1,752 4.11 1,802 1.97 1.16 1.14 0.35 0.24 0.23
2014 117 20.68 5.05 1,563 4.63 1,604 1.79 1.16 1.14 0.19 0.14 0.14
2015 105 21.95 5.72 1,623 5.62 1,633 1.53 1.12 1.12 0.14 0.11 0.11
2016 96 24.13 4.74 1,939 5.01 1,912 1.37 1.07 1.07 0.04 0.03 0.03
2017 77 21.61 3.56 1,805 4.36 1,725 1.19 1.03 1.04 0.01 0.01 0.01
Notes: Based on data compiled from 1,918 venture capital funds, including fully liquidated partnerships, formed between 1994 and 2017. Internal rates of returns are net of fees,
other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with “—” have an insufficient number of funds in page | 13
mPME Note: Refer to Methodology page for further details on Cambridge Associates Modified PME (mPME).
Sources: Cambridge Associates LLC, MSCI Inc., and Thomson Reuters Datastream.
VENTURE CAPITAL
CA CA CA
BENCHMARK BENCHMARK S&P 500 RUSSELL BENCHMARK S&P 500 RUSSELL
INDEX S&P 500 INDEX RUSSELL 3000® INDEX INDEX INDEX 3000® INDEX INDEX INDEX 3000® INDEX
VINTAGE NUMBER
1994 45 56.15 21.71 3,444 20.38 3,577 5.09 1.79 1.74 5.09 1.79 1.74
1995 38 82.43 19.52 6,291 18.22 6,421 5.76 1.57 1.54 5.76 1.57 1.54
1996 42 101.10 12.17 8,894 11.76 8,934 4.97 1.36 1.36 4.96 1.36 1.35
1997 81 81.30 5.52 7,577 6.01 7,528 2.85 1.19 1.21 2.84 1.18 1.20
1998 91 11.21 1.70 951 2.54 867 1.47 1.09 1.14 1.46 1.07 1.12
1999 128 -0.73 2.20 -292 2.86 -359 0.95 1.16 1.21 0.93 1.11 1.15
2000 186 0.81 5.23 -442 5.70 -489 1.06 1.47 1.51 1.00 1.33 1.38
2001 67 2.75 6.84 -409 7.24 -448 1.20 1.59 1.63 1.12 1.45 1.49
2002 40 0.18 7.58 -740 7.88 -769 1.01 1.69 1.72 0.95 1.45 1.48
2003 37 9.81 6.97 283 7.22 259 1.82 1.54 1.56 1.69 1.41 1.44
2004 73 8.54 7.60 94 7.74 80 1.73 1.67 1.68 1.45 1.36 1.38
2005 88 8.31 9.17 -85 9.25 -94 1.74 1.86 1.86 1.30 1.38 1.39
2006 106 8.88 9.94 -106 10.02 -114 1.73 1.88 1.89 1.30 1.36 1.37
2007 94 15.67 11.93 374 11.96 371 2.38 1.95 1.95 1.48 1.22 1.22
2008 92 13.24 13.70 -46 13.62 -39 1.97 2.06 2.05 1.19 1.16 1.16
2009 32 15.78 13.85 193 13.68 210 2.14 1.96 1.94 1.18 1.10 1.09
2010 60 26.98 13.69 1,329 13.44 1,355 3.28 1.84 1.82 1.35 0.84 0.83
2011 72 22.94 13.22 971 12.91 1,003 2.71 1.78 1.75 0.73 0.54 0.54
2012 74 20.23 12.39 783 12.02 820 2.23 1.65 1.62 0.62 0.50 0.50
2013 77 22.13 11.88 1,025 11.43 1,070 1.97 1.44 1.43 0.35 0.28 0.28
2014 117 20.68 12.02 865 11.59 908 1.79 1.41 1.39 0.19 0.17 0.16
2015 105 21.95 12.82 912 12.38 957 1.53 1.29 1.28 0.14 0.12 0.12
2016 96 24.13 12.47 1,166 11.89 1,224 1.37 1.18 1.17 0.04 0.04 0.04
2017 77 21.61 12.29 932 11.54 1,007 1.19 1.11 1.10 0.01 0.01 0.01
Notes: Based on data compiled from 1,918 venture capital funds, including fully liquidated partnerships, formed between 1994 and 2017. Internal rates of returns are net of fees,
expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 page | 14
Sources: Cambridge Associates LLC, Frank Russell Company, Standard & Poor’s, and Thomson Reuters Datastream.
VENTURE CAPITAL
TOTAL VALUE TO PAID IN CAPITAL MULTIPLE (TVPI)

VINTAGE YEAR POOLED RETURN ARITHMETIC MEAN MEDIAN TOP 5% UPPER QUARTILE LOWER QUARTILE BOTTOM 5% NUMBER OF FUNDS
1994 5.09 3.65 2.12 8.35 4.28 1.32 0.38 45
1995 5.76 4.87 2.53 17.26 4.22 1.68 0.95 38
1996 4.97 4.41 2.19 19.50 4.34 1.27 0.57 42
1997 2.85 2.47 1.35 7.21 2.26 0.90 0.44 81
1998 1.47 1.57 0.98 5.01 1.57 0.59 0.28 91
1999 0.95 0.91 0.79 1.89 1.26 0.41 0.11 128
2000 1.06 1.03 0.91 1.95 1.42 0.61 0.25 186
2001 1.20 1.28 1.11 2.68 1.53 0.76 0.21 67
2002 1.01 1.12 0.93 1.86 1.46 0.67 0.36 40
2003 1.82 1.54 1.23 4.04 1.90 0.55 0.24 37
2004 1.73 1.72 1.21 4.10 1.86 0.84 0.24 73
2005 1.74 1.74 1.48 4.00 2.13 0.97 0.35 88
2006 1.73 1.63 1.59 3.03 2.06 0.89 0.37 106
2007 2.38 2.35 1.77 5.90 2.73 1.33 0.62 94
2008 1.97 2.08 1.44 3.54 2.20 1.06 0.56 92
2009 2.14 2.00 1.72 3.57 2.27 1.39 0.75 32
2010 3.28 2.72 2.15 4.78 3.21 1.43 0.96 60
2011 2.71 2.47 1.92 4.95 2.85 1.47 0.74 72
2012 2.23 2.19 1.85 5.24 2.38 1.30 0.94 74
2013 1.97 1.98 1.75 3.80 2.25 1.37 1.00 77
2014 1.79 1.75 1.52 3.02 1.92 1.27 0.94 117
2015 1.53 1.48 1.39 2.17 1.69 1.18 0.98 105
2016 1.37 1.33 1.22 1.96 1.42 1.11 0.94 96
2017 1.19 1.12 1.07 1.61 1.21 0.95 0.82 77
VENTURE CAPITAL
DISTRIBUTION TO PAID IN CAPITAL MULTIPLE (DPI)

1994 5.09 3.65 2.12 8.35 4.28 1.32 0.37 45
1995 5.76 4.87 2.53 17.26 4.22 1.68 0.95 38
1996 4.96 4.41 2.19 19.50 4.34 1.27 0.55 42
1997 2.84 2.46 1.34 7.21 2.24 0.90 0.41 81
1998 1.46 1.56 0.98 5.01 1.55 0.59 0.28 91
1999 0.93 0.89 0.78 1.89 1.23 0.40 0.11 128
2000 1.00 0.98 0.89 1.95 1.40 0.54 0.23 186
2001 1.12 1.18 0.97 2.66 1.43 0.67 0.21 67
2002 0.95 1.03 0.85 1.83 1.40 0.64 0.36 40
2003 1.69 1.40 0.93 3.85 1.76 0.54 0.13 37
2004 1.45 1.48 1.01 4.10 1.48 0.63 0.13 73
2005 1.30 1.26 1.07 2.95 1.56 0.61 0.12 88
2006 1.30 1.21 1.24 2.60 1.69 0.46 0.11 106
2007 1.48 1.44 1.18 3.80 1.79 0.71 0.09 94
2008 1.19 1.21 0.80 3.20 1.54 0.44 0.10 92
2009 1.18 1.04 0.94 2.58 1.41 0.39 0.00 32
2010 1.35 1.13 0.67 3.44 1.33 0.34 0.03 60
2011 0.73 0.61 0.45 1.66 0.91 0.16 0.01 72
2012 0.62 0.49 0.37 1.43 0.71 0.12 0.00 74
2013 0.35 0.28 0.16 1.11 0.33 0.03 0.00 77
2014 0.19 0.17 0.08 0.51 0.24 0.01 0.00 117
2015 0.14 0.12 0.00 0.73 0.16 0.00 0.00 105
2016 0.04 0.04 0.00 0.22 0.00 0.00 0.00 96
2017 0.01 0.02 0.00 0.16 0.00 0.00 0.00 77
VENTURE CAPITAL
RESIDUAL VALUE TO PAID IN CAPITAL MULTIPLE (RVPI)

1994 0.00 0.00 0.00 0.00 0.00 0.00 0.00 45
1995 0.00 0.00 0.00 0.00 0.00 0.00 0.00 38
1996 0.00 0.01 0.00 0.02 0.00 0.00 0.00 42
1997 0.01 0.01 0.00 0.04 0.00 0.00 0.00 81
1998 0.01 0.01 0.00 0.04 0.00 0.00 0.00 91
1999 0.02 0.02 0.00 0.12 0.01 0.00 0.00 128
2000 0.05 0.04 0.00 0.21 0.06 0.00 0.00 186
2001 0.08 0.10 0.01 0.45 0.10 0.00 0.00 67
2002 0.06 0.08 0.01 0.43 0.10 0.00 0.00 40
2003 0.13 0.13 0.05 0.47 0.24 0.01 0.00 37
2004 0.28 0.24 0.13 1.13 0.30 0.00 0.00 73
2005 0.44 0.47 0.28 1.46 0.52 0.10 0.00 88
2006 0.43 0.42 0.29 0.97 0.55 0.12 0.00 106
2007 0.91 0.90 0.52 2.75 1.03 0.33 0.03 94
2008 0.78 0.86 0.64 1.62 0.90 0.33 0.00 92
2009 0.97 0.96 0.82 2.25 1.19 0.49 0.18 32
2010 1.93 1.59 1.19 3.62 1.85 0.71 0.19 60
2011 1.98 1.86 1.31 3.81 2.13 0.83 0.39 72
2012 1.61 1.71 1.33 4.66 1.83 0.92 0.68 74
2013 1.62 1.69 1.48 3.07 1.87 1.18 0.80 77
2014 1.60 1.58 1.36 2.78 1.80 1.12 0.85 117
2015 1.40 1.35 1.28 2.06 1.55 1.08 0.81 105
2016 1.33 1.29 1.20 1.89 1.42 1.07 0.92 96
2017 1.18 1.10 1.03 1.51 1.21 0.93 0.81 77
US VENTURE CAPITAL: FUND INDEX ANALYSIS
VENTURE CAPITAL
US VENTURE CAPITAL AS OF JUNE 30, 2019

CAMBRIDGE ASSOCIATES LLC US VENTURE CAPITAL INDEX®1 6.93 13.83 21.83 15.52 13.96 14.53 11.48 13.64 34.17
US VENTURE CAPITAL – EARLY STAGE INDEX1 7.99 16.12 24.23 16.73 15.60 15.58 11.52 23.38 52.61
US VENTURE CAPITAL – LATE & EXPANSION STAGE INDEX1 8.26 13.20 23.68 15.94 11.81 14.65 12.00 9.30 11.59
US VENTURE CAPITAL – MULTI-STAGE INDEX1 4.42 9.97 16.83 13.24 11.98 12.81 11.21 8.93 13.84
Russell 1000® Index 4.25 18.84 10.02 14.15 10.45 14.77 8.94 6.19 10.09
Russell 2000® Index 2.10 16.98 -3.31 12.30 7.06 13.45 8.15 7.77 9.26
S&P 500 Index 4.30 18.54 10.42 14.19 10.71 14.70 8.75 5.90 9.97
Wilshire 5000 Total Market Index 3.99 18.66 9.10 14.03 10.33 14.66 8.96 6.37 9.98
The index is a horizon calculation based on data compiled from 1,879 US venture capital funds, including fully liquidated partnerships, formed between 1981 and 2019.
1 Privateindexes are pooled horizon internal rate of return (IRR) calculations, net of fees, expenses, and carried interest. The timing and magnitude of fund cash flows are integral to the
page | 19
Sources: Cambridge Associates LLC, Bloomberg Barclays, Dow Jones Indices, Frank Russell Company, Standard & Poor’s and Thomson Reuters Datastream, and Wilshire Associates.
*Capital change only
VENTURE CAPITAL
CAMBRIDGE ASSOCIATES LLC US VENTURE CAPITAL INDEX®1 21.83 15.52 13.96 14.53 11.48 13.64 34.17
MPME ANALYSIS2
S&P 500 Index 10.35 14.26 10.61 15.02 9.12 7.31 9.70
Value-Add (bps) 1,148 126 335 -49 235 633 2,447
Russell 2000® Index -3.37 12.60 6.99 14.28 8.57 8.50 9.39
Value-Add (bps) 2,520 292 697 24 290 514 2,477
Russell 3000® Index 8.91 14.12 10.09 15.07 9.23 7.58 9.73
Value-Add (bps) 1,292 140 388 -54 225 606 2,444
Constructed Index: NASDAQ Composite Price Index/NASDAQ Composite Total

7.64 19.87 13.88 17.50 11.01 8.83 11.57
Return3
Value-Add (bps) 1,419 -435 8 -297 47 481 2,260
The index is a horizon calculation based on data compiled from 1,879 US venture capital funds, including fully liquidated partnerships, formed between 1981 and 2019.
page | 20
to the private fund cash flow schedule, with distributions calculated in the same proportion as the private fund, and mPME NAV is a function of mPME cash flows and public index
3 Constructed Index: Data from 1/1/1981 to 10/31/2003 represented by NASDAQ Price Index. Data from 11/1/2003 to present represented by NASDAQ Composite.
VENTURE CAPITAL


1994 Q1 4.09 2000 Q3 10.74 2007 Q1 2.36 2013 Q3 6.62
1994 Q2 0.74 2000 Q4 -20.02 2007 Q2 6.36 2013 Q4 12.82
1994 Q3 7.17 2001 Q1 -15.16 2007 Q3 2.69 2014 Q1 4.80
1994 Q4 4.25 2001 Q2 -7.26 2007 Q4 3.62 2014 Q2 3.04
1995 Q1 6.95 2001 Q3 -17.37 2008 Q1 -1.80 2014 Q3 2.68
1995 Q2 8.55 2001 Q4 -7.83 2008 Q2 0.28 2014 Q4 10.33
1995 Q3 11.33 2002 Q1 -8.34 2008 Q3 -2.80 2015 Q1 4.44
1995 Q4 13.58 2002 Q2 -10.99 2008 Q4 -12.35 2015 Q2 6.86
1996 Q1 8.78 2002 Q3 -10.00 2009 Q1 -2.58 2015 Q3 -0.42
1996 Q2 16.56 2002 Q4 -9.92 2009 Q2 0.22 2015 Q4 1.70
1996 Q3 4.69 2003 Q1 -4.11 2009 Q3 2.07 2016 Q1 -3.46
1996 Q4 6.51 2003 Q2 0.56 2009 Q4 3.26 2016 Q2 0.52
1997 Q1 -0.15 2003 Q3 -1.35 2010 Q1 0.61 2016 Q3 3.30
1997 Q2 14.33 2003 Q4 1.06 2010 Q2 0.59 2016 Q4 -0.04
1997 Q3 14.33 2004 Q1 1.58 2010 Q3 3.90 2017 Q1 3.27
1997 Q4 2.91 2004 Q2 0.03 2010 Q4 8.25 2017 Q2 1.39
1998 Q1 9.97 2004 Q3 6.99 2011 Q1 4.90 2017 Q3 3.41
1998 Q2 5.33 2004 Q4 6.25 2011 Q2 7.17 2017 Q4 3.07
1998 Q3 -2.03 2005 Q1 -2.06 2011 Q3 -0.73 2018 Q1 3.91
1998 Q4 15.11 2005 Q2 2.37 2011 Q4 1.47 2018 Q2 6.12
1999 Q1 19.49 2005 Q3 3.46 2012 Q1 4.49 2018 Q3 5.32
1999 Q2 38.86 2005 Q4 2.20 2012 Q2 0.76 2018 Q4 1.67
1999 Q3 29.12 2006 Q1 3.69 2012 Q3 0.75 2019 Q1 6.46
1999 Q4 84.40 2006 Q2 1.17 2012 Q4 1.08 2019 Q2 6.93
2000 Q1 29.51 2006 Q3 1.93 2013 Q1 2.52
2000 Q2 3.67 2006 Q4 9.61 2013 Q2 4.50
The index is a horizon calculation based on data compiled from 1,879 US venture capital funds, including fully liquidated partnerships, formed between 1981 and 2019. All returns are page | 21
net of fees, expenses, and carried interest.
VENTURE CAPITAL


1 Year 21.83 14 Years 11.32 6/30/2019 21.83 6/30/2006 10.86
2 Years 19.58 15 Years 11.48 6/30/2018 17.47 6/30/2005 14.04
3 Years 15.52 16 Years 10.94 6/30/2017 8.13 6/30/2004 1.36
4 Years 10.75 17 Years 9.28 6/30/2016 -1.70 6/30/2003 -21.21
5 Years 13.96 18 Years 6.79 6/30/2015 26.31 6/30/2002 -37.67
6 Years 16.95 19 Years 4.91 6/30/2014 30.14 6/30/2001 -29.19
7 Years 15.53 20 Years 13.64 6/30/2013 9.02 6/30/2000 239.42
8 Years 14.03 21 Years 22.45 6/30/2012 6.05 6/30/1999 85.35
9 Years 15.59 22 Years 26.31 6/30/2011 26.43 6/30/1998 37.25
10 Years 14.53 23 Years 26.43 6/30/2010 6.62 6/30/1997 26.73
11 Years 11.11 24 Years 36.07 6/30/2009 -16.61 6/30/1996 59.53
12 Years 10.58 25 Years 34.17 6/30/2008 4.72 6/30/1995 29.56
13 Years 11.35 6/30/2007 21.68
The index is a horizon calculation based on data compiled from 1,879 US venture capital funds, including fully liquidated partnerships, formed between 1981 and 2019. All returns are page | 22
net of fees, expenses, and carried interest.
US VENTURE CAPITAL: FUND SINCE INCEPTION ANALYSIS
VENTURE CAPITAL


1994 59.35 34.28 25.15 43.62 110.03 49.79 6.19 -19.07 48.34 5.42 0.00 5.42 40
1995 88.48 56.60 41.65 77.99 188.20 80.62 21.54 0.29 58.50 6.07 0.00 6.07 35
1996 102.93 63.46 40.87 90.61 203.79 86.09 10.28 -7.02 79.26 5.07 0.00 5.07 39
1997 92.59 56.13 13.48 74.74 270.29 64.15 -1.34 -16.15 102.43 3.12 0.00 3.12 70
1998 11.85 16.87 -0.28 14.31 113.10 15.70 -6.17 -16.61 71.88 1.49 0.01 1.50 80
1999 -0.71 -3.53 -3.72 -1.28 15.72 3.39 -12.15 -28.61 18.50 0.93 0.03 0.95 104
2000 0.79 -2.18 -1.32 0.49 11.12 4.94 -6.46 -17.28 12.63 1.00 0.05 1.06 151
2001 3.04 -0.07 1.91 3.97 16.39 7.86 -2.87 -24.27 18.92 1.16 0.06 1.22 52
2002 -0.30 -0.08 -0.91 2.48 13.61 6.11 -6.00 -15.23 9.29 0.91 0.07 0.98 33
2003 9.54 1.60 2.39 5.88 27.53 8.60 -7.14 -20.33 14.95 1.66 0.13 1.79 35
2004 8.41 3.63 2.75 8.20 33.68 8.44 -2.92 -23.02 18.69 1.42 0.29 1.71 65
2005 7.87 3.06 4.41 7.73 19.87 11.45 -1.16 -12.30 17.40 1.26 0.42 1.68 64
2006 9.01 4.88 7.51 7.49 19.51 13.02 -2.96 -13.99 11.47 1.30 0.44 1.74 77
2007 15.86 13.99 11.31 16.09 44.13 22.96 4.99 -8.01 15.90 1.52 0.78 2.30 68
2008 11.59 9.31 7.06 10.92 30.24 16.24 1.09 -9.50 12.63 1.13 0.64 1.77 65
2009 15.93 13.60 12.05 15.27 34.38 20.02 5.77 -4.85 12.98 1.15 1.00 2.15 23
2010 27.88 20.74 17.30 24.03 57.40 28.64 8.15 -0.72 18.41 1.44 1.97 3.41 48
2011 20.66 15.64 15.24 18.69 33.88 23.99 10.67 -9.58 14.03 0.72 1.71 2.42 44
2012 19.61 15.96 13.75 18.53 39.74 21.02 7.05 0.40 12.39 0.62 1.59 2.21 55
2013 22.64 24.50 16.41 20.73 48.46 25.64 10.10 -1.47 49.72 0.39 1.60 1.99 59
2014 19.03 18.37 14.58 19.81 37.03 23.78 10.30 -2.09 18.82 0.20 1.50 1.70 80
2015 20.28 20.76 16.51 18.91 43.63 26.21 7.61 -1.74 32.16 0.14 1.35 1.49 74
2016 23.86 19.67 15.31 23.04 52.79 30.04 8.54 -2.92 17.23 0.05 1.31 1.36 74
2017 22.45 15.26 9.46 19.83 68.78 21.22 -4.25 -16.04 30.48 0.01 1.18 1.19 55
Notes: Based on data compiled from 1,490 US venture capital funds, including fully liquidated partnerships, formed between 1994 and 2017. Internal rates of returns are net of fees, page | 24
VENTURE CAPITAL
CA CA CA
BENCHMARK BENCHMARK S&P 500 RUSSELL BENCHMARK S&P 500 RUSSELL
INDEX S&P 500 INDEX RUSSELL 2000® INDEX INDEX INDEX 2000® INDEX INDEX INDEX 2000® INDEX
VINTAGE NUMBER
1994 40 59.35 22.03 3,732 12.64 4,671 5.42 1.79 1.43 5.42 1.79 1.43
1995 35 88.48 19.33 6,915 10.10 7,838 6.07 1.55 1.31 6.07 1.55 1.31
1996 39 102.93 12.32 9,061 8.32 9,461 5.07 1.36 1.30 5.07 1.36 1.29
1997 70 92.59 5.83 8,676 7.33 8,526 3.12 1.18 1.27 3.12 1.18 1.27
1998 80 11.85 1.58 1,026 7.44 440 1.50 1.08 1.42 1.49 1.07 1.41
1999 104 -0.71 2.07 -278 6.74 -745 0.95 1.15 1.52 0.93 1.10 1.46
2000 151 0.79 5.30 -451 7.81 -702 1.06 1.48 1.72 1.00 1.34 1.58
2001 52 3.04 6.81 -378 8.33 -529 1.22 1.58 1.70 1.16 1.47 1.60
2002 33 -0.30 7.66 -795 8.43 -872 0.98 1.72 1.77 0.91 1.45 1.52
2003 35 9.54 7.04 250 7.35 219 1.79 1.55 1.57 1.66 1.42 1.45
2004 65 8.41 7.62 79 7.51 90 1.71 1.67 1.64 1.42 1.34 1.35
2005 64 7.87 9.32 -145 8.95 -108 1.68 1.86 1.80 1.26 1.40 1.39
2006 77 9.01 9.94 -94 9.56 -55 1.74 1.87 1.80 1.30 1.34 1.34
2007 68 15.86 11.88 399 11.28 458 2.30 1.88 1.79 1.52 1.26 1.25
2008 65 11.59 13.66 -207 12.26 -68 1.77 2.01 1.85 1.13 1.20 1.15
2009 23 15.93 13.80 213 11.93 400 2.15 1.95 1.76 1.15 1.07 1.01
2010 48 27.88 13.74 1,414 11.36 1,652 3.41 1.85 1.65 1.44 0.86 0.81
2011 44 20.66 13.35 731 10.57 1,010 2.42 1.77 1.57 0.72 0.59 0.55
2012 55 19.61 12.41 720 9.46 1,015 2.21 1.66 1.47 0.62 0.50 0.47
2013 59 22.64 11.85 1,079 8.37 1,427 1.99 1.44 1.30 0.39 0.31 0.30
2014 80 19.03 12.07 696 8.65 1,038 1.70 1.40 1.28 0.20 0.18 0.17
2015 74 20.28 12.78 750 8.42 1,186 1.49 1.29 1.18 0.14 0.13 0.12
2016 74 23.86 12.46 1,141 5.95 1,791 1.36 1.18 1.08 0.05 0.04 0.04
2017 55 22.45 12.50 995 4.07 1,838 1.19 1.10 1.03 0.01 0.01 0.01
Notes: Based on data compiled from 1,490 US venture capital funds, including fully liquidated partnerships, formed between 1994 and 2017. Internal rates of returns are net of fees,
expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in 2-3 page | 25
VENTURE CAPITAL
CONSTRUCTED CONSTRUCTED
CA CA INDEX: CA INDEX:
BENCHMARK CONSTRUCTED INDEX: BENCHMARK RUSSELL 3000® NASDAQ BENCHMARK RUSSELL 3000® NASDAQ
INDEX RUSSELL 3000® INDEX NASDAQ COMPOSITE1 INDEX INDEX COMPOSITE1 INDEX INDEX COMPOSITE1
VINTAGE NUMBER
1994 40 59.35 20.68 3,867 25.37 3,398 5.42 1.74 1.96 5.42 1.74 1.96
1995 35 88.48 18.04 7,044 28.16 6,033 6.07 1.52 1.82 6.07 1.52 1.82
1996 39 102.93 11.90 9,103 23.96 7,897 5.07 1.36 1.63 5.07 1.36 1.62
1997 70 92.59 6.30 8,629 13.20 7,939 3.12 1.20 1.34 3.12 1.20 1.33
1998 80 11.85 2.44 941 0.04 1,181 1.50 1.13 1.00 1.49 1.11 0.99
1999 104 -0.71 2.73 -344 0.14 -84 0.95 1.20 1.01 0.93 1.15 0.96
2000 151 0.79 5.77 -498 6.04 -525 1.06 1.53 1.60 1.00 1.39 1.42
2001 52 3.04 7.22 -418 8.70 -567 1.22 1.62 1.82 1.16 1.50 1.68
2002 33 -0.30 7.94 -824 9.76 -1,006 0.98 1.74 2.03 0.91 1.47 1.68
2003 35 9.54 7.28 226 9.01 53 1.79 1.57 1.78 1.66 1.44 1.61
2004 65 8.41 7.75 66 10.04 -163 1.71 1.69 1.99 1.42 1.35 1.55
2005 64 7.87 9.39 -152 11.97 -411 1.68 1.87 2.24 1.26 1.41 1.65
2006 77 9.01 10.02 -102 12.69 -368 1.74 1.88 2.24 1.30 1.35 1.57
2007 68 15.86 11.93 394 14.61 126 2.30 1.88 2.18 1.52 1.27 1.43
2008 65 11.59 13.59 -200 16.42 -484 1.77 2.00 2.33 1.13 1.20 1.35
2009 23 15.93 13.64 230 16.44 -51 2.15 1.93 2.22 1.15 1.06 1.19
2010 48 27.88 13.49 1,439 16.50 1,138 3.41 1.83 2.10 1.44 0.86 0.95
2011 44 20.66 13.04 762 16.26 440 2.42 1.75 2.01 0.72 0.58 0.64
2012 55 19.61 12.04 757 15.64 398 2.21 1.64 1.89 0.62 0.50 0.56
2013 59 22.64 11.40 1,124 14.96 768 1.99 1.42 1.58 0.39 0.31 0.34
2014 80 19.03 11.64 738 15.14 389 1.70 1.39 1.53 0.20 0.18 0.19
2015 74 20.28 12.32 796 15.88 440 1.49 1.28 1.37 0.14 0.13 0.14
2016 74 23.86 11.86 1,200 14.99 887 1.36 1.17 1.22 0.05 0.04 0.04
2017 55 22.45 11.76 1,069 13.36 909 1.19 1.10 1.11 0.01 0.01 0.01
Notes: Based on data compiled from 1,490 US venture capital funds, including fully liquidated partnerships, formed between 1994 and 2017. Internal rates of returns are net of fees,
other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with “—” have an insufficient number of funds in page | 26
Sources: Cambridge Associates LLC, Frank Russell Company, and Thomson Reuters Datastream.
VENTURE CAPITAL

1994 5.42 3.85 2.16 8.55 4.77 1.33 0.37 40
1995 6.07 5.18 2.68 17.83 4.33 1.87 1.01 35
1996 5.07 4.64 2.26 19.91 4.61 1.38 0.61 39
1997 3.12 2.59 1.39 8.35 2.53 0.92 0.42 70
1998 1.50 1.58 0.98 4.59 1.56 0.62 0.24 80
1999 0.95 0.92 0.80 2.03 1.28 0.40 0.11 104
2000 1.06 1.04 0.91 2.08 1.44 0.61 0.27 151
2001 1.22 1.29 1.13 2.65 1.58 0.79 0.17 52
2002 0.98 1.14 0.93 2.02 1.43 0.70 0.37 33
2003 1.79 1.44 1.20 3.05 1.75 0.51 0.23 35
2004 1.71 1.72 1.21 4.18 1.84 0.83 0.24 65
2005 1.68 1.65 1.41 3.07 2.08 0.91 0.36 64
2006 1.74 1.60 1.59 2.97 2.08 0.81 0.35 77
2007 2.30 2.37 1.80 5.77 2.72 1.34 0.50 68
2008 1.77 1.71 1.41 3.31 2.20 1.06 0.62 65
2009 2.15 2.07 1.76 3.82 2.27 1.35 0.71 23
2010 3.41 2.88 2.28 7.37 3.24 1.43 0.95 48
2011 2.42 2.24 2.01 4.70 2.60 1.46 0.69 44
2012 2.21 2.07 1.77 4.95 2.29 1.30 1.02 55
2013 1.99 1.93 1.70 3.79 2.22 1.37 0.95 59
2014 1.70 1.67 1.50 2.86 1.89 1.29 0.94 80
2015 1.49 1.42 1.35 1.96 1.63 1.14 0.97 74
2016 1.36 1.33 1.21 1.96 1.42 1.12 0.96 74
2017 1.19 1.15 1.07 1.69 1.20 0.96 0.85 55
VENTURE CAPITAL

1994 5.42 3.85 2.16 8.55 4.77 1.33 0.37 40
1995 6.07 5.18 2.68 17.83 4.33 1.87 1.01 35
1996 5.07 4.63 2.26 19.91 4.61 1.38 0.60 39
1997 3.12 2.59 1.36 8.35 2.53 0.92 0.42 70
1998 1.49 1.57 0.98 4.59 1.55 0.62 0.24 80
1999 0.93 0.90 0.78 2.03 1.23 0.36 0.11 104
2000 1.00 0.99 0.88 2.00 1.41 0.52 0.24 151
2001 1.16 1.19 0.98 2.64 1.46 0.68 0.17 52
2002 0.91 1.04 0.87 1.80 1.35 0.64 0.36 33
2003 1.66 1.30 0.91 2.97 1.51 0.47 0.12 35
2004 1.42 1.47 1.01 4.05 1.45 0.61 0.13 65
2005 1.26 1.19 1.07 2.66 1.50 0.61 0.12 64
2006 1.30 1.18 1.22 2.56 1.63 0.52 0.10 77
2007 1.52 1.56 1.27 3.96 2.03 0.74 0.07 68
2008 1.13 1.05 0.76 2.59 1.53 0.46 0.12 65
2009 1.15 0.97 0.92 2.57 1.26 0.30 0.00 23
2010 1.44 1.18 0.71 3.59 1.38 0.39 0.01 48
2011 0.72 0.54 0.33 1.49 0.87 0.11 0.01 44
2012 0.62 0.44 0.34 1.14 0.62 0.13 0.00 55
2013 0.39 0.32 0.17 1.27 0.34 0.04 0.00 59
2014 0.20 0.16 0.09 0.46 0.26 0.02 0.00 80
2015 0.14 0.11 0.00 0.52 0.16 0.00 0.00 74
2016 0.05 0.04 0.00 0.27 0.00 0.00 0.00 74
2017 0.01 0.02 0.00 0.18 0.00 0.00 0.00 55
VENTURE CAPITAL

1994 0.00 0.00 0.00 0.00 0.00 0.00 0.00 40
1995 0.00 0.00 0.00 0.00 0.00 0.00 0.00 35
1996 0.00 0.01 0.00 0.03 0.00 0.00 0.00 39
1997 0.00 0.00 0.00 0.03 0.00 0.00 0.00 70
1998 0.01 0.01 0.00 0.04 0.00 0.00 0.00 80
1999 0.03 0.02 0.00 0.09 0.01 0.00 0.00 104
2000 0.05 0.05 0.00 0.21 0.06 0.00 0.00 151
2001 0.06 0.10 0.02 0.44 0.10 0.00 0.00 52
2002 0.07 0.10 0.03 0.44 0.10 0.00 0.00 33
2003 0.13 0.14 0.06 0.48 0.24 0.01 0.00 35
2004 0.29 0.25 0.13 1.19 0.30 0.00 0.00 65
2005 0.42 0.46 0.27 1.37 0.50 0.11 0.01 64
2006 0.44 0.42 0.29 0.88 0.53 0.13 0.01 77
2007 0.78 0.81 0.42 2.37 0.99 0.21 0.01 68
2008 0.64 0.66 0.60 1.42 0.89 0.30 0.01 65
2009 1.00 1.11 0.97 2.58 1.19 0.63 0.47 23
2010 1.97 1.70 1.22 4.75 1.85 0.78 0.25 48
2011 1.71 1.70 1.23 3.74 2.12 0.85 0.31 44
2012 1.59 1.64 1.35 4.35 1.79 1.00 0.71 55
2013 1.60 1.60 1.43 3.03 1.80 1.11 0.74 59
2014 1.50 1.51 1.36 2.58 1.71 1.17 0.90 80
2015 1.35 1.31 1.26 1.96 1.52 1.06 0.80 74
2016 1.31 1.29 1.19 1.90 1.38 1.08 0.92 74
2017 1.18 1.13 1.06 1.67 1.20 0.94 0.82 55
VENTURE CAPITAL
SINCE INCEPTION IRR BASED ON FUND CAPITALIZATION

ALL FUNDS <=$50MM >$50MM<=$150MM >$150MM
VINTAGE YEAR POOLED RETURN NUMBER OF FUNDS POOLED RETURN NUMBER OF FUNDS POOLED RETURN NUMBER OF FUNDS POOLED RETURN NUMBER OF FUNDS
1994 59.35 40 25.16 15 49.01 22 89.63 3

1995 88.48 35 42.41 9 103.32 24 — 2
1996 102.93 39 41.05 8 112.86 16 101.49 15
1997 92.59 70 11.16 20 80.55 33 107.47 17
1998 11.85 80 107.30 15 8.24 34 11.89 31
1999 -0.71 104 -0.07 11 -0.88 28 -0.70 65
2000 0.79 151 -0.89 21 0.47 45 0.85 85
2001 3.04 52 4.29 17 1.31 9 3.09 26
2002 -0.30 33 1.19 10 3.68 13 -1.86 10
2003 9.54 35 -1.44 7 6.64 10 10.11 18
2004 8.41 65 1.79 11 20.52 13 7.30 41
2005 7.87 64 6.26 10 4.11 12 8.13 42
2006 9.01 77 5.43 9 5.36 25 9.50 43
2007 15.86 68 11.08 9 12.47 10 16.08 49
2008 11.59 65 9.69 16 0.08 12 12.15 37
2009 15.93 23 — 2 8.24 6 16.55 15
2010 27.88 48 15.83 11 13.38 11 29.18 26
2011 20.66 44 18.35 11 9.02 12 21.85 21
2012 19.61 55 20.32 15 20.12 16 19.54 24
2013 22.64 59 17.25 13 14.88 19 24.28 27
2014 19.03 80 14.67 8 21.86 23 18.80 49
2015 20.28 74 18.36 10 19.77 25 20.38 39
2016 23.86 74 20.26 6 19.96 17 24.19 51
2017 22.45 55 15.32 3 22.32 23 22.60 29
VENTURE CAPITAL
SINCE INCEPTION IRR BASED ON FUND INITIAL STAGE

ALL FUNDS EARLY STAGE LATE & EXPANSION STAGE MULTI-STAGE
VINTAGE YEAR POOLED RETURN NUMBER OF FUNDS POOLED RETURN NUMBER OF FUNDS POOLED RETURN NUMBER OF FUNDS POOLED RETURN NUMBER OF FUNDS
1994 59.35 40 71.73 28 22.44 5 42.54 7

1995 88.48 35 102.21 24 33.82 3 17.51 8
1996 102.93 39 133.06 25 44.60 3 47.20 11
1997 92.59 70 118.86 52 106.40 6 16.15 12
1998 11.85 80 16.74 53 6.48 6 4.22 21
1999 -0.71 104 -5.33 64 4.16 19 5.14 21
2000 0.79 151 0.33 106 5.17 17 0.34 28
2001 3.04 52 3.95 28 5.32 3 1.95 21
2002 -0.30 33 -0.91 22 0.15 7 0.69 4
2003 9.54 35 9.81 26 11.21 4 3.21 5
2004 8.41 65 10.76 40 3.65 8 4.93 17
2005 7.87 64 7.19 42 20.42 5 6.57 17
2006 9.01 77 8.09 41 8.93 10 9.92 26
2007 15.86 68 18.12 35 9.52 9 14.58 24
2008 11.59 65 12.28 38 5.19 9 12.78 18
2009 15.93 23 17.47 14 — 0 14.61 9
2010 27.88 48 32.86 27 11.24 8 23.24 13
2011 20.66 44 24.63 30 13.01 5 18.48 9
2012 19.61 55 22.32 39 10.91 5 17.12 11
2013 22.64 59 22.18 39 19.13 8 24.93 12
2014 19.03 80 21.76 54 22.91 13 10.88 13
2015 20.28 74 16.77 45 23.50 13 21.51 16
2016 23.86 74 24.44 49 20.66 12 25.22 13
2017 22.45 55 25.05 38 45.14 6 13.23 11
VENTURE CAPITAL
SINCE INCEPTION IRR BASED ON FUND INDUSTRY

ALL FUNDS FOCUSED MULTI-INDUSTRY
VINTAGE YEAR POOLED RETURN NUMBER OF FUNDS POOLED RETURN NUMBER OF FUNDS POOLED RETURN NUMBER OF FUNDS
1994 59.35 40 63.77 30 40.08 10

1995 88.48 35 102.61 28 29.25 7
1996 102.93 39 99.18 33 132.09 6
1997 92.59 70 96.41 51 82.99 19
1998 11.85 80 15.63 67 -1.14 13
1999 -0.71 104 -0.87 90 1.00 14
2000 0.79 151 0.34 131 4.61 20
2001 3.04 52 2.61 47 7.83 5
2002 -0.30 33 -0.68 26 2.28 7
2003 9.54 35 9.86 32 2.02 3
2004 8.41 65 9.30 58 2.73 7
2005 7.87 64 8.85 51 3.17 13
2006 9.01 77 8.44 64 11.28 13
2007 15.86 68 19.05 51 7.64 17
2008 11.59 65 13.67 46 8.76 19
2009 15.93 23 19.00 17 9.38 6
2010 27.88 48 25.62 36 34.50 12
2011 20.66 44 21.02 34 19.18 10
2012 19.61 55 20.49 41 18.45 14
2013 22.64 59 22.21 52 28.96 7
2014 19.03 80 18.96 64 19.31 16
2015 20.28 74 18.47 59 23.63 15
2016 23.86 74 24.83 66 13.28 8
2017 22.45 55 25.41 41 18.90 14
VENTURE CAPITAL
SINCE INCEPTION IRR BASED ON FUND REGION

ALL FUNDS FOCUSED MULTI-REGION
VINTAGE YEAR POOLED RETURN NUMBER OF FUNDS POOLED RETURN NUMBER OF FUNDS POOLED RETURN NUMBER OF FUNDS
1994 59.35 40 79.44 24 27.66 16

1995 88.48 35 112.06 19 55.38 16
1996 102.93 39 161.38 18 36.72 21
1997 92.59 70 155.72 32 43.51 38
1998 11.85 80 24.16 40 3.54 40
1999 -0.71 104 1.13 53 -2.14 51
2000 0.79 151 0.39 69 0.97 82
2001 3.04 52 3.97 21 2.41 31
2002 -0.30 33 0.66 14 -0.64 19
2003 9.54 35 10.97 20 8.65 15
2004 8.41 65 7.17 27 9.16 38
2005 7.87 64 3.54 22 9.31 42
2006 9.01 77 7.48 34 9.86 43
2007 15.86 68 19.15 22 14.81 46
2008 11.59 65 13.93 26 10.67 39
2009 15.93 23 21.81 5 14.40 18
2010 27.88 48 32.77 20 23.19 28
2011 20.66 44 18.03 15 21.51 29
2012 19.61 55 20.32 17 19.25 38
2013 22.64 59 17.50 14 23.85 45
2014 19.03 80 22.79 17 18.11 63
2015 20.28 74 22.06 15 19.82 59
2016 23.86 74 20.51 7 24.14 67
2017 22.45 55 43.60 6 20.69 49
US VENTURE CAPITAL: COMPANY ANALYSIS
VENTURE CAPITAL
SINCE INCEPTION IRR BASED ON COMPANY INITIAL INVESTMENT YEAR

By Industry
POOLED GROSS IRR (%) OF COMPANIES RECEIVING INITIAL INVESTMENT IN:
INDUSTRY 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Chemical/Materials — — -19.66 -23.03 -41.72 3.99 -19.35 -3.06 -7.97 0.14 5.19 106.97 -2.52 36.09 — 17.15 19.39 4.77
Consumer/Retail -0.43 6.51 5.71 7.55 13.89 3.18 0.24 -7.40 2.41 6.51 12.88 11.42 36.57 39.75 23.34 28.32 33.52 74.12
Electronics -8.15 0.64 1.37 -2.47 1.60 -6.66 -3.52 -5.46 7.05 -9.44 29.18 -13.01 13.06 291.64 17.01 14.96 26.51 66.35
Energy 6.76 -0.70 -9.38 6.30 -6.01 -6.19 -8.91 -0.68 -13.54 -5.23 8.57 -24.73 -18.98 20.65 16.94 -3.18 — —
Environmental — — — — — -63.39 -89.85 -34.48 14.16 -62.00 1.84 1.53 -7.75 4.98 — 44.65 49.13 -10.06
Financial Services 12.97 25.33 28.54 15.04 24.18 9.12 15.97 -2.55 -0.47 8.83 14.37 23.33 27.41 20.17 5.16 27.92 41.20 64.64
Hardware/Systems -50.83 7.94 -12.60 -2.17 16.57 -28.80 -12.52 41.78 3.55 46.07 32.97 27.23 -12.05 -3.99 12.23 55.82 19.18 40.97
Health Care/Biotech* 2.81 8.96 7.55 13.53 7.73 10.79 5.50 14.55 13.49 19.02 22.85 26.96 41.24 58.54 37.27 37.08 31.90 40.18
Industrial — — — 50.58 70.67 -13.94 — — 3.12 — 2.82 76.79 — 51.89 -1.07 15.78 35.71 34.51
Information Technology* -3.02 0.03 8.78 16.07 17.44 25.15 18.08 19.99 24.38 41.79 25.87 20.34 23.30 26.20 35.10 27.18 43.67 36.62
Manufacturing -0.12 20.19 -8.77 19.12 -1.31 -8.62 25.54 1.95 20.92 27.26 -5.23 26.03 12.81 6.27 28.82 44.23 27.85 19.03
Media/Communications 0.00 2.79 -3.26 9.77 -0.38 10.49 -8.54 -0.09 19.15 21.10 20.55 20.70 2.88 31.85 5.57 19.65 27.02 6.09
Software/Services -5.73 4.80 16.26 9.87 19.08 5.93 13.21 12.80 20.95 41.59 28.87 39.56 28.27 27.48 29.46 24.49 43.11 33.25
Other/Fund of Funds -8.77 3.15 -5.73 19.90 5.17 7.35 2.51 8.16 7.91 28.89 12.22 22.07 19.41 7.04 53.54 36.81 44.85 43.55
ALL COMPANIES -2.64 4.75 8.88 10.53 12.46 11.70 8.26 13.03 16.07 27.95 23.11 25.79 27.34 35.96 31.77 29.11 38.72 39.27
NUMBER OF COMPANIES 2,921 1,389 1,237 1,219 1,466 1,376 1,593 1,701 1,514 969 1,302 1,639 1,466 1,525 1,679 1,811 1,404 1,596
*See following exhibit for industry subgroups. page | 35

“—” indicates inadequate number of companies in sample.
Values are “n/a” where information is unavailable or not able to be calculated.
VENTURE CAPITAL

By Health Care/Biotech and Information Technology Subgroups
SUBGROUP 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Biotechnology/Biopharm/R&D -1.92 8.60 5.02 19.76 6.77 14.30 7.22 17.50 11.19 26.81 29.20 37.29 58.18 95.39 47.46 46.04 35.10 50.82
Health Care Devices 4.07 0.08 0.60 2.91 2.57 9.06 2.81 4.04 5.34 0.28 11.45 14.01 10.95 1.86 7.52 30.17 28.18 13.66
Health Care Services 9.18 14.35 14.93 21.27 20.85 12.17 5.32 17.15 7.53 24.62 6.00 24.43 30.71 36.52 37.23 17.79 25.94 29.70
Health Care Software/Systems -0.08 4.36 8.15 -10.72 8.63 8.52 9.58 17.64 49.47 8.09 13.28 29.17 10.27 9.55 28.29 26.96 16.83 18.94
Pharmaceuticals 14.44 21.55 30.55 25.16 12.48 4.17 5.77 21.67 8.29 25.77 29.90 15.33 63.41 25.72 37.13 22.28 41.32 31.32
Internet e-Business -0.60 5.54 25.45 28.62 39.86 15.25 19.20 15.75 20.14 37.83 29.08 22.89 26.15 28.56 40.73 26.75 48.52 42.08
Internet e-Commerce 5.89 15.51 4.75 42.03 24.47 49.68 30.03 27.38 40.26 51.64 22.05 20.16 21.70 23.56 18.25 27.66 39.12 32.38
Telecom Network/Systems -9.97 -0.44 14.58 1.93 7.84 4.97 -5.10 25.72 20.82 18.88 -1.07 2.16 7.26 28.89 212.85 — 6.59 7.75
Telecom Products -9.67 -7.22 -14.36 14.99 -4.47 -12.64 -13.79 -13.35 -16.59 41.08 48.66 -2.71 2.71 -40.54 — 42.69 — —
Telecom Services -3.14 3.88 10.84 9.45 3.42 -2.43 3.28 12.88 -9.95 -47.49 20.80 -17.90 30.73 6.30 — 19.91 — —
ALL COMPANIES -2.64 4.75 8.88 10.53 12.46 11.70 8.26 13.03 16.07 27.95 23.11 25.79 27.34 35.96 31.77 29.11 38.72 39.27
“—” indicates inadequate number of companies in sample. page | 36

VENTURE CAPITAL

By GICS Sector
INDUSTRY 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Communication Services -3.14 5.89 2.69 14.85 14.42 32.13 12.61 22.30 22.62 45.71 14.20 18.99 16.60 20.23 22.13 12.07 21.84 30.06
Consumer Discretionary 13.81 17.86 32.87 28.07 21.69 16.74 13.02 -3.15 28.77 27.62 25.58 18.27 25.62 138.81 32.78 28.64 27.05 36.61
Consumer Staples 1.89 -22.33 -11.17 — 1.90 2.09 -10.70 -0.22 -11.98 3.57 -99.15 9.06 41.33 5.55 32.02 10.82 36.09 103.22
Energy 20.44 6.58 — 31.43 3.28 -22.78 -5.45 -16.14 -15.75 -26.40 0.19 -7.14 -4.57 -7.03 — — — —
Financials 8.06 26.98 13.86 7.33 15.93 7.54 8.56 10.90 -2.50 30.49 22.18 33.37 21.95 24.83 14.36 34.43 33.92 57.35
Health Care* 3.59 9.04 5.93 14.45 8.28 10.40 5.71 14.87 13.81 20.22 23.96 26.99 40.14 57.82 36.56 36.79 31.96 37.61
Industrials 1.16 -16.99 0.04 23.08 32.72 7.14 -1.05 -1.35 10.80 14.85 3.33 13.14 16.50 22.81 24.00 23.16 25.50 28.50
Information Technology* -6.35 2.32 11.60 6.27 11.99 2.13 10.55 11.20 16.71 33.28 28.73 30.33 24.23 27.33 33.32 27.10 49.13 37.80
Materials -16.88 26.37 — 62.51 — 19.02 -18.81 -6.90 -9.33 -6.55 -10.94 44.81 3.51 33.68 31.12 17.15 21.50 59.29
Real Estate -23.03 — — 195.16 — 15.89 — — — — — — 84.32 61.73 9.93 26.88 40.93 47.90
Utilities — — — — — 4.97 15.34 -64.78 2.04 4.40 -0.50 -19.47 -19.93 — — -3.38 — —
Other/Fund of Funds -7.23 3.24 -4.32 10.54 -2.38 10.84 6.33 5.86 10.27 30.07 17.01 23.80 23.16 10.06 44.91 58.32 50.74 61.90
ALL COMPANIES -2.64 4.75 8.88 10.53 12.46 11.70 8.26 13.03 16.07 27.95 23.11 25.79 27.34 35.96 31.77 29.11 38.72 39.27
* See following exhibit for GICS Industry Groups. page | 37

“—” indicates inadequate number of companies in sample.
Note: The Global Industry Classification Standard (“GICS®”) was developed by and is the exclusive property and a service mark of MSCI, Inc. (“MSCI”) and S&P Global Market Intelligence
LLC (“S&P”) and is licensed for use by Cambridge Associates.
VENTURE CAPITAL

By Health Care and Information Technology GICS Industry Groups
SUBGROUP 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Health Care Equipment & Services 4.25 2.22 2.91 6.35 7.41 8.40 3.91 5.84 15.55 6.59 14.62 22.03 19.19 14.11 22.79 24.82 23.87 23.34
Pharmaceuticals, Biotechnology &
2.75 12.21 8.28 19.74 8.84 12.26 7.41 19.26 11.54 29.48 30.39 31.34 65.13 90.28 46.59 41.17 36.56 44.07
Life Sciences
Semiconductors & Semiconductor

-4.58 -0.60 7.22 0.31 -2.72 -3.87 -6.62 2.51 -17.16 -4.50 9.52 -5.76 -27.19 47.82 20.41 — 108.86 46.33
Equipment
Software & Services -4.82 2.55 14.30 8.31 16.99 6.74 15.10 13.25 21.63 36.15 29.55 31.11 25.46 27.42 34.06 26.81 50.57 38.06
Technology Hardware & Equipment -10.30 3.16 7.74 5.71 6.08 -13.49 -3.07 8.86 3.97 27.76 31.62 28.89 9.28 25.54 18.47 30.57 17.76 33.31
ALL COMPANIES -2.64 4.75 8.88 10.53 12.46 11.70 8.26 13.03 16.07 27.95 23.11 25.79 27.34 35.96 31.77 29.11 38.72 39.27

VENTURE CAPITAL

By Initial Stage of Investment
STAGE 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Acquisition/Shell 17.36 15.26 -23.86 46.70 29.98 -7.88 2.87 36.12 18.74 39.47 27.03 47.25 45.79 18.54 11.62 28.70 -1.70 —
Early Stage -3.21 1.12 6.83 5.41 8.06 7.42 7.06 15.23 18.58 23.11 18.73 25.20 33.74 36.93 27.92 29.80 36.70 39.53
Equity LBO 12.79 36.21 -33.70 18.24 53.52 40.37 5.03 16.29 7.55 -17.20 28.55 20.93 22.77 22.39 39.87 63.37 43.73 42.39
Expansion Stage 1.57 6.71 14.89 24.83 16.25 11.56 14.23 10.10 16.71 31.84 27.46 21.73 18.37 28.62 28.98 20.63 35.36 36.79
Public 32.70 17.55 27.72 79.04 61.46 3.41 21.44 9.59 26.26 35.27 15.27 28.77 84.28 87.41 54.58 9.57 68.90 24.18
Restart/Turnaround — 21.58 -3.28 18.84 -14.27 — — — — — — — — — — — — —
Seed Stage -1.92 6.13 0.40 4.09 11.54 -5.26 7.83 15.58 8.71 34.79 28.77 21.64 22.79 36.78 42.67 40.57 43.81 39.11
Start-up -6.48 4.93 11.19 4.60 7.48 19.74 5.01 11.61 14.34 24.96 21.34 31.60 32.46 41.17 34.17 28.04 44.40 42.35
Other -7.63 2.59 -6.69 -1.52 -6.45 6.80 5.72 7.97 11.92 52.21 21.48 24.01 14.29 8.42 36.44 53.18 49.08 31.16
ALL COMPANIES -2.64 4.75 8.88 10.53 12.46 11.70 8.26 13.03 16.07 27.95 23.11 25.79 27.34 35.96 31.77 29.11 38.72 39.27

VENTURE CAPITAL

By Region
REGION 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
US Mid-Atlantic Region -0.30 8.03 5.46 6.53 8.16 14.60 7.81 14.34 12.72 25.68 10.82 11.87 19.53 20.35 19.14 22.04 37.86 —
US Midwest Region 0.38 3.30 16.65 12.95 8.55 4.20 9.97 10.06 24.13 22.25 27.03 24.35 27.87 34.25 15.33 32.72 29.75 33.84
US Northeast Region -1.61 6.65 10.90 10.16 14.75 4.71 0.02 12.86 10.09 15.56 24.21 22.99 23.30 36.07 27.32 32.55 42.10 43.84
US Southeast Region -4.55 -1.98 3.97 12.10 29.40 8.54 10.76 0.80 17.58 26.26 13.12 28.60 -1.50 37.92 5.65 48.33 56.95 74.98
US Southwest & Mountain Region -4.64 5.04 -1.28 10.41 17.32 12.51 9.46 21.00 3.94 27.69 25.19 26.45 25.53 12.23 36.63 16.83 32.39 26.32
US West Coast Region -4.05 4.19 10.18 8.66 8.75 15.12 8.68 12.92 19.38 33.46 24.17 28.83 30.76 38.31 33.21 27.57 37.23 39.07
Non-US 2.71 5.22 8.08 37.63 36.87 7.93 13.89 9.36 7.83 26.60 20.64 12.71 27.79 38.03 36.24 27.49 40.54 36.57
Other/Fund of Funds -8.11 3.15 -5.57 12.38 -2.31 8.09 6.41 8.16 10.31 50.65 20.21 34.81 20.82 13.77 63.55 56.32 55.10 28.23
ALL COMPANIES -2.64 4.75 8.88 10.53 12.46 11.70 8.26 13.03 16.07 27.95 23.11 25.79 27.34 35.96 31.77 29.11 38.72 39.27

US VENTURE CAPITAL HEALTH CARE: FUND INDEX ANALYSIS
VENTURE CAPITAL
US VENTURE CAPITAL HEALTH CARE AS OF JUNE 30, 2019

US VENTURE CAPITAL HEALTH CARE INDEX1 3.42 12.95 9.42 15.10 13.66 11.40 8.25 7.78 7.90
Russell 1000® Index 4.25 18.84 10.02 14.15 10.45 14.77 8.94 6.19 10.09
Russell 2000® Index 2.10 16.98 -3.31 12.30 7.06 13.45 8.15 7.77 9.26
S&P 500 Index 4.30 18.54 10.42 14.19 10.71 14.70 8.75 5.90 9.97
Wilshire 5000 Total Market Index 3.99 18.66 9.10 14.03 10.33 14.66 8.96 6.37 9.98
The index is a horizon calculation based on data compiled from 303 US venture capital health care funds, including fully liquidated partnerships, formed between 1986 and 2019.
shown for reference and directional purposes only. Due to the fundamental differences between the two calculations, direct comparison of IRRs to AACRs is not recommended. For a page | 42
Sources: Cambridge Associates LLC, Bloomberg Barclays, Dow Jones Indices, Frank Russell Company, Standard & Poor’s, Thomson Reuters Datastream, and Wilshire Associates.
*Capital change only.
VENTURE CAPITAL
US VENTURE CAPITAL HEALTH CARE INDEX1 9.42 15.10 13.66 11.40 8.25 7.78 7.90
MPME ANALYSIS2
Constructed Index: MSCI World/MSCI All Country World Index3 (gross) 6.34 12.67 6.26 11.18 7.64 6.91 7.43
Value-Add (bps) 308 243 740 22 61 87 48
Constructed Index: NASDAQ Composite Price Index/NASDAQ Composite Total

7.67 20.44 13.69 17.74 11.13 9.55 11.13
Return4
Value-Add (bps) 175 -534 -4 -634 -288 -176 -322
Constructed Index: Russell 2000® Health Care (Legacy Sector)/Russell 2000®

-6.51 18.46 11.97 17.05 11.17 11.31 11.31
Health Care (RGS)5
Value-Add (bps) 1593 -336 169 -564 -291 -353 -340
The index is a horizon calculation based on data compiled from 303 US venture capital health care funds, including fully liquidated partnerships, formed between 1986 and 2019.
to the private fund cash flow schedule, with distributions calculated in the same proportion as the private fund, and mPME NAV is a function of mPME cash flows and public index
3 Constructed Index: MSCI World/MSCI All Country World Index: Data rom 1/1/1986 to 12/31/1987 represented by MSCI index gross total return. Data from 1/1/1988 to present
represented by MSCI ACWI gross total return.

4 Constructed Index: Data from 1/1/1981 to 10/31/2003 represented by NASDAQ Price Index. Data from 11/1/2003 to present represented by NASDAQ Composite. page | 43
5 Constructed Index: Data from 1/1/1986 to 6/30/1996 represented by Russell 2000 Health Care (Legacy Sector) total return index. Data from 7/1/1996 to present represented by Russell
2000 Health Care (RGS) total return index.

Sources: Cambridge Associates LLC, Frank Russell Company, MSCI Inc., and Thomson Reuters Datastream.
VENTURE CAPITAL


1994 Q1 -2.93 2000 Q3 15.40 2007 Q1 3.87 2013 Q3 7.22
1994 Q2 -2.26 2000 Q4 -13.14 2007 Q2 1.35 2013 Q4 7.04
1994 Q3 0.42 2001 Q1 -12.38 2007 Q3 3.22 2014 Q1 11.33
1994 Q4 -1.81 2001 Q2 4.49 2007 Q4 -0.27 2014 Q2 2.25
1995 Q1 3.62 2001 Q3 -7.72 2008 Q1 -4.51 2014 Q3 2.23
1995 Q2 2.68 2001 Q4 4.64 2008 Q2 0.60 2014 Q4 10.11
1995 Q3 7.31 2002 Q1 -5.34 2008 Q3 -2.67 2015 Q1 10.65
1995 Q4 5.74 2002 Q2 -4.03 2008 Q4 -9.80 2015 Q2 8.06
1996 Q1 8.87 2002 Q3 -4.09 2009 Q1 -2.80 2015 Q3 -6.05
1996 Q2 12.56 2002 Q4 -4.85 2009 Q2 2.48 2015 Q4 5.76
1996 Q3 -3.49 2003 Q1 -1.24 2009 Q3 2.72 2016 Q1 -9.63
1996 Q4 5.15 2003 Q2 1.22 2009 Q4 -2.20 2016 Q2 0.92
1997 Q1 -0.24 2003 Q3 1.70 2010 Q1 0.18 2016 Q3 7.30
1997 Q2 3.71 2003 Q4 0.06 2010 Q2 -2.48 2016 Q4 -2.33
1997 Q3 15.57 2004 Q1 6.78 2010 Q3 2.01 2017 Q1 5.48
1997 Q4 -3.74 2004 Q2 -0.36 2010 Q4 2.57 2017 Q2 2.15
1998 Q1 1.92 2004 Q3 -0.64 2011 Q1 1.07 2017 Q3 6.34
1998 Q2 -3.79 2004 Q4 1.37 2011 Q2 4.88 2017 Q4 4.23
1998 Q3 -6.26 2005 Q1 -3.16 2011 Q3 -5.55 2018 Q1 4.70
1998 Q4 2.30 2005 Q2 1.65 2011 Q4 1.81 2018 Q2 5.94
1999 Q1 -0.30 2005 Q3 2.63 2012 Q1 4.67 2018 Q3 4.07
1999 Q2 1.76 2005 Q4 -0.47 2012 Q2 0.26 2018 Q4 -6.84
1999 Q3 2.02 2006 Q1 4.59 2012 Q3 2.05 2019 Q1 9.16
1999 Q4 37.62 2006 Q2 -1.45 2012 Q4 -0.19 2019 Q2 3.42
2000 Q1 28.51 2006 Q3 2.93 2013 Q1 3.53
2000 Q2 4.35 2006 Q4 10.73 2013 Q2 6.88
The index is a horizon calculation based on data compiled from 303 US venture capital health care funds, including fully liquidated partnerships, formed between 1986 and 2019. All page | 44
returns are net of fees, expenses, and carried interest.
VENTURE CAPITAL


1 Year 9.42 14 Years 8.69 6/30/2019 9.42 6/30/2006 5.17
2 Years 16.26 15 Years 8.25 6/30/2018 22.94 6/30/2005 -0.80
3 Years 15.10 16 Years 8.26 6/30/2017 13.11 6/30/2004 8.29
4 Years 7.53 17 Years 7.68 6/30/2016 -9.38 6/30/2003 -8.25
5 Years 13.66 18 Years 7.09 6/30/2015 34.23 6/30/2002 -12.26
6 Years 17.34 19 Years 6.72 6/30/2014 30.85 6/30/2001 -8.36
7 Years 16.39 20 Years 7.78 6/30/2013 12.65 6/30/2000 89.22
8 Years 13.67 21 Years 7.65 6/30/2012 0.95 6/30/1999 -2.12
9 Years 13.28 22 Years 7.67 6/30/2011 10.93 6/30/1998 9.15
10 Years 11.40 23 Years 7.64 6/30/2010 -2.03 6/30/1997 5.15
11 Years 9.00 24 Years 7.94 6/30/2009 -12.13 6/30/1996 38.98
12 Years 8.20 25 Years 7.90 6/30/2008 -1.24 6/30/1995 4.27
13 Years 8.89 6/30/2007 19.80
The index is a horizon calculation based on data compiled from 303 US venture capital health care funds, including fully liquidated partnerships, formed between 1986 and 2019. All page | 45
US VENTURE CAPITAL HEALTH CARE: FUND SINCE INCEPTION ANALYSIS
VENTURE CAPITAL


1994 6.73 13.30 5.55 12.96 — — — — — 1.32 0.01 1.32 6
1995 10.50 17.15 11.57 17.00 — — — — — 1.70 0.00 1.70 6
1996 8.38 9.29 — 7.93 — — — — — 1.47 0.01 1.47 4
1997 9.63 5.95 -1.34 4.30 43.68 5.95 -4.03 -12.18 20.30 1.41 0.00 1.41 13
1998 4.07 7.62 7.71 8.03 40.41 17.72 -0.66 -25.06 22.33 1.18 0.02 1.20 13
1999 3.51 2.68 2.89 3.19 15.92 8.81 -5.29 -12.51 10.78 1.24 0.01 1.25 9
2000 1.05 2.42 3.57 1.58 13.02 6.02 -2.74 -6.29 7.35 1.01 0.05 1.07 18
2001 2.00 0.21 0.99 1.48 11.39 5.51 -0.42 -14.68 10.80 1.08 0.05 1.13 17
2002 -0.04 1.72 0.84 3.55 12.88 6.90 -3.70 -6.91 7.36 0.97 0.03 1.00 11
2003 1.17 -1.76 3.32 -0.01 10.11 5.97 -8.26 -20.72 11.89 1.02 0.05 1.07 9
2004 4.08 0.97 2.75 2.38 9.26 4.88 -1.45 -14.04 7.65 0.93 0.41 1.35 21
2005 2.81 2.31 2.73 3.35 13.73 4.15 -2.91 -9.58 7.72 0.95 0.24 1.18 17
2006 9.70 7.43 8.57 8.55 19.46 15.34 5.00 -14.16 10.79 1.40 0.30 1.71 19
2007 17.84 17.76 16.18 17.78 32.88 26.19 10.45 3.96 10.55 1.67 0.29 1.95 12
2008 11.41 10.33 7.72 10.42 28.98 15.89 0.23 -2.55 11.71 1.23 0.43 1.66 14
2009 19.87 19.74 16.07 20.24 — — — — — 1.38 0.79 2.17 7
2010 34.67 38.77 39.39 35.31 — — — — — 2.09 0.57 2.66 5
2011 16.01 16.17 — 13.60 — — — — — 0.72 0.86 1.58 4
2012 26.44 15.29 — 14.95 — — — — — 0.84 1.14 1.97 4
2013 39.56 73.32 31.65 33.08 267.68 41.32 24.19 9.65 126.27 0.83 1.63 2.46 8
2014 16.84 32.28 14.92 26.87 107.36 21.01 12.20 8.71 47.21 0.32 1.21 1.53 8
2015 21.13 41.16 19.41 18.39 160.08 27.33 15.52 -6.26 77.54 0.16 1.25 1.41 11
2016 18.53 15.27 15.28 17.67 35.39 20.14 14.47 -7.45 15.19 0.04 1.20 1.23 9
2017 35.52 31.77 16.34 37.88 91.12 52.87 8.26 -7.50 38.96 0.03 1.22 1.25 8
Notes: Based on data compiled from 253 US venture capital health care funds, including fully liquidated partnerships, formed between 1994 and 2017. Internal rates of returns are net of page | 47
fees, expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically rank in
2-3 other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with “—” have an insufficient number of
funds in the vintage year sample to produce a meaningful return.
VENTURE CAPITAL
MSCI ALL MSCI ALL
CA CA COUNTRY CONSTRUCTED CA COUNTRY CONSTRUCTED
BENCHMARK MSCI ALL COUNTRY WORLD CONSTRUCTED INDEX: BENCHMARK WORLD INDEX INDEX: NASDAQ BENCHMARK WORLD INDEX INDEX: NASDAQ
INDEX INDEX (GROSS) NASDAQ COMPOSITE1 INDEX (GROSS) COMPOSITE1 INDEX (GROSS) COMPOSITE1
VINTAGE NUMBER
1994 6 6.73 8.00 -126 16.67 -994 1.32 1.45 1.94 1.32 1.39 1.84
1995 6 10.50 6.36 414 10.19 32 1.70 1.33 1.49 1.70 1.33 1.49
1996 4 8.38 5.98 240 7.12 126 1.47 1.44 1.46 1.47 1.41 1.42
1997 13 9.63 4.22 540 4.23 539 1.41 1.22 1.20 1.41 1.22 1.19
1998 13 4.07 3.81 26 1.97 211 1.20 1.25 1.14 1.18 1.16 1.01
1999 9 3.51 6.41 -290 4.50 -99 1.25 1.53 1.39 1.24 1.50 1.35
2000 18 1.05 7.26 -622 6.81 -576 1.07 1.60 1.67 1.01 1.44 1.42
2001 17 2.00 7.93 -593 8.64 -664 1.13 1.62 1.80 1.08 1.52 1.64
2002 11 -0.04 8.19 -823 9.86 -989 1.00 1.62 1.94 0.97 1.51 1.76
2003 9 1.17 6.62 -546 9.70 -853 1.07 1.51 1.91 1.02 1.39 1.72
2004 21 4.08 6.30 -222 10.82 -674 1.35 1.56 2.24 0.93 1.09 1.43
2005 17 2.81 6.21 -340 11.79 -898 1.18 1.48 2.15 0.95 1.09 1.49
2006 19 9.70 6.70 300 12.66 -296 1.71 1.44 2.03 1.40 1.20 1.63
2007 12 17.84 9.07 877 15.56 228 1.95 1.41 1.83 1.67 1.19 1.50
2008 14 11.41 9.75 166 16.67 -526 1.66 1.54 2.12 1.23 1.14 1.51
2009 7 19.87 9.46 1041 16.64 323 2.17 1.46 1.96 1.38 0.94 1.21
2010 5 34.67 9.65 2502 16.80 1786 2.66 1.32 1.62 2.09 1.05 1.27
2011 4 16.01 8.62 739 15.61 40 1.58 1.30 1.60 0.72 0.56 0.65
2012 4 26.44 8.47 1797 15.00 1145 1.97 1.26 1.50 0.84 0.55 0.64
2013 8 39.56 8.81 3075 15.08 2448 2.46 1.25 1.46 0.83 0.47 0.52
2014 8 16.84 9.55 729 15.54 130 1.53 1.27 1.48 0.32 0.28 0.31
2015 11 21.13 9.91 1122 16.13 501 1.41 1.18 1.30 0.16 0.14 0.16
2016 9 18.53 8.85 968 14.57 396 1.23 1.11 1.18 0.04 0.03 0.04
2017 8 35.52 10.53 2498 15.23 2029 1.25 1.07 1.10 0.03 0.02 0.03
Notes: Based on data compiled from 253 US venture capital health care funds, including fully liquidated partnerships, formed between 1994 and 2017. Internal rates of returns are net of
funds in the vintage year sample to produce a meaningful return. page | 48
Sources: Cambridge Associates LLC, MSCI Inc., and Thomson Reuters Datastream.
VENTURE CAPITAL
CA CA CONSTRUCTED INDEX CA CONSTRUCTED INDEX

BENCHMARK BENCHMARK RUSSELL 2000® HEALTH BENCHMARK RUSSELL 2000® HEALTH
INDEX CONSTRUCTED INDEX RUSSELL 2000® HEALTH CARE1 INDEX CARE1 INDEX CARE1
VINTAGE NUMBER
YEAR OF FUNDS IRR MPME IRR VALUE-ADD TVPI MPME TVPI DPI MPME DPI
1994 6 6.73 9.08 -235 1.32 1.64 1.32 1.52
1995 6 10.50 8.32 219 1.70 1.49 1.70 1.49
1996 4 8.38 9.58 -120 1.47 1.82 1.47 1.75
1997 13 9.63 10.43 -80 1.41 1.59 1.41 1.59
1998 13 4.07 8.78 -470 1.20 1.65 1.18 1.47
1999 9 3.51 7.86 -435 1.25 1.73 1.24 1.69
2000 18 1.05 8.61 -756 1.07 1.87 1.01 1.61
2001 17 2.00 9.72 -772 1.13 1.92 1.08 1.77
2002 11 -0.04 10.96 -1,099 1.00 2.07 0.97 1.90
2003 9 1.17 10.71 -954 1.07 2.04 1.02 1.85
2004 21 4.08 11.08 -700 1.35 2.26 0.93 1.49
2005 17 2.81 11.92 -912 1.18 2.15 0.95 1.54
2006 19 9.70 13.02 -331 1.71 2.05 1.40 1.68
2007 12 17.84 15.96 188 1.95 1.84 1.67 1.54
2008 14 11.41 16.77 -536 1.66 2.09 1.23 1.54
2009 7 19.87 16.91 296 2.17 1.94 1.38 1.25
2010 5 34.67 17.25 1,742 2.66 1.61 2.09 1.29
2011 4 16.01 13.66 235 1.58 1.49 0.72 0.65
2012 4 26.44 11.61 1,483 1.97 1.37 0.84 0.61
2013 8 39.56 11.43 2,813 2.46 1.33 0.83 0.50
2014 8 16.84 11.71 513 1.53 1.34 0.32 0.30
2015 11 21.13 11.53 960 1.41 1.20 0.16 0.16
2016 9 18.53 7.44 1,108 1.23 1.09 0.04 0.04
2017 8 35.52 5.09 3,042 1.25 1.03 0.03 0.03
Notes: Based on data compiled from 253 US venture capital health care funds, including fully liquidated partnerships, formed between 1994 and 2017. Internal rates of returns are net of
2-3 other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with “—” have an insufficient number of page | 49
1 Constructed Index: Data from 1/1/1986 to 6/30/1996 represented by Russell 2000 Health Care (Legacy Sector) total return index. Data from 7/1/1996 to present represented by Russell
2000 Health Care (RGS) total return index.
Sources: Cambridge Associates LLC, Frank Russell Company, and Thomson Reuters Datastream.
VENTURE CAPITAL

1994 1.32 1.67 1.33 — — — — 6
1995 1.70 1.87 1.85 — — — — 6
1996 1.47 1.40 — — — — — 4
1997 1.41 1.22 0.93 2.39 1.47 0.74 0.46 13
1998 1.20 1.44 1.34 3.00 1.49 0.95 0.33 13
1999 1.25 1.22 1.17 2.06 1.65 0.64 0.35 9
2000 1.07 1.10 1.17 1.54 1.46 0.78 0.52 18
2001 1.13 1.10 1.11 1.65 1.36 0.97 0.50 17
2002 1.00 1.15 1.05 2.08 1.33 0.78 0.67 11
2003 1.07 0.99 1.23 1.52 1.39 0.47 0.24 9
2004 1.35 1.18 1.20 2.05 1.45 0.87 0.39 21
2005 1.18 1.20 1.17 1.98 1.26 0.90 0.57 17
2006 1.71 1.63 1.59 2.76 1.97 1.35 0.35 19
2007 1.95 2.00 1.86 3.09 2.24 1.63 1.20 12
2008 1.66 1.55 1.38 2.73 1.93 1.01 0.84 14
2009 2.17 2.16 1.84 — — — — 7
2010 2.66 2.45 2.48 — — — — 5
2011 1.58 1.55 — — — — — 4
2012 1.97 1.56 — — — — — 4
2013 2.46 2.30 2.32 3.22 2.71 1.89 1.32 8
2014 1.53 1.72 1.39 3.02 1.65 1.30 1.24 8
2015 1.41 1.35 1.38 1.69 1.45 1.32 0.88 11
2016 1.23 1.21 1.22 1.52 1.22 1.16 0.92 9
2017 1.25 1.31 1.14 2.22 1.29 1.05 0.90 8
VENTURE CAPITAL

1994 1.32 1.66 1.33 — — — — 6
1995 1.70 1.87 1.85 — — — — 6
1996 1.47 1.39 — — — — — 4
1997 1.41 1.22 0.93 2.39 1.47 0.74 0.46 13
1998 1.18 1.42 1.33 3.00 1.49 0.95 0.33 13
1999 1.24 1.21 1.17 2.05 1.65 0.64 0.35 9
2000 1.01 1.04 1.09 1.54 1.44 0.71 0.40 18
2001 1.08 1.02 0.99 1.65 1.35 0.79 0.41 17
2002 0.97 1.09 0.96 1.80 1.29 0.78 0.67 11
2003 1.02 0.96 1.20 1.52 1.39 0.41 0.20 9
2004 0.93 0.90 0.90 1.45 1.20 0.61 0.27 21
2005 0.95 0.97 1.04 1.46 1.15 0.82 0.34 17
2006 1.40 1.33 1.37 2.07 1.67 1.17 0.28 19
2007 1.67 1.72 1.61 2.98 1.97 1.33 0.74 12
2008 1.23 1.16 1.06 2.64 1.60 0.49 0.26 14
2009 1.38 1.36 1.37 — — — — 7
2010 2.09 1.94 1.95 — — — — 5
2011 0.72 0.66 — — — — — 4
2012 0.84 0.53 — — — — — 4
2013 0.83 0.75 0.79 1.41 1.14 0.29 0.11 8
2014 0.32 0.32 0.25 0.83 0.33 0.18 0.01 8
2015 0.16 0.19 0.11 0.56 0.25 0.02 0.00 11
2016 0.04 0.04 0.00 0.17 0.04 0.00 0.00 9
2017 0.03 0.04 0.00 0.20 0.00 0.00 0.00 8
VENTURE CAPITAL

1994 0.01 0.01 0.00 — — — — 6
1995 0.00 0.00 0.00 — — — — 6
1996 0.01 0.01 — — — — — 4
1997 0.00 0.00 0.00 0.00 0.00 0.00 0.00 13
1998 0.02 0.02 0.00 0.10 0.01 0.00 0.00 13
1999 0.01 0.00 0.00 0.01 0.00 0.00 0.00 9
2000 0.05 0.06 0.00 0.21 0.12 0.00 0.00 18
2001 0.05 0.08 0.01 0.42 0.12 0.00 0.00 17
2002 0.03 0.07 0.00 0.33 0.04 0.00 0.00 11
2003 0.05 0.04 0.01 0.12 0.05 0.00 0.00 9
2004 0.41 0.28 0.16 1.06 0.39 0.00 0.00 21
2005 0.24 0.23 0.13 0.61 0.29 0.07 0.02 17
2006 0.30 0.30 0.20 0.83 0.38 0.14 0.00 19
2007 0.29 0.28 0.36 0.48 0.41 0.16 0.01 12
2008 0.43 0.38 0.38 0.90 0.65 0.08 0.00 14
2009 0.79 0.80 0.75 — — — — 7
2010 0.57 0.51 0.48 — — — — 5
2011 0.86 0.89 — — — — — 4
2012 1.14 1.03 — — — — — 4
2013 1.63 1.55 1.60 2.06 1.73 1.28 1.04 8
2014 1.21 1.40 1.14 2.31 1.54 1.10 0.93 8
2015 1.25 1.16 1.26 1.56 1.30 0.97 0.72 11
2016 1.20 1.16 1.18 1.52 1.22 0.97 0.92 9
2017 1.22 1.28 1.08 2.22 1.29 0.99 0.84 8
US VENTURE CAPITAL HEALTH CARE: COMPANY ANALYSIS
53
VENTURE CAPITAL

By Industry
SUBGROUP 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Biotechnology/Biopharm/R&D — 8.95 6.87 20.18 9.18 3.66 7.26 18.77 12.99 31.64 24.61 40.82 58.08 105.52 53.68 44.67 31.63 46.72
Health Care Devices 5.81 1.81 4.73 3.37 -0.61 -3.49 4.26 1.49 1.71 0.59 12.88 3.82 9.14 -8.15 9.22 44.73 26.81 14.16
Health Care Services 14.20 17.05 -3.46 23.15 20.55 16.43 7.07 0.09 12.85 41.88 5.62 26.45 20.27 21.35 15.76 22.02 23.85 -15.82
Health Care Software/Systems -2.55 11.77 -20.81 0.94 — 2.57 3.51 24.04 11.78 2.48 6.12 29.70 5.47 19.14 55.79 23.27 29.41 19.42
Pharmaceuticals 19.53 12.56 10.97 11.93 7.85 -3.96 5.06 19.39 11.03 19.99 24.07 12.71 41.71 56.12 38.54 19.66 33.71 33.88
TOTAL HEALTH CARE 4.99 8.67 5.41 13.81 7.10 1.60 5.90 14.20 9.20 20.94 19.86 26.06 38.88 73.66 40.87 35.62 30.23 39.66
NON – HEALTH CARE RELATED -19.87 -13.60 -2.38 — 11.18 8.21 -9.04 -18.29 -13.87 3.53 25.09 11.12 5.12 10.76 54.98 100.84 145.63 13.70
ALL COMPANIES 3.68 8.57 5.08 13.81 7.21 1.87 5.78 13.57 8.89 20.04 19.95 25.21 36.97 69.44 41.72 35.95 30.53 39.19
NUMBER OF COMPANIES 285 267 232 202 237 298 329 349 270 207 203 196 167 152 151 169 166 172

VENTURE CAPITAL

By GICS Industry Groups
SUBGROUP 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Health Care Equipment & Services 3.03 5.45 2.22 4.05 2.52 -0.30 4.31 1.22 3.97 9.40 10.25 15.66 11.27 5.42 18.19 26.55 25.84 10.72
Pharmaceuticals, Biotechnology &
7.34 10.09 6.01 19.53 8.85 2.57 7.39 19.57 13.86 29.99 25.17 32.40 60.96 105.74 48.62 36.07 31.89 44.48
Life Sciences
TOTAL HEALTH CARE 5.35 8.78 4.96 14.14 7.06 1.57 6.05 14.44 9.63 22.28 20.09 26.36 36.98 72.81 42.04 34.67 30.23 39.22
NON – HEALTH CARE RELATED -23.59 1.70 7.96 -7.87 13.29 9.20 -8.45 -5.80 -6.05 -7.91 15.02 4.08 36.93 20.18 38.27 65.91 137.95 38.41
ALL COMPANIES 3.68 8.57 5.08 13.81 7.21 1.87 5.78 13.57 8.89 20.04 19.95 25.21 36.97 69.44 41.72 35.95 30.53 39.19
NUMBER OF COMPANIES 285 267 232 202 237 298 329 349 270 207 203 196 167 152 151 169 166 172

EUROPE DEVELOPED VENTURE CAPITAL: FUND INDEX ANALYSIS
VENTURE CAPITAL
EUROPE DEVELOPED VENTURE CAPITAL AS OF JUNE 30, 2019

EX US VENTURE CAPITAL INDEX1 4.32 8.14 11.22 17.22 18.42 17.03 13.21 11.08 10.48
EUROPE DEVELOPED VENTURE CAPITAL INDEX (US$)1 7.84 14.03 23.47 20.95 13.84 13.00 9.86 8.85 8.14
EUROPE DEVELOPED VENTURE CAPITAL INDEX (€)1 6.34 14.49 26.63 19.74 18.47 15.36 10.59 8.82 8.51
MSCI Emerging Markets Index (gross) 0.74 10.76 1.61 11.06 2.87 6.17 9.06 7.59 5.85
MSCI Europe Index (US$) (net) 4.48 15.80 1.88 9.11 1.27 6.99 5.40 4.11 6.96
MSCI Europe Index (€) (net) 3.01 16.24 4.45 8.21 5.07 9.24 5.87 3.59 7.27
MSCI Pacific Index (net) 2.43 11.17 -0.17 9.38 4.29 6.90 5.29 3.80 2.25
MSCI World Ex US Index (net) 3.79 14.64 1.29 9.01 2.04 6.75 5.44 4.16 5.01
MSCI World Index (net) 4.00 16.98 6.33 11.77 6.60 10.72 7.03 4.78 7.07
Russell 1000® Index 4.25 18.84 10.02 14.15 10.45 14.77 8.94 6.19 10.09
Russell 2000® Index 2.10 16.98 -3.31 12.30 7.06 13.45 8.15 7.77 9.26
S&P 500 Index 4.30 18.54 10.42 14.19 10.71 14.70 8.75 5.90 9.97
The index is a horizon calculation based on data compiled from 147 Europe developed venture capital funds, including fully liquidated partnerships, formed between 1986 and 2018.
page | 57
Sources: Cambridge Associates LLC, Bloomberg Barclays, Dow Jones Indices, Frank Russell Company, MSCI Inc., Standard & Poor’s and Thomson Reuters Datastream.
MSCI data provided “as is” without any express or implied warranties. Total returns for MSCI Emerging Markets Indices are gross of dividend taxes. Total Returns for MSCI Developed
Markets Indices are net of dividend taxes.
VENTURE CAPITAL


1994 Q1 9.87 2000 Q3 5.07 2007 Q1 5.41 2013 Q3 8.12
1994 Q2 -4.51 2000 Q4 56.95 2007 Q2 4.05 2013 Q4 10.03
1994 Q3 2.66 2001 Q1 -16.62 2007 Q3 1.26 2014 Q1 6.75
1994 Q4 9.09 2001 Q2 -4.65 2007 Q4 0.69 2014 Q2 3.33
1995 Q1 8.43 2001 Q3 -7.37 2008 Q1 3.06 2014 Q3 -4.73
1995 Q2 3.38 2001 Q4 -13.69 2008 Q2 -0.15 2014 Q4 3.19
1995 Q3 4.46 2002 Q1 -6.76 2008 Q3 -11.89 2015 Q1 1.72
1995 Q4 -17.52 2002 Q2 -0.31 2008 Q4 -13.22 2015 Q2 8.15
1996 Q1 -1.69 2002 Q3 -6.53 2009 Q1 -3.83 2015 Q3 1.58
1996 Q2 -0.09 2002 Q4 -6.76 2009 Q2 3.26 2015 Q4 1.44
1996 Q3 -10.69 2003 Q1 -1.06 2009 Q3 2.22 2016 Q1 0.17
1996 Q4 12.60 2003 Q2 -4.89 2009 Q4 0.09 2016 Q2 -1.80
1997 Q1 3.15 2003 Q3 1.91 2010 Q1 -4.06 2016 Q3 3.60
1997 Q2 -20.14 2003 Q4 1.21 2010 Q2 -6.47 2016 Q4 -2.51
1997 Q3 6.94 2004 Q1 -1.84 2010 Q3 11.32 2017 Q1 2.77
1997 Q4 31.94 2004 Q2 -2.67 2010 Q4 4.78 2017 Q2 8.43
1998 Q1 -9.35 2004 Q3 1.99 2011 Q1 8.33 2017 Q3 5.36
1998 Q2 -5.23 2004 Q4 8.94 2011 Q2 4.22 2017 Q4 4.86
1998 Q3 -6.62 2005 Q1 -5.40 2011 Q3 -2.48 2018 Q1 10.80
1998 Q4 58.84 2005 Q2 -2.29 2011 Q4 -1.44 2018 Q2 4.19
1999 Q1 -5.66 2005 Q3 6.62 2012 Q1 5.03 2018 Q3 5.85
1999 Q2 -9.68 2005 Q4 5.06 2012 Q2 0.57 2018 Q4 2.30
1999 Q3 3.06 2006 Q1 7.74 2012 Q3 2.06 2019 Q1 5.74
1999 Q4 27.50 2006 Q2 6.71 2012 Q4 3.47 2109 Q2 7.84
2000 Q1 11.79 2006 Q3 -0.41 2013 Q1 -0.12
2000 Q2 4.24 2006 Q4 7.63 2013 Q2 4.94
The index is a horizon calculation based on data compiled from 147 Europe developed venture capital funds, including fully liquidated partnerships, formed between 1986 and 2018. All page | 58
VENTURE CAPITAL


1 Year 23.47 14 Years 10.26 6/30/2019 23.47 6/30/2006 28.82
2 Years 25.59 15 Years 9.86 6/30/2018 27.57 6/30/2005 1.91
3 Years 20.95 16 Years 9.40 6/30/2017 12.57 6/30/2004 -2.05
4 Years 15.58 17 Years 8.50 6/30/2016 1.38 6/30/2003 -17.61
5 Years 13.84 18 Years 7.53 6/30/2015 7.62 6/30/2002 -24.80
6 Years 16.93 19 Years 8.19 6/30/2014 31.39 6/30/2001 40.32
7 Years 15.89 20 Years 8.85 6/30/2013 10.69 6/30/2000 50.98
8 Years 13.81 21 Years 9.16 6/30/2012 1.55 6/30/1999 31.39
9 Years 15.88 22 Years 9.70 6/30/2011 31.81 6/30/1998 33.36
10 Years 13.00 23 Years 8.60 6/30/2010 -8.29 6/30/1997 -17.07
11 Years 8.97 24 Years 7.68 6/30/2009 -23.61 6/30/1996 -15.45
12 Years 8.64 25 Years 8.14 6/30/2008 4.90 6/30/1995 25.79
13 Years 9.23 6/30/2007 17.86
VENTURE CAPITAL
EUROPE DEVELOPED VENTURE CAPITAL € AS OF JUNE 30, 2019


1994 Q1 5.14 2000 Q3 13.86 2007 Q1 4.43 2013 Q3 3.82
1994 Q2 -8.18 2000 Q4 50.40 2007 Q2 2.56 2013 Q4 8.10
1994 Q3 0.04 2001 Q1 -11.39 2007 Q3 -3.87 2014 Q1 6.73
1994 Q4 10.11 2001 Q2 -0.38 2007 Q4 -2.06 2014 Q2 4.02
1995 Q1 0.03 2001 Q3 -13.83 2008 Q1 -4.93 2014 Q3 3.25
1995 Q2 3.15 2001 Q4 -11.78 2008 Q2 0.40 2014 Q4 7.72
1995 Q3 5.98 2002 Q1 -4.87 2008 Q3 -1.14 2015 Q1 14.67
1995 Q4 -18.18 2002 Q2 -12.02 2008 Q4 -12.52 2015 Q2 4.20
1996 Q1 0.51 2002 Q3 -6.63 2009 Q1 0.63 2015 Q3 1.38
1996 Q2 1.64 2002 Q4 -12.34 2009 Q2 -2.25 2015 Q4 4.25
1996 Q3 -10.73 2003 Q1 -4.83 2009 Q3 -1.91 2016 Q1 -4.50
1996 Q4 13.53 2003 Q2 -9.56 2009 Q4 1.99 2016 Q2 0.73
1997 Q1 12.04 2003 Q3 0.32 2010 Q1 1.74 2016 Q3 2.42
1997 Q2 -17.05 2003 Q4 -6.66 2010 Q2 3.27 2016 Q4 3.86
1997 Q3 8.38 2004 Q1 0.78 2010 Q3 -0.12 2017 Q1 1.35
1997 Q4 32.75 2004 Q2 -1.81 2010 Q4 6.62 2017 Q2 1.68
1998 Q1 -6.63 2004 Q3 -0.10 2011 Q1 2.44 2017 Q3 1.66
1998 Q2 -7.49 2004 Q4 -0.47 2011 Q2 2.00 2017 Q4 3.24
1998 Q3 -13.43 2005 Q1 -1.16 2011 Q3 5.40 2018 Q1 8.14
1998 Q4 57.62 2005 Q2 4.91 2011 Q4 1.85 2018 Q2 9.77
1999 Q1 2.60 2005 Q3 7.06 2012 Q1 2.38 2018 Q3 6.40
1999 Q2 -5.45 2005 Q4 7.39 2012 Q2 5.56 2018 Q4 3.96
1999 Q3 -0.18 2006 Q1 5.03 2012 Q3 0.64 2019 Q1 7.66
1999 Q4 35.46 2006 Q2 1.01 2012 Q4 0.97 2019 Q2 6.34
2000 Q1 17.23 2006 Q3 0.52 2013 Q1 2.57
2000 Q2 3.74 2006 Q4 3.37 2013 Q2 3.65
VENTURE CAPITAL


1 Year 26.63 14 Years 10.96 6/30/2019 26.63 6/30/2006 21.81
2 Years 25.42 15 Years 10.59 6/30/2018 24.32 6/30/2005 3.57
3 Years 19.74 16 Years 9.86 6/30/2017 9.61 6/30/2004 -7.25
4 Years 14.83 17 Years 8.32 6/30/2016 1.71 6/30/2003 -29.58
5 Years 18.47 18 Years 6.75 6/30/2015 32.83 6/30/2002 -36.05
6 Years 19.60 19 Years 7.94 6/30/2014 24.58 6/30/2001 62.56
7 Years 17.65 20 Years 8.82 6/30/2013 8.08 6/30/2000 61.95
8 Years 17.41 21 Years 9.13 6/30/2012 15.96 6/30/1999 30.29
9 Years 16.65 22 Years 9.76 6/30/2011 11.32 6/30/1998 37.16
10 Years 15.36 23 Years 9.14 6/30/2010 5.18 6/30/1997 -6.09
11 Years 12.17 24 Years 8.37 6/30/2009 -14.85 6/30/1996 -11.38
12 Years 10.24 25 Years 8.51 6/30/2008 -10.01 6/30/1995 13.68
13 Years 10.32 6/30/2007 11.48
EUROPE DEVELOPED VENTURE CAPITAL: FUND SINCE INCEPTION ANALYSIS
VENTURE CAPITAL


1994 16.69 16.96 — 18.21 — — — — — 2.43 0.01 2.44 3
1995 — — — — — — — — — — — — 0
1996 — — — — — — — — — — — — 2
1997 14.86 22.85 — 42.93 — — — — — 1.69 0.00 1.69 4
1998 -3.05 -2.09 -6.54 3.05 — — — — — 0.84 0.00 0.85 7
1999 -0.87 -1.06 -1.73 -0.77 3.61 2.90 -4.73 -5.20 3.91 0.91 0.02 0.93 10
2000 0.86 -6.95 -2.57 -1.12 12.82 4.31 -7.11 -28.71 25.01 1.02 0.04 1.06 20
2001 0.71 -1.14 1.68 1.30 — — — — — 0.95 0.10 1.06 6
2002 4.96 2.97 — 3.31 — — — — — 1.30 0.01 1.31 3
2003 — — — — — — — — — — — — 0
2004 12.98 12.06 — 13.55 — — — — — 2.18 0.21 2.40 3
2005 5.12 1.20 3.99 2.45 12.31 8.37 -3.57 -15.60 10.90 0.97 0.43 1.40 8
2006 7.26 5.95 8.07 8.33 19.41 11.41 -2.73 -7.17 10.37 1.31 0.31 1.63 8
2007 8.19 4.98 3.40 7.08 — — — — — 1.19 0.50 1.69 5
2008 14.61 13.16 — 13.49 — — — — — 1.08 1.20 2.28 3
2009 18.78 14.76 17.60 15.16 — — — — — 1.58 0.96 2.54 5
2010 — — — — — — — — — — — — 1
2011 30.07 27.47 30.31 26.52 — — — — — 0.69 2.30 2.99 5
2012 17.59 17.04 13.38 17.23 — — — — — 0.72 1.11 1.83 6
2013 14.27 20.07 17.59 17.61 46.73 26.89 6.11 3.00 16.51 0.11 1.52 1.63 10
2014 12.63 9.39 5.57 8.96 — — — — — 0.09 1.30 1.39 7
2015 35.32 48.79 23.33 31.60 161.54 38.61 20.52 12.29 68.92 0.17 1.46 1.63 10
2016 28.95 16.94 12.48 22.05 — — — — — 0.00 1.41 1.41 6
2017 15.27 -5.67 — 18.32 — — — — — 0.00 1.10 1.10 4
Notes: Based on data compiled from 136 Europe Developed venture capital funds, including fully liquidated partnerships, formed between 1994 and 2017. Internal rates of returns are page | 63
net of fees, expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically
rank in 2-3 other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with “—” have an insufficient number
of funds in the vintage year sample to produce a meaningful return.
VENTURE CAPITAL


1994 20.58 20.69 — 22.22 — — — — — 2.71 0.01 2.72 3
1995 — — — — — — — — — — — — 0
1996 — — — — — — — — — — — — 2
1997 13.54 23.38 — 51.50 — — — — — 1.53 0.00 1.53 4
1998 -6.04 -4.64 -8.81 -0.33 — — — — — 0.72 0.00 0.72 7
1999 -4.20 -4.17 -4.69 -3.76 0.93 0.07 -7.67 -8.74 4.17 0.67 0.02 0.69 10
2000 -1.31 -9.14 -4.03 -3.18 11.31 2.61 -10.68 -30.18 24.31 0.87 0.04 0.91 20
2001 0.13 -2.38 1.55 0.35 — — — — — 0.90 0.11 1.01 6
2002 3.38 1.75 — 1.81 — — — — — 1.20 0.01 1.22 3
2003 — — — — — — — — — — — — 0
2004 13.42 12.53 — 14.26 — — — — — 2.33 0.25 2.57 3
2005 6.42 2.41 5.48 4.03 12.71 9.41 -2.04 -14.02 10.53 1.04 0.51 1.55 8
2006 9.37 7.86 9.24 10.35 21.83 13.73 -0.81 -5.21 10.53 1.50 0.38 1.88 8
2007 10.55 7.37 6.33 9.55 — — — — — 1.36 0.59 1.95 5
2008 17.46 15.91 — 15.66 — — — — — 1.24 1.41 2.65 3
2009 21.91 17.39 18.27 17.90 — — — — — 1.79 1.11 2.90 5
2010 — — — — — — — — — — — — 1
2011 33.35 31.76 33.56 29.32 — — — — — 0.74 2.52 3.26 5
2012 19.68 19.18 16.02 19.36 — — — — — 0.75 1.18 1.93 6
2013 15.52 21.32 19.23 18.72 48.35 28.56 6.98 3.21 16.99 0.11 1.57 1.68 10
2014 13.18 9.85 6.31 10.12 — — — — — 0.10 1.31 1.41 7
2015 35.18 46.94 23.02 30.63 151.19 38.43 20.19 12.88 62.18 0.17 1.47 1.64 10
2016 29.12 17.64 13.17 22.68 — — — — — 0.00 1.41 1.41 6
2017 18.29 -3.03 — 20.35 — — — — — 0.00 1.12 1.12 4
Notes: Based on data compiled from 136 Europe Developed venture capital funds, including fully liquidated partnerships, formed between 1994 and 2017. Internal rates of returns are page | 64
net of fees, expenses and carried interest. CA research shows that most funds take at least six years to settle into their final quartile ranking, and previous to this settling they typically
rank in 2-3 other quartiles; therefore fund or benchmark performance metrics from more recent vintage years may be less meaningful. Benchmarks with “—” have an insufficient number
of funds in the vintage year sample to produce a meaningful return.
VENTURE CAPITAL
DESCRIPTION OF PERFORMANCE MEASUREMENT METHODOLOGY AS OF JUNE 30, 2019
Cambridge Associates LLC (CA) has established a database to monitor investments made by venture capital and other alternative asset
partnerships. On June 30, 2019, 2,353 venture capital funds from the years 1981 through 2019 were included in the sample. Users of the
analysis may find the following description of the data sources and calculation techniques helpful to their interpretation of information
presented in the report:
Partnership financial statements and narratives are the primary source of information concerning cash flows and ending residual/ net asset
values (NAV) for both partnerships and portfolio company investments.
Recognizing the alternative asset community's sensitivity to the distribution of information pertaining to individual fund investments, as a
matter of policy CA only releases aggregated figures in its benchmark report.
Vintage year is defined as the legal inception date as noted in a fund's financial statement. This date can usually be found in the first note to
the audited financial statements and is prior to the first close or capital call.
CA uses both the since inception internal rate of return and the end-to-end or horizon performance calculation in its benchmark reports:
The since inception internal rate of return (SI IRR) is a since inception calculation that solves for the discount rate, which makes the
net present value of an investment equal to zero. The calculation is based on cash-on-cash returns over equal periods modified for the
residual value of the partnership’s equity or portfolio company’s NAV. The residual value attributed to each respective group being
measured is incorporated as its ending value. Transactions are accounted for on a quarterly basis, and annualized values are used for
reporting purposes. Please note that all transactions are recorded on the 45th day or midpoint of the quarter.
Cambridge Associates uses the end-to-end or horizon internal rate of return calculation to calculate the official quarterly, annual, and
multi-year index figures. The horizon IRR performance calculation is a money-weighted return similar to the since inception IRR;
however, it is measuring performance between two points in time. The calculation incorporates the beginning NAV (if any, treated as
an inflow), interim cash flows and the ending NAV (if any, treated as an outflow). All interim cash flows are recorded on the mid-period
date of the quarter. In order for a fund to be included in a horizon IRR calculation, the fund must have at least one quarterly
contribution, distribution or NAV during the time frame being measured. Similar to the since inception IRR, the horizon IRR is
annualized for time frames greater than one year.
page | 65
VENTURE CAPITAL
DESCRIPTION OF PERFORMANCE MEASUREMENT METHODOLOGY AS OF JUNE 30, 2019
Additional Calculation Definitions:

In order to provide meaningful statistics, Cambridge Associates has applied minimum fund count thresholds for each calculation. See
minimum counts in parenthesis after each calculation.
Pooled return aggregates all cash flows and ending NAVs in a sample to calculate a dollar-weighted return. (minimum 3 funds)
Arithmetic mean averages the individual fund IRRs included in a vintage year. (minimum 3 funds)
Median is the middle fund IRR of the group of individual fund IRRs included in a vintage year. (minimum 5 funds)
Equal-weighted pooled return equally weights all cash flows and ending NAVs based on committed capital to calculate a dollar-
weighted return. (minimum 3 funds)
Upper/ lower quartile are the thresholds for the upper (top 25%) and lower (bottom 25%) quartiles based on the individual fund
IRRs included in a vintage year. Can be used in conjunction with the median to determine quartile placement. (minimum 8 funds)
Top 5 percent/ bottom 5 percent are the thresholds for the upper and lower 5th percentiles based on the individual fund IRRs
included in a vintage year. (minimum 8 funds)
Standard deviation is a measure of the dispersion of the individual returns. The calculation employs the standard methodology for
calculating a sample mean (not a population mean). (minimum 8 funds)
Realization ratio exhibits (TVPI, DPI, RVPI): CA has independently calculated the proper realization ratio for each fund in each vintage year.
Please note that each fund has been ranked within its respective vintage year by the corresponding realization ratio, as opposed to being
ranked by IRR as they are ranked in the since inception IRR exhibit. As a result a fund's ranking within its vintage year may change. For
example, it is possible that a vintage year can have a different median fund when ranked by IRR vs. when ranked by TVPI, DPI or RVPI.
Cambridge Associates Modified Public Market Equivalent (mPME): The mPME calculation is a private-to-public comparison that seeks to
replicate private investment performance under public market conditions. The public index’s shares are purchased and sold according to the
private fund cash flow schedule, with distributions calculated in the same proportion as the private fund, and the mPME NAV (the value of the
shares held by the public equivalent) is a function of mPME cash flows and public index returns. The mPME attempts to evaluate what return
would have been earned had the dollars been deployed in the public markets instead of in private investments while avoiding the “negative
NAV” issue inherent in some PME methodologies. “Value-Add” shows (in basis points) the difference between the actual private investment
return and the mPME calculated return.
Exhibits detailing data for portfolio companies are grouped by year of the fund’s initial investment in a company, as opposed to vintage year.
Returns are gross returns.
page | 66
Copyright © 2019 by Cambridge Associates (“CA”). All rights reserved. Confidential.
This report may not be displayed, reproduced, distributed, transmitted, or used to create derivative works in any form, in whole or in portion,
by any means, without written permission from CA. Copying of this publication is a violation of US and global copyright laws (e.g., 17 USC. 101
et seq.). Violators of this copyright may be subject to liability for substantial monetary damages. The information and material published in
this report are confidential and non-transferable. Therefore, recipients may not disclose any information or material derived from this report
to third parties, or use information or material from this report, without prior written authorization. This report is provided for informational
purposes only. It is not intended to constitute an offer of securities of any of the issuers that may be described in the report. No part of this
report is intended as a recommendation of any firm or any security, unless expressly stated otherwise. Nothing contained in this report
should be construed as the provision of tax or legal advice. Past performance is not indicative of future performance. Any information or
opinions provided in this report are as of the date of the report and CA is under no obligation to update the information or communicate that
any updates have been made. Information contained herein may have been provided by third parties, including investment firms providing
information on returns and assets under management, and may not have been independently verified. CA can neither assure nor accept
responsibility for accuracy, but substantial legal liability may apply to misrepresentations of results made by a manager that are delivered to
CA electronically, by wire, or through the mail. Managers may report returns to CA gross (before the deduction of management fees), net
(after the deduction of management fees), or both.
CA includes the following: Cambridge Associates, LLC, a Massachusetts limited liability company with offices in Arlington, VA; Boston, MA;
Dallas, TX; Menlo Park, CA; and San Francisco, CA. Cambridge Associates Fiduciary Trust, LLC, a New Hampshire limited liability company
chartered to serve as a non-depository trust company, and a wholly-owned subsidiary of Cambridge Associates, LLC. Cambridge Associates
Limited, a limited company in England and Wales (Registration No. 06135829) authorised and regulated by the Financial Conduct Authority
in the conduct of Investment Business. Cambridge Associates Limited, LLC, a Massachusetts limited liability company with a branch office in
Sydney, Australia (ARBN 109 366 654). Cambridge Associates Asia Pte Ltd, a Singapore corporation (Registration No. 200101063G).
Cambridge Associates Investment Consultancy (Beijing) Ltd, a wholly owned subsidiary of Cambridge Associates, LLC registered with the
Beijing Administration for Industry and Commerce (Registration No. 110000450174972).

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VENTURE CAPITAL

INDEX AND BENCHMARK STATISTICS

JUNE 30, 2019

Institutional Quality Data

Sources of Benchmark Data

Vintage Year Definition

VENTURE CAPITAL (US & EX US)

Fund Index Analysis 6

VENTURE CAPITAL (US ONLY)

Fund Index Analysis 18

VENTURE CAPITAL: HEALTH CARE (US ONLY)

EUROPE DEVELOPED VENTURE CAPITAL (USD & EUR)

Fund Index Analysis 56

FUND INDEX SUMMARY: HORIZON POOLED RETURN

CA INDEX 1-YEAR 3-YEAR 5-YEAR 10-YEAR 15-YEAR 20-YEAR 25-YEAR

Value-Add (bps) 1,774 691 1,253 803 629 808 2,256

Value-Add (bps) 1,690 690 1,347 790 617 799 2,130

Value-Add (bps) 856 168 428 9 256 555 1,796

Value-Add (bps) 1,000 184 480 6 247 530 1,794

FUND INDEX DETAILS: ONE QUARTER HORIZON POOLED RETURN

QUARTER HORIZON QUARTER HORIZON QUARTER HORIZON QUARTER HORIZON

FUND INDEX DETAILS: HORIZON POOLED RETURN

MULTI-YEAR RETURNS ONE YEAR ROLLING RETURNS

HORIZON HORIZON ONE YEAR HORIZON ONE YEAR HORIZON

SINCE INCEPTION IRR & MULTIPLES BY FUND VINTAGE YEAR

POOLED ARITHMETIC EQUAL-WEIGHTED UPPER LOWER STANDARD

TOTAL VALUE TO PAID IN CAPITAL MULTIPLE (TVPI)

DISTRIBUTION TO PAID IN CAPITAL MULTIPLE (DPI)

RESIDUAL VALUE TO PAID IN CAPITAL MULTIPLE (RVPI)

FUND INDEX SUMMARY: HORIZON POOLED RETURN

CA INDEX 1-YEAR 3-YEAR 5-YEAR 10-YEAR 15-YEAR 20-YEAR 25-YEAR

Value-Add (bps) 1,148 126 335 -49 235 633 2,447

Value-Add (bps) 2,520 292 697 24 290 514 2,477

Value-Add (bps) 1,292 140 388 -54 225 606 2,444

Constructed Index: NASDAQ Composite Price Index/NASDAQ Composite Total

Value-Add (bps) 1,419 -435 8 -297 47 481 2,260

FUND INDEX DETAILS: ONE QUARTER HORIZON POOLED RETURN

QUARTER HORIZON QUARTER HORIZON QUARTER HORIZON QUARTER HORIZON

FUND INDEX DETAILS: HORIZON POOLED RETURN

MULTI-YEAR RETURNS ONE YEAR ROLLING RETURNS

HORIZON HORIZON ONE YEAR HORIZON ONE YEAR HORIZON

SINCE INCEPTION IRR & MULTIPLES BY FUND VINTAGE YEAR

POOLED ARITHMETIC EQUAL-WEIGHTED UPPER LOWER STANDARD

TOTAL VALUE TO PAID IN CAPITAL MULTIPLE (TVPI)

DISTRIBUTION TO PAID IN CAPITAL MULTIPLE (DPI)

RESIDUAL VALUE TO PAID IN CAPITAL MULTIPLE (RVPI)

SINCE INCEPTION IRR BASED ON FUND CAPITALIZATION

ALL FUNDS <=$50MM >$50MM<=$150MM >$150MM

1994 59.35 40 25.16 15 49.01 22 89.63 3

SINCE INCEPTION IRR BASED ON FUND INITIAL STAGE

ALL FUNDS EARLY STAGE LATE & EXPANSION STAGE MULTI-STAGE

1994 59.35 40 71.73 28 22.44 5 42.54 7

SINCE INCEPTION IRR BASED ON FUND INDUSTRY

ALL FUNDS FOCUSED MULTI-INDUSTRY

1994 59.35 40 63.77 30 40.08 10

SINCE INCEPTION IRR BASED ON FUND REGION

ALL FUNDS FOCUSED MULTI-REGION

1994 59.35 40 79.44 24 27.66 16

SINCE INCEPTION IRR BASED ON COMPANY INITIAL INVESTMENT YEAR

POOLED GROSS IRR (%) OF COMPANIES RECEIVING INITIAL INVESTMENT IN:

*See following exhibit for industry subgroups. page | 35

SINCE INCEPTION IRR BASED ON COMPANY INITIAL INVESTMENT YEAR