2023_Annual_Global_Private_Market_Fundraising_Report_Summary_XLS

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Contents
Private capital PE
fu Private capital fundraising 1 PE fundraising 10
ca Private capital overhang 2 PE overhang 11
fir Private capital first-time 3 PE first-time 12
maPrivate capital manager exp 4 PE manager exp 13
byPrivate capital by size 5 PE by size 14
byPrivate capital by region 6 PE by region 15
byPrivate capital by type 7 PE by type 16
fu Private capital fund timing 8 PE fund timing 17
fu Private capital fund fees 9 PE fund fees 18

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VC Real estate
VC fundraising 19 Real estate fundraising 27
VC overhang 20 Real estate overhang 28
VC first-time 21 Real estate first-time 29
VC manager exp 22 Real estate manager exp 30
VC by size 23 Real estate by size 31
VC by region 24 Real estate by region 32
VC fund timing 25 Real estate by type 33
VC fund fees 26 Real estate fund timing 34
Real estate fund fees 35
Real assets Debt
Real assets fundraising 36 Debt fundraising 45
Real assets overhang 37 Debt overhang 46
Real assets first-time 38 Debt first-time 47
Real assets manager exp 39 Debt manager exp 48
Real assets by size 40 Debt by size 49
Real assets by region 41 Debt by region 50
Real assets by type 42 Debt by type 51
Real assets fund timing 43 Debt fund timing 52
Real assets fund fees 44 Debt fund fees 53
FoF Secondaries
FoF fundraising 54 Secondaries fundraising 63
FoF overhang 55 Secondaries overhang 64
FoF first-time 56 Secondaries first-time 65
FoF manager exp 57 Secondaries manager exp 66
FoF by size 58 Secondaries by size 67
FoF by region 59 Secondaries by region 68
FoF by type 60 Secondaries by type 69
FoF fund timing 61 Secondaries fund timing 70
FoF fund fees 62 Secondaries fund fees 71
Private capital fundraising activity
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Capital raised ($B) $753.7 $397.0 $376.7 $452.8 $509.4 $658.5 $778.0 $887.3 $1,002.0 $1,220.5
Fund count 1,995 1,501 1,643 1,920 2,261 2,579 3,723 4,425 4,811 5,188
###
7,066
5,558 5,664
5,350 5,443
5,188
4,811
4,425
3,723
2,797
2,579
2,261
1,995 1,920
1,501 1,643
$1,002.0
$1,220.5
$1,343.6
$1,463.1
$1,373.8
$1,716.8
$1,483.5
$1,175.5
$753.7
$397.0
$376.7
$452.8
$509.4
$658.5
$778.0
$887.3
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Capital raised ($B) Fund count

2018 2019 2020 2021 2022 2023*
$1,343.6 $1,463.1 $1,373.8 $1,716.8 $1,483.5 $1,175.5
5,558 5,350 5,664 7,066 5,443 2,797
7,066
5,664
5,443
2,797
$1,373.8
$1,716.8
$1,483.5
$1,175.5
2020 2021 2022 2023

Capital overhang ($B) by vintage
2006 2007 2008 2009 2010
Cumulative dry powder ($B) $1,109.2 $1,385.2 $1,504.7 $1,445.7 $1,414.2
*As of 6/30/2023
$4,500
$4,000 2016 2017 2018 2019

2006
2007
$3,500
2008
2009
$3,000
2010
2011
$2,500
2012
$2,004.1
2013
$2,000 $1,808.4
2014 $1,680.4
$1,504.7 $1,445.7
2015
$1,500 $1,385.2 $1,414.2 $1,439.0 $1,495.3
2016 $1,109.2
2017
$1,000
2018
2019
$500
2020
2021$0 Cumulative overhang
2022 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
2023* $88.5 $126.3 $177.7 $244.5
Capital overhang ($B) by vintage, size bucket

2016 2017 2018 2019 2020
<$250M $13.1 $18.2 $25.8 $45.7 $66.2
$250M-$499M $11.4 $12.6 $16.0 $27.5 $45.2
$500M-$1B $12.3 $13.8 $28.3 $29.4 $59.1
$1B+ $51.7 $81.7 $107.6 $141.8 $322.1
Overhang by vintage $88.5 $126.3 $177.7 $244.5 $492.6
*As of 6/30/2023
Cash flows ($B) by year

Year Contributions ($B)
Distributions ($B) Net cashflow
1998 ($107.0) $60.9 ($46.1)
1999 ($110.1) $64.4 ($45.7) $2,000
2000 ($178.5) $104.1 ($74.4)
2001 ($100.2) $69.4 ($30.9) $1,500
2002 ($119.0) $46.4 ($72.6)
2003 ($142.6) $99.9 ($42.7) $1,000
2004 ($183.3) $182.7 ($0.5)
2005 ($225.0) $228.5 $3.5 $500
2006 ($428.8) $288.7 ($140.1)
$0
2007 ($539.6) $360.3 ($179.3)
2008 ($579.3) $182.1 ($397.1) -$500
2009 ($362.2) $127.5 ($234.7)
2010 ($471.0) $276.8 ($194.2) -$1,000
2011 ($476.3) $391.7 ($84.5)
-$1,500
-$2,000
$0
-$500
-$1,000
2012 ($524.7) $510.1 ($14.6) -$1,500

2013 ($512.8) $655.3 $142.6
2014 ($619.0) $827.3 $208.3 -$2,000
2015 ($719.9) $960.9 $240.9
2016 ($730.4) $694.6 ($35.8)
2017 ($923.1) $964.9 $41.9
2018 ($1,095.1) $1,019.5 ($75.6)
2019 ($1,122.1) $953.4 ($168.7)
2020 ($1,186.2) $1,014.7 ($171.5)
2021 ($1,774.2) $1,740.9 ($33.3)
2022 ($1,396.7) $1,256.7 ($140.0)
2023* ($528.4) $373.5 ($154.9)
*As of 6/30/2023
Years of cash on hand for funds

2008 2009 2010 2011 2012
Dry powder ($B) $1,504.7 $1,445.7 $1,414.2 $1,439.0 $1,495.3
Contributions ($B) $579.3 $362.2 $471.0 $476.3 $524.7
Years cash on hand 2.6 4.0 3.0 3.0 2.8
*Current year's contributions are annualized for the cash on hand calculation.
*As of 6/30/2023
**Cash on hand is the end of year dry powder divided by the contributions during the year.
2011 2012 2013 2014 2015 2016 2017 2018
$1,439.0 $1,495.3 $1,680.4 $1,808.4 $2,004.1 $2,330.3 $2,798.9 $3,167.6
2023
2020 2021 2022 2023 Total $3,959.6 $3,914.3
$3,863.4 2022
$1,109.2$3,721.9
$3,385.9 $1,385.2 2021
$3,167.6 $1,504.7 2020
$1,445.7 2019
$2,798.9
$1,414.2
2018
$2,330.3 $1,439.0
2017
$1,495.3
$2,004.1 2016
$1,680.4
$1,808.4
$1,680.4 $1,808.4
0 $1,495.3 $2,004.1
Overhang by vintage
$2,330.3
$2,798.9
$3,167.6
$3,385.9
$3,863.4
$3,721.9
2012 2013 2014 2015 2016 2017 2018 2019 2020
$3,959.6 2021 2022 2023
$492.6 $836.3 $1,110.5 $838.0 $3,914.3
2021 2022 2023*

$100.0 $102.1 $69.7
$81.5 $87.9 $72.3
$115.6 $126.3 $97.3
$539.2 $794.1 $598.7
$836.3 $1,110.5 $838.0
2013 2014 2015 2016 2017 2018 2019 2020
$1,680.4 $1,808.4 $2,004.1 $2,330.3 $2,798.9 $3,167.6 $3,385.9 $3,863.4
$512.8 $619.0 $719.9 $730.4 $923.1 $1,095.1 $1,122.1 $1,186.2
3.3 2.9 2.8 3.2 3.0 2.9 3.0 3.3
2019 2020 2021 2022 2023*
$3,385.9 $3,863.4 $3,721.9 $3,959.6 $3,914.3 Dry powder ($B)
Remaining value ($B)
Total AUM ($B)
*As of 6/30/2023
$900
$800
$700
$600
$500
$400
$300
$200
$100
$0
2006 2007 2008
0-2
3-5
6-7
*As of 6/30/2023
2021 2022 2023*
$3,721.9 $3,959.6 $3,914.3
$1,774.2 $1,396.7 $1,056.8
2.1 2.8 3.7
AUM ($B) by year
2006 2007 2008 2009 2010 2011 2012 2013
$1,109.2 $1,385.2 $1,504.7 $1,445.7 $1,414.2 $1,439.0 $1,495.3 $1,680.4
$1,202.1 $1,611.2 $1,728.2 $1,905.8 $2,385.1 $2,667.4 $2,962.6 $3,224.6
$2,311.3 $2,996.4 $3,232.8 $3,351.5 $3,799.3 $4,106.4 $4,457.8 $4,905.0
$900
$800
$700
$600
$500
$400
$300
$200
$100
$0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Dry Powder ($B) Remaining Value ($B)
Capital overhang ($B) by age bucket

2006 2007 2008 2009 2010 2011 2012 2013
$974.1 $1,255.7 $1,326.4 $1,141.1 $921.4 $872.7 $1,022.5 $1,255.0
$95.3 $91.6 $156.4 $282.6 $459.5 $509.3 $390.9 $290.5
$39.8 $38.0 $21.9 $22.0 $33.3 $56.9 $81.9 $134.9
$300
$250
$200
$150
$100
$50
$0
2007 2008 2009 2010 2011 2012 2013 2014 201
0-2 3-5
2014 2015 2016 2017 2018 2019 2020 2021
$1,808.4 $2,004.1 $2,330.3 $2,798.9 $3,167.6 $3,385.9 $3,863.4 $3,721.9
$3,451.6 $3,669.3 $4,050.9 $4,537.4 $5,090.5 $6,114.9 $7,153.4 $10,287.2
$5,260.1 $5,673.4 $6,381.2 $7,336.4 $8,258.1 $9,500.8 $11,016.8 $14,009.2
021 2022 2023
2014 2015 2016 2017 2018 2019 2020 2021

$1,407.0 $1,635.1 $1,909.3 $2,343.6 $2,631.3 $2,744.5 $3,114.5 $2,876.6
$260.2 $283.1 $357.6 $387.8 $453.8 $526.7 $628.4 $709.1
$141.3 $85.8 $63.4 $67.5 $82.5 $114.8 $120.5 $136.2
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
0-2 3-5 6-7

2022 2023*
$3,959.6 $3,914.3
$10,586.9 $10,634.3
$14,546.6 $14,548.6
2022 2023*
$3,098.8 $2,784.8
$675.4 $914.8
$185.4 $214.8
Private capital first-time fundraising activity
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Capital raised ($B) $99.9 $52.5 $43.7 $71.7 $56.4 $49.5 $86.1 $65.8 $89.7 $121.0
Fund count 465 381 428 490 554 574 859 880 936 960
###
1,315
999 995
936 960 930 959
859 880
554 574
465 490 443
428
381
$121.0
$117.9
$99.9
$52.5
$43.7
$71.7
$56.4
$49.5
$86.1
$65.8
$89.7
$79.7
$86.3
$76.7
$78.7
$55.0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

2018 2019 2020 2021 2022 2023*
$79.7 $86.3 $76.7 $117.9 $78.7 $55.0
930 959 999 1315 995 443
1,315
995
443
$117.9
$78.7
$55.0
2021 2022 2023

Private capital capital raised ($B) by fund number in family
Private Capital 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
1 First $188.5 $88.9 $102.2 $118.2 $124.4 $137.7 $162.7 $158.5 $191.5 $203.0 $307.0
2 Second $116.8 $43.4 $70.9 $80.4 $90.0 $125.0 $136.3 $149.4 $135.8 $131.7 $150.6
3 Third $108.7 $64.6 $36.2 $49.6 $59.6 $88.1 $107.6 $79.6 $136.2 $167.9 $164.8
4 Fourth $60.1 $38.1 $21.4 $21.6 $38.4 $72.3 $68.8 $70.2 $60.7 $98.0 $104.3
5 Fifth $52.3 $27.4 $11.9 $39.3 $37.5 $30.1 $25.0 $62.6 $60.2 $74.2 $79.6
6 Sixth $29.6 $21.8 $26.2 $14.9 $42.5 $42.0 $39.5 $40.3 $25.9 $57.8 $52.0
7 Seventh $20.8 $9.3 $4.0 $24.7 $3.6 $18.5 $16.6 $52.7 $62.6 $47.2 $17.6
8 Eighth $26.9 $20.9 $2.4 $10.4 $15.1 $28.7 $15.3 $33.8 $13.5 $9.8 $38.1
9 Ninth $19.6 $4.0 $6.2 $1.3 $1.4 $11.8 $9.9 $16.1 $19.8 $27.7 $39.6
>9 10th+ $20.5 $22.7 $9.6 $13.0 $6.8 $6.4 $27.4 $18.5 $29.1 $56.5 $35.8
###
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
First Second Third Fourth Fifth

Sixth Seventh Eighth Ninth 10th+
Private capital fund count by fund number in family

Private Capital 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
1 First 689 495 543 594 690 736 1025 1043 1039 1146 1263
2 Second 364 255 282 336 359 431 575 555 554 579 595
3 Third 163 122 119 151 202 217 258 300 287 311 331
4 Fourth 91 57 54 79 95 107 145 155 163 181 193
5 Fifth 48 41 25 44 55 50 80 84 101 101 104
6 Sixth 26 30 24 23 39 33 47 46 52 57 66
7 Seventh 14 14 13 19 15 25 33 36 36 31 34
8 Eighth 15 16 8 7 15 19 15 23 24 22 27
9 Ninth 12 9 8 9 4 11 14 17 15 11 21
>9 10th+ 16 16 11 21 27 19 26 32 47 54 55
###
100%
90%
80%
70%
60%
50%
40%
30%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

2019 2020 2021 2022 2023*
$215.7 $200.6 $264.1 $202.9 $144.3
$263.2 $174.0 $254.2 $241.3 $120.4
$164.2 $118.9 $184.3 $151.3 $101.8
$138.3 $147.4 $148.7 $193.0 $98.8
$81.5 $92.6 $137.4 $88.0 $96.8
$85.6 $77.1 $98.8 $47.8 $55.3
$70.1 $42.4 $34.1 $86.9 $79.2
$66.6 $55.2 $29.4 $47.2 $42.7
$67.1 $41.5 $45.4 $55.2 $68.9
$39.4 $59.0 $153.9 $84.5 $193.6
2019 2020 2021 2022 2023*

1275 1255 1779 1541 631
694 690 934 734 327
367 345 476 369 203
196 236 248 257 116
118 128 179 145 99
70 83 93 84 48
58 46 57 61 40
29 29 41 44 25
23 21 24 29 20
64 75 110 97 63
Private capital capital raised ($B) by manager experience
Private capital 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Experienced firm $494.8 $270.6 $224.9 $274.9 $314.9 $487.5 $523.5 $617.7 $685.0 $864.3 $873.3
Emerging firm $258.9 $126.4 $151.8 $177.9 $194.5 $170.9 $254.5 $269.7 $317.1 $356.2 $470.3
### $509.4 $658.5 $778.0 $887.3 $1,002.0 $1,220.5 $1,343.6
61.82% 74.04% 67.29% 69.61% 68.36% 70.81% 65.00%
38.18% 25.96% 32.71% 30.39% 31.64% 29.19% 35.00%
$2,000
$1,800
$1,600
$1,400
$1,200
$1,000
$800
$600
$400
$200
$0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 202
Experienced firm Emerging firm

Private capital fund count by manager experience
Private capital 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Experienced firm 866 689 649 822 888 1,059 1,539 1,737 1,945 2,201 2,434
Emerging firm 1,129 812 994 1,098 1,373 1,520 2,184 2,688 2,866 2,987 3,124
###
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Private capital emerging manager cap
2019 2020 2021 2022 2023* 2008 2009 2010
$1,124.9 $1,070.7 $1,322.0 $1,228.7 $1,003.8 PE PE $112.4 $54.6 $53.4
$338.2 $303.1 $394.8 $254.8 $171.6 VC VC $23.1 $11.8 $22.8
$1,463.1 $1,373.8 $1,716.8 $1,483.5 $1,175.5 Real estate Real estate $42.4 $21.4 $16.9
76.89% 77.94% 77.00% 82.82% 85.40% Real assets Real assets $31.3 $15.4 $27.5
23.11% 22.06% 23.00% 17.18% 14.60% Debt Private debt $29.2 $15.0 $18.8
Fund of Fu FoF $18.5 $8.1 $10.7
Secondarie Secondaries $2.0 $0.1 $1.7
###
$500
$450
$400
$350
$300
$250
$200
$150
$100
$50
2020 2021 2022 2023 $0
2008 2009 2010 2011 2012 2013 2
PE V
Private debt F
2019 2020 2021 2022 2023*
2,477 2,844 3,647 3,019 1,530 Private capital emerging manager fun
2,873 2,820 3,419 2,424 1,267 2008 2009 2010
PE PE 396 262 280
VC VC 307 251 315
Real estate Real estate 187 133 174
Real assets Real assets 77 50 76
Debt Private debt 69 63 87
Fund of Fu FoF 82 45 52
Secondarie Secondaries 11 8 10
###
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
2008 2009 2010 2011 2012 2013 2014
2,000
1,500
1,000
500
0
2008 2009 2010 2011 2012 2013 2014
PE VC Real estate Real as

ital emerging manager capital raised ($B) by type
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023*
$94.7 $69.1 $58.3 $86.1 $75.8 $94.7 $87.7 $111.3 $114.9 $77.8 $109.1 $81.0 $68.9
$24.0 $23.9 $29.5 $41.5 $67.7 $101.7 $125.9 $237.8 $111.8 $108.3 $147.5 $97.3 $57.1
$27.9 $35.2 $25.3 $28.9 $25.2 $32.9 $27.3 $23.5 $25.7 $23.7 $32.3 $29.8 $5.7
$8.6 $33.6 $15.3 $52.7 $58.2 $31.5 $30.9 $36.9 $25.3 $26.6 $35.0 $21.6 $14.0
$15.4 $21.9 $27.5 $33.4 $30.2 $33.0 $37.7 $31.2 $28.0 $40.7 $44.3 $17.1 $18.6
$5.9 $10.0 $13.1 $8.4 $11.3 $22.7 $44.3 $27.5 $28.9 $24.2 $24.8 $5.5 $5.5
$1.5 $0.8 $2.0 $3.4 $1.2 $0.6 $2.4 $2.0 $3.6 $1.7 $1.7 $2.6 $1.7
100%
90%
80%
70%
60%
50%
40%
30%
20%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
10%
PE VC Real estate Real assets 0%
Private debt FoF Secondaries 2008200920102011201220132014201520162017201820
ital emerging manager fund count raised by type

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023*
351 373 371 553 495 508 567 501 536 537 685 499 244
365 525 624 984 1546 1721 1823 1999 1736 1670 2045 1466 819
189 215 247 284 302 271 227 212 241 253 322 225 71
67 90 90 125 115 111 103 101 87 71 90 54 28
73 108 131 156 155 151 154 155 140 173 186 106 59
44 53 45 65 61 89 97 145 115 100 70 37 31
9 9 12 17 14 15 16 11 18 16 21 37 15
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2008200920102011201220132014201520162017201820
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
30%
20%
10%
0%
2008200920102011201220132014201520162017201820
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
E VC Real estate Real assets Private debt FoF Secondaries

Secondaries
FoF
Private debt
Real assets
Real estate
VC
PE
220132014201520162017201820192020202120222023
Secondaries
FoF
Private debt
Real assets
Real estate
VC
PE
220132014201520162017201820192020202120222023
220132014201520162017201820192020202120222023
Private capital capital raised ($B) by size
Private capital 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Under <$100M $26.5 $21.6 $23.4 $25.4 $31.5 $35.2 $46.6 $61.7 $68.8 $80.0 $86.3
100M- $100M-$250M $66.1 $42.7 $48.1 $49.4 $55.3 $68.2 $70.1 $92.8 $95.1 $106.9 $121.2
250M- $250M-$500M $84.4 $56.1 $62.2 $65.0 $67.8 $77.0 $104.2 $117.3 $131.7 $136.0 $144.5
500M-1 $500M-$1B $127.8 $56.7 $72.2 $94.4 $103.9 $89.3 $137.0 $113.8 $179.4 $171.5 $184.4
1B-5B $1B-$5B $279.9 $139.8 $145.0 $170.5 $182.7 $217.8 $301.6 $334.7 $324.0 $407.3 $406.5
5B+ $5B+ $169.1 $80.1 $25.8 $48.2 $68.2 $170.9 $118.6 $167.0 $203.0 $318.8 $400.7
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
<$100M 3.5% 5.4% 6.2% 5.6% 6.2% 5.3% 6.0% 7.0% 6.9% 6.6% 6.4%
$100M-$250M 8.8% 10.8% 12.8% 10.9% 10.8% 10.4% 9.0% 10.5% 9.5% 8.8% 9.0%
$250M-$500M 11.2% 14.1% 16.5% 14.3% 13.3% 11.7% 13.4% 13.2% 13.1% 11.1% 10.8%
$500M-$1B 17.0% 14.3% 19.2% 20.8% 20.4% 13.6% 17.6% 12.8% 17.9% 14.1% 13.7%
$1B-$5B 37.1% 35.2% 38.5% 37.6% 35.9% 33.1% 38.8% 37.7% 32.3% 33.4% 30.3%
$5B+ 22.4% 20.2% 6.8% 10.7% 13.4% 26.0% 15.2% 18.8% 20.3% 26.1% 29.8%
###
$2,000 100%
$5B+ 90%
$1,800
80%
$1,600 $1B-
$5B 70%
$1,400
60%
$1,200 $500M-
$1B 50%
$1,000
40%
$800 $250M-
$500M 30%
$600
20%
$400 $100M-
$250M 10%
$200
<$100 0%
2008
2009
2010
2011
2012
2013
2014
2015
$0
M
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Private capital fund count by size bucket

Private capital 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Under <$100M 709 646 708 798 987 1,185 1,682 2,371 2,546 2,751 2,926
100M- $100M-$250M 425 270 305 312 351 427 455 584 602 691 770
250M- $250M-$500M 246 162 182 183 194 228 301 340 382 398 409
500M-1 $500M-$1B 190 83 108 139 152 127 202 168 268 250 266
1B-5B $1B-$5B 142 72 77 94 100 117 155 175 169 212 213
5B+ $5B+ 20 10 3 6 10 22 15 19 26 34 39
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
<$100M 40.9% 52.0% 51.2% 52.1% 55.0% 56.3% 59.9% 64.8% 63.8% 63.4% 63.3%
$100M-$250M 24.5% 21.7% 22.1% 20.4% 19.6% 20.3% 16.2% 16.0% 15.1% 15.9% 16.7%
$250M-$500M 14.2% 13.0% 13.2% 11.9% 10.8% 10.8% 10.7% 9.3% 9.6% 9.2% 8.8%
$500M-$1B 11.0% 6.7% 7.8% 9.1% 8.5% 6.0% 7.2% 4.6% 6.7% 5.8% 5.8%
$1B-$5B 8.2% 5.8% 5.6% 6.1% 5.6% 5.6% 5.5% 4.8% 4.2% 4.9% 4.6%
$5B+ 1.2% 0.8% 0.2% 0.4% 0.6% 1.0% 0.5% 0.5% 0.7% 0.8% 0.8%
###
100%
7,000
90%
$5B+
6,000 80%
$1B-
70%
5,000 $5B
60%
$500M-
4,000 50%
$1B
3,000 40%
$250M-
$500M 30%
2,000
20%
$100M-
1,000 $250M 10%
<$100 0%
0
2009
2010
2011
2012
2013
2014
2015
2016
2017
M
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Private capital fund sizes ($M)
2019 2020 2021 2022 2023* Private capital 2008 2009 2010
$82.8 $85.4 $98.1 $74.2 $37.5 Average $435.2 $319.4 $272.4
$109.1 $117.2 $150.2 $106.2 $66.0 Bottom quartile $41.3 $23.3 $26.1
$153.2 $134.9 $165.0 $143.2 $96.0 Median $130.7 $90.0 $90.5
$160.3 $190.2 $267.7 $183.4 $145.1 Top quartile $372.9 $257.7 $256.3
$475.3 $503.9 $594.8 $525.2 $372.6 Fund count 1732 1243 1383
$482.4 $342.2 $441.0 $451.3 $458.3 45291*As of -409mmmm d, yyyy 89.4 66.8 64.4
242.2 $500
167.6 165.8
2019 2020 2021 2022 2023*
$450
5.7% 6.2% 5.7% 5.0% 3.2%
7.5% 8.5% 8.7% 7.2% 5.6% $400
10.5% 9.8% 9.6% 9.7% 8.2% $350
11.0% 13.8% 15.6% 12.4% 12.3%
$300
32.5% 36.7% 34.6% 35.4% 31.7%
33.0% 24.9% 25.7% 30.4% 39.0% $250
$200
00% $150
$5B+
90% $100
80% $1B- $50
$5B
70% $0
2008
2009
2010
2011
$500M
60% -$1B
50%
$250M Top quartile
40% -
$500M
30% Median step-up from previous privat
$100M Private capital 2008 2009 2010
20%
- Larger 403 239 224
10% $250M Smaller 182 199 188
Same 22 8 14
0% <$100 Total 607 446 426
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
M % of funds larger than predecessor 66.4% 53.6% 52.6%

Step-up 34.2% 5.6% 7.5%
45291*As of -409mmmm d, yyyy
80%
2019 2020 2021 2022 2023*
2,798 2,844 3,498 2,734 1,356 70%
702 772 986 687 426
60%
445 389 481 416 279
230 274 394 275 211 50%
242 262 313 265 189
41 37 46 43 39 40%
30%
2019 2020 2021 2022 2023*
62.8% 62.1% 61.2% 61.9% 54.2%
20%
15.7% 16.9% 17.2% 15.5% 17.0%
2008 66.4%
2009 53.6%
2010 52.6%
2011 59.9%
2012 60.4%
2013 62.5%
2014 64.9%
2015 68.4%
2016 67.2%
2017 71.8%
10.0% 8.5% 8.4% 9.4% 11.2% 10%

5.2% 6.0% 6.9% 6.2% 8.4%
5.4% 5.7% 5.5% 6.0% 7.6% 0%
% of funds larger than predecess

20%
2008 66.4%
2009 53.6%
2010 52.6%
2011 59.9%
2012 60.4%
2013 62.5%
2014 64.9%
2015 68.4%
2016 67.2%
2017 71.8%
10%
0%
0.9% 0.8% 0.8% 1.0% 1.6%
% % of funds larger than predecess
% $5B+
%
$1B-$5B Median step-ups from previous fund
% 2008 2009 2010
% PE 68.8% 32.3% 42.9%
$500M-
$1B VC 20.0% -1.5% 0.0%
% Real estate 26.4% 15.0% -10.3%
Real assets 72.6% 36.0% 38.5%
% $250M- Private debt 63.8% 2.6% 7.7%
$500M
% FoF 0.0% -10.9% -22.2%
Secondaries 123.7% 25.7% 20.5%
%
$100M- 45291*As of -409mmmm d, yyyy
$250M
%
% 140%
<$100M
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
120%
100%
80%
60%
40%
20%
0%
2008 2009 2010 2011 2012 201
-20%
-40%
PE
Private debt
ital fund sizes ($M)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023*
$295.6 $283.9 $312.7 $276.9 $242.6 $250.9 $281.4 $290.4 $328.2 $300.1 $300.2 $335.6 $470.2
$24.8 $21.0 $18.9 $14.3 $12.2 $14.1 $15.1 $15.1 $14.9 $15.0 $15.0 $12.6 $16.0
$89.7 $78.0 $68.2 $54.7 $41.4 $46.0 $49.3 $50.0 $51.8 $54.7 $50.0 $50.8 $73.3
$289.0 $250.0 $229.8 $225.0 $174.2 $198.5 $181.8 $179.4 $199.5 $186.1 $197.5 $201.1 $298.9
1532 1794 2106 2810 3657 3994 4337 4627 4458 4578 5718 4420 2500
64.9 57.0 49.3 40.4 29.2 31.9 34.1 34.9 36.9 39.7 35.0 38.2 57.3
500 199.3 172.0 161.6 170.3 132.8 152.5 132.5 129.4 147.7 131.5 147.5 150.3 225.6
450
400
350
300
250
200
150
100
$50
$0
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
Top quartile Average Median Bottom quartile 2023
p-up from previous private capital fund in fund family

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023*
315 377 457 563 652 662 752 760 871 873 1188 988 576
200 230 254 279 275 283 258 298 308 309 434 364 183
11 17 20 26 26 40 38 33 31 39 36 34 23
526 624 731 868 953 985 1048 1091 1210 1221 1658 1386 782
59.9% 60.4% 62.5% 64.9% 68.4% 67.2% 71.8% 69.7% 72.0% 71.5% 71.7% 71.3% 73.7%
17.7% 19.6% 25.0% 25.0% 32.7% 31.0% 38.4% 38.9% 39.2% 34.4% 43.0% 46.8% 40.5%
2010 52.6%
2011 59.9%
2012 60.4%
2013 62.5%
2014 64.9%
2015 68.4%
2016 67.2%
2017 71.8%
2018 69.7%
2019 72.0%
2020 71.5%
2021 71.7%
2022 71.3%
2023 73.7%
% of funds larger than predecessor Step-up

2010 52.6%
2011 59.9%
2012 60.4%
2013 62.5%
2014 64.9%
2015 68.4%
2016 67.2%
2017 71.8%
2018 69.7%
2019 72.0%
2020 71.5%
2021 71.7%
2022 71.3%
2023 73.7%
p-ups from previous fund in family by strategy

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023*
30.0% 29.4% 34.6% 28.7% 33.8% 42.3% 48.0% 57.1% 45.9% 42.4% 46.7% 52.6% 47.8%
15.4% 8.7% 16.9% 13.3% 40.1% 33.3% 42.3% 37.3% 43.5% 40.0% 45.5% 50.0% 33.3%
18.4% 17.1% 21.3% 26.8% 21.8% 23.7% 26.8% 24.6% 29.7% 23.9% 38.4% 31.0% 36.8%
37.7% 33.0% 38.6% 27.8% 37.5% 39.1% 59.3% 33.3% 31.0% 20.0% 64.5% 81.8% 63.2%
26.2% 17.6% 47.5% 39.1% 37.6% 25.5% 52.2% 30.1% 35.0% 20.0% 44.5% 48.4% 50.0%
-10.8% 2.3% -11.7% 8.5% 15.9% 21.1% 15.5% 17.4% 6.8% 18.1% 12.2% 32.0% 23.8%
13.7% 15.2% 42.8% 64.5% 35.1% 30.7% 72.8% 54.8% 30.2% 38.6% 54.3% 20.0% 38.7%
8 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
PE VC Real estate Real assets

Private debt FoF Secondaries
Private capital raised ($B) by region
Private capital 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Rest of world $7.2 $3.8 $7.8 $13.5 $7.0 $7.4 $10.0 $10.4 $3.3 $3.8 $5.8
Africa $3.7 $2.6 $4.0 $2.5 $3.7 $4.9 $4.8 $6.6 $4.7 $4.4 $2.1
Middle East $13.8 $1.9 $3.5 $1.4 $6.4 $1.8 $4.8 $2.1 $5.0 $3.9 $1.9
Oceania $7.0 $2.0 $6.1 $5.2 $9.6 $1.6 $11.0 $15.0 $13.4 $13.1 $13.7
Asia $86.5 $33.0 $61.3 $74.9 $83.1 $71.0 $131.6 $178.7 $225.1 $283.3 $448.1
Europe $188.7 $104.9 $93.0 $113.0 $118.7 $160.4 $198.4 $184.9 $232.6 $286.8 $281.9
North America $446.8 $248.9 $200.9 $242.4 $280.9 $411.3 $417.4 $489.6 $517.9 $625.0 $590.1
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Rest of world 1.0% 0.9% 2.1% 3.0% 1.4% 1.1% 1.3% 1.2% 0.3% 0.3% 0.4%
Africa 0.5% 0.6% 1.1% 0.6% 0.7% 0.7% 0.6% 0.7% 0.5% 0.4% 0.2%
Middle East 1.8% 0.5% 0.9% 0.3% 1.3% 0.3% 0.6% 0.2% 0.5% 0.3% 0.1%
Oceania 0.9% 0.5% 1.6% 1.1% 1.9% 0.2% 1.4% 1.7% 1.3% 1.1% 1.0%
Asia 11.5% 8.3% 16.3% 16.5% 16.3% 10.8% 16.9% 20.1% 22.5% 23.2% 33.4%
Europe 25.0% 26.4% 24.7% 24.9% 23.3% 24.4% 25.5% 20.8% 23.2% 23.5% 21.0%
North America 59.3% 62.7% 53.3% 53.5% 55.1% 62.5% 53.7% 55.2% 51.7% 51.2% 43.9%
###
$2,000 100%
$1,800 North Amer- 90%
ica
$1,600 80%
$1,400 Europe 70%
$1,200 60%
Asia
$1,000 50%
$800 Oceania 40%
$600 30%
Middle East
$400 20%
Africa 10%
$200
$0 0%
Rest of world
2013
2014
2015
2016
2017
2018
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Private capital fund count by region

Private capital 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Rest of world 32 31 45 47 57 57 81 62 55 40 59
Africa 26 21 33 25 32 29 41 37 45 37 25
Middle East 40 21 15 18 20 19 37 32 37 46 36
Oceania 28 21 23 23 27 30 46 48 57 56 55
Asia 320 254 345 442 483 546 885 1,559 1,777 2,031 2,364
Europe 611 440 449 509 530 572 859 730 869 886 859
North America 938 713 733 856 1,112 1,326 1,774 1,957 1,971 2,092 2,160
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Rest of world 1.6% 2.1% 2.7% 2.4% 2.5% 2.2% 2.2% 1.4% 1.1% 0.8% 1.1%
Africa 1.3% 1.4% 2.0% 1.3% 1.4% 1.1% 1.1% 0.8% 0.9% 0.7% 0.4%
Middle East 2.0% 1.4% 0.9% 0.9% 0.9% 0.7% 1.0% 0.7% 0.8% 0.9% 0.6%
Oceania 1.4% 1.4% 1.4% 1.2% 1.2% 1.2% 1.2% 1.1% 1.2% 1.1% 1.0%
Asia 16.0% 16.9% 21.0% 23.0% 21.4% 21.2% 23.8% 35.2% 36.9% 39.1% 42.5%
Europe 30.6% 29.3% 27.3% 26.5% 23.4% 22.2% 23.1% 16.5% 18.1% 17.1% 15.5%
North America 47.0% 47.5% 44.6% 44.6% 49.2% 51.4% 47.6% 44.2% 41.0% 40.3% 38.9%
###
8,000 100%
North
90%
7,000 America
80%
6,000 Europe
70%
5,000 Asia 60%
4,000 50%
Oceania
40%
3,000
Middle
East 30%
2,000
20%
Africa
1,000
10%
0 Rest of 0%
world
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2019 2020 2021 2022 2023*
$7.4 $4.6 $10.2 $6.3 $2.0
$4.0 $3.5 $3.1 $4.4 $1.9
$5.0 $2.6 $6.8 $20.1 $4.3
$26.1 $14.2 $12.2 $10.8 $5.1
$327.5 $299.7 $299.2 $201.8 $119.6
$296.4 $324.1 $420.9 $267.8 $236.1
$796.8 $725.2 $964.5 $972.1 $806.4
2019 2020 2021 2022 2023*

0.5% 0.3% 0.6% 0.4% 0.2%
0.3% 0.3% 0.2% 0.3% 0.2%
0.3% 0.2% 0.4% 1.4% 0.4%
1.8% 1.0% 0.7% 0.7% 0.4%
22.4% 21.8% 17.4% 13.6% 10.2%
20.3% 23.6% 24.5% 18.1% 20.1%
54.5% 52.8% 56.2% 65.5% 68.6%
0%
0% North
America
0%
0% Europe
0% Asia
0%
Oceania
0%
0% Middle East
0%
Africa
0%
0% Rest of
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
world
2019 2020 2021 2022 2023*

62 64 85 80 41
41 45 53 38 20
48 33 60 111 60
49 83 69 45 19
1,901 1,919 2,031 1,260 939
907 960 1,101 707 378
2,342 2,560 3,667 3,202 1,340
2019 2020 2021 2022 2023*

1.2% 1.1% 1.2% 1.5% 1.5%
0.8% 0.8% 0.8% 0.7% 0.7%
0.9% 0.6% 0.8% 2.0% 2.1%
0.9% 1.5% 1.0% 0.8% 0.7%
35.5% 33.9% 28.7% 23.1% 33.6%
17.0% 16.9% 15.6% 13.0% 13.5%
43.8% 45.2% 51.9% 58.8% 47.9%
%
North
%
America
%
Europe
%
% Asia
%
Oceania
%
Middle
% East
%
Africa
%
% Rest of
world
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Private capital raised ($B) by type
Private capital 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
PE $317.0 $168.7 $123.9 $176.5 $170.8 $270.6 $284.1 $269.4 $366.7 $434.9 $406.6
VC $48.0 $31.6 $38.1 $52.5 $49.2 $56.1 $85.6 $119.3 $174.3 $205.5 $351.7
Real estate $143.0 $47.2 $61.1 $78.5 $89.0 $97.8 $112.8 $139.7 $131.6 $117.8 $148.2
Real assets $51.4 $43.6 $49.1 $41.7 $60.9 $79.0 $101.6 $145.0 $92.5 $109.5 $136.8
Private debt $109.9 $34.5 $59.3 $53.3 $74.6 $97.6 $116.5 $130.7 $148.1 $199.6 $179.6
FoF $70.5 $49.7 $29.4 $34.5 $43.5 $31.7 $57.1 $48.8 $52.1 $113.6 $80.4
Secondaries $13.9 $21.8 $15.7 $15.9 $21.5 $25.6 $20.3 $34.4 $36.7 $39.7 $40.3
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
PE 42.1% 42.5% 32.9% 39.0% 33.5% 41.1% 36.5% 30.4% 36.6% 35.6% 30.3%
VC 6.4% 8.0% 10.1% 11.6% 9.7% 8.5% 11.0% 13.4% 17.4% 16.8% 26.2%
Real estate 19.0% 11.9% 16.2% 17.3% 17.5% 14.9% 14.5% 15.7% 13.1% 9.7% 11.0%
Real assets 6.8% 11.0% 13.0% 9.2% 11.9% 12.0% 13.1% 16.3% 9.2% 9.0% 10.2%
Private debt 14.6% 8.7% 15.7% 11.8% 14.6% 14.8% 15.0% 14.7% 14.8% 16.4% 13.4%
FoF 9.4% 12.5% 7.8% 7.6% 8.5% 4.8% 7.3% 5.5% 5.2% 9.3% 6.0%
Secondaries 1.9% 5.5% 4.2% 3.5% 4.2% 3.9% 2.6% 3.9% 3.7% 3.3% 3.0%
###
$2,000 Secondaries 100%

$1,800 FoF
90%
Private debt
$1,600 80%
Real assets
$1,400 Real estate 70%
$1,200 VC
60%
PE
$1,000 50%
$800 40%
$600 30%
$400 20%
$200 10%
$0 0%
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2013
2014
2015
2016
2017
2018
Private capital fund count by type
Private capital 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
PE 600 416 440 551 565 632 928 845 933 1,034 961
VC 521 465 508 613 751 889 1,407 2,142 2,419 2,656 3,047
Real estate 379 220 277 299 378 446 583 621 599 583 552
Real assets 108 84 121 131 156 166 234 216 199 197 201
Private debt 135 104 142 135 205 231 284 339 334 360 368
FoF 218 176 121 156 165 165 229 220 253 293 361
Secondaries 34 36 34 35 41 50 58 42 74 65 68
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
PE 30.1% 27.7% 26.8% 28.7% 25.0% 24.5% 24.9% 19.1% 19.4% 19.9% 17.3%
VC 26.1% 31.0% 30.9% 31.9% 33.2% 34.5% 37.8% 48.4% 50.3% 51.2% 54.8%
Real estate 19.0% 14.7% 16.9% 15.6% 16.7% 17.3% 15.7% 14.0% 12.5% 11.2% 9.9%
Real assets 5.4% 5.6% 7.4% 6.8% 6.9% 6.4% 6.3% 4.9% 4.1% 3.8% 3.6%
Private debt 6.8% 6.9% 8.6% 7.0% 9.1% 9.0% 7.6% 7.7% 6.9% 6.9% 6.6%
FoF 10.9% 11.7% 7.4% 8.1% 7.3% 6.4% 6.2% 5.0% 5.3% 5.6% 6.5%
Secondaries 1.7% 2.4% 2.1% 1.8% 1.8% 1.9% 1.6% 0.9% 1.5% 1.3% 1.2%
###
100%
8,000 Secondaries 90%
FoF
7,000 80%
Private debt
6,000 Real assets 70%
Real estate
60%
5,000 VC
PE 50%
4,000
40%
3,000 30%
2,000 20%
10%
1,000
0%
2008
2009
2010
2011
2012
2013
2014
2015
2016
0
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2019 2020 2021 2022 2023*
$590.0 $471.6 $621.2 $560.7 $554.0
$279.4 $257.5 $363.3 $309.2 $162.3
$185.8 $140.3 $175.4 $144.1 $83.5
$116.0 $120.0 $140.2 $139.4 $79.2
$192.1 $209.5 $287.9 $225.6 $186.4
$75.7 $90.1 $70.7 $55.6 $31.7
$24.2 $84.8 $58.1 $48.8 $78.3
2019 2020 2021 2022 2023*

40.3% 34.3% 36.2% 37.8% 47.1%
19.1% 18.7% 21.2% 20.8% 13.8%
12.7% 10.2% 10.2% 9.7% 7.1%
7.9% 8.7% 8.2% 9.4% 6.7%
13.1% 15.2% 16.8% 15.2% 15.9%
5.2% 6.6% 4.1% 3.7% 2.7%
1.7% 6.2% 3.4% 3.3% 6.7%
100%
90% Secondaries
80% FoF
70% Private debt
60% Real assets
50% Real estate
40% VC
PE
30%
20%
10%
0%
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2019 2020 2021 2022 2023*

1,064 1,128 1,478 1,192 647
2,745 2,903 3,788 2,860 1,533
619 587 704 606 200
168 190 194 139 63
367 436 469 324 181
332 330 309 203 101
55 90 124 119 72
2019 2020 2021 2022 2023*

19.9% 19.9% 20.9% 21.9% 23.1%
51.3% 51.3% 53.6% 52.5% 54.8%
11.6% 10.4% 10.0% 11.1% 7.2%
3.1% 3.4% 2.7% 2.6% 2.3%
6.9% 7.7% 6.6% 6.0% 6.5%
6.2% 5.8% 4.4% 3.7% 3.6%
1.0% 1.6% 1.8% 2.2% 2.6%
% Secondaries
% FoF
Private debt
%
Real assets
% Real estate
VC
%
PE
%
%
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Months to close for private capital funds
Private capital 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Average 12.9 16.1 17.1 15.3 16.5 14.2 15.1 14.1 14.8 15.8
Fastest quartile 5.6 9.0 7.0 5.6 8.6 6.4 5.6 5.3 6.1 6.2
Median 10.6 14.9 15.2 12.0 13.1 13.0 12.1 12.0 12.4 12.9
Slowest quartile 16.4 21.7 23.0 19.0 19.5 19.3 18.5 18.4 19.7 19.9
Fund count 377 273 287 336 464 580 668 647 720 720
45291*As of -409mmmm d, yyyy 5.0 5.9 8.2 6.4 4.5 6.5 6.5 6.7 6.3 6.6
5.8 6.7 7.8 7.0 6.4 6.3 6.4 6.4 7.3 7.0
25
20
15
10
0
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
Slowest quartile Average Median
Years between closings for private cap
2018 2019 2020 2021 2022 2023* Private capital 2008 2009 2010
14.7 14.3 15.2 15.3 15.2 15.9 Average 2.6 2.7 2.9
6.0 6.2 6.4 5.3 5.1 7.6 Fastest quartile 1.3 1.4 1.3
12.3 12.4 12.9 12.7 12.0 14.9 Median 2.3 2.5 3.0
19.3 19.0 20.2 20.6 19.3 21.4 Slowest quartile 3.2 3.3 3.9
761 879 922 1419 1415 1150 Fund count 282 210 223
6.2 6.2 6.5 7.4 6.9 7.3 ### 1.0 1.1 1.6
7.1 6.6 7.3 8.0 7.4 6.5 0.9 0.8 0.9
6
0
2015
2016
2017
2018
2019
2020
2021
2022
2023
2008
2009
2010
S
ge Median Fastest quartile
ween closings for private capital fund families
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023*
3.2 3.5 3.7 3.8 3.4 3.5 3.5 3.3 3.2 3.1 2.8 2.6 2.9
1.5 1.9 2.0 1.8 1.7 1.9 2.0 1.8 1.9 1.8 1.4 1.0 1.6
3.2 3.7 3.3 3.3 3.0 2.9 2.9 3.0 3.0 3.0 2.6 2.2 2.6
4.3 4.7 5.3 5.4 4.7 4.4 4.5 4.2 4.1 4.1 3.9 3.5 4.0
281 326 411 433 528 572 592 572 678 690 973 870 636
1.7 1.8 1.3 1.5 1.3 1.0 0.9 1.1 1.1 1.2 1.2 1.2 1.0
1.1 1.0 2.0 2.1 1.7 1.5 1.5 1.2 1.2 1.1 1.3 1.3 1.4
6
0
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Slowest quartile Average Median Fastest quartile
2022
2023
test quartile
Private capital fund count by management fees
Private capital 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Below 1% 19 16 9 11 12 6 22 18 12 24
1% - 1.5% 15 13 9 15 23 33 18 31 31 31
1.5% - 2% 31 27 17 19 25 33 57 86 103 93
More than 2% 4 3 2 5 2 2 11 6 7 9
Fund count 69 59 37 50 62 74 108 141 153 157
Capital ($B) $109.3 $98.2 $37.4 $52.7 $52.3 $171.9 $104.5 $211.2 $157.6 $219.1
Total fund count 1,995 1,501 1,643 1,920 2,261 2,579 3,723 4,425 4,811 5,188
Total capital ($B) $753.7 $397.0 $376.7 $452.8 $509.4 $658.5 $778.0 $887.3 $1,002.0 $1,220.5
% of fund count 3.5% 3.9% 2.3% 2.6% 2.7% 2.9% 2.9% 3.2% 3.2% 3.0%
% of capital 14.5% 24.7% 9.9% 11.6% 10.3% 26.1% 13.4% 23.8% 15.7% 17.9%
Below 2% 51 45 28 38 51 53 69 93 83 92
2% 14 11 7 7 9 19 28 42 63 56
Above 2% 4 3 2 5 2 2 11 6 7 9
2008-2010 2011-2013 2014-2016 2017-2019 2020-2023*

Below 1% 44 29 52 60 76
1% - 1.5% 37 71 80 94 135
1.5% - 2% 75 77 246 346 593
More than 2% 9 9 24 22 36
Total count 165 186 402 522 840
Below 2% 111 173 268 294 294

2% 25 56 161 248 320
Above 2% 10 15 22 23 26
###
100% 100%
90% 90%
80% 80%
70% 70%
60% 60%
50% 50%
40% 40%
30%
30%
20%
20%
10%
10%
0%
0% 2008- 2011-
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2010 2013
Below 2% 2% Above 2% C
Private debt fund count by management fees
Debt 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Below 1% 3 0 1 0 2 0 2 4 0 3
1% - 1.5% 1 0 0 1 6 3 4 5 3 8
1.5% - 2% 5 4 5 5 3 3 10 13 13 13
More than 2% 0 0 0 1 0 1 0 0 0 0
Total count 9 4 6 7 11 7 16 22 16 24
Capital ($B) $100.6 $33.8 $55.5 $47.6 $67.4 $87.2 $100.3 $111.1 $130.4 $160.6
Total fund count 135 104 142 135 205 231 284 339 334 360
Total capital ($B) $109.9 $34.5 $59.3 $53.3 $74.6 $97.6 $116.5 $130.7 $148.1 $199.6
% of fund count 6.7% 3.8% 4.2% 5.2% 5.4% 3.0% 5.6% 6.5% 4.8% 6.7%
% of capital 91.5% 98.0% 93.6% 89.3% 90.4% 89.4% 86.2% 85.0% 88.0% 80.5%
Below 2% 6 3 5 5 10 5 14 19 16 19
2% 3 1 1 1 1 1 2 3 0 5
Above 2% 0 0 0 1 0 1 0 0 0 0
2006 - 2008 2009 - 2011 2012 - 2014 2015 - 2017 2018 - 2020
Below 1% 1 4 7 11 4
1% - 1.5% 1 13 16 20 22
1.5% - 2% 14 16 39 32 33
More than 2% 1 1 0 0 3
Total count 17 34 62 63 62
Below 2% 13 29 54 58 56
2% 3 4 8 5 3
Above 2% 1 1 0 0 3
100%
100%
90%
90%
80%
80%
70%
70%
60%
60%
50%
50%
40%
40%
30%
30%
90%
80%
80%
70%
70%
60%
60%
50%
50%
40%
40%
30%
30%
20%
20%
10%
10%
0% 0%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2008-
2010
Below 2% 2% Above 2%
FoF fund count by management fees

Fund of funds 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Below 1% 11 14 6 8 7 3 15 8 6 11
1% - 1.5% 7 3 2 7 5 7 5 7 9 7
1.5% - 2% 0 0 0 0 1 0 3 0 1 0
More than 2% 0 0 0 0 0 0 1 0 0 0
Total count 18 17 8 15 13 10 24 15 16 18
Capital ($B) $51.1 $38.7 $27.9 $28.3 $36.4 $27.7 $46.1 $42.4 $46.8 $108.0
Total fund count 218 176 121 156 165 165 229 220 253 293
Total capital ($B) $70.5 $49.7 $29.4 $34.5 $43.5 $31.7 $57.1 $48.8 $52.1 $113.6
% of fund count 8.3% 9.7% 6.6% 9.6% 7.9% 6.1% 10.5% 6.8% 6.3% 6.1%
% of capital 72.5% 77.9% 94.8% 82.1% 83.7% 87.3% 80.7% 86.8% 89.8% 95.1%
Below 2% 18 17 8 15 13 10 21 15 16 18
2% 0 0 0 0 0 0 2 0 0 0
Above 2% 0 0 0 0 0 0 1 0 0 0
2006 - 2008 2009 - 2011 2012 - 2014 2015 - 2017 2018 - 2020
Below 1% 28 25 25 20 20
1% - 1.5% 12 17 23 21 12
1.5% - 2% 0 4 1 10 3
More than 2% 0 1 0 0 0
Total count 40 47 49 51 35
Below 2% 40 44 49 43 34
2% 0 2 0 8 1
Above 2% 0 1 0 0 0
100% 100%
90% 90%
80% 80%
70% 70%
60% 60%
50% 50%
40%
40%
30%
30%
20%
20%
10%
10%
0%
0% 2008-
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2010
10%
10%
0%
0% 2008-
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2010
Secondaries fund count by management fees

Secondaries 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Below 1% 1 2 1 0 0 0 1 1 0 3
1% - 1.5% 1 2 3 2 1 4 0 5 5 2
1.5% - 2% 1 1 1 1 2 0 1 1 2 1
More than 2% 0 0 0 0 0 0 0 0 0 0
Total count 3 5 5 3 3 4 2 7 7 6
Capital ($B) $10.0 $16.3 $10.5 $8.0 $15.6 $16.0 $18.4 $5.7 $27.9 $32.6
Total fund count 34 36 34 35 41 50 58 42 74 65
Total capital ($B) $13.9 $21.8 $15.7 $15.9 $21.5 $25.6 $20.3 $34.4 $36.7 $39.7
% of fund count 8.8% 13.9% 14.7% 8.6% 7.3% 8.0% 3.4% 16.7% 9.5% 9.2%
% of capital 72.0% 74.9% 66.9% 50.7% 72.6% 62.5% 90.6% 16.6% 76.2% 82.0%
Below 2% 3 5 5 3 2 4 2 7 7 6
2% 0 0 0 0 1 0 0 0 0 0
Above 2% 0 0 0 0 0 0 0 0 0 0
2006 - 2008 2009 - 2011 2012 - 2014 2015 - 2017 2018 - 2020
Below 1% 3 1 4 2 3
1% - 1.5% 7 5 12 9 7
1.5% - 2% 3 3 4 2 2
More than 2% 0 0 0 0 0
Total count 13 9 20 13 12
Below 2% 13 8 20 13 12
2% 0 1 0 0 0
Above 2% 0 0 0 0 0
100% 100%
90% 90%
80% 80%
70% 70%
60% 60%
50% 50%
40%
40%
30%
30%
20%
20%
10%
10%
0%
0% 2008-
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2010
Private capital fund count by carry fe
2018 2019 2020 2021 2022 2023* Private capital 2008 2009
18 18 20 16 21 19 Below 10% 5 12
31 32 32 42 32 29 10% - 15% 3 5
135 118 138 166 141 148 15% - 20% 11 23
6 7 10 14 10 2 More than 20% 0 0
190 175 200 238 204 198 Total count 19 40
$164.5 $323.9 $246.3 $321.5 $308.0 $191.1 Capital ($B) $34.5 $49.4
5,558 5,350 5,664 7,066 5,443 2,797 Total fund count 1,995 1,501
$1,343.6 $1,463.1 $1,373.8 $1,716.8 $1,483.5 $1,175.5 Total capital ($B) $753.7 $397.0
3.4% 3.3% 3.5% 3.4% 3.7% 7.1% % of fund count 1.0% 2.7%
12.2% 22.1% 17.9% 18.7% 20.8% 16.3% % of capital 4.6% 12.4%
95 102 97 117 100 77 Below 20% 9 19

89 66 93 107 94 119 20% 10 21
6 7 10 14 10 2 Above 20% 0 0
2008-2010 2011-2013
Below 10% 22 9
10% - 15% 17 11
15% - 20% 50 78
More than 20% 0 6
Total count 89 104
Below 20% 44 36
20% 55 107
Above 20% 1 6
###
100% 100%
90% 90%
80% 80%
70% 70%
60% 60%
50% 50%
Above 2%
40% 40%
2%
30% Below 2% 30%
20%
20%
10%
10%
0%
2008- 2011- 2014- 2017- 2020- 0%
2010 2013 2016 2019 2023* 2009 2010 2011 2012 2013 2014 201
Close year Below 20%

Private debt fund count by carry fees
2015 2016 2017 2018 2019 2020 Debt 2005 2006
4 3 4 2 0 2 Below 10% 0 0
7 8 5 10 3 9 10% - 15% 0 0
11 11 10 16 13 4 15% - 20% 3 2
0 0 0 0 3 0 More than 20% 0 0
22 22 19 28 19 15 Total count 3 2
$150.6 $156.1 $186.8 $223.2 $189.7 $149.9 Capital ($B) $106.5 $34.0
368 367 436 469 324 181 Total fund count 135 104
$179.6 $192.1 $209.5 $287.9 $225.6 $186.4 Total capital ($B) $109.9 $34.5
6.0% 6.0% 4.4% 6.0% 5.9% 8.3% % of fund count 2.2% 1.9%
83.9% 81.3% 89.2% 77.5% 84.1% 80.4% % of capital 96.9% 98.5%
19 22 17 27 14 15 Below 20% 0 0
3 0 2 1 2 0 20% 3 2
0 0 0 0 3 0 Above 20% 0 0
2006 - 2008 2009 - 2011

Below 10% 0 0
10% - 15% 0 1
15% - 20% 9 19
More than 20% 0 3
Total count 9 23
Below 20% 1 5
20% 8 15
Above 20% 0 3
100%
100%
90%
90%
80%
80%
70%
70%
60%
60%
50%
50%
Above 2% 40%
40%
2% 30%
30%
90%
80%
80%
70%
70%
60%
60%
50%
50%
Above 2% 40%
40%
2% 30%
30% Below 2%
20%
20%
10%
10%
0% 0%
2008- 2011- 2014- 2017- 2020- 2009 2010 2011 2012 2013 2014 201
2010 2013 2016 2019 2023*
Below 20%
Close year
FoF fund count by carry fees
2015 2016 2017 2018 2019 2020 Fund of funds 2005 2006
6 7 7 5 10 5 Below 10% 3 10
8 6 7 6 5 1 10% - 15% 1 4
5 2 3 0 0 3 15% - 20% 2 1
0 0 0 0 0 0 More than 20% 0 0
19 15 17 11 15 9 Total count 6 15
$72.9 $67.9 $73.6 $65.6 $41.7 $29.3 Capital ($B) $62.8 $39.8
361 332 330 309 203 101 Total fund count 218 176
$80.4 $75.7 $90.1 $70.7 $55.6 $31.7 Total capital ($B) $70.5 $49.7
5.3% 4.5% 5.2% 3.6% 7.4% 8.9% % of fund count 2.8% 8.5%
90.6% 89.6% 81.7% 92.8% 74.9% 92.5% % of capital 89.1% 80.2%
15 14 14 11 15 8 Below 20% 5 14
4 1 3 0 0 1 20% 1 1
0 0 0 0 0 0 Above 20% 0 0
2006 - 2008 2009 - 2011

Below 10% 17 13
10% - 15% 12 7
15% - 20% 2 6
More than 20% 0 0
Total count 31 26
Below 20% 29 22
20% 2 4
Above 20% 0 0
100% 100%
90% 90%
80% 80%
70% 70%
60% 60%
50% 50%
Above 2%
40%
2% 40%
30% Below 2% 30%
20%
20%
10%
10%
0%
2008- 2011- 2014- 2017- 2020- 0%
2010 2013 2016 2019 2023* 2009 2010 2011 2012 2013 2014 201
10%
10%
0%
2008- 2011- 2014- 2017- 2020- 0%
2010 2013 2016 2019 2023* 2009 2010 2011 2012 2013 2014 201
Secondaries fund count by carry fees

2015 2016 2017 2018 2019 2020 Secondaries 2005 2006
0 0 2 1 1 1 Below 10% 0 2
5 1 3 3 2 2 10% - 15% 2 1
1 0 1 2 0 0 15% - 20% 0 2
0 0 0 0 0 0 More than 20% 0 0
6 1 6 6 3 3 Total count 2 5
$25.9 $23.2 $73.0 $46.5 $42.9 $59.5 Capital ($B) $11.5 $16.3
68 55 90 124 119 72 Total fund count 34 36
$40.3 $24.2 $84.8 $58.1 $48.8 $78.3 Total capital ($B) $13.9 $21.8
8.8% 1.8% 6.7% 4.8% 2.5% 4.2% % of fund count 5.9% 13.9%
64.2% 95.7% 86.1% 80.0% 87.9% 76.0% % of capital 82.7% 74.9%
6 1 6 6 3 3 Below 20% 2 5
0 0 0 0 0 0 20% 0 0
0 0 0 0 0 0 Above 20% 0 0
2006 - 2008 2009 - 2011

Below 10% 2 0
10% - 15% 7 2
15% - 20% 2 3
More than 20% 0 0
Total count 11 5
Below 20% 11 3
20% 0 2
Above 20% 0 0
100% 100%
90% 90%
80% 80%
70% 70%
60% 60%
50% 50%
Above 2%
40%
2% 40%
30% Below 2% 30%
20%
20%
10%
10%
0%
2008- 2011- 2014- 2017- 2020- 0%
2010 2013 2016 2019 2023* 2009 2010 2011 2012 2013 2014 201
capital fund count by carry fees
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
5 2 4 3 8 6 8 9 5 1 6 7 8
9 6 2 3 7 11 8 9 12 6 8 13 15
16 21 23 34 59 85 90 90 125 114 134 187 157
0 1 2 3 1 2 3 3 2 3 3 4 2
30 30 31 43 75 104 109 111 144 124 151 211 182
$20.0 $45.1 $30.1 $111.9 $94.3 $143.1 $124.7 $132.4 $109.0 $209.5 $206.6 $294.6 $302.7
1,643 1,920 2,261 2,579 3,723 4,425 4,811 5,188 5,558 5,350 5,664 7,066 5,443
$376.7 $452.8 $509.4 $658.5 $778.0 $887.3 $1,002.0 $1,220.5 $1,343.6 $1,463.1 $1,373.8 $1,716.8 $1,483.5
1.8% 1.6% 1.4% 1.7% 2.0% 2.4% 2.3% 2.1% 2.6% 2.3% 2.7% 3.0% 3.3%
5.3% 10.0% 5.9% 17.0% 12.1% 16.1% 12.4% 10.8% 8.1% 14.3% 15.0% 17.2% 20.4%
15 10 9 7 20 23 23 22 26 21 22 39 36
15 19 20 33 54 79 83 86 116 100 126 168 144
0 1 2 3 1 2 3 3 2 3 3 4 2
2014-2016 2017-2019 2020-2023*

22 15 24
26 27 48
234 329 669
6 8 15
288 379 756
68 69 98
248 342 495
8 8 12
100%
90%
80%
70%
60%
50%
Above 20%
40%
20%
30% Below 20%
20%
10%
0%
2008- 2011- 2014- 2017- 2020-
009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2010 2013 2016 2019 2023*
Below 20% 20% Above 20% Close year

debt fund count by carry fees
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 1 3 1 2 6 3 1 3 1
4 3 4 2 13 16 13 15 13 13 10 23 14
0 0 2 1 0 0 0 0 0 0 0 0 0
4 3 6 3 14 19 14 17 19 16 11 26 15
$56.1 $50.0 $70.2 $91.3 $101.6 $111.7 $130.7 $170.8 $156.8 $163.3 $194.8 $231.2 $190.9
142 135 205 231 284 339 334 360 368 367 436 469 324
$59.3 $53.3 $74.6 $97.6 $116.5 $130.7 $148.1 $199.6 $179.6 $192.1 $209.5 $287.9 $225.6
2.8% 2.2% 2.9% 1.3% 4.9% 5.6% 4.2% 4.7% 5.2% 4.4% 2.5% 5.5% 4.6%
94.7% 93.9% 94.2% 93.6% 87.2% 85.5% 88.3% 85.6% 87.3% 85.0% 93.0% 80.3% 84.6%
1 0 1 0 4 7 4 5 8 9 2 15 5
3 3 3 2 10 12 10 12 11 7 9 11 10
0 0 2 1 0 0 0 0 0 0 0 0 0
2012 - 2014 2015 - 2017 2018 - 2020

0 0 0
6 10 8
44 36 44
0 0 0
50 46 52
16 19 28
34 27 24
0 0 0
100%
90%
80%
70%
60%
50%
Above 20%
40%
20%
30% Below 20%
80%
70%
60%
50%
Above 20%
40%
20%
30% Below 20%
20%
10%
0%
2008- 2011- 2014- 2017- 2020-
009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2010 2013 2016 2019 2023*
d count by carry fees

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
5 2 2 3 8 6 5 7 5 1 3 4 4
3 5 1 2 4 2 2 2 4 2 0 2 6
0 1 1 2 3 0 1 0 2 3 5 3 4
0 0 0 0 0 0 0 0 0 0 0 0 0
8 8 4 7 15 8 8 9 11 6 8 9 14
$26.7 $32.4 $42.6 $28.7 $47.3 $46.1 $50.1 $112.0 $75.4 $73.6 $81.7 $66.4 $41.7
121 156 165 165 229 220 253 293 361 332 330 309 203
$29.4 $34.5 $43.5 $31.7 $57.1 $48.8 $52.1 $113.6 $80.4 $75.7 $90.1 $70.7 $55.6
6.6% 5.1% 2.4% 4.2% 6.6% 3.6% 3.2% 3.1% 3.0% 1.8% 2.4% 2.9% 6.9%
90.6% 94.0% 97.8% 90.6% 82.8% 94.4% 96.0% 98.6% 93.7% 97.2% 90.6% 94.0% 74.9%
8 7 4 6 12 8 7 9 10 4 4 7 12
0 1 0 1 3 0 1 0 1 2 4 2 2
0 0 0 0 0 0 0 0 0 0 0 0 0
2012 - 2014 2015 - 2017 2018 - 2020

18 9 10
6 6 9
1 10 12
0 0 0
25 25 31
24 18 23
1 7 8
0 0 0
100%
90%
80%
70%
60%
50%
Above 20%
40%
20%
30% Below 20%
20%
10%
0%
2008- 2011- 2014- 2017- 2020-
009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2010 2013 2016 2019 2023*

10%
0%
2008- 2011- 2014- 2017- 2020-
009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2010 2013 2016 2019 2023*
aries fund count by carry fees

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
0 0 0 0 0 0 1 0 0 0 0 0 0
5 1 0 1 1 6 4 3 1 0 4 4 1
0 0 2 0 1 1 1 0 2 0 1 2 1
0 0 0 0 0 0 0 0 0 0 0 0 0
5 1 2 1 2 7 6 3 3 0 5 6 2
$10.5 $8.8 $16.0 $24.6 $18.4 $5.7 $27.9 $35.6 $35.1 $24.2 $73.0 $46.5 $43.5
34 35 41 50 58 42 74 65 68 55 90 124 119
$15.7 $15.9 $21.5 $25.6 $20.3 $34.4 $36.7 $39.7 $40.3 $24.2 $84.8 $58.1 $48.8
14.7% 2.9% 4.9% 2.0% 3.4% 16.7% 8.1% 4.6% 4.4% 0.0% 5.6% 4.8% 1.7%
66.9% 55.2% 74.4% 95.9% 90.6% 16.6% 76.2% 89.7% 87.1% 100.0% 86.1% 80.0% 89.2%
5 1 0 1 2 6 6 3 2 0 4 5 1
0 0 2 0 0 1 0 0 1 0 1 1 1
0 0 0 0 0 0 0 0 0 0 0 0 0
2012 - 2014 2015 - 2017 2018 - 2020

1 0 0
13 5 7
2 3 3
0 0 0
16 8 10
15 6 8
1 2 2
0 0 0
100%
90%
80%
70%
60%
50%
Above 20%
40%
20%
30% Below 20%
20%
10%
0%
2008- 2011- 2014- 2017- 2020-
009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2010 2013 2016 2019 2023*

2023*
3
12
191
6
212
$175.9
2,797
$1,175.5
7.6%
15.0%
23
183
6
Above 20%
20%
Below 20%
2017- 2020-
2019 2023*
2020
0
4
7
0
11
$153.3
181
$186.4
6.1%
82.2%
8
3
0
Above 20%
20%
Below 20%
Above 20%
20%
Below 20%
2017- 2020-
2019 2023*
2020
2
1
5
0
8
$29.7
101
$31.7
7.9%
93.7%
4
4
0
Above 20%
20%
Below 20%
2017- 2020-
2019 2023*
2017- 2020-
2019 2023*
2020
0
2
0
0
2
$73.7
72
$78.3
2.8%
94.1%
2
0
0
Above 20%
20%
Below 20%
2017- 2020-
2019 2023*
PE fundraising activity
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Capital raised ($B) $317.0 $168.7 $123.9 $176.5 $170.8 $270.6 $284.1 $269.4 $366.7 $434.9
Fund count 600 416 440 551 565 632 928 845 933 1,034
###
1,478
1,192
1,128
1,034 1,064
928 933 961
845
647
600 632
551 565
416 440
$317.0
$168.7
$123.9
$176.5
$170.8
$270.6
$284.1
$269.4
$366.7
$434.9
$406.6
$590.0
$471.6
$621.2
$560.7
$554.0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

2018 2019 2020 2021 2022 2023*
$406.6 $590.0 $471.6 $621.2 $560.7 $554.0
961 1,064 1,128 1,478 1,192 647
1,478
1,192
1,128
647
$471.6
$621.2
$560.7
$554.0
2020 2021 2022 2023

2006 2007 2008 2009 2010 2011
Cumulative dry powder ($B) $522.8 $601.2 $677.4 $650.5 $606.4 $632.4
*As of 6/30/2023
$1,800
2016 2017 2018 2019 2020
$1,600
2006
2007
$1,400
2008
2009
$1,200 2010
2011
$1,000 2012 $871.6
2013
$800 $763.2
2014 $677.4 $699.4 $706.0
$650.5 $632.4 $634.0
2015 $601.2 $606.4
$600 $522.8
2016
2017
$400 2018
2019
$200 2020
2021 Cumulative overhang
$0 2022 2007
2006 2008 2009 2010 2011 2012 2013 2014 2015 2016
2023 17.27921592 26.43314617 57.45540251 90.26863265 200.0454963
Capital overhang ($B) by vintage by size bucket

2016 2017 2018 2019 2020 2021
<$250M $3.4 $3.9 $5.5 $11.2 $12.5 $23.1
$250M-$499M $3.8 $3.2 $4.1 $10.8 $13.1 $26.3
$500M-$1B $1.9 $5.8 $8.1 $10.4 $23.0 $41.9
$1B+ $8.1 $13.5 $39.7 $58.0 $151.4 $256.3
Overhang by vintage $17.3 $26.4 $57.5 $90.3 $200.0 $347.6
*As of 6/30/2023

Distributions ($B)Net Cashflow
1998 ($58.4) $32.0 ($26.4) $1,000
1999 ($49.2) $30.0 ($19.2)
2000 ($88.7) $37.9 ($50.8)
2001 ($51.1) $33.4 ($17.7) $800
2002 ($56.7) $26.7 ($30.0)
2003 ($67.0) $43.9 ($23.1)
2004 ($96.8) $126.5 $29.7 $600
2005 ($114.3) $145.6 $31.3
2006 ($176.3) $169.2 ($7.1)
2007 ($237.5) $194.8 ($42.7) $400
2008 ($222.1) $102.1 ($120.0)
2009 ($119.3) $52.2 ($67.1)
$200
2010 ($193.8) $133.9 ($59.9)
2011 ($192.6) $203.7 $11.1
$0
98 999 000 001 002 003 004 005 006 007
19 1 2 2 2 2 2 2 2 2 2
-$200
$400
$200
2012 ($207.5) $230.2 $22.7 $0

2013 ($187.3) $292.0 $104.7
2014 ($229.4) $362.9 $133.5 98 999 000 001 002 003 004 005 006 007
19 1 2 2 2 2 2 2 2 2 2
2015 ($249.4) $398.5 $149.1 -$200
2016 ($247.2) $305.3 $58.1
2017 ($340.6) $416.5 $75.9
2018 ($352.4) $447.0 $94.6 -$400
2019 ($379.0) $353.2 ($25.8)
2020 ($439.4) $461.8 $22.4
2021 ($712.1) $748.7 $36.6 -$600
2022 ($545.9) $534.0 ($11.9)
Contributions ($B)
2023* ($199.0) $154.2 ($44.8)
*As of 6/30/2023 -$800

2008 2009 2010 2011 2012 2013
Dry powder ($B) 677.38167242 650.495314686 606.396267962 632.409588561 634.013267255 699.439090014
Contributions ($B) $222.1 $119.3 $193.8 $192.6 $207.5 $187.3
Years cash on hand $3.1 $5.5 $3.1 $3.3 $3.1 $3.7
*Current year's contributions are annualized for the cash on hand calculation
*As of 6/30/2023
**Cash on hand is the end of year dry powder divided by the contributions during the year
2012 2013 2014 2015 2016 2017 2018 2019 2020
$634.0 $699.4 $706.0 $763.2 $871.6 $1,016.5 $1,177.8 $1,308.3 $1,508.2
2021 2022 2023 Total $1,624.9 $1,625.8 2023

$522.8 $1,508.2 $1,478.6 2022
$601.2 2021
$1,308.3
$677.4
2020
$1,177.8 $650.5
2019
$606.4
$1,016.5 $632.4 2018
$871.6 $634.0 2017

$699.4 2016
$763.2
$699.4 $706.0 $706.0
$763.2
$871.6 Overhang by vintage
$1,016.5
$1,177.8
$1,308.3
$1,508.2
$1,478.6
2013 2014 2015 2016 2017 2018 $1,624.9
2019 2020 2021 2022 2023
347.5959613 446.7645853 439.9989001 $1,625.8
2022 2023*
$18.9 $12.8
$25.9 $25.5
$41.2 $45.7
$360.7 $355.9
$446.8 $440.0
00 001 002 003 004 005 006 007 008 009 010 011 012 013 014 015 016 017 018 019 020 021 022 023
2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
00 001 002 003 004 005 006 007 008 009 010 011 012 013 014 015 016 017 018 019 020 021 022 023
2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
Contributions ($B) Distributions ($B) Net Cashflow
2014 2015 2016 2017 2018 2019 2020 2021 2022

705.96625674 763.224606485 871.645070019 1016.508341784 1177.83114226 1308.3245773 1508.19630073 1478.61491313 1624.85916045
$229.4 $249.4 $247.2 $340.6 $352.4 $379.0 $439.4 $712.1 $545.9
$3.1 $3.1 $3.5 $3.0 $3.3 $3.5 $3.4 $2.1 $3.0
AUM ($B) by year
2021 2022 2023* 2006 2007 2008
$1,478.6 $1,624.9 $1,625.8 Dry Powder ($B) $522.8 $601.2 $677.4
Remaining Value ($B) $581.7 $764.3 $738.2
Total AUM ($B) $1,104.4 $1,365.5 $1,415.6
*As of 6/30/2023

2006 2007 2008
0-2 $475.3 $554.6 $610.2
3-5 $32.8 $32.1 $59.1
6-7 $14.7 $14.5 $8.1
*As of 6/30/2023
$1,800
$1,600
$1,400
$1,200
$1,000
$800
$600
$400
$200
$0
2007 2008 20
2023
1626*
$398.1
$4.1
2009 2010 2011 2012 2013 2014 2015 2016 2017
$650.5 $606.4 $632.4 $634.0 $699.4 $706.0 $763.2 $871.6 $1,016.5
$837.4 $1,049.4 $1,119.4 $1,242.0 $1,320.6 $1,362.4 $1,389.4 $1,480.9 $1,662.2
$1,487.9 $1,655.8 $1,751.8 $1,876.0 $2,020.1 $2,068.4 $2,152.6 $2,352.6 $2,678.7
$6,000
$5,000
$4,000
$3,000
$2,000
$1,000
$0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
2009 2010 2011 2012 2013 2014 2015 2016 2017

$522.8 $389.4 $371.6 $440.5 $544.4 $542.3 $605.8 $708.7 $861.8
$121.2 $206.8 $237.0 $167.3 $106.7 $109.2 $127.9 $145.0 $135.9
$6.4 $10.2 $23.8 $26.2 $48.3 $54.5 $29.5 $17.9 $18.8
$1,800
$1,600
$1,400
$1,200
$1,000
$800
$600
$400
$200
$0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2
$475.3 $32.8 $14.7

2018 2019 2020 2021 2022 2023*
$1,177.8 $1,308.3 $1,508.2 $1,478.6 $1,624.9 $1,625.8
$1,754.4 $2,020.9 $2,425.2 $3,455.5 $3,549.7 $3,798.4
$2,932.2 $3,329.3 $3,933.4 $4,934.1 $5,174.5 $5,424.2
2021 2022 2023
2018 2019 2020 2021 2022 2023*

$1,014.6 $1,118.5 $1,289.7 $1,235.3 $1,368.3 $1,234.4
$140.7 $157.3 $188.1 $211.9 $220.7 $347.8
$22.5 $32.5 $30.4 $31.5 $35.9 $43.7
2018 2019 2020 2021 2022 2023

PE first-time fundraising activity
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Capital raised ($B) $42.5 $18.7 $13.8 $41.7 $18.5 $12.3 $16.5 $21.8 $29.8 $34.8
Fund count 186 128 123 166 150 148 223 197 191 201
###
274
223
213
197 201 195 202
186 191 190
166
150 148
128 123
84
$42.5
$18.7
$13.8
$41.7
$18.5
$12.3
$16.5
$21.8
$29.8
$34.8
$25.2
$31.7
$17.5
$32.9
$31.2
$26.0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

2018 2019 2020 2021 2022 2023*
$25.2 $31.7 $17.5 $32.9 $31.2 $26.0
195 213 202 274 190 84
274
190
84
$32.9
$31.2
$26.0
2021 2022 2023

Private equity capital raised ($B) by fund number in family
PE 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
1 First $57.4 $30.8 $25.2 $52.3 $33.7 $57.6 $49.2 $46.2 $54.7 $63.3 $61.6
2 Second $54.6 $16.4 $18.3 $31.0 $30.7 $34.2 $46.9 $41.1 $45.4 $31.6 $57.2
3 Third $63.1 $35.3 $25.9 $23.2 $19.8 $29.4 $54.4 $32.7 $62.0 $36.7 $45.7
4 Fourth $30.9 $16.2 $7.2 $10.1 $14.7 $52.3 $44.4 $27.7 $29.9 $50.2 $31.2
5 Fifth $24.4 $18.1 $5.9 $14.5 $12.0 $18.0 $10.2 $35.8 $22.5 $54.6 $58.6
6 Sixth $23.4 $5.7 $21.2 $9.8 $29.2 $28.1 $28.9 $12.5 $14.8 $37.2 $20.9
7 Seventh $14.7 $5.9 $0.0 $2.3 $0.1 $8.4 $4.8 $36.6 $43.5 $34.2 $1.3
8 Eighth $10.6 $15.1 $0.9 $4.5 $10.1 $21.4 $0.5 $2.2 $2.5 $4.2 $21.1
9 Ninth $1.3 $1.1 $0.0 $0.0 $0.0 $0.3 $6.4 $3.6 $8.1 $25.5 $32.1
>9 10th+ $10.7 $8.1 $0.0 $3.3 $0.0 $0.1 $4.8 $0.0 $8.7 $25.4 $7.8
###
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Private equity fund count by fund number in family

PE 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
1 First 225 144 150 177 168 193 268 249 227 272 264
2 Second 116 81 71 85 95 127 165 134 130 154 142
3 Third 56 35 46 46 62 60 85 79 86 84 78
4 Fourth 24 15 20 27 28 31 48 42 52 56 51
5 Fifth 14 8 7 14 11 14 20 28 26 35 36
6 Sixth 8 4 8 8 15 9 11 9 17 18 15
7 Seventh 1 5 1 3 2 6 9 8 13 11 2
8 Eighth 3 3 2 1 2 4 4 5 5 7 5
9 Ninth 2 2 0 0 0 2 1 2 3 4 7
>9 10th+ 1 2 1 1 0 1 4 0 4 11 9
###
100%
90%
80%
70%
60%
50%
40%
30%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

2019 2020 2021 2022 2023*
$62.2 $63.7 $82.4 $55.3 $49.6
$94.8 $50.4 $76.6 $78.8 $43.1
$48.5 $56.2 $69.8 $35.9 $34.4
$55.4 $41.9 $71.2 $48.2 $40.1
$47.3 $56.2 $44.8 $32.4 $25.6
$55.5 $53.9 $51.2 $21.2 $38.4
$56.8 $10.2 $21.6 $75.4 $51.1
$60.8 $35.4 $9.2 $33.7 $22.6
$41.7 $3.0 $23.0 $50.5 $43.0
$16.3 $26.8 $88.3 $40.9 $141.3
2019 2020 2021 2022 2023*

285 274 408 347 158
167 130 200 157 79
91 93 114 80 52
59 58 62 73 41
34 45 48 35 34
23 27 26 22 18
21 8 17 17 16
14 4 10 9 7
9 3 6 6 5
15 17 23 18 14
PE PE capital raised ($B) by manager experience
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Emerging firm $112.4 $54.6 $53.4 $94.7 $69.1 $58.3 $86.1 $75.8 $94.7 $87.7 $111.3
Experienced to total 64.5% 67.6% 56.9% 46.3% 59.6% 78.5% 69.7% 71.9% 74.2% 79.8% 72.6%
###
$700 100%
85.6% 87.6% 90%
83.5% 82.4%
$600 78.5% 79.8% 80.5%
74.2% 72.6% 80%
69.7% 71.9%
$500 70%
60%
$400
50%
$300
40%
$200 30%
20%
$100
10%
$0 0%
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Experienced firm Emerging firm Experienced to total
PE PE fund count by manager experience

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Experienced firm 204 154 160 200 192 261 375 350 425 467 460
Emerging firm 396 262 280 351 373 371 553 495 508 567 501
Experienced to total 34.0% 37.0% 36.4% 36.3% 34.0% 41.3% 40.4% 41.4% 45.6% 45.2% 47.9%
###
1,600 70%
62.3%
1,400 58.1% 60%
52.4% 53.7%
1,200 49.6%
47.9% 50%
45.6% 45.2%
1,000 41.3% 40.4% 41.4%
40%
800
30%
600
20%
400
200 10%
0 0%
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Experienced firm Emerging firm Experienced to total

2019 2020 2021 2022 2023*
$475.1 $393.8 $512.1 $479.7 $485.2
$114.9 $77.8 $109.1 $81.0 $68.9
80.5% 83.5% 82.4% 85.6% 87.6%
100%
87.6% 90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2023
2019 2020 2021 2022 2023*

528 591 793 693 403
536 537 685 499 244
49.6% 52.4% 53.7% 58.1% 62.3%
70%
62.3%
1% 60%
50%
40%
30%
20%
10%
0%
22 2023
otal
Private equity capital raised ($B) by size bucket
Private equity 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Und <$100M $7.6 $5.5 $6.1 $6.2 $8.2 $7.0 $10.1 $9.4 $9.2 $11.9 $11.5
100 $100M-$250M $18.9 $14.2 $14.4 $13.3 $13.9 $20.7 $19.4 $24.4 $23.4 $25.8 $23.9
250 $250M-$500M $27.5 $14.7 $20.2 $21.8 $16.1 $24.1 $29.9 $33.3 $39.8 $41.9 $36.2
500 $500M-$1B $47.7 $15.3 $24.4 $35.3 $31.3 $33.5 $40.8 $36.1 $51.5 $56.6 $50.2
1B- $1B-$5B $99.7 $66.0 $43.6 $77.8 $69.8 $79.3 $126.8 $121.5 $111.9 $117.5 $137.6
5B+ $5B+ $115.6 $53.1 $15.2 $22.1 $31.5 $106.1 $57.2 $44.8 $130.8 $181.2 $147.1
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
<$100M 2.4% 3.2% 4.9% 3.5% 4.8% 2.6% 3.6% 3.5% 2.5% 2.7% 2.8%
$100M-$250M 6.0% 8.4% 11.6% 7.5% 8.1% 7.6% 6.8% 9.0% 6.4% 5.9% 5.9%
$250M-$500M 8.7% 8.7% 16.3% 12.4% 9.4% 8.9% 10.5% 12.4% 10.9% 9.6% 8.9%
$500M-$1B 15.0% 9.0% 19.7% 20.0% 18.3% 12.4% 14.3% 13.4% 14.0% 13.0% 12.3%
$1B-$5B 31.5% 39.1% 35.2% 44.1% 40.9% 29.3% 44.6% 45.1% 30.5% 27.0% 33.8%
$5B+ 36.5% 31.5% 12.3% 12.5% 18.4% 39.2% 20.1% 16.6% 35.7% 41.7% 36.2%
###
$700 100%
$5B+ 90%
$600
80%
$1B-
$500 $5B 70%
60%
$400 $500M-
$1B 50%
$300 40%
$250M-
$500M 30%
$200
20%
$100M-
$100 10%
$250M
0%
2013
2014
2015
2016
2017
2018
$0 <$100M
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Private equity fund count by size bucket

Private equity 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Und <$100M 181 140 151 173 211 213 319 298 306 394 362
100 $100M-$250M 121 88 87 87 86 124 124 158 147 158 143
250 $250M-$500M 80 42 59 62 45 72 86 97 114 122 100
500 $500M-$1B 71 23 37 52 43 48 61 53 74 85 72
1B- $1B-$5B 47 33 26 40 36 36 60 60 55 56 71
5B+ $5B+ 13 6 1 3 4 11 8 4 17 19 18
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
<$100M 35.3% 42.2% 41.8% 41.5% 49.6% 42.3% 48.5% 44.5% 42.9% 47.2% 47.3%
$100M-$250M 23.6% 26.5% 24.1% 20.9% 20.2% 24.6% 18.8% 23.6% 20.6% 18.9% 18.7%
$250M-$500M 15.6% 12.7% 16.3% 14.9% 10.6% 14.3% 13.1% 14.5% 16.0% 14.6% 13.1%
$500M-$1B 13.8% 6.9% 10.2% 12.5% 10.1% 9.5% 9.3% 7.9% 10.4% 10.2% 9.4%
$1B-$5B 9.2% 9.9% 7.2% 9.6% 8.5% 7.1% 9.1% 9.0% 7.7% 6.7% 9.3%
$5B+ 2.5% 1.8% 0.3% 0.7% 0.9% 2.2% 1.2% 0.6% 2.4% 2.3% 2.3%
###
1,400 100%
$5B+ 90%
1,200
80%
$1B-
1,000 $5B 70%
60%
800 $500M-
$1B 50%
600 40%
$250M-
$500M 30%
400
20%
$100M-
200 $250M 10%
0 0%
2008
2009
2010
2011
2012
2013
2014
2015
2016
<$100M
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Private equity fund sizes ($M)
2019 2020 2021 2022 2023* Private equity 2008 2009 2010
$13.4 $12.9 $16.5 $13.2 $5.5 Average $618.0 $508.2 $343.3
$25.4 $25.7 $33.4 $23.6 $12.8 Bottom quartile $60.0 $42.9 $45.0
$48.4 $35.6 $44.7 $39.7 $33.6 Median $160.1 $140.1 $145.0
$45.9 $56.0 $86.3 $54.8 $66.0 Top quartile $500.0 $353.4 $350.0
$205.8 $185.4 $180.9 $181.6 $165.7 Fund count 513 332 361
$251.1 $156.0 $259.5 $247.8 $270.5 45291*As of -409mmmm d, yyyy 100.1 97.2 100.0
339.9 213.2 205.0
2019 2020 2021 2022 2023* $1,200
2.3% 2.7% 2.7% 2.4% 1.0%
4.3% 5.5% 5.4% 4.2% 2.3% $1,000
8.2% 7.5% 7.2% 7.1% 6.1%
7.8% 11.9% 13.9% 9.8% 11.9% $800
34.9% 39.3% 29.1% 32.4% 29.9%
42.6% 33.1% 41.8% 44.2% 48.8%
$600
00% $400
90% $5B+
$200
80%
$1B-$5B
70% $0
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
60%
$500M-$1B
50% Top quartile Ave
Median Bott
40% $250M-
$500M
30%
Median step-up from previous private e
20% $100M- Private Equity 2008 2009 2010
$250M Larger 138 84 87
10%
Smaller 36 42 33
0%
<$100M Same 3 2 2
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Total 177 128 122

% of funds larger than predecessor 78.0% 65.6% 71.3%
Step-up 68.8% 32.3% 42.9%
2019 2020 2021 2022 2023* 90%

384 413 559 451 187
80%
156 161 209 147 81
135 103 128 113 96 70%
67 79 125 82 95
60%
97 94 98 90 81
22 18 25 20 23 50%
40%
2019 2020 2021 2022 2023*
44.6% 47.6% 48.9% 49.9% 33.2% 30%
18.1% 18.5% 18.3% 16.3% 14.4%
15.7% 11.9% 11.2% 12.5% 17.1%
20%
2008 78.0%
2009 65.6%
2010 71.3%
2011 71.5%
2012 65.8%
2013 72.3%
2014 69.0%
2015 71.5%
2016 72.2%
2017 76.5%
2018 76.7%
7.8% 9.1% 10.9% 9.1% 16.9% 10%

11.3% 10.8% 8.6% 10.0% 14.4%
0%
% of funds larger than predecessor

%
%
%
%
%
%
%
%
%
%
%
2008
2009
2010
2011
2012 2.6%
2013
2014
2015
2.1%
2016
2017
2018
2.2%
2019
2020
2021
2.2%
2022
2023
4.1%
$5B+
$250M
$500M
$100M-
$250M-
<$100M
$1B-$5B
$500M-$1B
0%
10%
20%
30%
2008 78.0%
2009 65.6%
2010 71.3%
2011 71.5%
2012 65.8%
2013 72.3%
2014 69.0%
2015 71.5%
2016 72.2%
2017 76.5%
2018 76.7%
uity fund sizes ($M)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023*
$423.3 $401.8 $537.0 $431.8 $402.2 $514.3 $521.4 $530.8 $685.2 $543.3 $543.0 $621.0 $984.1
$39.0 $36.0 $38.9 $26.3 $30.0 $27.2 $23.6 $26.2 $33.9 $27.7 $20.7 $19.9 $50.8
$133.0 $100.0 $133.1 $100.0 $112.1 $131.0 $114.0 $120.2 $128.8 $109.3 $101.9 $100.0 $267.3
$420.0 $351.9 $336.1 $365.8 $324.3 $392.4 $354.2 $400.0 $437.6 $407.9 $400.0 $395.0 $750.0
417 425 504 658 670 713 834 766 861 868 1144 903 563
94.0 64.0 94.2 73.7 82.1 103.8 90.4 94.0 94.9 81.6 81.2 80.1 216.4
287.0 251.9 203.1 265.7 212.3 261.4 240.2 279.8 308.8 298.5 298.1 295.0 482.7
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Top quartile Average

Median Bottom quartile
p-up from previous private equity fund in fund family

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023*
98 102 146 176 171 179 224 204 261 212 273 227 184
38 50 54 74 65 62 62 60 76 66 103 69 42
1 3 2 5 3 7 7 2 6 4 5 8 0
137 155 202 255 239 248 293 266 343 282 381 304 226
71.5% 65.8% 72.3% 69.0% 71.5% 72.2% 76.5% 76.7% 76.1% 75.2% 71.7% 74.7% 81.4%
30.0% 29.4% 34.6% 28.7% 33.8% 42.3% 48.0% 57.1% 45.9% 42.4% 46.7% 52.6% 47.8%
2010 71.3%
2011 71.5%
2012 65.8%
2013 72.3%
2014 69.0%
2015 71.5%
2016 72.2%
2017 76.5%
2018 76.7%
2019 76.1%
2020 75.2%
2021 71.7%
2022 74.7%
2023 81.4%

2010 71.3%
2011 71.5%
2012 65.8%
2013 72.3%
2014 69.0%
2015 71.5%
2016 72.2%
2017 76.5%
2018 76.7%
2019 76.1%
2020 75.2%
2021 71.7%
2022 74.7%
Step-up
2023 81.4%
Private equity capital raised ($B) by region
Private equity 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Rest of world $4.9 $0.9 $4.2 $8.0 $2.7 $1.6 $6.8 $2.7 $1.8 $2.8 $3.9
Africa $2.8 $1.4 $2.5 $1.6 $1.1 $3.9 $1.1 $3.7 $3.6 $1.6 $1.7
Middle East $8.7 $1.6 $2.2 $1.2 $5.5 $1.0 $1.3 $1.2 $1.8 $0.2 $0.4
Oceania $4.9 $0.6 $2.8 $1.7 $1.8 $0.8 $2.3 $2.3 $2.7 $3.6 $3.7
Asia $39.5 $13.3 $32.7 $39.3 $43.3 $25.5 $56.3 $51.6 $72.6 $56.6 $113.3
Europe $86.3 $53.6 $26.4 $57.8 $27.2 $79.5 $64.8 $61.8 $81.6 $109.4 $97.4
North America $169.8 $97.4 $53.2 $67.1 $89.1 $158.4 $151.5 $146.2 $202.6 $260.7 $186.3
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Rest of world 1.5% 0.6% 3.4% 4.5% 1.6% 0.6% 2.4% 1.0% 0.5% 0.6% 1.0%
Africa 0.9% 0.8% 2.0% 0.9% 0.6% 1.5% 0.4% 1.4% 1.0% 0.4% 0.4%
Middle East 2.8% 1.0% 1.8% 0.7% 3.2% 0.4% 0.5% 0.4% 0.5% 0.0% 0.1%
Oceania 1.6% 0.3% 2.2% 0.9% 1.1% 0.3% 0.8% 0.8% 0.7% 0.8% 0.9%
Asia 12.5% 7.9% 26.4% 22.2% 25.4% 9.4% 19.8% 19.1% 19.8% 13.0% 27.9%
Europe 27.2% 31.8% 21.3% 32.7% 15.9% 29.4% 22.8% 22.9% 22.2% 25.1% 24.0%
North America 53.6% 57.7% 42.9% 38.0% 52.2% 58.5% 53.3% 54.3% 55.2% 60.0% 45.8%
###
$700 100%
North Amer- 90%
$600 ica
80%
$500 Europe 70%
60%
$400 Asia
50%
$300 Oceania 40%
30%
$200
Middle East
20%
$100
Africa 10%
$0 0%
2013
2014
2015
2016
2017
2018
Rest of world
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Private equity fund count by region

Private equity 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Rest of world 15 10 15 14 15 14 29 16 18 14 11
Africa 15 13 19 13 11 13 17 16 20 15 12
Middle East 18 14 7 12 12 10 12 11 10 6 8
Oceania 12 10 7 7 9 7 8 7 12 15 12
Asia 106 70 115 148 150 116 186 176 185 200 241
Europe 188 129 117 141 121 162 212 192 221 231 189
North America 246 170 160 216 247 310 464 427 467 553 488
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Rest of world 2.5% 2.4% 3.4% 2.5% 2.7% 2.2% 3.1% 1.9% 1.9% 1.4% 1.1%
Africa 2.5% 3.1% 4.3% 2.4% 1.9% 2.1% 1.8% 1.9% 2.1% 1.5% 1.2%
Middle East 3.0% 3.4% 1.6% 2.2% 2.1% 1.6% 1.3% 1.3% 1.1% 0.6% 0.8%
Oceania 2.0% 2.4% 1.6% 1.3% 1.6% 1.1% 0.9% 0.8% 1.3% 1.5% 1.2%
Asia 17.7% 16.8% 26.1% 26.9% 26.5% 18.4% 20.0% 20.8% 19.8% 19.3% 25.1%
Europe 31.3% 31.0% 26.6% 25.6% 21.4% 25.6% 22.8% 22.7% 23.7% 22.3% 19.7%
North America 41.0% 40.9% 36.4% 39.2% 43.7% 49.1% 50.0% 50.5% 50.1% 53.5% 50.8%
###
1,600 100%
North
90%
1,400 America
80%
1,200 Europe
70%
1,000 Asia 60%
800 50%
Oceania
40%
600
Middle
East 30%
400
20%
Africa
200
10%
0 Rest of 0%
world
2009
2010
2011
2012
2013
2014
2015
2016
2017
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2019 2020 2021 2022 2023*
$3.0 $0.8 $2.2 $1.4 $0.0
$1.4 $0.9 $1.8 $3.5 $0.5
$1.7 $0.4 $4.3 $12.5 $0.8
$0.8 $3.6 $2.2 $5.3 $2.4
$91.4 $80.5 $91.3 $62.3 $28.6
$112.3 $115.1 $142.5 $91.0 $121.4
$379.3 $270.2 $376.9 $384.8 $400.3
2019 2020 2021 2022 2023*

0.5% 0.2% 0.4% 0.2% 0.0%
0.2% 0.2% 0.3% 0.6% 0.1%
0.3% 0.1% 0.7% 2.2% 0.1%
0.1% 0.8% 0.4% 0.9% 0.4%
15.5% 17.1% 14.7% 11.1% 5.2%
19.0% 24.4% 22.9% 16.2% 21.9%
64.3% 57.3% 60.7% 68.6% 72.2%
0%
0% North
America
0%
0% Europe
0% Asia
0%
Oceania
0%
0% Middle East
0%
Africa
0%
0% Rest of
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
world
2019 2020 2021 2022 2023*

14 15 24 15 1
14 13 18 16 5
13 12 13 23 13
15 17 13 16 6
168 235 224 125 72
244 243 287 173 123
596 593 899 824 427
2019 2020 2021 2022 2023*

1.3% 1.3% 1.6% 1.3% 0.2%
1.3% 1.2% 1.2% 1.3% 0.8%
1.2% 1.1% 0.9% 1.9% 2.0%
1.4% 1.5% 0.9% 1.3% 0.9%
15.8% 20.8% 15.2% 10.5% 11.1%
22.9% 21.5% 19.4% 14.5% 19.0%
56.0% 52.6% 60.8% 69.1% 66.0%
%
North
%
America
%
Europe
%
% Asia
%
Oceania
%
Middle
% East
%
Africa
%
% Rest of
world
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Private equity capital raised ($B) by type
Private equity 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Buyout $255.1 $150.3 $94.5 $137.7 $144.9 $226.9 $237.6 $208.4 $282.2 $361.1 $309.2
Diversified private equity $0.0 $0.2 $1.0 $0.3 $0.0 $0.5 $2.4 $0.7 $3.5 $1.3 $2.3
PE growth/expansion $58.0 $17.4 $26.5 $37.6 $25.2 $38.1 $41.3 $59.9 $70.7 $72.2 $91.7
Restructuring/turnaround $3.9 $0.8 $1.9 $0.9 $0.6 $5.2 $2.9 $0.4 $10.2 $0.3 $3.4
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Buyout 80.5% 89.1% 76.3% 78.0% 84.9% 83.8% 83.6% 77.3% 77.0% 83.0% 76.1%
Diversified private equity 0.0% 0.1% 0.8% 0.2% 0.0% 0.2% 0.8% 0.3% 0.9% 0.3% 0.6%
PE growth/expansion 18.3% 10.3% 21.4% 21.3% 14.7% 14.1% 14.5% 22.2% 19.3% 16.6% 22.6%
Restructuring/turnaround 1.2% 0.5% 1.5% 0.5% 0.4% 1.9% 1.0% 0.1% 2.8% 0.1% 0.8%
###
100%
$700
Restructuring/ 90%
turnaround
$600 80%
PE growth/
expansion 70%
$500
Diversified 60%
$400 private equity
50%
Buyout
$300 40%
30%
$200
20%
$100
10%
$0 0%
2008
2009
2010
2011
2012
2013
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Private equity fund count by type

Private equity 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Buyout 434 290 282 378 390 443 661 562 638 727 636
Diversified private equity 0 2 3 3 0 3 7 9 8 10 8
PE growth/expansion 162 120 152 166 170 178 256 272 279 292 310
Restructuring/turnaround 4 4 3 4 5 8 4 2 8 5 7
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Buyout 72.3% 69.7% 64.1% 68.6% 69.0% 70.1% 71.2% 66.5% 68.4% 70.3% 66.2%
Diversified private equity 0.0% 0.5% 0.7% 0.5% 0.0% 0.5% 0.8% 1.1% 0.9% 1.0% 0.8%
PE growth/expansion 27.0% 28.8% 34.5% 30.1% 30.1% 28.2% 27.6% 32.2% 29.9% 28.2% 32.3%
Restructuring/turnaround 0.7% 1.0% 0.7% 0.7% 0.9% 1.3% 0.4% 0.2% 0.9% 0.5% 0.7%
###
1,600
Restructuring/
100%
turnaround
1,400
90%
PE growth/
1,200 expansion 80%
Diversified 70%
1,000
private equity
60%
800 Buyout
50%
600
100%
turnaround
1,400
90%
PE growth/
1,200 expansion 80%
Diversified 70%
1,000
private equity
60%
800 Buyout
50%
600
40%
400 30%
200 20%
10%
0
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
0%
2008
2009
2010
2011
2012
2013
2019 2020 2021 2022 2023*
$445.9 $381.4 $445.0 $417.9 $449.7
$2.0 $3.2 $5.7 $0.9 $0.8
$140.0 $85.7 $164.2 $141.9 $103.2
$2.0 $1.3 $6.3 $0.0 $0.4
2019 2020 2021 2022 2023*

75.6% 80.9% 71.6% 74.5% 81.2%
0.3% 0.7% 0.9% 0.2% 0.1%
23.7% 18.2% 26.4% 25.3% 18.6%
0.3% 0.3% 1.0% 0.0% 0.1%
100%
Restructuring/
90% turnaround
80% PE growth/
expansion
70%
Diversified
60% private equity
50% Buyout
40%
30%
20%
10%
0%
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2019 2020 2021 2022 2023*

716 749 1,019 898 500
14 14 19 7 5
326 357 433 285 140
8 8 7 2 2
2019 2020 2021 2022 2023*

67.3% 66.4% 68.9% 75.3% 77.3%
1.3% 1.2% 1.3% 0.6% 0.8%
30.6% 31.6% 29.3% 23.9% 21.6%
0.8% 0.7% 0.5% 0.2% 0.3%
100%
Restructuring/
90% turnaround
80% PE growth/
expansion
70%
Diversified
60% private equity
50% Buyout
100%
Restructuring/
90% turnaround
80% PE growth/
expansion
70%
Diversified
60% private equity
50% Buyout
40%
30%
20%
10%
0%
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Months to close for private equity funds
Private equity 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Average 13.6 15.8 17.9 16.9 14.7 14.2 14.1 14.2 12.7 15.1 13.0
Fastest quartile 6.2 9.6 10.8 7.6 8.1 5.8 5.9 5.2 4.7 5.5 4.6
Median 12.6 13.9 18.9 12.7 12.4 12.9 12.8 12.0 9.9 11.2 11.0
Slowest quartile 16.5 22.3 22.5 22.8 18.1 19.5 18.3 20.1 17.9 19.4 16.8
Fund count 120 82 90 112 124 177 193 155 193 200 185
### 6.4 4.3 8.1 5.0 4.3 7.1 6.9 6.8 5.2 5.7 6.4
3.9 8.4 3.5 10.2 5.7 6.6 5.5 8.1 8.0 8.2 5.8
25
20
15
10
0
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Slowest quartile Average
Median Fastest quartile
Years between closings for private equity fu
2019 2020 2021 2022 2023* Private equity 2008 2009 2010 2011
12.6 12.5 14.6 17.5 15.2 Average 3.2 3.7 3.5 4.2
4.8 4.7 5.0 4.6 7.0 Fastest quartile 1.9 2.6 2.9 3.3
11.1 10.7 12.0 12.0 13.8 Median 2.8 3.2 3.6 4.0
18.1 18.2 20.4 20.4 21.2 Slowest quartile 3.7 4.2 4.6 4.9
246 233 359 335 326 Fund count 74 42 65 79
6.2 5.9 7.0 7.4 6.8 ### 0.9 0.6 0.7 0.7
7.0 7.5 8.4 8.4 7.4 1.0 1.0 1.0 0.9
8
2008
2009
2010
2011
2012
Slowe
Media
sings for private equity fund families
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023*
4.5 4.8 5.3 4.8 4.6 4.7 4.2 4.0 3.9 3.6 3.4 3.5
3.3 3.5 3.4 3.2 2.7 2.8 2.5 2.7 2.7 2.2 1.9 2.2
4.5 5.1 5.1 4.4 4.2 4.0 3.8 3.7 3.5 3.6 3.0 3.4
5.5 6.0 7.0 6.6 6.6 5.9 5.2 4.9 4.7 4.7 4.5 4.5
82 118 121 141 155 173 150 204 173 247 202 182
1.2 1.6 1.7 1.2 1.5 1.2 1.3 1.0 0.8 1.4 1.1 1.3
1.0 0.9 1.9 2.2 2.3 1.9 1.4 1.2 1.2 1.1 1.5 1.1
8
0
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023

Private equity fund count by management fees
PE 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Below 1% 1 0 0 0 1 0 0 3 1 2
1% - 1.5% 0 4 1 1 4 5 1 5 7 3
1.5% - 2% 20 16 2 6 10 16 20 25 26 25
More than 2% 1 1 2 0 1 0 1 0 0 1
Total count 22 21 5 7 16 21 22 33 34 31
Capital ($B) $54.1 $67.3 $16.2 $6.8 $24.4 $101.4 $41.5 $74.4 $80.6 $111.2
Total fund count 600 416 440 551 565 632 928 845 933 1,034
Total capital ($B) $317.0 $168.7 $123.9 $176.5 $170.8 $270.6 $284.1 $269.4 $366.7 $434.9
% of fund count 3.7% 5.0% 1.1% 1.3% 2.8% 3.3% 2.4% 3.9% 3.6% 3.0%
% of capital 17.1% 39.9% 13.0% 3.9% 14.3% 37.5% 14.6% 27.6% 22.0% 25.6%
Below 2% 12 11 1 4 12 10 8 19 14 17
2% 9 9 2 3 3 11 13 14 20 13
Above 2% 1 1 2 0 1 0 1 0 0 1
2008-2010 2011-2013 2014-2016 2017-2019 2020-2023*

Below 1% 1 1 4 7 10
1% - 1.5% 5 10 13 11 17
1.5% - 2% 38 32 71 88 116
More than 2% 4 1 1 4 7
Total count 48 44 89 110 150
Below 2% 24 26 41 52 63
2% 20 17 47 54 80
Above 2% 4 1 1 4 7
###
100%
100%
90%
90%
80%
80%
70%
70%
60%
60%
50%
50%
40%
40%
30%
30%
20%
20%
10%
10%
0% 0%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2008-
2010
Private equity fund count by carry fees
2018 2019 2020 2021 2022 2023* PE 2008 2009 2010
2 3 3 2 4 1 Below 10% 0 0 0
3 5 6 6 5 0 10% - 15% 0 0 0
24 39 38 39 23 16 15% - 20% 3 12 2
1 2 3 3 1 0 More than 20% 0 0 0
30 49 50 50 33 17 Total count 3 12 2
$39.9 $169.8 $119.6 $144.9 $157.6 $83.2 Capital ($B) $12.2 $30.9 $0.6
961 1,064 1,128 1,478 1,192 647 Total fund count 600 416 440
$406.6 $590.0 $471.6 $621.2 $560.7 $554.0 Total capital ($B) $317.0 $168.7 $123.9
3.1% 4.6% 4.4% 3.4% 2.8% 2.6% % of fund count 0.5% 2.9% 0.5%
9.8% 28.8% 25.4% 23.3% 28.1% 15.0% % of capital 3.8% 18.3% 0.5%
12 23 17 19 22 5 Below 20% 0 0 0
17 24 30 28 10 12 20% 3 12 2
1 2 3 3 1 0 Above 20% 0 0 0
2008-2010 2011-2013 2014-2016

Below 10% 0 0 1
10% - 15% 0 0 1
15% - 20% 17 29 60
More than 20% 0 1 2
Total count 17 30 64
Below 20% 0 1 2
20% 17 28 60
Above 20% 0 1 2
###
100%
100%
90%
90%
80%
80%
70%
70%
60%
60%
50%
50%
Above 2% 40%
40%
2% 30%
30% Below 2%
20%
20%
10%
10%
0% 0%
2008- 2011- 2014- 2017- 2020- 2009 2010 2011 2012 2013 2014 2015
2010 2013 2016 2019 2023*
Below 20% 20
Close year
nd count by carry fees
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023*
0 0 0 0 0 1 1 0 0 0 1 0 0
0 0 0 0 0 1 2 1 0 3 2 2 0
7 7 15 14 22 24 19 24 37 40 46 23 14
0 0 1 0 1 1 0 0 3 1 1 2 1
7 7 16 14 23 27 22 25 40 44 50 27 15
$6.8 $14.3 $85.1 $34.6 $46.5 $64.4 $71.8 $36.8 $113.3 $104.7 $145.9 $157.1 $57.0
551 565 632 928 845 933 1,034 961 1,064 1,128 1,478 1,192 647
$176.5 $170.8 $270.6 $284.1 $269.4 $366.7 $434.9 $406.6 $590.0 $471.6 $621.2 $560.7 $554.0
1.3% 1.2% 2.5% 1.5% 2.7% 2.9% 2.1% 2.6% 3.8% 3.9% 3.4% 2.3% 2.3%
3.9% 8.4% 31.4% 12.2% 17.3% 17.6% 16.5% 9.1% 19.2% 22.2% 23.5% 28.0% 10.3%
1 0 0 0 0 2 3 4 2 5 4 4 0
6 7 15 14 22 24 19 21 35 38 45 21 14
0 0 1 0 1 1 0 0 3 1 1 2 1
2017-2019 2020-2023*
1 1
3 7
80 123
3 5
87 136
9 13
75 118
3 5
100%
90%
80%
70%
60%
50%
Above 20%
40%
20%
30% Below 20%
20%
10%
011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0%
2008- 2011- 2014- 2017- 2020-
2010 2013 2016 2019 2023*
Close year
Above 20%
20%
Below 20%
VC fundraising activity
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Capital raised ($B) $48.0 $31.6 $38.1 $52.5 $49.2 $56.1 $85.6 $119.3 $174.3 $205.5
Fund count 521 465 508 613 751 889 1,407 2,142 2,419 2,656
###
3,788
3,047
2,903 2,860
2,656 2,745
2,419
2,142
1,533
1,407
889
751
521 613
465 508
$119.3
$174.3
$205.5
$351.7
$279.4
$257.5
$363.3
$309.2
$162.3
$48.0
$31.6
$38.1
$52.5
$49.2
$56.1
$85.6
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

2018 2019 2020 2021 2022 2023*
$351.7 $279.4 $257.5 $363.3 $309.2 $162.3
3,047 2,745 2,903 3,788 2,860 1,533
3,788
2,903 2,860
1,533
$257.5
$363.3
$309.2
$162.3
2020 2021 2022 2023

2006 2007 2008 2009 2010
Cumulative dry powder ($B) $110.5 $124.3 $125.3 $119.1 $123.9
*As of 6/30/2023
$700
2016 2017 2018 2019
2006
$600
2007
2008
$500 2009
2010
2011
$400
2012
2013
$300 2014
2015
2016
$200 $163.1
2017
$126.6 $130.3 $139.8
2018 $124.3 $125.3 $119.1 $123.9
$110.5
$100 2019
2020
$0
2022
2006 2007 2008 2009 2010 2011 2012 2013 2014
2023 7.40709446444679 28.897652594 20.44696081 51.17639397

2016 2017 2018 2019 2020
<$100M $1.6 $5.2 $5.1 $12.2 $17.5
$100M-$249M $2.0 $4.3 $5.5 $11.5 $17.6
$250M-$499M $1.0 $2.1 $3.2 $7.7 $12.2
$500M-$999M $1.2 $1.1 $3.5 $5.0 $12.8
$1B-$4.99B $1.6 $3.7 $2.7 $7.7 $12.5
$5B+ $0.0 $12.5 $0.4 $7.0 $0.8
Overhang by vintage $7.4 $28.9 $20.4 $51.2 $73.3

*As of 6/30/2023

Year Contributions ($B) Distributions ($B) Net Cashflow
1998 ($20.6) $13.3 ($7.3) $400
1999 ($24.5) $20.0 ($4.5)
$300
$200
$400
2000 ($52.7) $40.7 ($12.0)

2001 ($24.2) $17.9 ($6.4) $300
2002 ($24.5) $9.4 ($15.1)
2003 ($23.9) $24.3 $0.4
2004 ($31.0) $7.1 ($23.9)
$200
2005 ($30.4) $14.8 ($15.6)
2006 ($38.3) $28.2 ($10.1)
2007 ($41.8) $34.6 ($7.2)
2008 ($41.8) $13.2 ($28.6) $100
2009 ($35.0) $13.2 ($21.7)
2010 ($36.4) $26.1 ($10.3)
2011 ($48.3) $28.1 ($20.2) $0
2012 ($44.0) $43.4 ($0.7)
98 999 000 001 002 003 004
2013 ($49.6) $47.5 ($2.0) 19 1 2 2 2 2 2
2014 ($63.2) $73.6 $10.4 -$100
2015 ($97.3) $126.8 $29.4
2016 ($80.6) $49.7 ($30.9)
2017 ($156.7) $63.3 ($93.4)
-$200
2018 ($214.8) $89.1 ($125.7)
2019 ($245.9) $147.1 ($98.9)
2020 ($212.3) $158.0 ($54.4)
2021 ($354.1) $311.9 ($42.2) -$300
2022 ($218.6) $89.2 ($129.4)
Contribu
2023* ($101.3) $40.3 ($61.0)
*As of 6/30/2023 -$400

2008 2009 2010 2011 2012
Dry powder ($B) $125.3 $119.1 $123.9 $126.6 $130.3
Contributions ($B) $41.8 $35.0 $36.4 $48.3 $44.0
Years cash on hand 3.0 3.4 3.4 2.6 3.0
*As of 6/30/2023
2011 2012 2013 2014 2015 2016 2017 2018 2019
$126.6 $130.3 $139.8 $163.1 $203.6 $302.2 $450.5 $481.8 $527.7
$658.2 $657.3
2020 2021 2022 2023 Total 2023
$110.5 $587.2 2022
$124.3 $565.5
$527.7 2021
$125.3
$481.8 $119.1 2020
$450.5 2019
$123.9
$126.6 2018
$130.3 2017
$302.2 $139.8 2016
$163.1
$203.6
$203.6 $302.2 Overhang by vintage
$163.1 $450.5
6.6 $130.3 $139.8
$481.8
$527.7
$587.2
$565.5
11 2012 2013 2014 2015 2016 2017 2018 $658.2
2019 2020 2021 2022 2023
73.31659725 146.8893096 207.1039344 122.0137834 $657.3
2021 2022 2023*

$25.2 $25.7 $17.2
$25.2 $31.2 $27.1
$29.5 $32.5 $26.8
$27.1 $32.2 $25.6
$36.7 $65.7 $25.4
$3.2 $19.8 $0.0
$146.9 $207.1 $122.0
0
0
0
98 999 000 001 002 003 004 005 006 007 008 009 010 011 012 013 014 015 016 017 018 019 020 021 022 023
19 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
0

0
2013 2014 2015 2016 2017 2018 2019 2020 2021

$139.8 $163.1 $203.6 $302.2 $450.5 $481.8 $527.7 $587.2 $565.5
$49.6 $63.2 $97.3 $80.6 $156.7 $214.8 $245.9 $212.3 $354.1
2.8 2.6 2.1 3.8 2.9 2.2 2.1 2.8 1.6
AUM ($B) by year
2020 2021 2022 2023* 2006 2007
$587.2 $565.5 $658.2 $657.3 Dry powder ($B) $110.5 $124.3
Remaining value ($B) $160.4 $185.8
Total AUM ($B) $270.9 $310.0
*As of 6/30/2023
7.3
2023
2022 $4,000
2021
$3,500
2020
2019 $3,000
2018
2017 $2,500
2016
$2,000
$1,500
$1,000
$500
23 $0
2013 2014 2015 2016 2017

2006 2007
0-2 $80.8 $98.5
3-5 $18.3 $16.0
6-7 $11.4 $9.7
*As of 6/30/2023
2022 2023*
$658.2 $657.3
$218.6 $202.6
3.0 3.2
2008 2009 2010 2011 2012 2013 2014 2015 2016
$125.3 $119.1 $123.9 $126.6 $130.3 $139.8 $163.1 $203.6 $302.2
$195.4 $210.9 $242.4 $288.1 $298.0 $352.8 $432.1 $505.1 $582.8
$320.7 $330.0 $366.3 $414.7 $428.3 $492.6 $595.3 $708.7 $885.0
Remaining value ($B)

Dry powder ($B)
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
erhang ($B) by age bucket

2008 2009 2010 2011 2012 2013 2014 2015 2016
$100.6 $86.6 $81.3 $82.9 $93.0 $105.0 $131.0 $175.8 $261.9
$20.9 $29.3 $38.3 $38.2 $30.2 $25.6 $23.4 $21.7 $35.8
$3.8 $3.2 $4.3 $5.5 $7.1 $9.2 $8.7 $6.0 $4.5
$700
$600
$500
$400
$300
$200
$100
$0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
0-2 3-5 6-7

$200
$100
$0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
0-2 3-5 6-7

2017 2018 2019 2020 2021 2022 2023*
$450.5 $481.8 $527.7 $587.2 $565.5 $658.2 $657.3
$751.0 $990.2 $1,506.5 $1,852.6 $3,111.0 $3,100.5 $2,809.8
$1,201.6 $1,471.9 $2,034.3 $2,439.8 $3,676.5 $3,758.8 $3,467.1
2017 2018 2019 2020 2021 2022 2023*

$404.5 $416.7 $446.8 $480.5 $446.8 $496.4 $476.0
$39.2 $56.8 $70.8 $97.6 $106.6 $128.2 $144.9
$6.8 $8.2 $10.1 $9.1 $12.1 $33.7 $36.3
016 2017 2018 2019 2020 2021 2022 2023

016 2017 2018 2019 2020 2021 2022 2023
VC first-time fundraising activity
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Capital raised ($B) $7.3 $6.0 $6.8 $9.7 $7.0 $9.3 $14.4 $14.4 $27.7 $29.0
Fund count 117 121 143 174 236 234 387 474 520 578
###
764
622
578 564
520 543 528
474
387
294
236 234
174
121 143
117
$14.4
$14.4
$27.7
$29.0
$25.6
$24.1
$28.4
$42.1
$29.6
$15.2
$7.3
$6.0
$6.8
$9.7
$7.0
$9.3
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

2018 2019 2020 2021 2022 2023*
$25.6 $24.1 $28.4 $42.1 $29.6 $15.2
543 528 564 764 622 294
764
622
294
$42.1
$29.6
$15.2
2021 2022 2023

VC capital raised ($B) by fund number in family
VC 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
1 First $13.8 $8.0 $6.8 $11.0 $9.2 $10.9 $14.7 $16.9 $25.8 $25.0 $131.6
2 Second $8.5 $3.6 $7.8 $8.9 $6.8 $6.8 $9.8 $13.5 $16.4 $16.2 $14.0
3 Third $5.6 $2.5 $1.4 $3.7 $5.4 $6.7 $3.4 $8.0 $9.4 $7.7 $17.5
4 Fourth $2.9 $1.4 $1.9 $3.0 $1.8 $1.5 $5.8 $6.2 $6.1 $4.7 $7.6
5 Fifth $1.9 $1.6 $1.3 $2.6 $2.1 $1.5 $5.1 $2.7 $6.7 $2.3 $3.6
6 Sixth $1.7 $1.4 $1.8 $1.6 $2.8 $1.6 $2.4 $1.2 $2.3 $1.6 $5.0
7 Seventh $0.5 $2.0 $0.5 $2.6 $0.7 $1.6 $4.9 $1.3 $1.6 $0.9 $4.5
8 Eighth $0.8 $1.6 $0.1 $0.6 $1.4 $1.4 $6.1 $2.6 $2.6 $1.7 $2.0
9 Ninth $0.5 $0.5 $1.1 $0.9 $0.0 $0.7 $1.5 $4.3 $3.9 $0.0 $3.9
>9 10th+ $2.5 $3.1 $1.5 $3.0 $5.3 $1.1 $1.9 $4.2 $4.0 $7.9 $7.8
###
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

VC fund count by fund number in family

VC 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
1 First 176 144 139 184 235 236 366 404 428 499 594
2 Second 93 71 83 108 99 108 163 173 185 211 249
3 Third 40 29 27 41 51 47 59 81 78 88 113
4 Fourth 20 17 8 19 18 27 38 48 46 42 54
5 Fifth 14 12 7 8 11 12 19 17 29 20 28
6 Sixth 10 8 8 5 8 8 14 9 9 10 19
7 Seventh 1 6 5 7 4 7 9 6 9 3 12
8 Eighth 4 4 3 3 3 7 5 6 4 4 4
9 Ninth 2 1 4 4 1 3 6 5 4 1 3
>9 10th+ 10 10 4 11 15 3 9 11 17 15 18
###
100%
90%
80%
70%
60%
50%
40%
30%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

2019 2020 2021 2022 2023*
$40.1 $32.5 $51.2 $53.4 $19.4
$80.8 $29.3 $54.8 $41.0 $15.9
$12.7 $14.8 $30.9 $32.5 $15.5
$8.6 $16.8 $15.3 $21.1 $9.5
$9.2 $9.1 $9.3 $12.7 $8.4
$3.4 $3.5 $14.8 $5.4 $5.5
$3.4 $13.1 $5.1 $4.8 $4.4
$0.4 $2.8 $6.3 $8.6 $2.1
$1.3 $3.5 $4.6 $3.3 $2.1
$6.9 $14.3 $24.9 $29.6 $12.2
2019 2020 2021 2022 2023*

601 592 901 808 336
297 319 473 385 153
145 143 220 190 88
55 86 103 97 44
47 40 59 53 30
16 28 38 30 20
12 18 21 24 15
4 12 17 22 7
5 5 8 14 6
16 21 52 52 28
VC raised ($B) by manager experience
VC 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Experienced firm $24.9 $19.7 $15.3 $28.5 $25.3 $26.6 $44.2 $51.5 $72.7 $79.6
Emerging firm $23.1 $11.8 $22.8 $24.0 $23.9 $29.5 $41.5 $67.7 $101.7 $125.9
$400
$350
$300
$250
$200
$150
$100
$50
$0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
VC fund count by manager experience

VC 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Experienced firm 214 214 193 248 226 265 423 596 698 833
Emerging firm 307 251 315 365 525 624 984 1,546 1,721 1,823
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

2018 2019 2020 2021 2022 2023*
$113.9 $167.6 $149.2 $215.8 $212.0 $105.1
$237.8 $111.8 $108.3 $147.5 $97.3 $57.1
2018 2019 2020 2021 2022 2023*

1,048 1,009 1,233 1,743 1,394 714
1,999 1,736 1,670 2,045 1,466 819
VC raised ($B) by size bucket
VC 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Und <$50M $4.2 $3.8 $4.6 $5.0 $7.0 $8.7 $11.9 $21.9 $23.9 $27.7 $30.0
50M $50M-$100M $4.9 $4.2 $3.8 $5.1 $6.1 $6.8 $9.5 $14.3 $19.2 $25.4 $27.5
100 $100M-$250M $13.5 $6.7 $9.7 $10.3 $10.9 $15.1 $17.5 $29.3 $34.6 $42.1 $54.8
250 $250M-$500M $10.9 $9.7 $9.4 $12.7 $9.1 $11.0 $17.0 $24.1 $28.7 $27.3 $42.9
500 $500M-$1B $13.3 $2.5 $7.0 $9.7 $10.0 $9.1 $13.4 $12.7 $33.8 $26.4 $36.8
1B+ $1B+ $1.2 $4.7 $3.6 $9.8 $6.1 $5.4 $16.3 $16.9 $34.1 $56.6 $159.7
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
<$50M 8.7% 12.0% 12.1% 9.6% 14.3% 15.5% 13.9% 18.4% 13.7% 13.5% 8.5%
$50M-$100M 10.1% 13.3% 10.0% 9.6% 12.3% 12.1% 11.1% 12.0% 11.0% 12.4% 7.8%
$100M-$250M 28.1% 21.2% 25.4% 19.5% 22.2% 27.0% 20.4% 24.6% 19.9% 20.5% 15.6%
$250M-$500M 22.7% 30.7% 24.6% 24.2% 18.6% 19.7% 19.9% 20.2% 16.5% 13.3% 12.2%
$500M-$1B 27.7% 8.0% 18.3% 18.4% 20.3% 16.1% 15.7% 10.6% 19.4% 12.9% 10.5%
$1B+ 2.6% 14.8% 9.6% 18.7% 12.4% 9.6% 19.1% 14.1% 19.6% 27.5% 45.4%
###
$400 100%
$1B+ 90%
$350
80%
$300 $500M-
$1B 70%
$250 60%
$250M-
$500M 50%
$200
40%
$150 $100M-
$250M 30%
$100 20%
$50M-
$50 10%
$100M
0%
2013
2014
2015
2016
2017
2018
$0 <$50M
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
VC funds count by size bucket

VC 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Und <$50M 242 249 273 297 382 486 739 1,336 1,417 1,497 1,650
50M $50M-$100M 69 59 58 72 86 96 134 205 277 365 394
100 $100M-$250M 89 47 64 68 72 102 123 192 225 284 362
250 $250M-$500M 33 28 27 35 28 32 50 71 87 80 123
500 $500M-$1B 21 4 11 14 16 14 21 19 51 39 55
1B+ $1B+ 1 3 2 8 4 4 10 10 23 27 25
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
<$50M 53.2% 63.8% 62.8% 60.1% 65.0% 66.2% 68.6% 72.9% 68.1% 65.3% 63.2%
$50M-$100M 15.2% 15.1% 13.3% 14.6% 14.6% 13.1% 12.4% 11.2% 13.3% 15.9% 15.1%
$100M-$250M 19.6% 12.1% 14.7% 13.8% 12.2% 13.9% 11.4% 10.5% 10.8% 12.4% 13.9%
$250M-$500M 7.3% 7.2% 6.2% 7.1% 4.8% 4.4% 4.6% 3.9% 4.2% 3.5% 4.7%
$500M-$1B 4.6% 1.0% 2.5% 2.8% 2.7% 1.9% 1.9% 1.0% 2.5% 1.7% 2.1%
$1B+ 0.2% 0.8% 0.5% 1.6% 0.7% 0.5% 0.9% 0.5% 1.1% 1.2% 1.0%
###
3,500 100%
$1B+ 90%
3,000
80%
$500M-
2,500 $1B 70%
60%
2,000 $250M-
$500M 50%
1,500 40%
$100M-
$250M 30%
1,000
20%
$50M-
500 $100M 10%
0 0%
2013
2014
2015
2016
2017
2018
<$50M
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
VC fund sizes ($M)
2019 2020 2021 2022 2023* VC 2008 2009 2010 2011
$25.8 $25.8 $31.9 $22.0 $12.5 Average $105.5 $80.9 $87.5 $106.3
$26.4 $28.3 $31.2 $23.6 $14.0 Bottom quartile $13.4 $8.6 $10.8 $10.0
$48.4 $52.7 $72.7 $53.8 $40.2 Median $40.6 $24.4 $28.5 $33.0
$43.4 $39.6 $66.1 $54.8 $32.8 Top quartile $124.8 $81.2 $88.1 $100.0
$33.9 $45.4 $66.5 $43.2 $33.9 Fund count 455 390 435 494
$101.5 $65.6 $94.9 $111.8 $28.9 45291*As of -409mmmm d, yyyy 27.3 15.8 17.8 23.0
84.2 56.8 59.6 67.0
2019 2020 2021 2022 2023* $160
9.2% 10.0% 8.8% 7.1% 7.7%
$140
9.4% 11.0% 8.6% 7.6% 8.6%
17.3% 20.5% 20.0% 17.4% 24.8% $120
15.5% 15.4% 18.2% 17.7% 20.2%
12.1% 17.6% 18.3% 14.0% 20.9% $100
36.3% 25.5% 26.1% 36.2% 17.8% $80
$60
00%
$1B+ $40
90%
$20
80%
$500M-
$1B $0
70%
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
60%
$250M-
50% $500M Top quartile M
Bottom quartile A
40%
$100M-
30% $250M
20% Median step-up from previous VC fund in

$50M-
10% $100M VC 2008 2009 2010 2011
Larger 100 59 49 89
0%
Smaller 60 67 58 59
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
<$50M
Same 7 4 10 6
Total 167 130 117 154
% of funds larger than predecessor 59.9% 45.4% 41.9% 57.8%
Step-up 20.0% -1.5% 0.0% 15.4%
2019 2020 2021 2022 2023*
1,479 1,443 1,883 1,439 773 80%
384 406 444 342 203
70%
323 369 491 354 260
130 115 196 162 97 60%
49 67 102 68 52
50%
21 35 51 47 19
40%
2019 2020 2021 2022 2023*
30%
62.0% 59.3% 59.5% 59.7% 55.1%
16.1% 16.7% 14.0% 14.2% 14.5% 20%
13.5% 15.2% 15.5% 14.7% 18.5%
2008 59.9%
2009 45.4%
2010 41.9%
2011 57.8%
2012 57.8%
2013 59.9%
2014 59.6%
2015 70.8%
2016 68.5%
2017 72.6%
2018 69.3%
2019 74.5%
5.4% 4.7% 6.2% 6.7% 6.9%

10%
2.1% 2.8% 3.2% 2.8% 3.7% 0%
-10%

%
%
%
%
%
%
%
%
%
%
%
2013
2014
2015
2016
0.9%
2017
2018
1.4%
2019
2020
1.6%
2021
2022
1.9%
2023
1.4%
$1B
$1B+
$50M-
$100M
$250M
$500M
<$50M
$100M-
$250M-
$500M-
-10%
0%
10%
20%
2008 59.9%
2009 45.4%
2010 41.9%
2011 57.8%
2012 57.8%
2013 59.9%
2014 59.6%
2015 70.8%
2016 68.5%
2017 72.6%
2018 69.3%
2019 74.5%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023*
$83.6 $76.4 $79.5 $65.1 $83.8 $89.6 $134.7 $117.1 $105.8 $114.7 $128.2 $115.6
$10.0 $9.6 $8.1 $8.4 $10.0 $12.2 $11.5 $11.8 $12.2 $10.5 $8.7 $10.4
$31.6 $30.0 $23.4 $19.7 $23.3 $30.0 $30.0 $29.2 $33.6 $31.1 $30.1 $40.0
$79.2 $80.0 $70.9 $54.3 $70.6 $74.6 $79.4 $80.7 $92.4 $100.0 $100.0 $134.1
588 734 1077 1833 2081 2293 2611 2386 2435 3167 2412 1404
21.6 20.4 15.3 11.3 13.3 17.8 18.5 17.4 21.4 20.6 21.4 29.6
47.6 50.0 47.4 34.6 47.4 44.6 49.4 51.5 58.8 68.9 69.9 94.1
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Top quartile Median

Bottom quartile Average
om previous VC fund in fund family

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023*
93 103 134 187 196 212 253 324 374 545 454 226
57 54 78 66 69 64 88 94 94 174 179 79
11 15 13 11 21 16 24 17 26 24 20 19
161 172 225 264 286 292 365 435 494 743 653 324
57.8% 59.9% 59.6% 70.8% 68.5% 72.6% 69.3% 74.5% 75.7% 73.4% 69.5% 69.8%
8.7% 16.9% 13.3% 40.1% 33.3% 42.3% 37.3% 43.5% 40.0% 45.5% 50.0% 33.3%
2012 57.8%
2013 59.9%
2014 59.6%
2015 70.8%
2016 68.5%
2017 72.6%
2018 69.3%
2019 74.5%
2020 75.7%
2021 73.4%
2022 69.5%
2023 69.8%
ds larger than predecessor Step-up

2012 57.8%
2013 59.9%
2014 59.6%
2015 70.8%
2016 68.5%
2017 72.6%
ds larger than predecessor

2018 69.3%
2019 74.5%
2020 75.7%
2021 73.4%
2022 69.5%
Step-up
2023 69.8%
VC raised ($B) by region
VC 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Rest of world $0.1 $1.0 $1.0 $1.2 $0.3 $1.0 $1.8 $2.2 $0.3 $0.9 $0.7
Africa $0.5 $0.1 $0.2 $0.0 $0.3 $0.0 $0.1 $0.6 $0.1 $0.3 $0.3
Middle East $0.0 $0.0 $0.0 $0.1 $0.2 $0.1 $0.1 $0.3 $0.6 $1.2 $1.0
Oceania $0.2 $0.2 $0.1 $0.1 $0.1 $0.2 $0.3 $0.9 $1.8 $0.9 $0.6
Asia $8.5 $5.0 $10.3 $17.4 $11.9 $18.4 $30.3 $60.5 $98.5 $128.9 $243.3
Europe $10.1 $6.2 $8.4 $8.2 $9.6 $11.4 $13.0 $11.4 $20.1 $24.9 $18.2
North America $28.7 $19.1 $18.0 $25.6 $26.8 $25.1 $40.1 $43.3 $52.9 $48.3 $87.6
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Rest of world 0.1% 3.3% 2.5% 2.2% 0.6% 1.8% 2.0% 1.8% 0.2% 0.4% 0.2%
Africa 0.9% 0.2% 0.5% 0.1% 0.6% 0.0% 0.2% 0.5% 0.1% 0.1% 0.1%
Middle East 0.1% 0.1% 0.1% 0.1% 0.4% 0.1% 0.1% 0.3% 0.3% 0.6% 0.3%
Oceania 0.4% 0.6% 0.3% 0.1% 0.2% 0.3% 0.3% 0.8% 1.0% 0.4% 0.2%
Asia 17.6% 15.9% 27.1% 33.2% 24.3% 32.8% 35.4% 50.7% 56.5% 62.8% 69.2%
Europe 21.0% 19.6% 22.2% 15.6% 19.5% 20.3% 15.2% 9.6% 11.5% 12.1% 5.2%
North America 59.7% 60.4% 47.3% 48.7% 54.4% 44.7% 46.8% 36.3% 30.3% 23.5% 24.9%
###
$400 100%
North Amer- 90%
$350 ica
80%
$300
Europe 70%
$250 60%
Asia
$200 50%
Oceania 40%
$150
30%
$100 Middle East
20%
$50 Africa 10%
$0 0%
Rest of world
2013
2014
2015
2016
2017
2018
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
VC fund count by region

VC 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Rest of world 3 9 9 8 8 9 25 16 16 17 31
Africa 6 1 3 5 5 3 4 8 9 11 9
Middle East 4 1 1 3 2 3 5 8 9 17 8
Oceania 4 4 8 4 4 12 15 16 22 27 16
Asia 126 133 157 206 238 319 569 1,248 1,418 1,623 1,863
Europe 149 134 141 160 169 183 272 236 278 267 299
North America 229 183 189 227 325 360 517 610 667 694 821
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Rest of world 0.6% 1.9% 1.8% 1.3% 1.1% 1.0% 1.8% 0.7% 0.7% 0.6% 1.0%
Africa 1.2% 0.2% 0.6% 0.8% 0.7% 0.3% 0.3% 0.4% 0.4% 0.4% 0.3%
Middle East 0.8% 0.2% 0.2% 0.5% 0.3% 0.3% 0.4% 0.4% 0.4% 0.6% 0.3%
Oceania 0.8% 0.9% 1.6% 0.7% 0.5% 1.3% 1.1% 0.7% 0.9% 1.0% 0.5%
Asia 24.2% 28.6% 30.9% 33.6% 31.7% 35.9% 40.4% 58.3% 58.6% 61.1% 61.1%
Europe 28.6% 28.8% 27.8% 26.1% 22.5% 20.6% 19.3% 11.0% 11.5% 10.1% 9.8%
North America 44.0% 39.4% 37.2% 37.0% 43.3% 40.5% 36.7% 28.5% 27.6% 26.1% 26.9%
###
4,000 100%
North 90%
3,500 America
80%
3,000 Europe
70%
2,500 Asia 60%
2,000 50%
Oceania
40%
1,500
Middle 30%
East
1,000
20%
Africa
500 10%
Rest of 0%
0
2013
2014
2015
2016
2017
2018
world
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2019 2020 2021 2022 2023*
$1.4 $1.0 $6.5 $3.9 $2.0
$0.7 $0.3 $0.5 $0.5 $0.7
$0.5 $1.3 $1.1 $6.1 $1.7
$6.7 $2.8 $1.3 $3.0 $0.4
$170.7 $128.5 $141.3 $88.8 $69.5
$23.2 $27.5 $39.5 $30.5 $17.6
$76.2 $96.2 $173.2 $176.5 $70.5
2019 2020 2021 2022 2023*

0.5% 0.4% 1.8% 1.3% 1.2%
0.3% 0.1% 0.1% 0.2% 0.4%
0.2% 0.5% 0.3% 2.0% 1.0%
2.4% 1.1% 0.3% 1.0% 0.2%
61.1% 49.9% 38.9% 28.7% 42.8%
8.3% 10.7% 10.9% 9.9% 10.8%
27.3% 37.3% 47.7% 57.1% 43.4%
0%
0% North
America
0%
0% Europe
0% Asia
0%
Oceania
0%
0% Middle East
0%
Africa
0%
0% Rest of
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
world
2019 2020 2021 2022 2023*

27 30 46 57 30
15 18 21 20 12
14 11 22 34 16
19 39 40 22 6
1,546 1,473 1,648 1,007 784
295 368 417 310 141
829 964 1,594 1,410 544
2019 2020 2021 2022 2023*

1.0% 1.0% 1.2% 2.0% 2.0%
0.5% 0.6% 0.6% 0.7% 0.8%
0.5% 0.4% 0.6% 1.2% 1.0%
0.7% 1.3% 1.1% 0.8% 0.4%
56.3% 50.7% 43.5% 35.2% 51.1%
10.7% 12.7% 11.0% 10.8% 9.2%
30.2% 33.2% 42.1% 49.3% 35.5%
%
% North
America
%
Europe
%
% Asia
%
Oceania
%
% Middle
East
%
Africa
%
% Rest of
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
world
Months to close for VC funds
VC 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Average 13.2 13.8 17.1 13.0 18.7 13.3 13.8 13.0 14.9 16.6 14.8
Median 9.2 12.0 10.5 8.9 12.4 11.9 11.0 9.5 12.0 12.7 12.0
Slowest quartile 17.5 21.1 23.6 13.8 17.4 18.0 17.4 15.7 20.2 20.1 19.8
Fund count 76 50 62 59 102 112 168 192 227 221 269
### 5.7 5.6 4.2 5.4 4.6 6.6 6.0 5.6 6.5 6.5 6.1
8.3 9.2 13.1 4.9 5.0 6.1 6.4 6.2 8.1 7.4 7.7
25
20
15
10
0
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Years between closings for VC fund families
2019 2020 2021 2022 2023* VC 2008 2009 2010 2011
14.1 13.9 14.2 13.1 15.0 Average 2.4 2.3 2.2 2.7
12.4 12.1 11.3 9.7 13.4 Median 2.2 1.7 1.8 2.1
333 354 606 636 505 Fund count 73 61 65 88
6.6 6.3 6.9 4.9 7.3 ### 1.2 0.8 0.8 1.1
5.9 6.1 8.3 7.0 6.9 0.8 1.3 1.5 1.6
6
2008
2009
2010
2011
2012
2013
Slowest
Median
sings for VC fund families
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023*
2.9 3.2 3.2 2.7 2.9 2.9 2.7 2.5 2.5 2.3 2.0 2.6
1.0 1.3 1.5 1.0 1.6 1.5 1.4 1.3 1.2 1.0 0.7 1.3
2.8 2.8 2.7 2.3 2.3 2.4 2.6 2.4 2.3 2.1 1.7 2.4
4.4 4.9 4.5 3.7 3.6 3.7 3.7 3.3 3.6 3.2 2.8 3.6
91 85 124 167 185 179 206 267 319 459 421 273
1.8 1.5 1.2 1.3 0.7 0.9 1.2 1.2 1.1 1.1 1.0 1.1
1.5 2.1 1.8 1.4 1.3 1.3 1.1 0.9 1.3 1.2 1.0 1.1
6
0
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023

Venture capital fund count by management fees
VC 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Below 1% 1 0 0 0 0 0 0 0 1 2
1% - 1.5% 0 2 1 1 3 0 0 1 2 0
1.5% - 2% 0 0 1 1 3 3 6 20 33 38
More than 2% 2 2 0 4 1 1 9 6 4 8
Total count 3 4 2 6 7 4 15 27 40 48
Capital ($B) $0.3 $3.0 $0.4 $1.7 $3.4 $0.1 $3.3 $5.8 $6.3 $5.6
Total fund count 521 465 508 613 751 889 1,407 2,142 2,419 2,656
Total capital ($B) $48.0 $31.6 $38.1 $52.5 $49.2 $56.1 $85.6 $119.3 $174.3 $205.5
% of fund count 0.6% 0.9% 0.4% 1.0% 0.9% 0.4% 1.1% 1.3% 1.7% 1.8%
% of capital 0.7% 9.3% 1.1% 3.2% 6.9% 0.2% 3.8% 4.9% 3.6% 2.7%
Below 2% 1 2 1 1 5 0 0 2 6 5
2% 0 0 1 1 1 3 6 19 30 35
Above 2% 2 2 0 4 1 1 9 6 4 8
2008-2010 2011-2013 2014-2016 2017-2019 2020-2023*

Below 1% 1 0 1 6 18
1% - 1.5% 3 4 3 5 33
1.5% - 2% 1 7 59 142 346
More than 2% 4 6 19 18 25
Total count 9 17 82 171 422
Below 2% 4 6 8 24 90
2% 1 5 55 129 307
Above 2% 4 6 19 18 25
###
100% 100%
90% 90%
80% 80%
70% 70%
60% 60%
50% 50%
40%
40%
30%
30%
20%
20%
10%
10%
0%
0% 2008-
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2010
Venture capital fund count by carry fee
2018 2019 2020 2021 2022 2023* VC 2008 2009 2010
3 1 2 3 4 9 Below 10% 0 0 0
4 1 3 5 9 16 10% - 15% 0 0 0
67 37 57 86 81 122 15% - 20% 0 2 2
5 5 7 10 6 2 More than 20% 0 0 0
79 44 69 104 100 149 Total count 0 2 2
$7.6 $3.8 $12.8 $25.7 $10.1 $14.5 Capital ($B) $0.0 $0.5 $0.4
3,047 2,745 2,903 3,788 2,860 1,533 Total fund count 521 465 508
$351.7 $279.4 $257.5 $363.3 $309.2 $162.3 Total capital ($B) $48.0 $31.6 $38.1
2.6% 1.6% 2.4% 2.7% 3.5% 9.7% % of fund count 0.0% 0.4% 0.4%
2.2% 1.4% 5.0% 7.1% 3.3% 8.9% % of capital 0.0% 1.5% 1.1%
12 7 10 19 20 41 Below 20% 0 0 0
62 32 52 75 74 106 20% 0 2 2
5 5 7 10 6 2 Above 20% 0 0 0
2008-2010 2011-2013 2014-2016

Below 10% 0 0 0
10% - 15% 0 1 0
15% - 20% 4 10 60
More than 20% 0 1 4
Total count 4 12 64
Below 20% 0 1 1
20% 4 10 59
Above 20% 0 1 4
###
100% 100%
90% 90%
80% 80%
70% 70%
60% 60%
50% 50%
Above 2%
40%
2% 40%
30% Below 2% 30%
20%
20%
10%
10%
0%
2008- 2011- 2014- 2017- 2020- 0%
2010 2013 2016 2019 2023* 2009 2010 2011 2012 2013 2014 2015 2
Close year Below 20% 20
fund count by carry fees
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023*
0 0 0 0 0 0 0 0 0 1 2 4 1
0 1 0 0 0 0 0 0 1 0 1 4 5
3 5 2 9 19 32 38 66 40 54 90 92 161
1 0 0 1 1 2 3 2 0 1 2 0 5
4 6 2 10 20 34 41 68 41 56 95 100 172
$1.7 $1.3 $0.0 $3.2 $5.5 $5.0 $5.6 $6.8 $4.1 $10.4 $24.4 $9.4 $16.2
613 751 889 1,407 2,142 2,419 2,656 3,047 2,745 2,903 3,788 2,860 1,533
$52.5 $49.2 $56.1 $85.6 $119.3 $174.3 $205.5 $351.7 $279.4 $257.5 $363.3 $309.2 $162.3
0.7% 0.8% 0.2% 0.7% 0.9% 1.4% 1.5% 2.2% 1.5% 1.9% 2.5% 3.5% 11.2%
3.2% 2.7% 0.1% 3.8% 4.6% 2.9% 2.7% 1.9% 1.5% 4.0% 6.7% 3.0% 10.0%
0 1 0 1 0 0 0 1 3 3 7 10 9
3 5 2 8 19 32 38 65 38 52 86 90 158
1 0 0 1 1 2 3 2 0 1 2 0 5
2017-2019 2020-2023*
0 8
1 10
144 397
5 8
150 423
4 29
141 386
5 8
100%
90%
80%
70%
60%
50%
Above 20%
40%
20%
30% Below 20%
20%
10%
0%
2008- 2011- 2014- 2017- 2020-
011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2010 2013 2016 2019 2023*

Above 20%
20%
Below 20%
Real estate fundraising activity
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Capital raised ($B) $143.0 $47.2 $61.1 $78.5 $89.0 $97.8 $112.8 $139.7 $131.6 $117.8
Fund count 379 220 277 299 378 446 583 621 599 583
###
704
621 619 606

583 599 583 587
552
446
379 378
299
277
220 200
$143.0
$112.8
$139.7
$131.6
$117.8
$148.2
$185.8
$140.3
$175.4
$144.1
$47.2
$61.1
$78.5
$89.0
$97.8
$83.5
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

2018 2019 2020 2021 2022 2023*
$148.2 $185.8 $140.3 $175.4 $144.1 $83.5
552 619 587 704 606 200
704
587 606
200
$140.3
$175.4
$144.1
$83.5
2020 2021 2022 2023

2006 2007 2008 2009 2010 2011
*As of 6/30/2023
$500
2016 2017 2018 2019 2020
$450
2006
$400 2007
2008
$350 2009
2010
$300 2011
2012 $254.3 $26
$247.2
$250 $237.3 $230.2
2013 $220.6
$215.5 $215.3
2014 $198.1 $195.0
$200
2015
$152.9
2016
$150
2017
$100 2018
2019
$50 2020
2021
Cumulative overhang
$0 2022
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 20
2023 16* $10.0 $31.8 $32.7 $31.6

2016 2017 2018 2019 2020 2021
<$250M $1.5 $1.6 $4.1 $4.2 $5.2 $9.0
$250M-$499M $2.1 $1.3 $3.4 $1.9 $5.5 $10.4
$500M-$1B $2.4 $1.3 $4.8 $4.2 $6.0 $15.2
$1B+ $9.6 $5.8 $19.5 $22.4 $14.8 $68.2
*As of 6/30/2023
Cash flows ($B) by year $200

1998 ($16.8) $6.2 ($10.6)
1999 ($12.1) $6.6 ($5.5)
2000 ($18.0) $11.6 ($6.4) $150
2001 ($6.7) $9.0 $2.3
2002 ($8.8) $8.9 $0.1
2003 ($12.4) $10.9 ($1.5) $100
2004 ($24.4) $18.3 ($6.1)
2005 ($29.7) $29.4 ($0.3)
2006 ($96.5) $34.1 ($62.4) $50
2007 ($102.2) $58.6 ($43.7)
2008 ($100.3) $21.7 ($78.6)
2009 ($70.2) $18.8 ($51.4)
2010 ($90.4) $25.9 ($64.5)
$0
2011 ($82.8) $24.7 ($58.1) 98 999 000 001 002 003 004 005
19 1 2 2 2 2 2 2
-$50
-$100
$0
98 999 000 001 002 003 004 005
2012 ($86.1) $60.2 ($25.9) 19 1 2 2 2 2 2 2
2013 ($97.5) $104.0 $6.5 -$50
2014 ($104.9) $171.6 $66.7
2015 ($122.0) $171.4 $49.5
2016 ($116.9) $140.5 $23.6 -$100
2017 ($100.9) $163.3 $62.4
2018 ($111.1) $141.9 $30.8
2019 ($128.4) $143.0 $14.7 -$150
2020 ($116.4) $108.3 ($8.1)
2021 ($173.4) $173.2 ($0.2) Contribution
2022 ($157.5) $166.1 $8.6
-$200
2023* ($55.8) $34.8 ($21.0)
*As of 6/30/2023

2008 2009 2010 2011 2012 2013
Dry powder ($B) $237.3 $220.6 $198.1 $195.0 $215.3 $230.2
Contributions ($B) $100.3 $70.2 $90.4 $82.8 $86.1 $97.5
Years cash on hand 2.4 3.1 2.2 2.4 2.5 2.4
*As of 6/30/2023
2012 2013 2014 2015 2016 2017 2018 2019 2020
$215.3 $230.2 $254.3 $247.2 $261.4 $280.3 $374.5 $396.8 $419.0
2021 2022 2023 Total $437.2

$152.9 $428.8
$419.0
$396.8 $401.8
$215.5
$374.5
$237.3 2023 2022
$220.6
$198.1
$280.3 $195.0
$261.4 2021 2020
$254.3 $247.2 $215.3
$230.2 $230.2
15.3
$254.3
$247.2 2019 2018
$261.4
Overhang by vintage
$280.3
$374.5
2017 2016
$396.8
$419.0
$428.8
$437.2
012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
$102.7 $141.4 $36.0 $401.8
2022 2023*
$9.9 $4.2
$10.3 $5.8
$19.0 $6.7
$102.2 $19.4
$141.4 $36.0
98 999 000 001 002 003 004 005 006 007 008 009 010 011 012 013 014 015 016 017 018 019 020 021 022 023
19 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
98 999 000 001 002 003 004 005 006 007 008 009 010 011 012 013 014 015 016 017 018 019 020 021 022 023
19 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
2014 2015 2016 2017 2018 2019 2020 2021 2022

$254.3 $247.2 $261.4 $280.3 $374.5 $396.8 $419.0 $428.8 $437.2
$104.9 $122.0 $116.9 $100.9 $111.1 $128.4 $116.4 $173.4 $157.5
2.4 2.0 2.2 2.8 3.4 3.1 3.6 2.5 2.8
AUM ($B) by year
2021 2022 2023* 2006 2007 2008
$428.8 $437.2 $1,286.0 Dry Powder ($B) $152.9 $215.5 $237.3
Remaining Value ($B) $194.4 $264.7 $286.4
Total AUM ($B) $347.3 $480.2 $523.6
*As of 6/30/2023
$1,400
$1,200
$1,000
$800
$600
$400
$200
$0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Dry Powder ($B) Remainin

2006 2007 2008
0-2 $143.7 $208.5 $219.0
3-5 $7.4 $6.2 $17.1
6-7 $1.9 $0.8 $1.2
*As of 6/30/2023
$500
$450
$400
$350
$300
$250
$200
$150
$100
$50
$0
2006 2007 2008
$50
$0
2006 2007 2008
2023*
$401.8
$111.7
3.6
2009 2010 2011 2012 2013 2014 2015 2016 2017
$220.6 $198.1 $195.0 $215.3 $230.2 $254.3 $247.2 $261.4 $280.3
$240.6 $324.7 $407.5 $472.3 $536.6 $562.7 $593.5 $629.4 $631.0
$461.2 $522.8 $602.5 $687.6 $766.7 $817.0 $840.8 $890.8 $911.2
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
) by age bucket
2009 2010 2011 2012 2013 2014 2015 2016 2017
$186.6 $125.0 $114.8 $147.0 $174.7 $205.2 $214.4 $217.1 $228.9
$32.3 $69.8 $72.3 $54.8 $32.9 $22.3 $22.1 $35.8 $40.8
$1.8 $3.3 $7.9 $13.4 $22.6 $26.8 $10.7 $8.5 $10.6
$500
$450
$400
$350
$300
$250
$200
$150
$100
$50
$0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2
0-2 3-5 6-7

$50
$0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2
0-2 3-5 6-7

2018 2019 2020 2021 2022 2023*
$374.5 $396.8 $419.0 $428.8 $437.2 $401.8
$596.1 $660.5 $681.4 $842.8 $888.3 $884.3
$970.5 $1,057.3 $1,100.4 $1,271.6 $1,325.6 $1,286.1
2018 2019 2020 2021 2022 2023*

$313.6 $322.5 $334.0 $313.7 $319.3 $280.2
$51.1 $61.4 $72.0 $97.9 $93.5 $96.1
$9.8 $12.9 $13.0 $17.2 $24.4 $25.5
2018 2019 2020 2021 2022 2023

2018 2019 2020 2021 2022 2023
Real estate first-time fundraising activity
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Capital raised ($B) $12.0 $8.5 $5.8 $8.6 $14.1 $6.7 $11.3 $6.4 $8.8 $8.3
Fund count 63 65 73 78 73 87 110 94 93 73
###
140
118
110
105
94 93
87 88
83
78
73 73 73
63 65
20
$12.0
$14.1
$11.3
$10.5
$14.5
$11.2
$8.5
$5.8
$8.6
$6.7
$6.4
$8.8
$8.3
$6.1
$6.6
$1.1
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

2018 2019 2020 2021 2022 2023*
$6.1 $10.5 $14.5 $11.2 $6.6 $1.1
83 105 118 140 88 20
140
88
20
$11.2
$6.6
$1.1
2021 2022 2023

Real estate capital raised ($B) by size bucket
Real estate 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Und <$100M $4.1 $3.0 $3.4 $3.3 $3.7 $4.8 $5.8 $6.5 $6.1 $5.5 $5.7
100 $100M-$250M $14.5 $7.1 $9.3 $8.2 $11.9 $12.8 $10.5 $13.7 $13.5 $13.3 $12.5
250 $250M-$500M $21.6 $12.5 $12.6 $11.7 $15.8 $15.8 $25.0 $22.0 $22.7 $25.3 $21.1
500 $500M-$1B $30.3 $11.8 $8.9 $20.1 $24.0 $15.1 $23.9 $18.8 $28.7 $24.7 $25.1
1B- $1B-$5B $65.0 $12.8 $21.9 $16.1 $22.3 $37.2 $30.5 $50.7 $40.2 $40.1 $45.3
5B+ $5B+ $7.5 $0.0 $5.0 $19.0 $11.3 $12.1 $17.2 $28.0 $20.4 $8.9 $38.5
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
<$100M 2.9% 6.3% 5.6% 4.2% 4.1% 4.9% 5.1% 4.7% 4.7% 4.7% 3.8%
$100M-$250M 10.1% 15.0% 15.2% 10.4% 13.4% 13.1% 9.3% 9.8% 10.2% 11.3% 8.4%
$250M-$500M 15.1% 26.6% 20.6% 14.9% 17.8% 16.1% 22.2% 15.8% 17.3% 21.4% 14.2%
$500M-$1B 21.2% 25.1% 14.5% 25.6% 27.0% 15.5% 21.2% 13.4% 21.8% 20.9% 16.9%
$1B-$5B 45.5% 27.1% 35.8% 20.5% 25.1% 38.0% 27.0% 36.3% 30.5% 34.0% 30.6%
$5B+ 5.2% 0.0% 8.2% 24.2% 12.6% 12.4% 15.2% 20.0% 15.5% 7.5% 26.0%
###
$200 100%
$5B+ 90%
$180
80%
$160
$1B-$5B 70%
$140
60%
$120 $500M-
$1B 50%
$100
40%
$80 $250M-
$500M 30%
$60
20%
$40 $100M-
$250M 10%
$20
0%
2013
2014
2015
2016
2017
2018
$0 <$100M
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Real estate fund count by size bucket

Real estate 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Und <$100M 91 74 104 113 128 182 214 248 242 213 205
100 $100M-$250M 92 43 58 52 78 78 66 81 81 83 77
250 $250M-$500M 62 35 37 33 46 46 71 64 66 73 61
500 $500M-$1B 45 17 13 31 37 21 37 29 45 37 37
1B- $1B-$5B 34 7 10 9 15 21 18 27 26 23 29
5B+ $5B+ 1 0 1 2 2 2 2 3 3 1 5
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
<$100M 28.0% 42.0% 46.6% 47.1% 41.8% 52.0% 52.5% 54.9% 52.3% 49.5% 49.5%
$100M-$250M 28.3% 24.4% 26.0% 21.7% 25.5% 22.3% 16.2% 17.9% 17.5% 19.3% 18.6%
$250M-$500M 19.1% 19.9% 16.6% 13.8% 15.0% 13.1% 17.4% 14.2% 14.3% 17.0% 14.7%
$500M-$1B 13.8% 9.7% 5.8% 12.9% 12.1% 6.0% 9.1% 6.4% 9.7% 8.6% 8.9%
$1B-$5B 10.5% 4.0% 4.5% 3.8% 4.9% 6.0% 4.4% 6.0% 5.6% 5.3% 7.0%
$5B+ 0.3% 0.0% 0.4% 0.8% 0.7% 0.6% 0.5% 0.7% 0.6% 0.2% 1.2%
###
600 100%
$5B+ 90%
500
80%
$1B-
$5B 70%
400
60%
$500M-
300 $1B 50%
40%
$250M-
200 $500M 30%
20%
100 $100M-
$250M 10%
0%
0
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
<$100M
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Real estate fund sizes ($M)
2019 2020 2021 2022 2023* Real estate 2008 2009 2010 2011
$6.8 $5.5 $7.2 $7.1 $2.1 Average $439.9 $268.1 $274.0 $326.9
$13.2 $11.3 $14.0 $13.2 $3.5 Bottom quartile $80.5 $47.1 $32.4 $25.4
$18.5 $18.4 $17.2 $16.7 $6.7 Median $200.0 $140.7 $108.0 $100.5
$23.6 $27.4 $38.7 $29.0 $9.0 Top quartile $484.0 $315.3 $258.5 $335.5
$60.2 $66.7 $80.3 $48.9 $31.7 Fund count 325 176 223 240
$63.4 $11.0 $18.0 $29.3 $30.5 45291*As of -409mmmm d, yyyy 119.5 93.6 75.5 75.1
284.0 174.6 150.6 235.0
2019 2020 2021 2022 2023* $600
3.7% 3.9% 4.1% 4.9% 2.5%
7.1% 8.0% 8.0% 9.1% 4.2% $500
10.0% 13.1% 9.8% 11.6% 8.0%
12.7% 19.5% 22.1% 20.1% 10.8% $400
32.4% 47.5% 45.8% 33.9% 38.0%
34.1% 7.9% 10.3% 20.3% 36.5% $300
00% $200
$5B+
90%
$100
$1B-$5B
80%
$500M- $0
70%
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
$1B
60%
$250M-
50% Top quartile Avera
$500M
Median Bottom
40% $100M-
30% $250M
20% <$100M
Median step-up from previous Real Estate
10% Real estate 2008 2009 2010 2011
Larger 67 35 34 43
0%
Smaller 36 24 37 23
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Same 1 0 1 2
Total 104 59 72 68
Step-up 26.4% 15.0% -10.3% 18.4%
2019 2020 2021 2022 2023*
237 218 273 245 81 80%
82 72 92 83 23
70%
53 54 51 49 19
34 41 57 43 13 60%
36 35 38 26 15 50%
5 1 2 3 1
40%
2019 2020 2021 2022 2023* 30%

53.0% 51.8% 53.2% 54.6% 53.3% 20%
18.3% 17.1% 17.9% 18.5% 15.1%
2008 64.4%
2009 59.3%
2010 47.2%
2011 63.2%
2012 63.1%
2013 58.9%
2014 66.0%
2015 65.2%
2016 60.0%
2017 64.1%
2018 61.7%
2019 73.0%
10%
11.9% 12.8% 9.9% 10.9% 12.5%
7.6% 9.7% 11.1% 9.6% 8.6% 0%
8.1% 8.3% 7.4% 5.8% 9.9% -10%
-20%

%
%
%
%
%
%
%
%
%
%
%
2008
2009
2010
2011
2012
2013
1.1%
2014
2015
2016
0.2%
2017
2018
2019
0.4%
2020
2021
2022
0.7%
2023
$1B
$5B+
0.7%
$250M
$500M
$100M-
$250M-
$500M-
<$100M
$1B-$5B
-20%
-10%
0%
10%
20%
2008 64.4%
2009 59.3%
2010 47.2%
2011 63.2%
2012 63.1%
2013 58.9%
2014 66.0%
2015 65.2%
2016 60.0%
2017 64.1%
2018 61.7%
2019 73.0%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023*
$290.9 $279.6 $276.5 $309.0 $284.3 $274.0 $357.1 $415.6 $333.2 $342.0 $321.0 $549.2
$30.0 $17.3 $14.7 $10.8 $15.3 $17.0 $17.5 $17.7 $16.1 $16.8 $18.5 $14.4
$120.5 $83.1 $82.3 $75.0 $83.3 $100.0 $100.0 $82.7 $82.5 $75.2 $73.4 $72.3
$326.9 $250.0 $315.0 $271.0 $300.0 $302.4 $330.0 $291.6 $330.8 $304.2 $275.0 $330.5
306 350 408 452 463 430 415 447 421 513 449 152
90.5 65.8 67.6 64.2 68.0 83.0 82.5 65.0 66.4 58.3 54.9 57.9
206.4 166.9 232.7 196.0 216.7 202.4 230.0 208.9 248.2 229.0 201.6 258.2
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
op quartile Average
om previous Real Estate fund in fund family

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023*
70 83 97 118 114 107 100 116 93 128 107 49
38 57 48 57 73 58 59 41 52 53 50 19
3 1 2 6 3 2 3 2 1 2 2 0
111 141 147 181 190 167 162 159 146 183 159 68
63.1% 58.9% 66.0% 65.2% 60.0% 64.1% 61.7% 73.0% 63.7% 69.9% 67.3% 72.1%
17.1% 21.3% 26.8% 21.8% 23.7% 26.8% 24.6% 29.7% 23.9% 38.4% 31.0% 36.8%
2012 63.1%
2013 58.9%
2014 66.0%
2015 65.2%
2016 60.0%
2017 64.1%
2018 61.7%
2019 73.0%
2020 63.7%
2021 69.9%
2022 67.3%
2023 72.1%

2012 63.1%
2013 58.9%
2014 66.0%
2015 65.2%
2016 60.0%
2017 64.1%

2018 61.7%
2019 73.0%
2020 63.7%
2021 69.9%
2022 67.3%
Step-up
2023 72.1%
Real estate capital raised ($B) by fund number in family
Real estate 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
1 First $43.8 $9.4 $16.1 $19.8 $26.7 $21.1 $26.1 $29.0 $22.9 $25.2 $27.8
2 Second $14.2 $9.8 $6.5 $13.6 $11.8 $18.8 $27.9 $20.4 $27.2 $17.5 $21.5
3 Third $21.8 $6.5 $1.8 $5.0 $7.7 $19.0 $8.3 $13.5 $13.7 $22.1 $11.3
4 Fourth $9.9 $1.7 $2.6 $1.2 $8.1 $3.8 $6.3 $13.6 $5.7 $8.1 $16.4
5 Fifth $11.3 $2.3 $0.1 $0.5 $2.8 $3.0 $3.7 $8.8 $13.8 $5.4 $4.8
6 Sixth $3.3 $5.4 $2.7 $1.6 $0.1 $6.2 $0.7 $2.5 $5.0 $2.8 $7.8
7 Seventh $0.0 $0.1 $3.4 $19.1 $1.7 $3.9 $2.1 $3.2 $0.0 $1.5 $0.2
8 Eighth $0.0 $0.0 $0.0 $0.8 $1.4 $5.5 $8.6 $16.7 $6.2 $2.3 $5.3
9 Ninth $3.8 $0.0 $0.0 $0.0 $0.0 $0.0 $0.8 $7.5 $7.5 $1.6 $0.4
>9 10th+ $2.3 $0.0 $5.9 $0.0 $0.0 $1.6 $1.2 $1.8 $1.3 $3.2 $7.6
###
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Real estate funds raised by fund number in family

Real estate 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
1 First 116 73 98 109 122 132 159 172 158 142 156
2 Second 55 35 44 44 68 84 110 118 102 83 70
3 Third 32 18 21 21 32 43 43 56 60 44 49
4 Fourth 24 8 9 10 19 19 33 34 27 29 36
5 Fifth 8 6 3 7 11 10 21 18 20 23 18
6 Sixth 4 6 3 4 4 5 6 8 14 15 14
7 Seventh 2 1 6 4 5 5 7 10 2 10 5
8 Eighth 1 3 0 1 4 5 3 6 6 7 10
9 Ninth 3 1 1 1 0 1 3 6 5 4 4
>9 10th+ 1 1 3 0 0 4 3 9 7 10 9
###
100%
90%
80%
70%
60%
50%
40%
30%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

2019 2020 2021 2022 2023*
$24.4 $27.6 $29.6 $23.7 $3.8
$29.5 $20.1 $27.6 $21.4 $2.2
$36.1 $15.5 $18.3 $14.4 $13.9
$15.5 $23.1 $13.0 $25.4 $4.2
$8.0 $5.2 $14.0 $9.7 $10.7
$12.0 $7.0 $5.3 $7.9 $3.2
$5.5 $1.6 $1.5 $2.5 $1.2
$0.2 $0.9 $2.1 $0.8 $2.2
$22.3 $1.4 $16.5 $0.5 $0.6
$9.3 $7.4 $14.1 $3.3 $36.0
2019 2020 2021 2022 2023*

171 159 195 182 38
92 94 85 78 30
51 43 52 36 19
37 34 33 29 7
18 14 22 26 12
15 11 12 16 2
10 6 9 8 3
2 1 4 6 5
3 5 5 3 2
12 12 8 8 9
Real estate capital raised ($B) by manager experience
Real estate 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Emerging firm $42.4 $21.4 $16.9 $27.9 $35.2 $25.3 $28.9 $25.2 $32.9 $27.3 $23.5
###
$200
$180
$160
$140
$120
$100
$80
$60
$40
$20
$0
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Real estate fund count by manager experience

Real estate 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Emerging firm 187 133 174 189 215 247 284 302 271 227 212
###
$800
$700
$600
$500
$400
$300
$200
$100
$0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

2019 2020 2021 2022 2023*
$160.1 $116.6 $143.1 $114.3 $77.7
$25.7 $23.7 $32.3 $29.8 $5.7
2019 2020 2021 2022 2023*

378 334 382 381 129
241 253 322 225 71
1 2022 2023
Real estate capital raised ($B) by region
Real estate 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Rest of world $1.8 $0.3 $0.1 $1.3 $2.0 $1.9 $0.7 $0.0 $0.9 $0.0 $0.2
Africa $0.2 $0.0 $0.4 $0.2 $0.9 $0.2 $0.7 $0.7 $0.4 $0.8 $0.0
Middle East $1.9 $0.0 $0.8 $0.1 $0.4 $0.3 $1.5 $0.6 $1.5 $0.4 $0.1
Oceania $0.7 $0.0 $0.7 $2.1 $4.4 $0.2 $3.0 $2.6 $2.1 $1.4 $0.3
Asia $28.6 $5.6 $7.8 $8.9 $9.8 $14.4 $11.2 $19.6 $14.0 $19.1 $33.8
Europe $38.9 $11.9 $14.7 $14.8 $21.2 $12.5 $41.4 $22.5 $34.2 $33.2 $52.4
North America $70.8 $29.3 $36.6 $51.2 $50.2 $68.3 $54.2 $93.6 $78.6 $62.9 $61.3
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Rest of world 1.3% 0.7% 0.2% 1.7% 2.3% 1.9% 0.6% 0.0% 0.7% 0.0% 0.2%
Africa 0.2% 0.0% 0.7% 0.2% 1.0% 0.2% 0.6% 0.5% 0.3% 0.7% 0.0%
Middle East 1.3% 0.0% 1.3% 0.1% 0.4% 0.3% 1.4% 0.4% 1.2% 0.4% 0.1%
Oceania 0.5% 0.0% 1.1% 2.6% 5.0% 0.2% 2.7% 1.9% 1.6% 1.2% 0.2%
Asia 20.0% 11.9% 12.7% 11.3% 11.1% 14.7% 10.0% 14.1% 10.6% 16.2% 22.8%
Europe 27.2% 25.3% 24.0% 18.8% 23.8% 12.8% 36.7% 16.1% 26.0% 28.2% 35.3%
North America 49.5% 62.1% 59.9% 65.2% 56.4% 69.8% 48.0% 67.0% 59.7% 53.4% 41.4%
###
$200
$180
$160
$140
$120
$100
$80
$60
$40
$20
$0
2014 2015 2016 2017 2018 2019 2020 2021 2022 20
Real estate fund count by region

Real estate 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Rest of world 8 5 7 11 19 24 16 11 15 5 7
Africa 3 0 3 1 5 4 6 2 3 2 0
Middle East 9 2 4 2 3 3 14 10 11 13 7
Oceania 4 0 5 4 7 3 10 7 11 8 11
Asia 52 26 31 27 37 43 49 44 36 41 49
Europe 129 64 66 85 88 77 147 130 145 143 142
North America 174 123 161 169 219 292 341 417 378 371 336
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Rest of world 2.1% 2.3% 2.5% 3.7% 5.0% 5.4% 2.7% 1.8% 2.5% 0.9% 1.3%
Africa 0.8% 0.0% 1.1% 0.3% 1.3% 0.9% 1.0% 0.3% 0.5% 0.3% 0.0%
Middle East 2.4% 0.9% 1.4% 0.7% 0.8% 0.7% 2.4% 1.6% 1.8% 2.2% 1.3%
Oceania 1.1% 0.0% 1.8% 1.3% 1.9% 0.7% 1.7% 1.1% 1.8% 1.4% 2.0%
Asia 13.7% 11.8% 11.2% 9.0% 9.8% 9.6% 8.4% 7.1% 6.0% 7.0% 8.9%
Europe 34.0% 29.1% 23.8% 28.4% 23.3% 17.3% 25.2% 20.9% 24.2% 24.5% 25.7%
North America 45.9% 55.9% 58.1% 56.5% 57.9% 65.5% 58.5% 67.1% 63.1% 63.6% 60.9%
###
800 100%
North
90%
700 America
80%
600 Europe
70%
500 Asia 60%
400 50%
Oceania
40%
300
Middle
East 30%
200
20%
Africa
100
10%
0 Rest of 0%
world
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2009
2010
2011
2012
2013
2014
2015
2016
2017
2019 2020 2021 2022 2023*
$0.4 $0.3 $0.1 $0.0 $0.0 100%
$0.0 $0.5 $0.0 $0.0 $0.0
90%
$1.2 $0.4 $1.3 $0.6 $0.0
$4.4 $2.2 $1.3 $1.2 $0.0 80%
$16.1 $19.0 $18.0 $21.8 $8.1
70%
$44.5 $44.5 $28.1 $21.2 $9.2
$119.2 $73.3 $126.6 $99.4 $66.2 60%
50%
2019 2020 2021 2022 2023*
0.2% 0.2% 0.0% 0.0% 0.0% 40%
0.0% 0.4% 0.0% 0.0% 0.0%
30%
0.6% 0.3% 0.8% 0.4% 0.0%
2.4% 1.6% 0.7% 0.8% 0.0% 20%
8.6% 13.6% 10.3% 15.1% 9.7%
24.0% 31.7% 16.0% 14.7% 11.0% 10%
64.2% 52.3% 72.2% 68.9% 79.3% 0%
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
North America
Europe
Asia
Oceania
Middle East
Africa
Rest of world
2021 2022 2023
2019 2020 2021 2022 2023*

6 8 4 1 2
0 3 2 0 0
17 6 20 47 26
7 11 5 2 1
34 41 36 33 15
145 102 105 64 16
410 416 532 459 140
2019 2020 2021 2022 2023*

1.0% 1.4% 0.6% 0.2% 1.0%
0.0% 0.5% 0.3% 0.0% 0.0%
2.7% 1.0% 2.8% 7.8% 13.0%
1.1% 1.9% 0.7% 0.3% 0.5%
5.5% 7.0% 5.1% 5.4% 7.5%
23.4% 17.4% 14.9% 10.6% 8.0%
66.2% 70.9% 75.6% 75.7% 70.0%
%
North
% America
% Europe
%
Asia
%
Oceania
%
Middle
% East
%
Africa
%
Rest of
% world
%
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
North America
Europe
Asia
Oceania
Middle East
Africa
Rest of world
2016
2017
2018
2019
2020
2021
2022
2023
Real estate capital raised ($B) by type
Real estate 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Real Estate General $0.3 $0.0 $0.0 $0.0 $1.8 $0.2 $1.0 $0.3 $1.0 $1.4
Real Estate Distressed Distressed $11.9 $7.3 $7.1 $13.1 $4.6 $21.6 $12.4 $10.6 $14.6 $8.1
Real Estate Opportunistic Opportunistic $70.4 $21.7 $29.3 $36.3 $30.4 $47.1 $49.3 $70.7 $55.8 $48.1
Real Estate Value Added Value-add $44.2 $14.3 $15.6 $17.6 $24.9 $23.1 $30.2 $35.0 $37.9 $36.3
Real Estate Core Plus Core plus $4.2 $1.9 $2.2 $3.1 $4.4 $1.4 $8.0 $6.4 $7.1 $9.2
Real Estate Core Core $12.1 $2.0 $6.9 $8.3 $22.8 $4.5 $11.8 $16.7 $15.3 $14.7
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
General 0.2% 0.0% 0.0% 0.0% 2.0% 0.2% 0.9% 0.2% 0.8% 1.2%
Distressed 8.3% 15.6% 11.7% 16.8% 5.2% 22.1% 11.0% 7.6% 11.1% 6.9%
Opportunistic 49.2% 46.0% 47.9% 46.3% 34.2% 48.1% 43.7% 50.7% 42.4% 40.8%
Value-add 30.9% 30.2% 25.4% 22.4% 28.0% 23.6% 26.8% 25.1% 28.8% 30.8%
Core plus 2.9% 4.1% 3.6% 4.0% 5.0% 1.4% 7.1% 4.6% 5.4% 7.8%
Core 8.4% 4.2% 11.3% 10.6% 25.6% 4.6% 10.4% 11.9% 11.6% 12.5%
$200 100%
$180
90%
$160
80%
$140
70%
$120
Core
60%
$100 Core plus
Value-add 50%
$80
Opportunistic 40%
$60
Distressed
$40 30%
$20 20%
$0 10%
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
0%
2013 2
Real estate fund count by type

Real estate 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Real Estate General 5 0 0 2 7 6 11 11 10 9
Real Estate Distressed Distressed 21 29 26 31 29 40 39 29 31 25
Real Estate Opportunistic Opportunistic 181 116 124 129 169 216 294 306 298 296
Real Estate Value Added Value-add 111 48 84 81 110 129 141 176 166 157
Real Estate Core Plus Core plus 21 14 9 18 16 17 27 36 38 43
Real Estate Core Core 40 13 34 38 47 38 71 63 56 53
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
General 1.3% 0.0% 0.0% 0.7% 1.9% 1.3% 1.9% 1.8% 1.7% 1.5%
Distressed 5.5% 13.2% 9.4% 10.4% 7.7% 9.0% 6.7% 4.7% 5.2% 4.3%
Opportunistic 47.8% 52.7% 44.8% 43.1% 44.7% 48.4% 50.4% 49.3% 49.7% 50.8%
Value-add 29.3% 21.8% 30.3% 27.1% 29.1% 28.9% 24.2% 28.3% 27.7% 26.9%
Core plus 5.5% 6.4% 3.2% 6.0% 4.2% 3.8% 4.6% 5.8% 6.3% 7.4%
Core 10.6% 5.9% 12.3% 12.7% 12.4% 8.5% 12.2% 10.1% 9.3% 9.1%
800 100%
700 90%
80%
600
70%
500
60%
Core
400 Core plus 50%
Value-add 40%
300
Opportunistic
30%
200 Distressed
20%
100 10%
0 0%
2013
2014
2015
2016
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2018 2019 2020 2021 2022 2023*
$1.2 $0.1 $0.1 $2.6 $1.3 $6.3
$3.1 $16.5 $5.7 $11.6 $4.2 $0.5
$80.9 $84.7 $58.9 $84.4 $86.4 $47.2
$46.6 $48.1 $51.4 $65.1 $35.9 $27.1
$3.7 $6.6 $10.4 $7.9 $13.0 $2.4
$12.6 $29.8 $13.8 $3.8 $3.3 $0.0
2018 2019 2020 2021 2022 2023*

0.8% 0.0% 0.1% 1.5% 0.9% 7.5%
2.1% 8.9% 4.1% 6.6% 2.9% 0.6%
54.6% 45.6% 42.0% 48.1% 59.9% 56.5%
31.5% 25.9% 36.6% 37.1% 24.9% 32.5%
2.5% 3.6% 7.4% 4.5% 9.0% 2.9%
8.5% 16.0% 9.9% 2.1% 2.3% 0.0%
100%
Core
90%
Core plus
80% Value-add
70% Opportunistic
60% Distressed
50%
40%
30%
20%
10%
0%
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
2018 2019 2020 2021 2022 2023*

9 13 10 12 25 15
19 25 27 21 14 2
276 335 339 444 422 134
163 155 148 158 109 40
30 31 27 30 19 7
55 60 36 39 17 2
2018 2019 2020 2021 2022 2023*

1.6% 2.1% 1.7% 1.7% 4.1% 7.5%
3.4% 4.0% 4.6% 3.0% 2.3% 1.0%
50.0% 54.1% 57.8% 63.1% 69.6% 67.0%
29.5% 25.0% 25.2% 22.4% 18.0% 20.0%
5.4% 5.0% 4.6% 4.3% 3.1% 3.5%
10.0% 9.7% 6.1% 5.5% 2.8% 1.0%
100%
90% Row 51
80% Core
70% Core plus

60% Value-add
50% Opportunistic
40%
30%
20%
10%
0%
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Core
Core plus
Value-add
Opportunistic
Distressed
Months to close for real estate funds
Real estate 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Average 11.2 15.4 15.4 12.9 16.7 15.2 17.1 14.6 16.3 14.4 13.6
Median 9.8 14.7 13.4 9.2 13.5 14.4 11.5 12.9 13.8 13.1 12.8
Top quartile 14.0 17.8 21.6 16.7 19.4 20.4 19.8 18.1 19.3 18.9 19.3
Fund count 76 46 40 59 91 106 112 114 118 114 99
### 3.3 5.7 7.7 3.8 4.0 6.3 5.8 6.7 3.4 6.4 6.7
4.2 3.0 8.2 7.4 6.0 6.0 8.3 5.2 5.5 5.8 6.5
25
20
15
10
0
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Years between closings for real estate fund fam
2019 2020 2021 2022 2023* Real estate 2008 2009 2010 2011
15.0 17.9 14.4 14.4 16.0 Average 2.1 2.8 2.5 2.6
14.0 14.5 13.1 11.3 13.2 Median 2.0 2.5 2.5 2.8
103 112 156 196 107 Fund count 54 27 28 37
7.7 5.8 8.3 7.6 4.5 ### 1.0 0.8 1.7 1.4
5.4 6.7 7.3 7.1 7.6 0.8 0.8 1.1 0.9
6
2008
2009
2010
2011
2012
2013
Slowest
Median
sings for real estate fund families
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023*
3.3 3.5 3.4 2.7 3.0 2.9 2.6 3.2 2.9 3.0 2.3 2.3
1.6 1.8 1.7 1.5 1.1 2.0 1.4 2.0 1.8 1.6 0.4 0.9
3.8 3.0 2.8 2.6 2.8 2.7 2.6 2.9 2.8 2.9 1.9 1.7
4.7 5.1 5.2 3.8 3.7 3.7 3.5 4.0 3.7 3.8 3.5 3.5
51 67 60 89 81 80 70 68 64 87 90 51
2.2 1.2 1.1 1.1 1.6 0.7 1.2 0.9 1.0 1.4 1.5 0.8
0.9 2.0 2.4 1.2 1.0 1.0 0.9 1.1 0.9 0.9 1.6 1.8
6
0
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023

Real estate fund count by management fees
Real estate 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Below 1% 1 0 0 3 2 2 4 2 3 2
1% - 1.5% 6 2 2 2 3 10 4 7 5 11
1.5% - 2% 1 3 3 4 6 10 12 17 24 9
More than 2% 1 0 0 0 0 0 0 0 2 0
Total count 9 5 5 9 11 22 20 26 34 22
Capital ($B) $9.6 $2.3 $1.3 $24.3 $4.3 $30.4 $15.5 $43.5 $31.2 $18.8
Total fund count 379 220 277 299 378 446 583 621 599 583
Total capital ($B) $143.0 $47.2 $61.1 $78.5 $89.0 $97.8 $112.8 $139.7 $131.6 $117.8
% of fund count 2.4% 2.3% 1.8% 3.0% 2.9% 4.9% 3.4% 4.2% 5.7% 3.8%
% of capital 6.7% 5.0% 2.1% 31.0% 4.8% 31.1% 13.7% 31.1% 23.7% 15.9%
Below 2% 8 5 4 8 8 19 17 25 21 21
2% 0 0 1 1 3 3 3 1 11 1
Above 2% 1 0 0 0 0 0 0 0 2 0
2008-2010 2011-2013 2014-2016 2017-2019 2020-2023*

Below 1% 1 7 9 7 4
1% - 1.5% 10 15 16 22 25
1.5% - 2% 7 20 53 52 63
More than 2% 1 0 2 0 1
Total count 19 42 80 81 93
Below 2% 17 35 63 72 79
2% 1 7 15 9 13
Above 2% 1 0 2 0 1
###
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Real estate fund count by carry fees
2018 2019 2020 2021 2022 2023* Real estate 2008 2009 2010
1 4 1 1 2 0 Below 10% 1 0 0
4 7 8 9 7 1 10% - 15% 0 0 1
20 23 24 19 17 3 15% - 20% 2 3 4
0 0 0 1 0 0 More than 20% 0 0 0
25 34 33 30 26 4 Total count 3 3 5
$36.0 $72.4 $37.5 $41.1 $29.5 $34.7 Capital ($B) $3.1 $2.1 $1.3
552 619 587 704 606 200 Total fund count 379 220 277
$148.2 $185.8 $140.3 $175.4 $144.1 $83.5 Total capital ($B) $143.0 $47.2 $61.1
4.5% 5.5% 5.6% 4.3% 4.3% 2.0% % of fund count 0.8% 1.4% 1.8%
24.3% 39.0% 26.7% 23.4% 20.5% 41.6% % of capital 2.2% 4.5% 2.1%
23 28 28 27 20 4 Below 20% 1 0 1
2 6 5 2 6 0 20% 2 3 4
0 0 0 1 0 0 Above 20% 0 0 0
2008-2010 2011-2013 2014-2016

Below 10% 1 2 1
10% - 15% 1 0 1
15% - 20% 9 19 49
More than 20% 0 1 0
Total count 11 22 51
Below 20% 2 4 3
20% 9 17 48
Above 20% 0 1 0
###
100% 100%
90%
90%
80%
80%
70%
70%
60%
60%
50%
Above 2% 50%
40%
2% 40%
30% Below 2%
30%
20%
20%
10%
0% 10%
2008- 2011- 2014- 2017- 2020-
2010 2013 2016 2019 2023* 0%
2009 2010 2011 2012 2013 2014 2015
Close year
Below 20% 2
count by carry fees
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023*
0 2 0 0 0 1 0 0 0 2 0 0 0
0 0 0 1 0 0 0 0 0 0 0 1 0
5 4 10 13 21 15 13 14 15 20 21 15 3
0 0 1 0 0 0 0 0 0 1 1 0 0
5 6 11 14 21 16 13 14 15 23 22 16 3
$24.1 $3.6 $8.8 $13.3 $21.5 $19.5 $5.0 $9.7 $30.6 $35.6 $30.1 $27.3 $33.0
299 378 446 583 621 599 583 552 619 587 704 606 200
$78.5 $89.0 $97.8 $112.8 $139.7 $131.6 $117.8 $148.2 $185.8 $140.3 $175.4 $144.1 $83.5
1.7% 1.6% 2.5% 2.4% 3.4% 2.7% 2.2% 2.5% 2.4% 3.9% 3.1% 2.6% 1.5%
30.8% 4.0% 9.0% 11.8% 15.4% 14.8% 4.3% 6.5% 16.5% 25.4% 17.1% 19.0% 39.5%
1 3 0 1 1 1 1 0 2 3 0 3 0
4 3 10 13 20 15 12 14 13 19 21 13 3
0 0 1 0 0 0 0 0 0 1 1 0 0
2017-2019 2020-2023*
0 2
0 1
42 59
0 2
42 64
3 6
39 56
0 2
100%
90%
80%
70%
60%
50%
Above 20%
40%
20%
30% Below 20%
20%
10%
0%
2008- 2011- 2014- 2017- 2020-
011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2010 2013 2016 2019 2023*

Above 20%
20%
Below 20%
2020-
023*
Real assets fundraising activity
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Capital raised ($B) $51.4 $43.6 $49.1 $41.7 $60.9 $79.0 $101.6 $145.0 $92.5 $109.5
Fund count 108 84 121 131 156 166 234 216 199 197
###
234
216
199 197 201
190 194
166 168
156
139
131
121
108
84
63
$101.6
$145.0
$109.5
$136.8
$116.0
$120.0
$140.2
$139.4
$51.4
$43.6
$49.1
$41.7
$60.9
$79.0
$92.5
$79.2
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

2018 2019 2020 2021 2022 2023*
$136.8 $116.0 $120.0 $140.2 $139.4 $79.2
201 168 190 194 139 63
190 194
139
63
$120.0
$140.2
$139.4
$79.2
2020 2021 2022 2023

2006 2007 2008 2009 2010 2011
*As of 6/30/2023
$450
2016 2017 2018 2019 2020

$400
2006
2007
$350
2008
2009
$300 $283.2 $281.4
2010
2011
$250 $230.0
2012
2013
$200
2014 $166.5
2015
$150 $133.8
2016 $124.7 $121.0
$111.9 $104.4
2017 $100.5
$100
2018
$54.3
2019
$50
2020
2021Cumulative overhang
$0
2022 2007
2006 2008 2009 2010 2011 2012 2013 2014 2015 2016
2023 5.309727963 11.17703192 20.15438531 20.35412776 55.15039588

2016 2017 2018 2019 2020 2021
<$250M $0.6 $0.6 $0.9 $1.0 $1.8 $3.1
$250M-$499M $0.4 $1.5 $1.2 $1.5 $2.7 $1.8
$500M-$1B $1.0 $1.0 $3.2 $2.3 $4.4 $4.9
$1B+ $3.4 $8.0 $14.9 $15.5 $46.3 $66.0
*As of 6/30/2023
$200
1998 ($3.4) $1.8 ($1.7)
1999 ($3.0) $2.1 ($1.0) $150
2000 ($3.1) $2.7 ($0.4)
2001 ($2.3) $4.1 $1.8
2002 ($3.8) $1.1 ($2.7) $100
2003 ($4.2) $2.4 ($1.8)
2004 ($4.8) $3.6 ($1.2)
2005 ($7.5) $7.9 $0.4 $50
2006 ($20.0) $8.9 ($11.0)
2007 ($38.0) $17.3 ($20.6)
2008 ($53.4) $12.6 ($40.8)
2009 ($38.7) $6.9 ($31.7)
$0
2010 ($38.9) $26.3 ($12.6) 98 999 000 001 002 003 004 005 006
2011 ($40.9) $22.3 ($18.6) 19 1 2 2 2 2 2 2 2
-$50
-$100
$0
98 999 000 001 002 003 004 005 006
19 1 2 2 2 2 2 2 2
2012 ($58.0) $33.4 ($24.7) -$50
2013 ($52.0) $35.9 ($16.2)
2014 ($65.1) $37.0 ($28.1)
2015 ($82.9) $66.8 ($16.1) -$100
2016 ($102.6) $54.0 ($48.6)
2017 ($118.0) $92.3 ($25.7)
2018 ($134.4) $81.9 ($52.5) -$150
2019 ($109.3) $90.8 ($18.5)
2020 ($98.2) $80.1 ($18.1) Contributions ($B)
2021 ($128.2) $91.0 ($37.2)
-$200
2022 ($139.2) $151.7 $12.6
2023* ($71.3) $60.3 ($11.1)
*As of 6/30/2023

2008 2009 2010 2011 2012 2013
Dry powder ($B) $111.9 $104.4 $124.7 $121.0 $133.8 $166.5
Contributions ($B) $53.4 $38.7 $38.9 $40.9 $58.0 $52.0
*As of 6/30/2023
2012 2013 2014 2015 2016 2017 2018 2019 2020
$133.8 $166.5 $230.0 $283.2 $281.4 $313.1 $335.9 $330.8 $399.3
$399.3 2023
2021 2022 2023 Total
$372.9 $379.6 2022
$54.3
$100.5 $340.5 2021
$335.9 $330.8
$313.1 $111.9 2020
$104.4 2019
$283.2 $281.4
$124.7
2018
$121.0
$230.0 2017
$133.8
$166.5 2016
$166.5 $230.0
$283.2
$313.1
$335.9
$330.8
$399.3
$372.9
2013 2014 2015 2016 2017 2018 $379.6 2020
2019 2021 2022 2023
75.89798714 127.9997837 24.43720826 $340.5
2022 2023*
$2.9 $1.3
$3.2 $1.7
$9.2 $5.6
$112.7 $15.9
$128.0 $24.4
99 000 001 002 003 004 005 006 007 008 009 010 011 012 013 014 015 016 017 018 019 020 021 022 023
2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
99 000 001 002 003 004 005 006 007 008 009 010 011 012 013 014 015 016 017 018 019 020 021 022 023
2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
2014 2015 2016 2017 2018 2019 2020 2021 2022

$230.0 $283.2 $281.4 $313.1 $335.9 $330.8 $399.3 $372.9 $379.6
$65.1 $82.9 $102.6 $118.0 $134.4 $109.3 $98.2 $128.2 $139.2
3.5 3.4 2.7 2.7 2.5 3.0 4.1 2.9 2.7
AUM ($B) by year
2021 2022 2023* 2006 2007 2008
$372.9 $379.6 $340.5 Dry powder ($B) $54.3 $100.5 $111.9
Remaining value ($B) $43.9 $74.3 $113.0
Total AUM ($B) $98.1 $174.9 $224.9
*As of 6/30/2023
$1,400
$1,200
$1,000
$800
$600
$400
$200
$0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Dry powder ($B) Remaini

2006 2007 2008
0-2 $51.3 $97.2 $106.8
3-5 $2.5 $2.6 $4.5
6-7 $0.4 $0.8 $0.6
*As of 6/30/2023
$450
$400
$350
$300
$250
$200
$150
$100
$50
$0
2006 2007 20
2023*
$340.5
$142.7
2.4
2009 2010 2011 2012 2013 2014 2015 2016 2017
$104.4 $124.7 $121.0 $133.8 $166.5 $230.0 $283.2 $281.4 $313.1
$146.6 $181.4 $214.1 $254.4 $284.7 $321.4 $349.9 $457.7 $518.3
$251.0 $306.1 $335.1 $388.3 $451.3 $551.3 $633.1 $739.2 $831.4
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Dry powder ($B) Remaining value ($B)
) by age bucket
2009 2010 2011 2012 2013 2014 2015 2016 2017
$88.8 $98.2 $84.7 $103.8 $131.8 $200.6 $245.9 $238.7 $248.9
$15.0 $25.3 $34.1 $26.6 $28.4 $22.0 $30.2 $37.5 $59.8
$0.7 $1.2 $2.1 $3.3 $6.4 $7.5 $7.1 $5.2 $4.4
$450
$400
$350
$300
$250
$200
$150
$100
$50
$0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 202
0-2 3-5 6-7

2018 2019 2020 2021 2022 2023*
$335.9 $330.8 $399.3 $372.9 $379.6 $340.5
$611.1 $640.0 $651.2 $807.4 $929.6 $968.1
$946.9 $970.8 $1,050.5 $1,180.3 $1,309.2 $1,308.5
2018 2019 2020 2021 2022 2023*

$252.5 $257.7 $305.7 $253.7 $288.8 $228.3
$77.2 $61.7 $78.8 $94.3 $68.9 $95.7
$6.2 $11.5 $14.8 $24.9 $22.0 $16.5
017 2018 2019 2020 2021 2022 2023

Real assets first-time fundraising activity
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Capital raised ($B) $21.1 $9.8 $10.3 $4.3 $7.4 $6.9 $31.8 $16.9 $10.8 $15.9
Fund count 39 27 33 30 32 45 52 48 53 28
###
52 53
48
45 46
43
39
33 32
30 30
27 28 28
25
10
$21.1
$10.3
$31.8
$16.9
$10.8
$15.9
$18.5
$9.8
$4.3
$7.4
$6.9
$9.9
$7.9
$6.3
$7.2
$5.6
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

2018 2019 2020 2021 2022 2023*
$9.9 $7.9 $6.3 $18.5 $7.2 $5.6
46 30 28 43 25 10
43
25
10
$18.5
$7.2
$5.6
2021 2022 2023

Real assets capital raised ($B) by fund number in family
Real Assets 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
1 First $20.8 $13.2 $24.5 $8.7 $22.3 $16.1 $19.6 $27.2 $24.5 $15.5 $20.1
2 Second $8.4 $1.1 $7.1 $7.4 $14.9 $22.3 $14.8 $31.8 $12.5 $20.7 $22.3
3 Third $0.8 $8.1 $1.8 $4.5 $4.6 $5.4 $16.6 $8.0 $20.4 $25.2 $44.9
4 Fourth $0.0 $2.5 $2.2 $0.6 $4.9 $10.2 $4.3 $2.5 $3.8 $7.5 $11.5
5 Fifth $1.4 $0.8 $1.9 $7.4 $0.0 $0.0 $0.1 $0.4 $4.5 $0.1 $5.3
6 Sixth $0.7 $0.0 $0.0 $1.0 $0.6 $4.5 $1.9 $10.0 $0.0 $0.1 $1.3
7 Seventh $2.9 $0.0 $0.0 $0.0 $1.0 $0.0 $1.2 $0.0 $2.5 $0.0 $6.1
8 Eighth $0.3 $0.0 $1.2 $4.5 $0.6 $0.0 $0.0 $1.3 $0.0 $0.0 $0.6
9 Ninth $4.0 $0.0 $0.0 $0.0 $0.0 $7.1 $0.8 $0.0 $0.0 $0.0 $1.5
>9 10th+ $0.3 $9.0 $0.0 $0.0 $0.1 $0.0 $3.5 $6.5 $2.0 $7.0 $0.0
###
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Real assets fund count by fund number in family

Real Assets 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
1 First 40 34 47 40 42 48 60 64 56 44 59
2 Second 13 8 12 19 20 37 44 34 31 40 25
3 Third 6 6 4 9 13 8 13 17 11 17 26
4 Fourth 0 2 4 2 6 8 5 4 3 8 10
5 Fifth 1 3 3 4 2 0 4 4 2 2 6
6 Sixth 1 0 1 1 2 3 1 3 1 1 3
7 Seventh 4 0 1 0 1 0 1 0 3 0 3
8 Eighth 1 0 2 2 1 0 0 1 1 0 1
9 Ninth 1 1 0 1 0 3 1 0 0 0 2
>9 10th+ 1 1 0 2 5 1 2 2 2 1 0
###
100%
90%
80%
70%
60%
50%
40%
30%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

2019 2020 2021 2022 2023*
$17.2 $12.6 $16.1 $31.7 $7.8
$14.5 $20.1 $18.7 $24.3 $3.3
$14.0 $9.2 $23.2 $13.6 $8.7
$34.7 $34.3 $12.4 $54.8 $4.3
$11.2 $5.7 $14.2 $1.0 $34.3
$6.7 $0.0 $20.8 $0.0 $1.0
$0.1 $3.9 $0.1 $0.1 $8.7
$0.1 $1.0 $0.0 $0.0 $0.0
$0.3 $0.0 $0.0 $0.5 $0.0
$1.0 $0.5 $0.0 $0.0 $0.1
0.64485
2019 2020 2021 2022 2023*

36 45 52 45 13
30 26 26 22 8
15 11 18 5 5
7 8 10 11 2
3 4 7 4 3
1 0 3 1 1
1 3 1 2 1
2 1 1 0 0
1 1 0 1 0
2 1 0 0 1
Real assets capital raised ($B) by manager experience
Real assets 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Emerging firm $31.3 $15.4 $27.5 $8.6 $33.6 $15.3 $52.7 $58.2 $31.5 $30.9 $36.9
###
$160
$140
$120
$100
$80
$60
$40
$20
$0
2013 2014 2015 2016 2017 2018 2019 2020 2021 202
Real assets fund count by manager experience

Real assets 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Emerging firm 77 50 76 67 90 90 125 115 111 103 101
###
$250
$200
$150
$100
$50
$0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

2019 2020 2021 2022 2023*
$90.7 $93.4 $105.2 $117.7 $65.2
$25.3 $26.6 $35.0 $21.6 $14.0
2020 2021 2022 2023
2019 2020 2021 2022 2023*

81 119 104 85 35
87 71 90 54 28
1 2022 2023
Real assets capital raised ($B) by size bucket
Real assets 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Und <$100M $1.4 $1.0 $1.4 $1.5 $1.6 $2.1 $2.2 $1.9 $1.8 $1.1 $2.2
100 $100M-$250M $2.9 $2.9 $3.7 $4.4 $3.7 $4.9 $5.0 $8.5 $4.9 $5.8 $5.1
250 $250M-$500M $4.6 $2.6 $8.2 $4.4 $8.8 $5.8 $9.7 $8.1 $11.0 $9.6 $8.3
500 $500M-$1B $9.2 $5.8 $7.3 $5.5 $12.7 $6.8 $14.2 $11.5 $14.7 $16.9 $13.8
1B- $1B-$5B $27.7 $16.3 $28.5 $25.9 $25.7 $33.7 $39.2 $62.0 $46.1 $48.1 $67.5
5B+ $5B+ $5.6 $15.0 $0.0 $0.0 $8.3 $25.8 $31.2 $53.0 $14.0 $28.1 $40.0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
<$100M 2.6% 2.3% 2.9% 3.5% 2.6% 2.6% 2.2% 1.3% 1.9% 1.0% 1.6%
$100M-$250M 5.6% 6.7% 7.6% 10.5% 6.1% 6.2% 4.9% 5.8% 5.3% 5.3% 3.7%
$250M-$500M 9.0% 5.9% 16.6% 10.7% 14.5% 7.3% 9.6% 5.6% 11.9% 8.8% 6.1%
$500M-$1B 17.9% 13.4% 14.8% 13.3% 20.9% 8.6% 14.0% 7.9% 15.8% 15.4% 10.1%
$1B-$5B 53.9% 37.4% 58.0% 62.0% 42.3% 42.7% 38.6% 42.8% 49.8% 43.9% 49.3%
$5B+ 11.0% 34.4% 0.0% 0.0% 13.6% 32.6% 30.7% 36.6% 15.1% 25.6% 29.2%
###
$160 100%
$5B+ 90%
$140
80%
$120 $1B-$5B
70%
$100
$500M-$1B 60%
$80
50%
$60 $250M-
$500M 40%
$40 30%
$100M-
$20 $250M 20%
$0 10%
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
<$100M
0% 2013
2014
2015
2016
2017
2018
Real assets fund count by size
Real assets 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Und <$100M 33 24 29 37 43 52 72 60 60 35 56
100 $100M-$250M 20 18 24 28 23 31 32 49 32 39 32
250 $250M-$500M 14 7 24 12 25 17 29 23 31 28 22
500 $500M-$1B 14 8 11 7 19 9 20 16 22 25 20
1B- $1B-$5B 15 9 14 14 16 20 19 29 21 26 32
5B+ $5B+ 1 2 0 0 1 4 3 6 1 3 6
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
<$100M 34.0% 35.3% 28.4% 37.8% 33.9% 39.1% 41.1% 32.8% 35.9% 22.4% 33.3%
$100M-$250M 20.6% 26.5% 23.5% 28.6% 18.1% 23.3% 18.3% 26.8% 19.2% 25.0% 19.0%
$250M-$500M 14.4% 10.3% 23.5% 12.2% 19.7% 12.8% 16.6% 12.6% 18.6% 17.9% 13.1%
$500M-$1B 14.4% 11.8% 10.8% 7.1% 15.0% 6.8% 11.4% 8.7% 13.2% 16.0% 11.9%
$1B-$5B 15.5% 13.2% 13.7% 14.3% 12.6% 15.0% 10.9% 15.8% 12.6% 16.7% 19.0%
$5B+ 1.0% 2.9% 0.0% 0.0% 0.8% 3.0% 1.7% 3.3% 0.6% 1.9% 3.6%
###
200 100%
180 $5B+ 90%
160 80%
$1B-
140 $5B 70%
120 60%
$500M-
100 $1B 50%
80 40%
$250M-
60 $500M 30%
40 20%
$100M-
$250M 10%
20
0%
0
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
<$100M
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Real assets fund sizes ($M)
2019 2020 2021 2022 2023* Real assets 2008 2009 2010 2011
$1.5 $2.2 $1.7 $1.3 $0.5 Average $529.7 $640.8 $481.7 $425.5
$3.3 $4.1 $6.4 $2.9 $1.1 Bottom quartile $67.3 $53.2 $82.4 $55.8
$9.5 $8.5 $3.7 $5.7 $3.4 Median $161.6 $175.0 $225.0 $150.2
$13.9 $12.7 $11.1 $12.3 $12.0 Top quartile $569.2 $630.0 $443.6 $434.6
$36.2 $51.0 $69.2 $35.4 $23.6 Fund count 97 68 102 98
$51.5 $41.4 $48.1 $81.8 $38.7 45291*As of -409mmmm d, yyyy 94.3 121.8 142.6 94.4
407.7 455.0 218.6 284.4
2019 2020 2021 2022 2023* $1,600
1.3% 1.9% 1.2% 0.9% 0.6%
$1,400
2.9% 3.4% 4.5% 2.1% 1.4%
8.2% 7.1% 2.6% 4.1% 4.3% $1,200
12.0% 10.6% 7.9% 8.8% 15.1%
31.2% 42.5% 49.3% 25.4% 29.8% $1,000
44.4% 34.5% 34.3% 58.7% 48.8% $800
$600
00%
$400
90% $5B+
$200
80%
$0
$1B-$5B
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
70%
60%
$500M-$1B Top quartile Avera
50% Median Bottom
40% $250M-
$500M
30% Median step-up from previous real assets
Real assets 2008 2009 2010 2011
20% $100M- Larger 19 8 14 20
$250M Smaller 5 3 7 10
10%
Same 0 0 0 1
0% Total 24 11 21 31
<$100M
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023

Step-up 72.6% 36.0% 38.5% 37.7%
2019 2020 2021 2022 2023* 90%

40 54 50 32 9
80%
21 27 37 19 8
28 25 11 17 10 70%
18 18 17 19 17
60%
16 25 33 17 13
5 4 5 7 2 50%
40%
2019 2020 2021 2022 2023*
31.3% 35.3% 32.7% 28.8% 15.3% 30%
16.4% 17.6% 24.2% 17.1% 13.6%
21.9% 16.3% 7.2% 15.3% 16.9%
20%
2008 79.2%
2009 72.7%
2010 66.7%
2011 64.5%
2012 60.5%
2013 59.6%
2014 67.2%
2015 67.3%
2016 72.5%
2017 69.0%
2018 69.2%
2019 59.6%
14.1% 11.8% 11.1% 17.1% 28.8% 10%

12.5% 16.3% 21.6% 15.3% 22.0%
0%

%
%
%
%
%
%
%
%
%
%
%
2008
2009
2010
2011
2012
2013
3.9%
2014
2015
2016
2.6%
2017
2018
2019
3.3%
2020
2021
2022
6.3%
2023 $1B
$5B+
3.4%
$250M
$500M
$100M-
$250M-
$500M-
<$100M
$1B-$5B
0%
10%
20%
30%
2008 79.2%
2009 72.7%
2010 66.7%
2011 64.5%
2012 60.5%
2013 59.6%
2014 67.2%
2015 67.3%
2016 72.5%
2017 69.0%
2018 69.2%
2019 59.6%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023*
$479.3 $594.2 $580.5 $792.1 $554.0 $701.9 $814.1 $906.2 $784.2 $916.5 $1,255.6 $1,342.5
$53.9 $53.7 $33.0 $50.6 $34.4 $100.0 $63.1 $69.5 $62.6 $64.0 $75.9 $145.2
$214.0 $150.0 $153.0 $200.0 $175.0 $277.3 $232.9 $270.0 $200.0 $203.0 $285.8 $565.0
$534.9 $430.0 $480.3 $676.5 $500.0 $656.6 $841.7 $722.4 $627.9 $896.0 $700.5 $962.5
127 133 175 183 167 156 168 128 153 153 111 59
160.1 96.3 120.0 149.4 140.6 177.3 169.7 200.5 137.4 139.0 210.0 419.8
320.9 280.0 327.3 476.5 325.0 379.3 608.8 452.4 427.9 693.0 414.7 397.5
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
op quartile Average
om previous real assets fund in fund family

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023*
23 28 39 37 29 40 45 28 28 37 28 14
15 19 18 16 10 14 18 18 12 15 9 3
0 0 1 2 1 4 2 1 1 0 0 0
38 47 58 55 40 58 65 47 41 52 37 17
60.5% 59.6% 67.2% 67.3% 72.5% 69.0% 69.2% 59.6% 68.3% 71.2% 75.7% 82.4%
33.0% 38.6% 27.8% 37.5% 39.1% 59.3% 33.3% 31.0% 20.0% 64.5% 81.8% 63.2%
2012 60.5%
2013 59.6%
2014 67.2%
2015 67.3%
2016 72.5%
2017 69.0%
2018 69.2%
2019 59.6%
2020 68.3%
2021 71.2%
2022 75.7%
2023 82.4%

2012 60.5%
2013 59.6%
2014 67.2%
2015 67.3%
2016 72.5%
2017 69.0%

2018 69.2%
2019 59.6%
2020 68.3%
2021 71.2%
2022 75.7%
Step-up
2023 82.4%
Real assets capital raised ($B) by region
Real assets 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Rest of world $0.1 $1.5 $2.3 $3.0 $1.9 $2.3 $0.4 $5.2 $0.0 $0.1 $0.1
Africa $0.0 $0.7 $0.5 $0.7 $0.8 $0.6 $0.8 $0.9 $0.1 $1.4 $0.0
Middle East $1.9 $0.2 $0.0 $0.0 $0.0 $0.3 $1.7 $0.0 $0.1 $1.4 $0.1
Oceania $0.8 $1.1 $2.5 $1.2 $1.3 $0.1 $4.3 $5.6 $2.9 $2.8 $5.8
Asia $3.9 $3.6 $5.7 $3.6 $3.8 $3.3 $21.0 $32.3 $12.6 $5.1 $15.2
Europe $16.0 $5.9 $10.7 $7.1 $12.3 $16.8 $18.0 $28.2 $27.9 $35.3 $45.5
North America $28.8 $30.6 $27.4 $26.0 $40.8 $55.8 $55.3 $72.9 $48.9 $63.5 $70.0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Rest of world 0.2% 3.4% 4.8% 7.2% 3.1% 2.9% 0.4% 3.6% 0.0% 0.1% 0.1%
Africa 0.0% 1.5% 1.1% 1.8% 1.2% 0.8% 0.8% 0.6% 0.1% 1.2% 0.0%
Middle East 3.6% 0.5% 0.0% 0.0% 0.0% 0.3% 1.7% 0.0% 0.1% 1.3% 0.0%
Oceania 1.5% 2.4% 5.2% 2.9% 2.1% 0.1% 4.2% 3.9% 3.2% 2.5% 4.3%
Asia 7.5% 8.3% 11.5% 8.6% 6.3% 4.1% 20.7% 22.3% 13.6% 4.6% 11.1%
Europe 31.2% 13.5% 21.8% 17.1% 20.3% 21.2% 17.8% 19.4% 30.2% 32.2% 33.3%
North America 56.0% 70.3% 55.7% 62.5% 67.0% 70.6% 54.4% 50.3% 52.8% 58.0% 51.2%
###
$160 100%
North America 90%
$140
80%
$120 Europe
70%
$100
Asia 60%
$80
50%
Oceania
$60 40%
$40 Middle East 30%
$20 20%
Africa
10%
$0
Rest of world
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
0%
2013 2014 201
Real assets fund count by region

Real assets 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Rest of world 2 7 11 12 10 8 8 13 2 2 3
Africa 0 2 5 4 5 5 9 8 5 4 1
Middle East 5 3 0 0 1 2 4 3 1 5 3
Oceania 5 6 3 4 4 2 9 12 8 4 10
Asia 14 11 17 24 18 19 25 16 22 16 13
Europe 38 19 33 37 42 41 59 43 63 65 54
North America 44 36 52 50 76 89 120 121 98 101 117
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Rest of world 1.9% 8.3% 9.1% 9.2% 6.4% 4.8% 3.4% 6.0% 1.0% 1.0% 1.5%
Africa 0.0% 2.4% 4.1% 3.1% 3.2% 3.0% 3.8% 3.7% 2.5% 2.0% 0.5%
Middle East 4.6% 3.6% 0.0% 0.0% 0.6% 1.2% 1.7% 1.4% 0.5% 2.5% 1.5%
Oceania 4.6% 7.1% 2.5% 3.1% 2.6% 1.2% 3.8% 5.6% 4.0% 2.0% 5.0%
Asia 13.0% 13.1% 14.0% 18.3% 11.5% 11.4% 10.7% 7.4% 11.1% 8.1% 6.5%
Europe 35.2% 22.6% 27.3% 28.2% 26.9% 24.7% 25.2% 19.9% 31.7% 33.0% 26.9%
North America 40.7% 42.9% 43.0% 38.2% 48.7% 53.6% 51.3% 56.0% 49.2% 51.3% 58.2%
###
250 100%
North
90%
America
200 80%
Europe
70%
150 Asia 60%
50%
Oceania
100 40%
Middle
East 30%
50 20%
Africa
10%
0 Rest of 0%
world
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2009
2010
2011
2012
2013
2014
2015
2016
2017
2019 2020 2021 2022 2023*
$0.9 $2.5 $0.3 $0.1 $0.0
$1.7 $1.6 $0.8 $0.3 $0.3
$0.0 $0.0 $0.1 $0.3 $1.0
$4.9 $4.5 $7.2 $1.1 $2.0
$2.4 $17.8 $12.5 $6.1 $3.7
$44.0 $31.4 $77.8 $39.1 $24.5
$62.2 $62.4 $41.6 $92.4 $47.6
2019 2020 2021 2022 2023*

0.8% 2.1% 0.2% 0.1% 0.0%
1.4% 1.3% 0.5% 0.2% 0.4%
0.0% 0.0% 0.1% 0.2% 1.3%
4.2% 3.7% 5.1% 0.8% 2.6%
2.0% 14.8% 8.9% 4.4% 4.7%
37.9% 26.1% 55.5% 28.0% 30.9%
53.6% 52.0% 29.7% 66.3% 60.2%
0%
0% North America
0%
Europe
0%
0% Asia
0%
Oceania
0%
0% Middle East
0%
Africa
0%
0% Rest of world
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
2019 2020 2021 2022 2023*

6 8 4 2 0
7 6 8 1 1
1 0 1 1 2
4 8 7 3 5
9 23 15 10 8
54 56 72 38 23
87 89 87 84 24
2019 2020 2021 2022 2023*

3.6% 4.2% 2.1% 1.4% 0.0%
4.2% 3.2% 4.1% 0.7% 1.6%
0.6% 0.0% 0.5% 0.7% 3.2%
2.4% 4.2% 3.6% 2.2% 7.9%
5.4% 12.1% 7.7% 7.2% 12.7%
32.1% 29.5% 37.1% 27.3% 36.5%
51.8% 46.8% 44.8% 60.4% 38.1%
%
North
%
America
%
Europe
%
% Asia
%
Oceania
%
Middle
% East
%
Africa
%
% Rest of
world
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Real assets capital raised ($B) by type
Real assets 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Agriculture $0.5 $0.5 $0.6 $0.7 $3.7 $2.4 $2.6 $4.6 $1.7 $2.4 $8.7
Infrastructure $8.1 $5.3 $5.2 $4.4 $2.7 $6.1 $15.5 $7.0 $6.1 $5.8 $9.4
Infrastructure core $9.2 $7.9 $12.1 $11.0 $10.7 $21.0 $30.8 $19.8 $38.4 $29.6 $36.8
Infrastructure greenfield $0.0 $1.1 $0.0 $2.2 $2.1 $0.4 $0.4 $0.0 $2.6 $2.0 $1.8
Infrastructure opportunistic $4.6 $6.1 $5.0 $1.3 $3.7 $3.8 $3.3 $42.8 $4.1 $11.8 $4.3
Infrastructure value added $11.1 $0.0 $4.4 $6.4 $11.1 $2.6 $5.6 $15.9 $9.5 $27.0 $21.8
Metals & mining $0.6 $0.8 $3.9 $0.2 $3.6 $3.3 $1.8 $1.1 $2.3 $0.6 $4.4
Oil & gas $11.1 $18.9 $9.1 $12.6 $16.4 $31.7 $24.5 $47.5 $11.5 $19.7 $21.4
Real assets & natural resources $1.5 $0.5 $0.0 $0.2 $3.7 $1.7 $4.5 $0.8 $4.9 $3.4 $1.3
Timber $3.4 $2.3 $2.0 $0.7 $2.4 $2.4 $2.1 $3.1 $0.3 $1.4 $0.9
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Agriculture 1.0% 1.2% 1.3% 1.7% 6.2% 3.2% 2.8% 3.2% 2.1% 2.3% 7.9%
Infrastructure 16.1% 12.3% 12.3% 11.0% 4.6% 8.1% 17.0% 4.9% 7.5% 5.6% 8.5%
Infrastructure core 18.3% 18.2% 28.7% 27.7% 17.7% 27.8% 33.8% 13.9% 47.1% 28.5% 33.2%
Infrastructure greenfield 0.0% 2.6% 0.0% 5.5% 3.5% 0.5% 0.5% 0.0% 3.1% 1.9% 1.6%
Infrastructure opportunistic 9.2% 14.1% 11.9% 3.2% 6.1% 5.0% 3.7% 30.0% 5.0% 11.4% 3.9%
Infrastructure value added 22.3% 0.0% 10.3% 16.1% 18.5% 3.4% 6.1% 11.2% 11.7% 26.1% 19.7%
Metals & mining 1.1% 1.9% 9.2% 0.5% 6.0% 4.4% 2.0% 0.8% 2.8% 0.6% 4.0%
Oil & gas 22.2% 43.5% 21.5% 31.9% 27.2% 42.1% 26.8% 33.3% 14.1% 19.0% 19.3%
Real assets & natural resources 3.1% 1.1% 0.0% 0.5% 6.2% 2.3% 4.9% 0.6% 6.0% 3.3% 1.2%
Timber 6.7% 5.3% 4.8% 1.8% 4.0% 3.1% 2.3% 2.2% 0.4% 1.4% 0.8%
###
$160 100%
Timber
90%
$140 Real assets & natu-
ral resources 80%
$120
Oil & gas 70%
$100 Metals & mining
60%
Infrastructure value
$80 added 50%
Infrastructure oppor- 40%

$60
tunistic
30%
$40 Infrastructure green-
field 20%
$20 10%
Infrastructure core
$0 Infrastructure 0%
2013
2014
2015
2016
2017
2018
2019
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Agriculture
Real assets fund count by type

Real assets 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Agriculture 7 7 8 9 16 12 22 19 16 10 16
Infrastructure 17 11 16 16 9 9 22 11 20 13 17
Infrastructure core 23 28 29 34 37 51 63 65 70 67 49
Infrastructure greenfield 0 2 0 2 3 2 4 0 3 3 6
Infrastructure opportunistic 12 7 14 16 14 17 26 36 23 27 22
Infrastructure value added 3 0 4 6 4 1 5 9 8 9 9
Metals & mining 3 1 9 3 11 9 11 4 10 6 10
Oil & gas 24 19 28 26 35 44 51 57 31 33 43
Real assets & natural resources 4 2 0 4 11 6 11 4 7 13 6
Timber 12 6 8 9 13 11 12 8 2 6 7
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Agriculture 6.7% 8.4% 6.9% 7.2% 10.5% 7.4% 9.7% 8.9% 8.4% 5.3% 8.6%
Infrastructure 16.2% 13.3% 13.8% 12.8% 5.9% 5.6% 9.7% 5.2% 10.5% 7.0% 9.2%
Infrastructure core 21.9% 33.7% 25.0% 27.2% 24.2% 31.5% 27.8% 30.5% 36.8% 35.8% 26.5%
Infrastructure greenfield 0.0% 2.4% 0.0% 1.6% 2.0% 1.2% 1.8% 0.0% 1.6% 1.6% 3.2%
Infrastructure opportunistic 11.4% 8.4% 12.1% 12.8% 9.2% 10.5% 11.5% 16.9% 12.1% 14.4% 11.9%
Infrastructure value added 2.9% 0.0% 3.4% 4.8% 2.6% 0.6% 2.2% 4.2% 4.2% 4.8% 4.9%
Metals & mining 2.9% 1.2% 7.8% 2.4% 7.2% 5.6% 4.8% 1.9% 5.3% 3.2% 5.4%
Oil & gas 22.9% 22.9% 24.1% 20.8% 22.9% 27.2% 22.5% 26.8% 16.3% 17.6% 23.2%
Real assets & natural resources 3.8% 2.4% 0.0% 3.2% 7.2% 3.7% 4.8% 1.9% 3.7% 7.0% 3.2%
Timber 11.4% 7.2% 6.9% 7.2% 8.5% 6.8% 5.3% 3.8% 1.1% 3.2% 3.8%
###
250 100%
Timber
Real assets & 90%

natural re-
200 sources 80%
Oil & gas 70%

150 Metals & min-
ing 60%
Infrastructure 50%
value added
100
40%
Infrastructure
opportunistic
30%
50 Infrastructure
greenfield 20%
Infrastructure
10%
0 core
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Infrastructure 0% 2008
2009
2010
2011
2012
2013
2014
Agriculture
Real assets capital raised ($B) by typ
2019 2020 2021 2022 2023* 2008 2009 2010
$6.8 $1.4 $1.9 $0.4 $0.1 Infrastructure $32.9 $20.5 $26.7
$5.3 $16.9 $1.6 $2.4 $3.8 Metals & mining $0.6 $0.8 $3.9
$21.2 $43.5 $35.3 $19.3 $49.5 Timber & agriculture $3.9 $2.8 $2.6
$1.3 $2.9 $4.6 $1.2 $0.0 Oil & gas $11.1 $18.9 $9.1
$6.9 $17.5 $34.3 $38.2 $7.7 Other $1.5 $0.5 $0.0
$47.9 $16.6 $27.5 $49.7 $4.3
$0.3 $2.1 $3.5 $1.0 $3.3 2008 2009 2010
$13.4 $12.7 $1.3 $2.3 $3.3 Infrastructure 65.9% 47.1% 63.2%
$0.9 $1.8 $3.9 $1.7 $4.9 Metals & mining 1.1% 1.9% 9.2%
$0.4 $0.3 $0.5 $0.5 $0.8 Timber & agriculture 7.7% 6.5% 6.2%
Oil & gas 22.2% 43.5% 21.5%
2019 2020 2021 2022 2023* Other 3.1% 1.1% 0.0%
6.5% 1.2% 1.7% 0.4% 0.1% ###
5.1% 14.6% 1.4% 2.1% 4.9%
20.3% 37.6% 30.9% 16.5% 63.7%
1.2% 2.5% 4.0% 1.0% 0.0% $160
6.6% 15.1% 30.0% 32.7% 9.9%
46.0% 14.3% 24.1% 42.6% 5.6% $140
0.3% 1.8% 3.0% 0.9% 4.2%
12.8% 10.9% 1.1% 1.9% 4.2% $120
0.9% 1.6% 3.4% 1.5% 6.4%
0.4% 0.3% 0.4% 0.4% 1.0% $100
$80
%
Timber $60
%
Real assets & natural
% resources $40
Oil & gas
% $20
Metals & mining
%
$0
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Infrastructure value
% added
% Infrastructure oppor-
tunistic
%
Infrastructure green-
% field
% Infrastructure core
% Infrastructure
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Agriculture
Real assets fund count by type

2019 2020 2021 2022 2023* 2008 2009 2010
22 19 19 5 2 Infrastructure 55 48 63
18 26 11 9 10 Metals & mining 3 1 9
29 36 32 21 13 Timber & agriculture 19 13 16
2 4 6 2 0 Oil & gas 24 19 28
31 43 65 52 15 Other 4 2 0
8 7 8 10 2
2 4 7 3 3 2008 2009 2010
31 23 12 15 6 Infrastructure 52.4% 57.8% 54.3%
13 14 17 13 7 Metals & mining 2.9% 1.2% 7.8%
2 4 4 4 2 Timber & agriculture 18.1% 15.7% 13.8%
Oil & gas 22.9% 22.9% 24.1%
2019 2020 2021 2022 2023* Other 3.8% 2.4% 0.0%
13.9% 10.6% 10.5% 3.7% 3.3% ###
11.4% 14.4% 6.1% 6.7% 16.7%
18.4% 20.0% 17.7% 15.7% 21.7%
1.3% 2.2% 3.3% 1.5% 0.0% 250
19.6% 23.9% 35.9% 38.8% 25.0%
5.1% 3.9% 4.4% 7.5% 3.3%
1.3% 2.2% 3.9% 2.2% 5.0% 200
19.6% 12.8% 6.6% 11.2% 10.0%
8.2% 7.8% 9.4% 9.7% 11.7%
1.3% 2.2% 2.2% 3.0% 3.3% 150
00% 100
Timber
90%
Real assets & natural
resources 50
80%
Oil & gas
70% 0
Metals & mining
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
60%
Infrastructure value added
50%
Infrastructure opportunis-
tic
40%
Infrastructure greenfield
30%
Infrastructure core
20%
Infrastructure
10%
Agriculture
0%
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
capital raised ($B) by type
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023*
$25.2 $30.3 $33.8 $55.7 $85.5 $60.8 $76.1 $74.0 $82.5 $97.3 $103.3 $110.9 $65.4
$0.2 $3.6 $3.3 $1.8 $1.1 $2.3 $0.6 $4.4 $0.3 $2.1 $3.5 $1.0 $3.3
$1.4 $6.1 $4.8 $4.7 $7.6 $2.0 $3.8 $9.6 $7.2 $1.7 $2.4 $0.9 $0.8
$12.6 $16.4 $31.7 $24.5 $47.5 $11.5 $19.7 $21.4 $13.4 $12.7 $1.3 $2.3 $3.3
$0.2 $3.7 $1.7 $4.5 $0.8 $4.9 $3.4 $1.3 $0.9 $1.8 $3.9 $1.7 $4.9
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023*
63.6% 50.4% 44.8% 61.0% 60.0% 74.5% 73.4% 66.9% 79.1% 84.1% 90.3% 94.9% 84.1%
0.5% 6.0% 4.4% 2.0% 0.8% 2.8% 0.6% 4.0% 0.3% 1.8% 3.0% 0.9% 4.2%
3.5% 10.1% 6.4% 5.2% 5.4% 2.5% 3.7% 8.6% 6.9% 1.5% 2.1% 0.8% 1.1%
31.9% 27.2% 42.1% 26.8% 33.3% 14.1% 19.0% 19.3% 12.8% 10.9% 1.1% 1.9% 4.2%
0.5% 6.2% 2.3% 4.9% 0.6% 6.0% 3.3% 1.2% 0.9% 1.6% 3.4% 1.5% 6.4%
100%
90% Other
Other
80%
Oil & gas
70%
Oil & gas Timber & agriculture
60%
50% Metals & mining

Timber & agriculture
40%
Infrastructure
30%
Metals & mining
20%
Infrastructure 10%
0%
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
fund count by type

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023*
74 67 80 120 121 124 119 103 88 116 122 94 40
3 11 9 11 4 10 6 10 2 4 7 3 3
18 29 23 34 27 18 16 23 24 23 23 9 4
26 35 44 51 57 31 33 43 31 23 12 15 6
4 11 6 11 4 7 13 6 13 14 17 13 7
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023*
59.2% 43.8% 49.4% 52.9% 56.8% 65.3% 63.6% 55.7% 55.7% 64.4% 67.4% 70.1% 66.7%
2.4% 7.2% 5.6% 4.8% 1.9% 5.3% 3.2% 5.4% 1.3% 2.2% 3.9% 2.2% 5.0%
14.4% 19.0% 14.2% 15.0% 12.7% 9.5% 8.6% 12.4% 15.2% 12.8% 12.7% 6.7% 6.7%
20.8% 22.9% 27.2% 22.5% 26.8% 16.3% 17.6% 23.2% 19.6% 12.8% 6.6% 11.2% 10.0%
3.2% 7.2% 3.7% 4.8% 1.9% 3.7% 7.0% 3.2% 8.2% 7.8% 9.4% 9.7% 11.7%
100%
90%
Other
Other
80%
Oil & gas 70% Oil & gas
60%
Timber & agriculture 50% Timber & agriculture
40%
Metals & mining Metals & mining
30%
Infrastructure 20%
Infrastructure
10%
0%
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
gas
& agriculture
& mining
ucture
Other
Oil & gas
Timber & agriculture
Metals & mining
Infrastructure
2023
Months to close for real assets funds
Real assets 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Average 11.6 24.9 14.1 10.5 17.8 13.7 13.9 14.7 20.6 17.6 12.8
Median 10.0 18.8 15.0 9.7 13.4 12.0 12.1 13.4 16.6 15.0 12.5
Top quartile 17.8 33.6 22.0 17.3 21.2 18.7 18.1 18.4 24.1 21.9 19.2
Fund count 19 12 21 18 37 46 54 51 47 35 46
### 4.3 6.1 10.8 5.8 3.4 5.7 7.6 6.5 9.1 8.3 6.8
7.8 14.8 6.9 7.6 7.8 6.7 6.0 5.0 7.5 6.9 6.6
40
35
30
25
20
15
10
0
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Years between closings for real assets fund fa
2019 2020 2021 2022 2023* Real assets 2008 2009 2010 2011
18.7 19.7 24.3 18.2 22.8 Average 2.3 2.7 2.6 3.4
17.2 18.2 18.6 19.2 17.3 Median 2.5 2.5 3.0 3.3
35 39 54 52 34 Fund count 15 9 11 18
5.5 4.5 4.8 8.7 4.6 ### 1.1 0.3 0.9 2.2
7.3 6.0 8.3 5.5 9.6 0.5 0.5 0.4 1.6
6
2008
2009
2010
2011
2012
2013
Slowest
Median
sings for real assets fund families
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023*
3.1 2.8 2.7 2.8 3.5 3.7 3.4 4.5 4.5 3.0 3.7 3.0
2.2 1.4 1.4 1.8 2.4 2.0 2.4 2.6 2.9 2.3 3.1 1.7
3.4 2.7 2.0 2.5 3.0 2.7 3.3 3.8 3.9 3.2 3.6 2.9
4.3 4.2 3.7 3.4 4.0 4.5 4.2 5.6 5.6 3.8 4.0 3.8
23 32 29 31 26 29 31 22 23 29 24 15
1.1 1.4 0.6 0.7 0.6 0.7 0.9 1.2 1.0 1.0 0.5 1.1
1.0 1.5 1.7 0.8 1.1 1.8 0.9 1.8 1.7 0.5 0.4 1.0
6
0
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023

Real assets fund count by management fees
Real assets 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Below 1% 1 0 1 0 0 1 0 0 1 1
1% - 1.5% 0 0 0 1 1 4 4 1 0 0
1.5% - 2% 4 3 5 2 0 1 5 10 4 7
More than 2% 0 0 0 0 0 0 0 0 1 0
Total count 5 3 6 3 1 6 9 11 6 8
Capital ($B) $12.7 $8.5 $9.0 $0.2 $0.0 $16.1 $15.2 $32.7 $7.7 $31.8
Total fund count 108 84 121 131 156 166 234 216 199 197
Total capital ($B) $51.4 $43.6 $49.1 $41.7 $60.9 $79.0 $101.6 $145.0 $92.5 $109.5
% of fund count 4.6% 3.6% 5.0% 2.3% 0.6% 3.6% 3.8% 5.1% 3.0% 4.1%
% of capital 24.6% 19.5% 18.3% 0.5% 0.0% 20.3% 15.0% 22.5% 8.4% 29.0%
Below 2% 3 2 4 2 1 5 7 6 3 6
2% 2 1 2 1 0 1 2 5 2 2
Above 2% 0 0 0 0 0 0 0 0 1 0
2008-2010 2011-2013 2014-2016 2017-2019 2020-2023*

Below 1% 2 1 1 3 4
1% - 1.5% 0 6 5 4 4
1.5% - 2% 12 3 19 20 16
More than 2% 0 0 1 0 0
Total count 14 10 26 27 24
Below 2% 9 8 16 21 20
2% 5 2 9 6 4
Above 2% 0 0 1 0 0
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Real assets fund count by carry fee
2018 2019 2020 2021 2022 2023* Real assets 2008 2009 2010
2 0 1 2 0 1 Below 10% 1 0 0
0 4 0 3 1 0 10% - 15% 0 0 0
7 6 5 4 7 0 15% - 20% 1 1 4
0 0 0 0 0 0 More than 20% 0 0 0
9 10 6 9 8 1 Total count 2 1 4
$30.0 $33.0 $25.4 $28.4 $55.0 $0.9 Capital ($B) $5.7 $0.0 $6.6
201 168 190 194 139 63 Total fund count 108 84 121
$136.8 $116.0 $120.0 $140.2 $139.4 $79.2 Total capital ($B) $51.4 $43.6 $49.1
4.5% 6.0% 3.2% 4.6% 5.8% 1.6% % of fund count 1.9% 1.2% 3.3%
21.9% 28.4% 21.1% 20.2% 39.5% 1.1% % of capital 11.1% 0.0% 13.4%
8 7 5 8 6 1 Below 20% 1 0 0
1 3 1 1 2 0 20% 1 1 4
0 0 0 0 0 0 Above 20% 0 0 0
2008-2010 2011-2013 2014-2016

Below 10% 1 0 0
10% - 15% 0 0 0
15% - 20% 6 5 16
More than 20% 0 0 0
Total count 7 5 16
Below 20% 1 0 4
20% 6 5 12
Above 20% 0 0 0
100% 45291*As of -409mmmm d, yyyy
90% 100%
80% 90%
70% 80%
60% 70%
50% 60%
Above 2%
40% 50%
2%
30% Below 2% 40%
20%
30%
10%
20%
0%
2008- 2011- 2014- 2017- 2020- 10%
2010 2013 2016 2019 2023*
0%
Close year 2009 2010 2011 2012 2013 2014 2015
Below 20% 2
und count by carry fees
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023*
0 0 0 0 0 0 1 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 1 0 0
2 0 3 6 6 4 5 4 6 4 2 8 1
0 0 0 0 0 0 0 0 0 0 0 0 0
2 0 3 6 6 4 6 4 6 4 3 8 1
$0.0 $0.0 $7.6 $16.6 $19.2 $7.7 $15.5 $22.7 $30.7 $20.9 $21.8 $54.9 $30.0
131 156 166 234 216 199 197 201 168 190 194 139 63
$41.7 $60.9 $79.0 $101.6 $145.0 $92.5 $109.5 $136.8 $116.0 $120.0 $140.2 $139.4 $79.2
1.5% 0.0% 1.8% 2.6% 2.8% 2.0% 3.0% 2.0% 3.6% 2.1% 1.5% 5.8% 1.6%
0.1% 0.0% 9.7% 16.3% 13.3% 8.3% 14.2% 16.6% 26.4% 17.5% 15.5% 39.4% 37.9%
0 0 0 0 1 3 1 1 1 1 1 1 0
2 0 3 6 5 1 5 3 5 3 2 7 1
0 0 0 0 0 0 0 0 0 0 0 0 0
2017-2019 2020-2023*
1 0
0 1
15 15
0 0
16 16
3 3
13 13
0 0
100%
90%
80%
70%
60%
50%
Above 20%
40%
20%
30% Below 20%
20%
10%
0%
2008- 2011- 2014- 2017- 2020-
10 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2010 2013 2016 2019 2023*

Above 20%
20%
Below 20%
Debt fundraising activity
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Capital raised ($B) $109.9 $34.5 $59.3 $53.3 $74.6 $97.6 $116.5 $130.7 $148.1 $199.6
Fund count 135 104 142 135 205 231 284 339 334 360
###
469
436
360 368 367

339 334
284
231
$97.6 $116.5 $130.7 $148.1 $199.6 $179.6 $192.1 $209.5 $287.9

2013 2014 2015 2016 2017 2018 2019 2020 2021
2018 2019 2020 2021 2022 2023*
$179.6 $192.1 $209.5 $287.9 $225.6 $186.4
368 367 436 469 324 181
469
436
324
181
$209.5 $287.9 $225.6 $186.4

2020 2021 2022 2023
d count
2006 2007 2008 2009 2010 2011
*As of 6/30/2023
$700 2016 $2,017.0 $2,018.0 $2,019.0 $2,020.0

2006
2007
$600
2008
2009
$500 2010
$450.5
2011
$400 2012
2013
2014 $302.2
$300
2015
2016 $203.6
$200 2017 $163.1
2018 $126.6 $130.3 $139.8
$110.5 $124.3 $125.3 $119.1 $123.9
$100 2019
2020
2021
$0
Cumulative overhang
20062022 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
2023 19.98694749 30.1203453 22.39386802 22.93221639 72.34684725

2016 2017 2018 2019 2020 2021
<$250M $1.9 $0.7 $1.5 $1.2 $3.9 $6.5
$250M-$499M $1.8 $1.2 $1.2 $2.2 $4.2 $5.0
$500M-$1B $3.1 $1.8 $3.3 $1.9 $6.4 $11.9
$1B+ $13.2 $26.4 $16.3 $17.7 $57.9 $76.1
*As of 6/30/2023

1998 ($6.6) $4.1 ($2.5) $300
1999 ($7.6) $3.6 ($4.0)
2000 ($7.5) $5.3 ($2.2)
2001 ($9.1) $2.5 ($6.6)
2002 ($14.2) $3.8 ($10.4) $200
2003 ($16.2) $13.0 ($3.2)
2004 ($11.9) $21.0 $9.1
2005 ($20.6) $17.9 ($2.7)
2006 ($39.8) $17.6 ($22.2)
2007 ($60.8) $25.1 ($35.7) $100
2008 ($93.5) $18.1 ($75.4)
2009 ($50.0) $26.3 ($23.8)
2010 ($53.0) $39.4 ($13.6)
2011 ($56.2) $65.9 $9.6 $0
98 999 000 001 002 003 004 005 006 007
19 1 2 2 2 2 2 2 2 2 2
-$100
$100
$0
2012 ($59.5) $84.2 $24.7
98 999 000 001 002 003 004 005 006 007
2013 ($71.6) $99.9 $28.2 19 1 2 2 2 2 2 2 2 2 2
2014 ($92.6) $103.0 $10.4
2015 ($104.6) $95.3 ($9.3) -$100
2016 ($114.9) $89.6 ($25.3)
2017 ($131.8) $133.5 $1.7
2018 ($165.0) $134.3 ($30.8)
2019 ($161.0) $123.5 ($37.5)
-$200
2020 ($215.9) $133.1 ($82.8)
2021 ($262.6) $196.7 ($65.9)
2022 ($225.8) $183.9 ($41.9)
Contributions ($B)
2023 ($55.7) $100.5 $44.8
*As of 6/30/2023 -$300

2008 2009 2010 2011 2012 2013
Dry powder ($B) $116.2 $118.0 $124.3 $133.7 $157.5 $200.1
Contributions ($B) $93.5 $50.0 $53.0 $56.2 $59.5 $71.6
*As of 6/30/2023
2012 2013 2014 2015 2016 2017 2018 2019 2020
$157.5 $200.1 $211.0 $255.3 $302.1 $377.9 $416.5 $437.6 $525.8
$2,021.0 $2,022.0 $2,023.0 Total

$658.2 $657.3
$85.8 2023
$127.8
$587.2 2022
$565.5
$116.2 2021
$527.7
$118.0
$481.8 2020
$124.3
$450.5 2019
$133.7
$157.5 2018
$200.1 2017
$302.2 $211.0 2016
$255.3
$203.6 $302.1
Overhang by vintage
$377.9
$163.1
9.8 $416.5
$437.6
$525.8
$511.7
13 2014 2015 2016 2017 2018 2019 $486.42021
2020 2022 2023
99.57722833 114.3914778 124.4666345 $506.2
2022 2023*
$6.9 $3.0
$9.2 $5.3
$13.9 $6.6
$84.4 $109.6
$114.4 $124.5
00 001 002 003 004 005 006 007 008 009 010 011 012 013 014 015 016 017 018 019 020 021 022 023
2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
00 001 002 003 004 005 006 007 008 009 010 011 012 013 014 015 016 017 018 019 020 021 022 023
2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
2014 2015 2016 2017 2018 2019 2020 2021 2022

$211.0 $255.3 $302.1 $377.9 $416.5 $437.6 $525.8 $511.7 $486.4
$92.6 $104.6 $114.9 $131.8 $165.0 $161.0 $215.9 $262.6 $225.8
2.3 2.4 2.6 2.9 2.5 2.7 2.4 1.9 2.2
AUM ($B) by year
2021 2022 2023* 2006 2007 2008
$511.7 $486.4 $506.2 Dry powder ($B) $85.8 $127.8 $116.2
Total AUM ($B) $180.3 $272.1 $301.3
*As of 6/30/2023
$1,800
$1,600
$1,400
$1,200
$1,000
$800
$600
$400
$200
$0
2013 2014 2015 2016 2017 2018

2006 2007 2008
0-2 $75.3 $119.3 $106.7
3-5 $6.3 $6.7 $8.0
6-7 $4.2 $1.9 $1.5
*As of 6/30/2023
$600
$500
$400
$300
$200
$100
$0
2006 2007 2008
$0
2006 2007 2008
2023*
$506.2
$111.4
4.5
2009 2010 2011 2012 2013 2014 2015 2016 2017
$118.0 $124.3 $133.7 $157.5 $200.1 $211.0 $255.3 $302.1 $377.9
$235.2 $287.8 $296.6 $312.6 $321.0 $338.1 $375.1 $432.7 $475.6
$353.2 $412.1 $430.3 $470.2 $521.0 $549.1 $630.4 $734.8 $853.5
2015 2016 2017 2018 2019 2020 2021 2022 2023
) by age bucket
2009 2010 2011 2012 2013 2014 2015 2016 2017
$97.0 $86.8 $92.1 $109.4 $147.4 $166.4 $218.9 $255.0 $325.8
$18.2 $34.2 $39.1 $37.2 $31.0 $29.2 $27.6 $39.2 $43.2
$2.7 $3.4 $2.6 $11.0 $21.7 $15.4 $8.7 $7.9 $8.9
$600
$500
$400
$300
$200
$100
$0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
0-2 3-5 6-7

$0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
0-2 3-5 6-7

2018 2019 2020 2021 2022 2023*
$416.5 $437.6 $525.8 $511.7 $486.4 $506.2
$563.8 $645.7 $767.2 $972.3 $1,079.7 $1,101.2
$980.3 $1,083.3 $1,293.0 $1,483.9 $1,566.1 $1,607.4
2018 2019 2020 2021 2022 2023*

$341.4 $330.2 $411.9 $391.4 $372.3 $338.4
$61.1 $84.7 $85.6 $93.3 $80.6 $117.7
$14.0 $22.8 $28.3 $27.0 $33.4 $50.1
2018 2019 2020 2021 2022 2023

2018 2019 2020 2021 2022 2023
Debt first-time fundraising activity
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Capital raised ($B) $4.4 $5.6 $3.0 $4.4 $5.7 $6.7 $8.9 $5.3 $9.4 $9.5
Fund count 22 20 33 24 38 42 67 50 59 62
###
68 70
67
62
59
54
50 48
42 40
38
33
22 24 22
20
$10.6
$10.7
$4.4
$5.6
$3.0
$4.4
$5.7
$6.7
$8.9
$5.3
$9.4
$9.5
$9.0
$9.1
$2.6
$5.2
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

2018 2019 2020 2021 2022 2023*
$9.0 $10.6 $9.1 $10.7 $2.6 $5.2
48 54 68 70 40 22
70
40
22
$10.7
$2.6
$5.2
2021 2022 2023

Private debt capital raised ($B) by fund number in family
Debt 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
1 First $37.9 $17.1 $18.5 $15.2 $21.7 $22.0 $39.1 $31.2 $52.4 $52.0 $55.0
2 Second $14.9 $4.0 $16.7 $12.5 $20.9 $34.2 $27.5 $31.2 $23.3 $30.4 $24.7
3 Third $10.3 $4.3 $3.9 $8.4 $12.8 $16.8 $15.0 $13.8 $25.2 $56.2 $35.7
4 Fourth $9.4 $0.0 $1.6 $2.4 $6.3 $3.6 $6.5 $16.5 $11.9 $10.3 $26.2
5 Fifth $9.9 $2.8 $0.0 $0.4 $2.6 $5.3 $0.6 $12.5 $10.0 $8.3 $0.5
6 Sixth $0.0 $0.8 $0.3 $0.0 $2.9 $0.6 $0.2 $2.8 $0.1 $6.2 $14.7
7 Seventh $0.0 $0.0 $0.0 $0.0 $0.0 $3.8 $1.0 $1.4 $0.0 $1.8 $0.3
8 Eighth $10.9 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.4 $0.0 $1.0 $2.3
9 Ninth $2.0 $0.0 $4.5 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.5
>9 10th+ $0.0 $0.2 $0.0 $4.8 $0.0 $0.0 $7.1 $0.0 $3.6 $10.6 $0.0
###
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Private debt fund count by fund number in family

Debt 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
1 First 47 44 53 39 61 70 100 101 112 124 130
2 Second 35 20 34 31 43 40 46 59 53 47 60
3 Third 10 11 11 14 22 27 21 42 24 43 35
4 Fourth 6 1 4 3 13 11 7 15 19 15 16
5 Fifth 4 1 0 1 3 5 3 7 9 9 5
6 Sixth 0 1 1 0 4 1 1 6 2 2 6
7 Seventh 0 0 0 0 0 3 1 2 2 1 2
8 Eighth 1 0 0 0 0 0 1 1 1 2 1
9 Ninth 1 0 1 0 0 0 0 1 1 0 1
>9 10th+ 0 1 0 3 0 0 2 0 2 4 0
###
100%
90%
80%
70%
60%
50%
40%
30%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

2019 2020 2021 2022 2023*
$60.0 $48.4 $71.0 $27.3 $51.7
$38.1 $45.7 $64.3 $67.3 $44.7
$33.2 $17.3 $35.5 $42.9 $23.0
$16.1 $22.6 $29.1 $36.6 $14.9
$1.5 $6.8 $36.6 $16.5 $9.0
$6.7 $4.2 $4.3 $2.8 $5.0
$1.2 $1.1 $2.0 $1.3 $13.4
$3.1 $0.0 $0.0 $0.6 $9.8
$0.0 $4.6 $0.0 $0.0 $2.2
$2.5 $0.0 $19.6 $0.0 $0.0
2019 2020 2021 2022 2023*

116 111 139 81 50
62 81 86 53 38
30 27 36 34 22
19 24 21 27 11
5 5 20 11 8
7 5 3 5 2
2 3 1 2 3
1 0 0 2 2
1 2 0 0 1
4 1 3 0 0
Private debt capital raised ($B) by manager experience
Debt 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Emerging firm $29.2 $15.0 $18.8 $15.4 $21.9 $27.5 $33.4 $30.2 $33.0 $37.7 $31.2
###
$350
$300
$250
$200
$150
$100
$50
$0
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Private debt fund count by manager experience

Debt 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Emerging firm 69 63 87 73 108 131 156 155 151 154 155
###
$500
$450
$400
$350
$300
$250
$200
$150
$100
$50
$0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

2019 2020 2021 2022 2023*
$164.1 $168.8 $243.6 $208.6 $167.8
$28.0 $40.7 $44.3 $17.1 $18.6
2019 2020 2021 2022 2023*

227 263 283 218 122
140 173 186 106 59
1 2022 2023
Private debt funds ($B) by size
Private debt 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Und <$100M $1.0 $1.4 $1.7 $1.6 $2.2 $2.6 $2.9 $3.7 $2.7 $3.1 $2.9
100 $100M-$250M $5.0 $3.5 $5.0 $4.6 $6.8 $6.8 $7.7 $9.1 $9.1 $10.1 $12.7
250 $250M-$500M $8.3 $3.3 $6.1 $6.1 $10.6 $10.8 $9.9 $16.5 $13.9 $15.8 $17.8
500 $500M-$1B $9.4 $8.8 $11.2 $12.4 $15.8 $15.8 $31.7 $21.4 $32.4 $29.7 $34.1
1B- $1B-$5B $58.7 $17.5 $29.7 $28.5 $39.2 $40.8 $59.3 $62.0 $70.1 $118.4 $72.1
5B+ $5B+ $27.5 $0.0 $5.6 $0.0 $0.0 $20.8 $5.1 $18.0 $19.9 $22.4 $40.0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
<$100M 0.9% 4.0% 2.9% 3.1% 2.9% 2.7% 2.4% 2.8% 1.9% 1.6% 1.6%
$100M-$250M 4.6% 10.2% 8.4% 8.6% 9.1% 6.9% 6.6% 7.0% 6.2% 5.0% 7.1%
$250M-$500M 7.5% 9.7% 10.2% 11.4% 14.2% 11.1% 8.5% 12.7% 9.4% 7.9% 9.9%
$500M-$1B 8.6% 25.5% 18.9% 23.3% 21.2% 16.2% 27.2% 16.4% 21.9% 14.9% 19.0%
$1B-$5B 53.4% 50.6% 50.2% 53.6% 52.5% 41.8% 50.9% 47.4% 47.3% 59.3% 40.2%
$5B+ 25.1% 0.0% 9.4% 0.0% 0.0% 21.3% 4.3% 13.8% 13.4% 11.2% 22.3%
###
100%
$350
$5B+ 90%
$300
80%
$1B-
$250 $5B 70%
60%
$200 $500M-
$1B 50%
$150 40%
$250M-
30%
$500M
$100
20%
$100M-
$50 10%
$250M
0%
2013
2014
2015
2016
2017
2018
$0 <$100M
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Private debt fund count by size

Private debt 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Und <$100M 21 37 43 41 64 73 95 116 92 86 81
100 $100M-$250M 31 22 30 26 40 41 48 55 59 62 80
250 $250M-$500M 24 10 18 16 29 32 29 46 40 49 51
500 $500M-$1B 14 13 16 17 22 23 44 31 48 40 47
1B- $1B-$5B 29 8 15 16 19 24 33 37 34 61 33
5B+ $5B+ 3 0 1 0 0 4 1 3 3 3 5
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
<$100M 17.2% 41.1% 35.0% 35.3% 36.8% 37.1% 38.0% 40.3% 33.3% 28.6% 27.3%
$100M-$250M 25.4% 24.4% 24.4% 22.4% 23.0% 20.8% 19.2% 19.1% 21.4% 20.6% 26.9%
$250M-$500M 19.7% 11.1% 14.6% 13.8% 16.7% 16.2% 11.6% 16.0% 14.5% 16.3% 17.2%
$500M-$1B 11.5% 14.4% 13.0% 14.7% 12.6% 11.7% 17.6% 10.8% 17.4% 13.3% 15.8%
$1B-$5B 23.8% 8.9% 12.2% 13.8% 10.9% 12.2% 13.2% 12.8% 12.3% 20.3% 11.1%
$5B+ 2.5% 0.0% 0.8% 0.0% 0.0% 2.0% 0.4% 1.0% 1.1% 1.0% 1.7%
###
450 100%
$5B+ 90%
400
350 $1B- 80%

$5B
70%
300
$500M- 60%
250
$1B
50%
200
$250M- 40%
150 $500M
30%
100
$100M- 20%
50 $250M
10%
0 <$100M 0%
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2013 2014 2015 2016
Private debt fund sizes ($M)
2019 2020 2021 2022 2023* Private debt 2008 2009 2010 2011
$3.3 $4.6 $4.1 $3.5 $1.2 Average $901.0 $383.4 $482.0 $459.1
$8.5 $10.9 $12.9 $6.7 $4.7 Bottom quartile $116.5 $42.9 $61.8 $67.1
$17.4 $19.1 $16.9 $15.0 $9.5 Median $312.7 $150.0 $181.0 $206.4
$23.1 $30.2 $36.4 $24.5 $12.6 Top quartile $1,000.0 $435.0 $532.5 $552.0
$100.7 $94.3 $124.1 $121.9 $87.3 Fund count 122 90 123 116
$39.1 $50.3 $93.5 $54.1 $71.1 ### 196.2 107.1 119.2 139.3
687.3 285.0 351.5 345.6
2019 2020 2021 2022 2023* $1,600
1.7% 2.2% 1.4% 1.5% 0.6%
$1,400
4.4% 5.2% 4.5% 3.0% 2.5%
9.0% 9.1% 5.9% 6.7% 5.1% $1,200
12.0% 14.4% 12.6% 10.8% 6.8%
52.4% 45.0% 43.1% 54.0% 46.8% $1,000
20.4% 24.0% 32.5% 24.0% 38.2%
$800
$600
0%
$5B+
$400
0%
$1B-$5B
0% $200
$500M-$1B
0% $0
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
$250M-$500M
0%
$100M-$250M
0% Top quartile M
<$100M Bottom quartile A
0%
0%
0% Median step-up from previous private debt f

0% Private debt 2008 2009 2010 2011
Larger 31 16 20 27
0%
Smaller 13 15 18 20
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Same 3 1 1 0
Total 47 32 39 47
% of funds larger than predecessor66.0% 50.0% 51.3% 57.4%
Step-up 63.8% 2.6% 7.7% 26.2%
###
2019 2020 2021 2022 2023*
101 129 113 94 36 90%
54 67 87 43 30
80%
50 54 49 43 27
34 43 54 36 19 70%
56 49 67 60 42
60%
5 5 11 8 9
50%
2019 2020 2021 2022 2023*
40%
33.7% 37.2% 29.7% 33.1% 22.1%
18.0% 19.3% 22.8% 15.1% 18.4% 30%
16.7% 15.6% 12.9% 15.1% 16.6%
11.3% 12.4% 14.2% 12.7% 11.7%
20%
2008 66.0%
2009 50.0%
2010 51.3%
2011 57.4%
2012 59.7%
2013 72.2%
2014 70.6%
2015 67.0%
2016 66.7%
2017 77.4%
2018 68.3%
2019 68.6%
18.7% 14.1% 17.6% 21.1% 25.8% 10%
0%

30%
20%
2008 66.0%
2009 50.0%
2010 51.3%
2011 57.4%
2012 59.7%
2013 72.2%
2014 70.6%
2015 67.0%
2016 66.7%
2017 77.4%
2018 68.3%
2019 68.6%
10%
1.7% 1.4% 2.9% 2.8% 5.5%
0%

$5B+
$1B-$5B
$500M-$1B
$250M-$500M
$100M-$250M
<$100M
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023*
$428.5 $495.2 $465.9 $453.9 $536.5 $663.0 $604.7 $640.2 $603.7 $755.6 $794.4 $1,143.8
$43.3 $45.3 $38.8 $32.5 $50.0 $75.0 $81.0 $52.6 $49.2 $67.1 $60.0 $106.9
$175.6 $185.0 $177.5 $168.7 $199.3 $250.0 $215.4 $208.0 $189.3 $204.5 $270.5 $375.0
$461.3 $500.0 $595.3 $476.2 $564.8 $853.0 $596.3 $729.0 $568.5 $730.2 $858.8 $1,333.9
174 197 250 288 276 301 297 300 347 381 284 163
132.2 139.7 138.7 136.2 149.3 175.0 134.4 155.4 140.1 137.5 210.5 268.1
285.7 315.0 417.8 307.5 365.4 603.0 380.9 521.0 379.2 525.7 588.3 958.9
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
op quartile Median
ottom quartile Average
m previous private debt fund in fund family

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023*
43 52 48 73 62 82 71 72 74 98 88 52
29 19 19 33 28 22 32 32 42 37 23 17
0 1 1 3 3 2 1 1 3 1 3 1
72 72 68 109 93 106 104 105 119 136 114 70
59.7% 72.2% 70.6% 67.0% 66.7% 77.4% 68.3% 68.6% 62.2% 72.1% 77.2% 74.3%
17.6% 47.5% 39.1% 37.6% 25.5% 52.2% 30.1% 35.0% 20.0% 44.5% 48.4% 50.0%
2012 59.7%
2013 72.2%
2014 70.6%
2015 67.0%
2016 66.7%
2017 77.4%
2018 68.3%
2019 68.6%
2020 62.2%
2021 72.1%
2022 77.2%
2023 74.3%
s larger than predecessor Step-up

2012 59.7%
2013 72.2%
2014 70.6%
2015 67.0%
2016 66.7%
2017 77.4%
s larger than predecessor

2018 68.3%
2019 68.6%
2020 62.2%
2021 72.1%
2022 77.2%
Step-up
2023 74.3%
Private debt capital raised ($B) by region
Private debt 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Rest of world $0.3 $0.0 $0.2 $0.0 $0.0 $0.6 $0.2 $0.2 $0.0 $0.0 $0.6
Africa $0.0 $0.1 $0.1 $0.0 $0.2 $0.1 $2.0 $0.2 $0.4 $0.1 $0.0
Middle East $1.3 $0.0 $0.5 $0.0 $0.3 $0.2 $0.1 $0.0 $0.6 $0.5 $0.2
Oceania $0.0 $0.0 $0.0 $0.1 $2.0 $0.0 $1.2 $3.3 $3.8 $4.5 $3.1
Asia $1.8 $3.3 $0.6 $2.0 $8.1 $1.6 $4.3 $4.8 $9.7 $9.6 $5.6
Europe $10.6 $6.6 $9.6 $14.7 $12.1 $21.9 $36.3 $36.0 $34.1 $56.9 $45.1
North America $96.0 $24.5 $48.4 $36.5 $51.9 $73.2 $72.4 $86.1 $99.5 $128.0 $125.0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Rest of world 0.3% 0.0% 0.3% 0.0% 0.0% 0.6% 0.2% 0.1% 0.0% 0.0% 0.3%
Africa 0.0% 0.3% 0.1% 0.0% 0.3% 0.1% 1.7% 0.2% 0.2% 0.1% 0.0%
Middle East 1.1% 0.0% 0.8% 0.0% 0.4% 0.2% 0.1% 0.0% 0.4% 0.2% 0.1%
Oceania 0.0% 0.0% 0.0% 0.2% 2.6% 0.0% 1.0% 2.5% 2.6% 2.2% 1.7%
Asia 1.6% 9.4% 0.9% 3.8% 10.8% 1.7% 3.7% 3.7% 6.5% 4.8% 3.1%
Europe 9.7% 19.3% 16.2% 27.6% 16.3% 22.4% 31.2% 27.6% 23.0% 28.5% 25.1%
North America 87.3% 71.0% 81.7% 68.5% 69.6% 75.0% 62.2% 65.9% 67.2% 64.1% 69.6%
###
$350 100%
North Amer- 90%
$300 ica
80%
$250 Europe 70%
60%
$200 Asia
50%
$150 Oceania 40%
30%
$100 Middle East
20%
$50 Africa 10%
$0 0%
Rest of world
2013
2014
2015
2016
2017
2018
2019
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Private debt fund count by region

Private debt 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Rest of world 3 0 2 2 4 2 2 4 3 2 6
Africa 0 2 2 0 2 3 3 2 5 1 1
Middle East 3 0 3 0 2 1 2 0 3 3 6
Oceania 0 0 0 1 3 4 4 4 1 2 5
Asia 8 4 7 13 14 13 20 23 27 31 23
Europe 20 22 32 31 41 52 81 77 88 108 107
North America 101 76 96 88 139 156 172 229 207 213 220
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Rest of world 2.2% 0.0% 1.4% 1.5% 2.0% 0.9% 0.7% 1.2% 0.9% 0.6% 1.6%
Africa 0.0% 1.9% 1.4% 0.0% 1.0% 1.3% 1.1% 0.6% 1.5% 0.3% 0.3%
Middle East 2.2% 0.0% 2.1% 0.0% 1.0% 0.4% 0.7% 0.0% 0.9% 0.8% 1.6%
Oceania 0.0% 0.0% 0.0% 0.7% 1.5% 1.7% 1.4% 1.2% 0.3% 0.6% 1.4%
Asia 5.9% 3.8% 4.9% 9.6% 6.8% 5.6% 7.0% 6.8% 8.1% 8.6% 6.3%
Europe 14.8% 21.2% 22.5% 23.0% 20.0% 22.5% 28.5% 22.7% 26.3% 30.0% 29.1%
North America 74.8% 73.1% 67.6% 65.2% 67.8% 67.5% 60.6% 67.6% 62.0% 59.2% 59.8%
###
500 100%
North 90%
450
America
80%
400
Europe 70%
350
60%
300 Asia
50%
250
Oceania
40%
200
Middle 30%
150 East
20%
100
Africa 10%
50
0%
Rest of
2013
2014
2015
2016
2017
2018
2019
2020
0
world
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2019 2020 2021 2022 2023*
$1.6 $0.0 $1.0 $0.6 $0.0
$0.1 $0.2 $0.0 $0.1 $0.4
$0.3 $0.5 $0.0 $0.7 $0.9
$9.2 $1.0 $0.0 $0.2 $0.3
$8.5 $7.7 $8.6 $13.9 $2.8
$56.3 $58.0 $92.7 $56.6 $40.1
$116.0 $142.0 $185.5 $153.6 $142.0
2019 2020 2021 2022 2023*

0.8% 0.0% 0.4% 0.2% 0.0%
0.1% 0.1% 0.0% 0.0% 0.2%
0.2% 0.2% 0.0% 0.3% 0.5%
4.8% 0.5% 0.0% 0.1% 0.1%
4.4% 3.7% 3.0% 6.2% 1.5%
29.3% 27.7% 32.2% 25.1% 21.5%
60.4% 67.8% 64.4% 68.1% 76.2%
0%
North America
0% Europe
0% Asia
0% Oceania
Middle East
0%
Africa
0%
Rest of world
0%
0%
0%
0%
0%
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2019 2020 2021 2022 2023*

9 1 4 2 4
4 5 4 1 2
1 3 4 6 3
2 7 1 1 1
20 32 33 23 13
96 102 129 57 47
235 286 294 234 111
2019 2020 2021 2022 2023*

2.5% 0.2% 0.9% 0.6% 2.2%
1.1% 1.1% 0.9% 0.3% 1.1%
0.3% 0.7% 0.9% 1.9% 1.7%
0.5% 1.6% 0.2% 0.3% 0.6%
5.4% 7.3% 7.0% 7.1% 7.2%
26.2% 23.4% 27.5% 17.6% 26.0%
64.0% 65.6% 62.7% 72.2% 61.3%
North America
Europe
Asia
Oceania
Middle East
Africa
Rest of world
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Private debt capital rasied ($B) by type
Private debt 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Vent Venture debt $0.1 $0.1 $0.4 $1.0 $1.8 $1.3 $0.2 $1.5 $0.9 $1.9 $1.2
Real Real estate debt $11.7 $5.1 $13.4 $8.1 $7.1 $12.5 $31.7 $15.1 $24.4 $31.0 $33.1
Mezz Mezzanine $21.6 $10.2 $9.0 $13.0 $19.7 $16.9 $11.1 $18.6 $41.3 $21.7 $27.1
Infra Infrastructure debt $1.3 $0.3 $0.4 $0.2 $2.2 $0.1 $5.3 $6.3 $11.4 $6.0 $8.1
Debt General debt $1.0 $0.0 $2.4 $0.1 $3.0 $2.9 $3.5 $7.9 $3.2 $6.5 $10.5
Distr Distressed debt $48.4 $10.2 $26.7 $19.6 $27.0 $38.2 $32.8 $29.8 $29.5 $45.4 $35.3
Direc Direct lending $16.8 $4.5 $6.0 $8.9 $6.0 $22.1 $26.2 $37.3 $28.8 $69.2 $53.1
Credi Credit special situations $1.2 $4.0 $1.0 $2.4 $7.7 $3.5 $5.8 $13.8 $8.5 $17.8 $11.1
Bridg Bridge financing $7.9 $0.0 $0.0 $0.0 $0.0 $0.2 $0.0 $0.3 $0.0 $0.0 $0.0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Venture debt 0.1% 0.3% 0.6% 1.9% 2.4% 1.3% 0.2% 1.1% 0.6% 1.0% 0.7%
Real estate debt 10.6% 14.9% 22.7% 15.1% 9.5% 12.8% 27.2% 11.5% 16.5% 15.5% 18.4%
Mezzanine 19.6% 29.6% 15.2% 24.5% 26.5% 17.3% 9.5% 14.2% 27.9% 10.9% 15.1%
Infrastructure debt 1.2% 0.9% 0.6% 0.4% 2.9% 0.1% 4.5% 4.8% 7.7% 3.0% 4.5%
General Debt 0.9% 0.1% 4.0% 0.2% 4.1% 3.0% 3.0% 6.1% 2.2% 3.3% 5.8%
Distressed debt 44.0% 29.6% 45.0% 36.7% 36.2% 39.1% 28.2% 22.8% 19.9% 22.7% 19.7%
Direct lending 15.3% 12.9% 10.2% 16.8% 8.1% 22.6% 22.5% 28.6% 19.5% 34.7% 29.6%
Credit special situations 1.1% 11.5% 1.8% 4.4% 10.3% 3.6% 4.9% 10.6% 5.7% 8.9% 6.2%
Bridge financing 7.2% 0.0% 0.0% 0.0% 0.0% 0.2% 0.0% 0.2% 0.0% 0.0% 0.0%
###
$350 100%
Bridge financing 90%
$300
Credit special situa- 80%
tions
$250 70%
Direct lending
60%
$200
Distressed debt 50%
$150
General debt 40%
$100 30%
Infrastructure debt
20%
$50 Mezzanine
10%
Real estate debt 0%
$0
2008
2009
2010
2011
2012
2013
2014
2015
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Venture debt
Private debt fund count by type

Private debt 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Vent Venture debt 1 2 5 3 7 7 7 16 12 14 11
Real Real estate debt 21 19 18 25 38 48 68 64 64 69 69
Mezz Mezzanine 51 37 40 42 48 47 41 56 55 51 41
Infra Infrastructure debt 1 1 5 4 6 4 15 8 16 10 14
Debt General debt 7 3 12 5 21 14 27 23 28 38 59
Distr Distressed debt 25 20 37 28 32 33 30 41 33 39 27
Direc Direct lending 16 15 19 22 35 64 65 100 98 102 114
Credi Credit special situations 9 6 6 6 18 13 30 28 27 37 31
Bridg Bridge financing 4 1 0 0 0 1 1 3 1 0 2
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Venture debt 0.7% 1.9% 3.5% 2.2% 3.4% 3.0% 2.5% 4.7% 3.6% 3.9% 3.0%
Real estate debt 15.6% 18.3% 12.7% 18.5% 18.5% 20.8% 23.9% 18.9% 19.2% 19.2% 18.8%
Mezzanine 37.8% 35.6% 28.2% 31.1% 23.4% 20.3% 14.4% 16.5% 16.5% 14.2% 11.1%
Infrastructure debt 0.7% 1.0% 3.5% 3.0% 2.9% 1.7% 5.3% 2.4% 4.8% 2.8% 3.8%
General Debt 5.2% 2.9% 8.5% 3.7% 10.2% 6.1% 9.5% 6.8% 8.4% 10.6% 16.0%
Distressed debt 18.5% 19.2% 26.1% 20.7% 15.6% 14.3% 10.6% 12.1% 9.9% 10.8% 7.3%
Direct lending 11.9% 14.4% 13.4% 16.3% 17.1% 27.7% 22.9% 29.5% 29.3% 28.3% 31.0%
Credit special situations 6.7% 5.8% 4.2% 4.4% 8.8% 5.6% 10.6% 8.3% 8.1% 10.3% 8.4%
Bridge financing 3.0% 1.0% 0.0% 0.0% 0.0% 0.4% 0.4% 0.9% 0.3% 0.0% 0.5%
###
500 Bridge financ- 100%

ing
450 Credit special 90%
situations 80%
400
Direct lending
350 Distressed 70%
debt
300 General debt 60%
Infrastructure 50%
250 debt
200 Mezzanine 40%
Real estate
150 debt 30%
100 20%
10%
50
0%
0
2008
2009
2010
2011
2012
2013
2014
2015
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2019 2020 2021 2022 2023*
$2.1 $2.1 $2.6 $2.4 $2.0
$18.5 $18.0 $29.9 $24.4 $12.3
$12.2 $32.9 $25.1 $30.8 $36.0
$10.5 $14.7 $11.2 $8.6 $19.5
$23.9 $12.7 $19.1 $25.2 $10.9
$23.8 $35.9 $39.5 $31.4 $18.4
$82.9 $57.7 $132.9 $72.3 $58.8
$18.0 $35.1 $27.5 $30.3 $28.6
$0.1 $0.5 $0.1 $0.3 $0.0
2019 2020 2021 2022 2023*

1.1% 1.0% 0.9% 1.1% 1.1%
9.6% 8.6% 10.4% 10.8% 6.6%
6.4% 15.7% 8.7% 13.7% 19.3%
5.5% 7.0% 3.9% 3.8% 10.5%
12.4% 6.1% 6.6% 11.2% 5.8%
12.4% 17.1% 13.7% 13.9% 9.9%
43.2% 27.5% 46.2% 32.1% 31.5%
9.4% 16.8% 9.6% 13.4% 15.3%
0.1% 0.2% 0.0% 0.1% 0.0%
00%
Bridge financing
90%
80% Credit special situa-

tions
70%
Direct lending
60%
50% Distressed debt
40% General debt
30%
Infrastructure debt
20%
Mezzanine
10%
Real estate debt
0%
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Venture debt
2019 2020 2021 2022 2023*

17 23 25 18 9
61 53 77 48 19
37 57 47 29 24
13 20 24 8 8
65 77 90 63 27
29 42 37 16 13
98 101 114 82 52
44 58 53 56 28
3 5 2 4 1
2019 2020 2021 2022 2023*

4.6% 5.3% 5.3% 5.6% 5.0%
16.6% 12.2% 16.4% 14.8% 10.5%
10.1% 13.1% 10.0% 9.0% 13.3%
3.5% 4.6% 5.1% 2.5% 4.4%
17.7% 17.7% 19.2% 19.4% 14.9%
7.9% 9.6% 7.9% 4.9% 7.2%
26.7% 23.2% 24.3% 25.3% 28.7%
12.0% 13.3% 11.3% 17.3% 15.5%
0.8% 1.1% 0.4% 1.2% 0.6%
% Bridge financ-
ing
% Credit special
situations
%
Direct lending
% Distressed
debt
% General debt
Infrastructure
% debt
% Mezzanine
Real estate
% debt
%
%
%
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Months to close for private debt funds
Private debt 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Average 13.7 14.2 14.6 17.1 14.9 14.0 14.2 13.6 13.5 14.6 17.5
Median 6.7 14.2 13.6 16.0 13.3 12.2 12.8 12.1 13.0 13.3 13.5
Top quartile 16.2 18.1 19.8 19.5 18.4 17.5 17.6 18.1 19.1 18.3 20.5
Fund count 40 26 38 39 58 70 73 82 76 88 106
### 1.6 2.3 7.0 6.8 4.8 4.7 7.3 6.2 5.7 4.8 5.3
9.5 3.9 6.2 3.4 5.1 5.4 4.8 6.0 6.1 5.1 7.0
25
20
15
10
0
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Years between closings for private debt fund f
2019 2020 2021 2022 2023* Private debt 2008 2009 2010 2011
15.5 16.7 17.8 17.6 18.7 Average 2.9 2.5 3.4 3.3
13.6 15.9 15.4 17.3 18.4 Median 2.7 2.4 3.9 3.6
94 116 134 126 98 Fund count 22 16 21 17
4.5 7.7 4.4 5.0 3.7 ### 0.9 1.1 2.3 1.4
6.3 6.0 7.3 4.4 4.8 1.3 0.8 1.0 0.7
6
2008
2009
2010
2011
2012
2013
Slowest
Median
sings for private debt fund families
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023*
3.1 3.2 3.0 3.0 3.5 3.3 3.5 3.9 3.7 3.4 3.3 3.5
2.0 1.2 1.4 1.7 1.8 2.2 2.1 2.3 2.2 2.2 2.2 2.3
2.9 2.9 2.8 2.5 3.1 2.9 3.3 3.1 3.2 3.3 3.2 2.9
4.3 4.1 4.1 3.7 4.2 3.7 4.4 4.8 4.4 4.0 4.2 4.6
33 45 39 55 59 60 50 51 62 75 65 50
1.0 1.7 1.4 0.8 1.4 0.7 1.2 0.8 1.1 1.1 1.0 0.7
1.4 1.2 1.3 1.2 1.0 0.9 1.1 1.6 1.1 0.8 1.0 1.7
6
0
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023

Private debt fund count by management fees
Debt 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Below 1% 3 0 1 0 2 0 2 4 0 3 4
1% - 1.5% 1 0 0 1 6 3 4 5 3 8 7
1.5% - 2% 5 4 5 5 3 3 10 13 13 13 11
More than 2% 0 0 0 1 0 1 0 0 0 0 0
Total count 9 4 6 7 11 7 16 22 16 24 22
Capital ($B) $9.4 $0.7 $3.8 $5.7 $7.2 $10.3 $16.1 $19.6 $17.7 $38.9 $29.0
Total fund count 135 104 142 135 205 231 284 339 334 360 368
Total capital ($B) $109.9 $34.5 $59.3 $53.3 $74.6 $97.6 $116.5 $130.7 $148.1 $199.6 $179.6
% of fund count 6.7% 3.8% 4.2% 5.2% 5.4% 3.0% 5.6% 6.5% 4.8% 6.7% 6.0%
% of capital 8.5% 2.0% 6.4% 10.7% 9.6% 10.6% 13.8% 15.0% 12.0% 19.5% 16.1%
Below 2% 6 3 5 5 10 5 14 19 16 19 19
2% 3 1 1 1 1 1 2 3 0 5 3
Above 2% 0 0 0 1 0 1 0 0 0 0 0
2008-20102011-20132014-20162017-20192020-2023*
Below 1% 4 2 6 10 8
1% - 1.5% 1 10 12 23 27
1.5% - 2% 14 11 36 35 43
More than 2% 0 2 0 0 3
Total count 19 25 54 68 81
Below 2% 14 20 49 60 73
2% 5 3 5 8 5
Above 2% 0 2 0 0 3
### 100%
100% 90%
90% 80%
80% 70%
70% 60%
60% 50%
50% 40%
40% 30%
20%
30%
10%
20%
0%
10% 2008- 2011- 2
2010 2013 2
0%
200920102011201220132014201520162017201820192020202120222023 Close y
100%
100%
90% 90%
80% 80%
70% 70%
60% 60%
50% 50%
40% 40%
30% 30%
90% 90%
80% 80%
70% 70%
60% 60%
50% 50%
40% 40%
30% 30%
20% 20%
10% 10%
0% 0%
200920102011201220132014201520162017201820192020202120222023 2008- 2011-
2010 2013
Below 1% 1% - 1.5% 1.5% - 2% More than 2% Clos
Private debt fund count by carry fees
2019 2020 2021 2022 2023* Debt 2008 2009 2010 2011
3 4 2 0 2 Below 10% 0 0 0 0
8 5 10 3 9 10% - 15% 0 0 0 0
11 10 16 13 4 15% - 20% 3 2 4 3
0 0 0 3 0 More than 20% 0 0 0 0
22 19 28 19 15 Total count 3 2 4 3
$35.9 $22.7 $64.7 $35.9 $36.6 Capital ($B) $3.4 $0.5 $3.2 $3.3
367 436 469 324 181 Total fund count 135 104 142 135
$192.1 $209.5 $287.9 $225.6 $186.4 Total capital ($B) $109.9 $34.5 $59.3 $53.3
6.0% 4.4% 6.0% 5.9% 8.3% % of fund count 2.2% 1.9% 2.8% 2.2%
18.7% 10.8% 22.5% 15.9% 19.6% % of capital 3.1% 1.5% 5.3% 6.1%
22 17 27 14 15 Below 20% 0 0 1 0
0 2 1 2 0 20% 3 2 3 3
0 0 0 3 0 Above 20% 0 0 0 0
2008-20102011-20132014-20162017-2019
Below 10% 0 0 0 0
10% - 15% 0 0 5 11
15% - 20% 9 9 42 41
More than 20% 0 3 0 0
Total count 9 12 47 52
Below 20% 1 1 15 22
20% 8 8 32 30
Above 20% 0 3 0 0
100% ###
90% 100%
80% 90%
70% 80%
60% 70%
50% 60%
Above 2%
40% 50%
2%
30% Below 2% 40%
20%
30%
10%
20%
0%
2008- 2011- 2014- 2017- 2020- 10%
2010 2013 2016 2019 2023*
0%
Close year 20092010201120122013201420152016201720182
Below 20% 20% Above 20
100%
90%
80%
70%
60%
50% More than 2%
40% 1.5% - 2%
30% 1% - 1.5%
90%
80%
70%
60%
50% More than 2%
40% 1.5% - 2%
30% 1% - 1.5%
Below 1%
20%
10%
0%
2008- 2011- 2014- 2017- 2020-
2010 2013 2016 2019 2023*
Close year
count by carry fees
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023*
0 0 0 0 0 0 0 0 0 0 0 0
0 0 1 3 1 2 6 3 1 3 1 4
4 2 13 16 13 15 13 13 10 23 14 7
2 1 0 0 0 0 0 0 0 0 0 0
6 3 14 19 14 17 19 16 11 26 15 11
$4.4 $6.3 $14.9 $19.0 $17.3 $28.8 $22.8 $28.7 $14.7 $56.7 $34.7 $33.1
205 231 284 339 334 360 368 367 436 469 324 181
$74.6 $97.6 $116.5 $130.7 $148.1 $199.6 $179.6 $192.1 $209.5 $287.9 $225.6 $186.4
2.9% 1.3% 4.9% 5.6% 4.2% 4.7% 5.2% 4.4% 2.5% 5.5% 4.6% 6.1%
5.8% 6.4% 12.8% 14.5% 11.7% 14.4% 12.7% 15.0% 7.0% 19.7% 15.4% 17.8%
1 0 4 7 4 5 8 9 2 15 5 8
3 2 10 12 10 12 11 7 9 11 10 3
2 1 0 0 0 0 0 0 0 0 0 0
2020-2023*
0
9
54
0
63
30
33
0
100%
90%
80%
70%
60%
50%
Above 20%
40%
20%
30% Below 20%
20%
10%
0%
2008- 2011- 2014- 2017- 2020-
201220132014201520162017201820192020202120222023 2010 2013 2016 2019 2023*

FoF fundraising activity
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Capital raised ($B) $70.5 $49.7 $29.4 $34.5 $43.5 $31.7 $57.1 $48.8 $52.1 $113.6
Fund count 218 176 121 156 165 165 229 220 253 293
###
361
332 330
309
293
253
229 220
165
$31.7 $57.1 $48.8 $52.1 $113.6 $80.4 $75.7 $90.1 $70.7

2013 2014 2015 2016 2017 2018 2019 2020 2021
2018 2019 2020 2021 2022 2023*
$80.4 $75.7 $90.1 $70.7 $55.6 $31.7
361 332 330 309 203 101
330
309
203
101
$90.1 $70.7 $55.6 $31.7

2020 2021 2022 2023
count
2006 2007 2008 2009 2010 2011
*As of 6/30/2023
$300
2016 2017 2018 2019 2020

2006
$250
2007
2008
2009
$200 $193.6 $190.2
2010 $181.6 $182.6
$174.2 $172.9 $172.7 $170.7
2011 $163.8
2012 $143.6
$150
2013
2014
2015
$100
2016
2017
2018
$50
2019
2020
$0
2022 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
2023 8.978454679 14.30405691 14.16431968 17.97962978 40.34500454

2016 2017 2018 2019 2020 2021
<$100M $0.5 $0.6 $1.0 $1.2 $2.6 $2.1
$100M-$249M $1.0 $1.2 $1.9 $2.8 $4.4 $3.9
$250M-$499M $1.5 $2.6 $2.2 $3.0 $6.5 $6.1
$500M-$999M $1.5 $2.4 $3.8 $4.3 $5.7 $10.4
$1B-$4.99B $2.8 $2.7 $4.2 $4.2 $14.0 $7.4
$5B+ $1.7 $4.9 $1.0 $2.4 $7.1 $0.0

*As of 6/30/2023
Cash flows ($B) by year $200

1998 ($5.3) $3.8 ($1.5)
1999 ($6.1) $3.1 ($2.9)
2000 ($5.6) $3.1 ($2.6) $150
2001 ($7.3) $2.1 ($5.2)
2002 ($8.0) $0.8 ($7.2)
2003 ($14.5) $3.5 ($11.0)
$100
2004 ($11.2) $7.4 ($3.8)
2005 ($15.2) $7.5 ($7.7)
2006 ($48.6) $16.3 ($32.4)
2007 ($42.9) $25.8 ($17.2) $50
2008 ($52.4) $13.2 ($39.2)
2009 ($40.1) $13.8 ($26.3)
$0
98 999 000 001 002 003 004 005 006 007
19 1 2 2 2 2 2 2 2 2
$50
2010 ($47.6) $19.7 ($27.8)

2011 ($38.6) $30.3 ($8.3) $0
2012 ($47.1) $42.1 ($5.0)
98 999 000 001 002 003 004 005 006 007
2013 ($35.7) $53.4 $17.6 19 1 2 2 2 2 2 2 2 2
2014 ($47.6) $54.2 $6.7
2015 ($47.6) $74.9 $27.2 -$50
2016 ($49.9) $57.9 $7.9
2017 ($51.4) $76.1 $24.7
2018 ($76.5) $82.1 $5.6
-$100
2019 ($66.1) $58.4 ($7.7)
2020 ($74.5) $76.8 $2.4
2021 ($90.7) $145.6 $54.8 Contributions ($B)
2022 ($64.2) $126.0 $61.7 -$150
2023* ($26.0) $31.9 $5.9
*As of 6/30/2023

2008 2009 2010 2011 2012 2013
Dry powder ($B) $193.6 $190.2 $182.6 $174.2 $163.8 $172.9
Contributions ($B) $52.4 $40.1 $47.6 $38.6 $47.1 $35.7
*As of 6/30/2023
2012 2013 2014 2015 2016 2017 2018 2019 2020
$163.8 $172.9 $172.7 $170.7 $200.4 $244.0 $242.3 $235.9 $257.6
2023
2021 2022 2023 Total $257.6 2022
$244.0 $143.6
$242.3
$235.9 2021
$181.6
$217.0 2020
$193.6
$200.4
$190.2 $194.3 $191.2 2019
$172.9 $172.7 $182.6
$170.7 2018
$163.8 $174.2
2017
$163.8
$172.9 2016
$172.7
$170.7
$244.0
$242.3
$235.9
$257.6
$217.0
2012 2013 2014 2015 2016 2017 2018
$194.3 2019 2020 2021 2022 2023
29.92994948 39.59807933 25.90532176 $191.2
2022 2023*
$1.7 $0.6
$3.2 $2.4
$5.5 $4.9
$6.1 $4.7
$23.1 $13.3
$0.0 $0.0
$39.6 $25.9
00 001 002 003 004 005 006 007 008 009 010 011 012 013 014 015 016 017 018 019 020 021 022 023
20 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
00 001 002 003 004 005 006 007 008 009 010 011 012 013 014 015 016 017 018 019 020 021 022 023
20 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
2014 2015 2016 2017 2018 2019 2020 2021 2022

$172.7 $170.7 $200.4 $244.0 $242.3 $235.9 $257.6 $217.0 $194.3
$47.6 $47.6 $49.9 $51.4 $76.5 $66.1 $74.5 $90.7 $64.2
3.6 3.6 4.0 4.7 3.2 3.6 3.5 2.4 3.0
AUM ($B) by year
2021 2022 2023* 2006 2007 2008
$217.0 $194.3 $191.2 Dry powder ($B) $143.6 $181.6 $193.6
Total AUM ($B) $246.8 $321.4 $358.1
*As of 6/30/2023
$1,200
$1,000
$800
$600
$400
$200
$0

2006 2007 2008
0-2 $114.3 $149.2 $149.3
3-5 $22.5 $22.5 $38.7
6-7 $6.7 $9.8 $5.6
*As of 6/30/2023
$300
$250
$200
$150
$100
$50
$0
2006 2007 20
$50
$0
2006 2007 20
2023*
$191.2
$52.0
3.7
2009 2010 2011 2012 2013 2014 2015 2016 2017
$190.2 $182.6 $174.2 $163.8 $172.9 $172.7 $170.7 $200.4 $244.0
$186.8 $235.7 $266.4 $291.4 $311.1 $334.3 $347.6 $362.0 $379.2
$377.0 $418.2 $440.6 $455.2 $484.1 $507.0 $518.2 $562.4 $623.2
) by age bucket
2009 2010 2011 2012 2013 2014 2015 2016 2017
$128.5 $102.4 $88.0 $80.4 $93.7 $103.6 $112.8 $142.7 $188.8
$56.5 $72.1 $73.6 $66.6 $57.1 $44.5 $37.1 $41.6 $43.1
$5.2 $8.1 $12.5 $16.8 $22.2 $24.5 $20.7 $16.1 $12.0
$300
$250
$200
$150
$100
$50
$0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
0-2 3-5 6-7

$50
$0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
0-2 3-5 6-7

2018 2019 2020 2021 2022 2023*
$242.3 $235.9 $257.6 $217.0 $194.3 $191.2
$432.1 $477.6 $589.4 $822.7 $748.1 $757.6
$674.4 $713.6 $847.0 $1,039.7 $942.3 $948.8
2018 2019 2020 2021 2022 2023*

$185.9 $167.3 $171.9 $140.1 $123.2 $95.4
$44.2 $55.1 $70.6 $62.8 $55.4 $72.5
$12.2 $13.5 $15.1 $14.1 $15.7 $23.3
2018 2019 2020 2021 2022 2023

2018 2019 2020 2021 2022 2023
FoF first-time fundraising activity
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Capital raised ($B) $11.8 $3.8 $3.9 $2.2 $3.2 $7.3 $2.9 $0.6 $3.1 $22.9
Fund count 33 17 21 15 21 14 15 12 16 13
###
33
22
21 21
18
17 17
16 16
15 15
14
13
12 11
11
$11.8
$22.9
$3.8
$3.9
$2.2
$3.2
$7.3
$2.9
$0.6
$3.1
$3.6
$1.3
$0.8
$2.0
$0.7
$1.5
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

2018 2019 2020 2021 2022 2023*
$3.6 $1.3 $0.8 $2.0 $0.7 $1.5
11 22 17 18 16 11
18
16
11
$2.0
$0.7
$1.5
2021 2022 2023

FoF capital raised ($B) by fund number in family
Fund of funds 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
1 First $13.7 $7.0 $7.4 $9.0 $8.4 $3.5 $7.3 $5.2 $7.5 $18.9 $4.0
2 Second $8.8 $7.0 $10.6 $6.0 $4.4 $2.6 $6.2 $10.4 $5.4 $5.6 $4.7
3 Third $6.9 $7.5 $1.5 $4.1 $6.3 $3.2 $5.2 $2.8 $2.2 $18.1 $7.2
4 Fourth $3.9 $10.0 $0.3 $4.2 $1.7 $0.8 $0.9 $3.7 $3.4 $6.9 $4.9
5 Fifth $3.1 $1.7 $2.7 $3.5 $9.8 $1.4 $5.3 $1.5 $1.0 $3.0 $6.2
6 Sixth $0.4 $2.7 $0.2 $0.1 $1.2 $1.0 $3.9 $5.2 $1.0 $3.5 $0.8
7 Seventh $1.1 $1.3 $0.0 $0.7 $0.1 $0.3 $0.8 $1.5 $1.5 $1.2 $5.2
8 Eighth $4.3 $1.2 $0.1 $0.0 $0.8 $0.4 $0.1 $0.4 $1.7 $0.7 $0.7
9 Ninth $8.0 $1.1 $0.6 $0.3 $1.4 $0.1 $0.4 $0.7 $0.3 $0.6 $1.3
>9 10th+ $4.8 $2.3 $0.2 $1.9 $1.4 $3.5 $9.0 $2.7 $4.7 $2.4 $5.6
###
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

FoF funds count by fund number in family

Fund of funds 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
1 First 76 36 41 34 48 41 49 36 40 41 40
2 Second 39 36 29 40 27 23 38 30 38 35 30
3 Third 16 21 10 14 18 21 30 23 18 29 23
4 Fourth 13 12 5 16 7 8 11 11 15 23 18
5 Fifth 6 10 5 7 13 8 11 7 9 11 10
6 Sixth 2 9 2 4 4 7 11 10 5 9 8
7 Seventh 5 2 0 5 2 3 5 8 5 3 10
8 Eighth 5 5 1 0 4 3 2 3 6 2 4
9 Ninth 3 3 2 3 3 1 3 3 2 2 4
>9 10th+ 3 1 2 4 7 10 6 9 14 13 18
###
100%
90%
80%
70%
60%
50%
40%
30%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

2019 2020 2021 2022 2023*
$7.3 $10.1 $7.2 $5.0 $7.1
$5.6 $2.8 $7.5 $7.9 $1.2
$5.3 $3.9 $4.1 $4.2 $3.1
$5.5 $3.5 $2.4 $5.2 $2.9
$4.1 $7.1 $2.4 $4.1 $2.2
$0.4 $8.2 $2.1 $9.5 $2.2
$1.9 $1.7 $3.8 $2.1 $0.5
$1.8 $1.1 $2.9 $3.5 $0.2
$1.6 $1.1 $0.5 $0.4 $2.4
$3.4 $1.9 $6.9 $5.7 $2.6
2019 2020 2021 2022 2023*

52 57 55 41 22
42 29 46 29 7
23 22 27 16 8
15 19 14 14 6
10 16 14 11 9
5 8 10 8 4
10 3 7 7 2
4 7 8 5 1
4 2 4 5 3
15 11 15 16 10
FoF capital raised ($B) by manager experience
Fund of funds 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Emerging firm $18.5 $8.1 $10.7 $5.9 $10.0 $13.1 $8.4 $11.3 $22.7 $44.3 $27.5
###
$120
$100
$80
$60
$40
$20
$0
09 10 11 12 13 14 15 16 17 18 19 20 21 22 23
20 20 20 20 20 20 20 20 20 20 20 20 20 20 20
FoF fund count by manager experience

Fund of funds 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Emerging firm 82 45 52 44 53 45 65 61 89 97 145
###
$400
$350
$300
$250
$200
$150
$100
$50
$0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

2019 2020 2021 2022 2023*
$46.8 $65.9 $45.9 $50.1 $26.2
$28.9 $24.2 $24.8 $5.5 $5.5
2019 2020 2021 2022 2023*

217 230 239 166 70
115 100 70 37 31
1 2022 2023
FoF capital raised ($B) by size
FoF 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Und <$50M $0.9 $0.7 $0.6 $0.7 $0.8 $1.0 $1.3 $1.3 $1.7 $1.9 $2.4
50M $50M-$100M $2.2 $1.5 $1.4 $1.3 $1.6 $1.8 $2.1 $2.0 $3.1 $2.8 $3.6
100 $100M-$250M $10.3 $7.8 $4.8 $7.6 $7.0 $5.4 $8.6 $7.3 $8.4 $8.5 $10.7
250 $250M-$500M $10.2 $12.2 $4.3 $5.9 $5.3 $7.7 $9.2 $10.7 $12.5 $13.4 $14.5
500 $500M-$1B $14.5 $10.0 $10.9 $9.7 $8.0 $3.5 $10.4 $10.7 $13.7 $15.2 $16.5
1B+ $1B+ $32.3 $17.6 $7.5 $9.3 $20.9 $12.2 $25.5 $16.8 $12.7 $71.8 $32.6
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
<$50M 1.3% 1.3% 2.1% 2.0% 1.9% 3.3% 2.3% 2.6% 3.2% 1.7% 3.0%
$50M-$100M 3.2% 3.0% 4.7% 3.9% 3.6% 5.8% 3.7% 4.2% 6.0% 2.5% 4.5%
$100M-$250M 14.7% 15.7% 16.3% 22.1% 16.0% 17.0% 15.0% 15.0% 16.1% 7.5% 13.3%
$250M-$500M 14.4% 24.5% 14.5% 17.1% 12.1% 24.4% 16.2% 21.9% 24.1% 11.8% 18.0%
$500M-$1B 20.6% 20.0% 37.1% 28.0% 18.3% 10.9% 18.2% 21.9% 26.3% 13.4% 20.6%
$1B+ 45.9% 35.4% 25.4% 26.9% 48.1% 38.6% 44.6% 34.4% 24.3% 63.2% 40.6%
###
$120 100%
$1B+
90%
$100 $500M-$1B
80%
$250M-$500M
70%
$80 $100M-$250M
60%
$50M-$100M
$60 50%
<$50M
40%
$40
30%
$20 20%
10%
$0 0%
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2013
2014
2015
2016
2017
2018
2019
FoF fund count by size
FoF 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Und <$50M 35 28 22 32 38 46 60 69 77 98 113
50M $50M-$100M 30 21 20 18 22 25 30 27 41 38 52
100 $100M-$250M 66 49 34 45 45 36 52 45 51 56 66
250 $250M-$500M 29 36 13 18 15 24 26 32 36 39 41
500 $500M-$1B 20 14 16 15 12 5 15 16 20 21 23
1B+ $1B+ 13 8 4 6 9 5 10 10 4 17 16
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
<$50M 18.1% 17.9% 20.2% 23.9% 27.0% 32.6% 31.1% 34.7% 33.6% 36.4% 36.3%
$50M-$100M 15.5% 13.5% 18.3% 13.4% 15.6% 17.7% 15.5% 13.6% 17.9% 14.1% 16.7%
$100M-$250M 34.2% 31.4% 31.2% 33.6% 31.9% 25.5% 26.9% 22.6% 22.3% 20.8% 21.2%
$250M-$500M 15.0% 23.1% 11.9% 13.4% 10.6% 17.0% 13.5% 16.1% 15.7% 14.5% 13.2%
$500M-$1B 10.4% 9.0% 14.7% 11.2% 8.5% 3.5% 7.8% 8.0% 8.7% 7.8% 7.4%
$1B+ 6.7% 5.1% 3.7% 4.5% 6.4% 3.5% 5.2% 5.0% 1.7% 6.3% 5.1%
###
350 100%
$1B+ 90%
300
80%
$500M-
250 $1B 70%
60%
200 $250M-
$500M 50%
150 40%
$100M-
$250M 30%
100
20%
$50M-
50 $100M 10%
0 0%
<$50M
2009
2010
2011
2012
2013
2014
2015
2016
2017
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
FoF fund sizes ($M)
2019 2020 2021 2022 2023* FoF 2008 2009 2010 2011
$2.0 $2.0 $1.8 $1.0 $0.5 Average $365.3 $318.5 $270.0 $257.6
$2.8 $3.3 $2.6 $1.5 $0.8 Bottom quartile $72.8 $69.4 $54.0 $54.8
$8.9 $11.4 $8.8 $4.1 $2.7 Median $146.5 $172.2 $123.5 $145.1
$14.5 $10.4 $11.7 $8.7 $7.2 Top quartile $310.0 $335.6 $302.3 $283.0
$17.9 $13.1 $20.4 $12.5 $7.5 Fund count 193 156 109 134
$29.6 $50.0 $25.4 $27.8 $13.0 ### 73.8 102.8 69.5 90.3
163.5 163.3 178.8 137.9
2019 2020 2021 2022 2023* $450
2.6% 2.2% 2.5% 1.8% 1.5%
$400
3.7% 3.6% 3.7% 2.6% 2.5%
11.8% 12.7% 12.5% 7.3% 8.6% $350
19.1% 11.6% 16.6% 15.6% 22.7% $300
23.7% 14.5% 28.8% 22.5% 23.7%
39.1% 55.5% 36.0% 50.1% 41.0% $250
$200
00% $150
$1B+
90% $100
$500M-$1B
80% $50
$250M-$500M
70% $0
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
$100M-$250M
60%
$50M-$100M Top quartile Averag
50%
Median Bottom
<$50M
40%
30%
20% Median step-up from previous FoF fund in fu

FoF 2008 2009 2010 2011
10%
Larger 31 30 14 28
0% Smaller 31 45 31 43
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Same 7 1 0 0
Total 69 76 45 71
Step-up 0.0% -10.9% -22.2% -10.8%
###
2019 2020 2021 2022 2023*
109 98 89 50 25 80%
39 43 37 21 11
59 70 58 28 17 60%
45 30 33 25 22
25 18 27 17 10
40%
14 18 12 16 8
2019 2020 2021 2022 2023* 20%

2008 44.9%
2009 39.5%
2010 31.1%
2011 39.4%
2012 51.4%
2013 36.1%
2014 57.3%
2015 61.1%
2016 60.0%
2017 60.0%
2018 63.3%
2019 57.7%
2020 63.0%
37.5% 35.4% 34.8% 31.8% 26.9%

13.4% 15.5% 14.5% 13.4% 11.8% 0%
20.3% 25.3% 22.7% 17.8% 18.3%
15.5% 10.8% 12.9% 15.9% 23.7%
-20%
8.6% 6.5% 10.5% 10.8% 10.8%
-40%
% of funds larger than predecessor S

%
%
%
%
%
%
%
%
%
%
%
2009
2010
2011
2012
2013 4.8%
2014
2015
2016
6.5%
2017
2018
2019
4.7%
2020
2021
2022
10.2%
2023
8.6%
$1B
$1B+
$50M-
<$50M
$100M
$250M
$500M
$100M-
$250M-
$500M-
-40%
-20%
0%
2008 44
2009 39
2010 31
2011 39
2012 51
2013 36
2014 57
2015 61
2016 60
2017 60
2018 63
2019 57
2020 63
S
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023*
$308.8 $224.8 $295.9 $245.4 $227.7 $422.4 $257.8 $260.2 $325.4 $276.1 $354.3 $341.0
$41.4 $35.0 $34.6 $25.0 $31.7 $25.3 $30.3 $22.7 $28.9 $29.7 $33.3 $39.7
$113.5 $97.8 $108.0 $107.1 $95.8 $97.3 $81.0 $94.4 $97.3 $100.0 $113.1 $174.3
$250.0 $230.6 $273.3 $291.7 $269.5 $290.3 $264.9 $275.2 $235.0 $284.6 $414.1 $377.6
141 141 193 199 229 269 312 291 277 256 157 93
72.2 62.8 73.4 82.1 64.1 71.9 50.7 71.7 68.4 70.3 79.9 134.6
136.5 132.8 165.3 184.6 173.7 193.0 183.9 180.8 137.7 184.6 301.0 203.3
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023

om previous FoF fund in fund family

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023*
36 26 55 55 57 66 62 56 58 74 62 26
34 45 38 34 33 37 35 37 30 38 24 16
0 1 3 1 5 7 1 4 4 3 1 1
70 72 96 90 95 110 98 97 92 115 87 43
51.4% 36.1% 57.3% 61.1% 60.0% 60.0% 63.3% 57.7% 63.0% 64.3% 71.3% 60.5%
2.3% -11.7% 8.5% 15.9% 21.1% 15.5% 17.4% 6.8% 18.1% 12.2% 32.0% 23.8%
2012 51.4%
2013 36.1%
2014 57.3%
2015 61.1%
2016 60.0%
2017 60.0%
2018 63.3%
2019 57.7%
2020 63.0%
2021 64.3%
2022 71.3%
2023 60.5%

2012 51
2013 36
2014 57
2015 61
2016 60
2017 60

2018 63
2019 57
2020 63
2021 64
2022 71
Step-up
2023 60
FoF capital raised ($B) by region
FoF 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Rest of world $0.1 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.1 $0.2 $0.0 $0.3
Africa $0.2 $0.4 $0.3 $0.0 $0.3 $0.1 $0.1 $0.5 $0.1 $0.3 $0.1
Middle East $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.5 $0.2 $0.2
Oceania $0.4 $0.1 $0.0 $0.1 $0.0 $0.4 $0.0 $0.3 $0.1 $0.0 $0.0
Asia $3.0 $2.2 $4.2 $3.2 $5.7 $7.7 $7.8 $9.8 $16.3 $63.6 $35.8
Europe $23.9 $16.2 $13.6 $8.3 $17.4 $9.6 $17.4 $8.8 $16.8 $10.6 $14.5
North America $42.9 $30.8 $11.3 $22.9 $20.1 $13.9 $31.8 $29.3 $18.2 $38.9 $29.6
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Rest of world 0.1% 0.0% 0.0% 0.0% 0.1% 0.0% 0.1% 0.2% 0.3% 0.0% 0.4%
Africa 0.3% 0.8% 0.9% 0.0% 0.7% 0.3% 0.1% 0.9% 0.3% 0.2% 0.1%
Middle East 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1.0% 0.2% 0.2%
Oceania 0.6% 0.3% 0.0% 0.3% 0.0% 1.1% 0.0% 0.7% 0.1% 0.0% 0.0%
Asia 4.3% 4.4% 14.4% 9.3% 13.0% 24.4% 13.7% 20.1% 31.3% 56.0% 44.5%
Europe 33.8% 32.6% 46.3% 24.1% 40.0% 30.2% 30.6% 18.1% 32.1% 9.3% 18.0%
North America 60.8% 61.9% 38.3% 66.3% 46.3% 44.0% 55.6% 60.0% 34.9% 34.3% 36.8%
###
$120 100%
North America
90%
Europe
$100
80%
Asia
$80 70%
Oceania
60%
Middle East
$60 50%
Africa
40%
$40 Rest of world
30%
$20 20%
10%
$0 0%
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2013
2014
2015
2016
2017
2018
2019
FoF fund count by region
FoF 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Rest of world 1 0 1 0 1 0 1 2 1 0 1
Africa 2 3 1 2 3 1 2 1 3 4 2
Middle East 1 0 0 0 0 0 0 0 2 1 3
Oceania 3 1 0 3 0 1 0 2 3 0 1
Asia 11 10 16 20 21 32 28 46 67 103 167
Europe 75 59 41 41 49 33 66 36 60 48 49
North America 125 103 62 90 91 98 132 133 117 137 138
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Rest of world 0.5% 0.0% 0.8% 0.0% 0.6% 0.0% 0.4% 0.9% 0.4% 0.0% 0.3%
Africa 0.9% 1.7% 0.8% 1.3% 1.8% 0.6% 0.9% 0.5% 1.2% 1.4% 0.6%
Middle East 0.5% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.8% 0.3% 0.8%
Oceania 1.4% 0.6% 0.0% 1.9% 0.0% 0.6% 0.0% 0.9% 1.2% 0.0% 0.3%
Asia 5.0% 5.7% 13.2% 12.8% 12.7% 19.4% 12.2% 20.9% 26.5% 35.2% 46.3%
Europe 34.4% 33.5% 33.9% 26.3% 29.7% 20.0% 28.8% 16.4% 23.7% 16.4% 13.6%
North America 57.3% 58.5% 51.2% 57.7% 55.2% 59.4% 57.6% 60.5% 46.2% 46.8% 38.2%
###
400 100%
North
90%
350 America
80%
300 Europe
70%
250 Asia 60%
200 50%
Oceania
40%
150
Middle
East 30%
100
20%
Africa
50 10%
0 Rest of 0%
world
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2019 2020 2021 2022 2023*
$0.0 $0.0 $0.1 $0.4 $0.0
$0.1 $0.0 $0.0 $0.0 $0.0
$1.3 $0.0 $0.0 $0.0 $0.0
$0.1 $0.0 $0.2 $0.1 $0.0
$36.9 $45.5 $26.0 $7.0 $5.3
$10.5 $14.5 $11.5 $8.1 $11.2
$26.9 $30.1 $32.9 $40.1 $15.2
2019 2020 2021 2022 2023*

0.0% 0.0% 0.1% 0.7% 0.1%
0.1% 0.0% 0.0% 0.0% 0.0%
1.7% 0.0% 0.0% 0.0% 0.0%
0.1% 0.0% 0.3% 0.2% 0.0%
48.7% 50.4% 36.8% 12.5% 16.6%
13.8% 16.1% 16.3% 14.6% 35.2%
35.5% 33.4% 46.5% 72.0% 48.1%
%
North America
%
Europe
%
Asia
% Oceania
% Middle East
% Africa
% Rest of world
%
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2019 2020 2021 2022 2023*

0 2 2 2 1
1 0 0 0 0
2 1 0 0 0
2 1 2 1 0
114 104 49 18 23
61 69 57 39 19
152 153 199 143 58
2019 2020 2021 2022 2023*

0.0% 0.6% 0.6% 1.0% 1.0%
0.3% 0.0% 0.0% 0.0% 0.0%
0.6% 0.3% 0.0% 0.0% 0.0%
0.6% 0.3% 0.6% 0.5% 0.0%
34.3% 31.5% 15.9% 8.9% 22.8%
18.4% 20.9% 18.4% 19.2% 18.8%
45.8% 46.4% 64.4% 70.4% 57.4%
North
America
Europe
Asia
Oceania
Middle
East
Africa
Rest of
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
world
FoF capital raised ($B) by type
FoF 2008 2009 2010 2011 2012 2013 2014 2015 2016
Real assets Agriculture $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Private debt Bridge financing $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
PE Buyout $39.0 $30.1 $19.8 $14.5 $23.6 $10.6 $22.1 $20.8 $14.1
Private debt Credit special situations $0.6 $0.0 $0.0 $0.0 $0.0 $0.1 $0.2 $0.0 $0.5
Private debt Debt $0.3 $4.4 $0.0 $1.3 $0.0 $0.0 $0.2 $0.1 $0.7
Private debt Direct lending $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Private debt Distressed debt $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
PE Diversified private equity $3.8 $0.3 $0.3 $2.1 $0.0 $1.0 $0.5 $0.0 $1.8
General FoF Fund of funds $8.1 $7.2 $4.0 $9.2 $12.1 $11.7 $16.0 $13.0 $11.9
Real assets Infrastructure $0.0 $0.0 $0.6 $0.0 $0.0 $0.0 $1.8 $0.0 $0.0
Real assets Infrastructure core $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Private debt Infrastructure debt $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Real assets Infrastructure greenfield $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Real assets Infrastructure opportunistic $0.0 $0.0 $0.0 $0.0 $0.0 $0.3 $0.4 $0.7 $0.0
Real assets Infrastructure value added $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Real assets Metals & mining $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
PE Mezzanine $0.6 $0.1 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Real assets Oil & gas $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
PE PE growth/expansion $1.6 $0.5 $0.2 $0.7 $0.2 $0.8 $0.2 $0.5 $0.1
Real assets Real assets & natural resources $1.5 $0.4 $0.3 $0.3 $1.0 $1.1 $0.3 $0.2 $1.5
Real estate Real estate $0.6 $0.2 $0.9 $0.5 $0.0 $0.2 $0.5 $0.0 $3.8
Real estate Real estate core $0.0 $0.0 $0.2 $0.0 $0.0 $0.0 $0.0 $0.0 $0.1
Real estate Real estate core plus $0.2 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Private debt Real estate debt $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Real estate Real estate distressed $0.0 $0.2 $0.0 $0.6 $0.0 $0.0 $0.9 $0.0 $0.0
Real estate Real estate opportunistic $2.2 $2.3 $1.4 $1.1 $0.5 $0.3 $0.1 $1.6 $0.4
Real estate Real estate value added $7.3 $0.2 $0.0 $0.4 $0.0 $0.0 $0.5 $0.0 $0.6
PE Restructuring/turnaround $0.0 $0.0 $0.1 $0.2 $0.0 $0.3 $0.0 $0.3 $0.0
Secondaries Secondaries $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Real assets Timber $0.0 $0.2 $0.0 $0.0 $0.4 $0.0 $0.0 $0.5 $0.0
VC Venture capital $3.8 $2.5 $1.2 $3.2 $4.5 $4.9 $13.1 $10.0 $15.9
VC Venture capital - early stage $0.9 $0.8 $0.4 $0.3 $1.0 $0.5 $0.4 $0.2 $0.8
VC Venture capital - later stage $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Private debt Venture debt $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
$120 Venture debt

Venture capital
- later stage
$100 Venture capital
- early stage
$80 Venture capital
Timber
Secondaries
$60 Restructuring/
turnaround
Real estate
$40 value added
Real estate
opportunistic
$20
Real estate dis-
tressed
$0 Real estate debt
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
$40 value added
Real estate
opportunistic
$20
Real estate dis-
tressed
$0 Real estate debt
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
FoF fund count by type
FoF 2008 2009 2010 2011 2012 2013 2014 2015 2016
Real assets Agriculture 0 0 0 0 0 0 0 0 0
Private debt Bridge financing 0 0 0 0 0 0 0 0 0
PE Buyout 113 93 54 79 74 66 97 92 84
Private debt Credit special situations 2 0 0 1 0 1 1 0 3
Private debt Debt 1 2 0 1 0 1 1 1 3
Private debt Direct lending 0 0 0 0 0 0 0 0 0
Private debt Distressed debt 1 1 1 0 0 0 0 0 0
PE Diversified private equity 3 1 1 3 1 1 3 0 4
General FoF Fund of funds 41 40 32 28 36 44 54 54 78
Real assets Infrastructure 0 1 1 0 1 0 3 0 0
Real assets Infrastructure core 0 0 0 1 0 0 1 0 0
Private debt Infrastructure debt 0 0 0 0 0 0 0 0 0
Real assets Infrastructure greenfield 0 0 0 0 0 0 0 0 0
Real assets Infrastructure opportunistic 0 0 0 0 1 1 3 1 1
Real assets Infrastructure value added 0 0 0 0 0 0 0 0 0
Real assets Metals & mining 0 0 0 0 0 0 0 0 0
PE Mezzanine 2 1 0 0 1 0 0 0 0
Real assets Oil & gas 0 0 0 0 0 0 0 2 0
PE PE growth/expansion 6 2 3 6 6 6 3 3 2
Real assets Real assets & natural resources 7 2 2 3 7 6 5 2 7
Real estate Real estate 3 2 2 1 0 1 3 1 3
Real estate Real estate core 0 0 1 0 0 0 0 0 1
Real estate Real estate core plus 1 0 0 0 0 0 0 0 0
Private debt Real estate debt 0 0 0 0 0 0 0 0 0
Real estate Real estate distressed 0 2 1 1 0 0 1 0 0
Real estate Real estate opportunistic 14 9 5 9 5 6 6 7 6
Real estate Real estate value added 2 1 0 2 1 0 2 0 1
PE Restructuring/turnaround 0 0 1 1 0 1 0 1 0
Secondaries Secondaries 0 0 0 0 0 0 0 0 0
Real assets Timber 0 1 0 0 1 0 0 1 0
VC Venture capital 15 14 13 18 20 27 42 49 51
VC Venture capital - early stage 7 3 3 2 9 4 4 4 9
VC Venture capital - later stage 0 0 0 0 0 0 0 0 0
Private debt Venture debt 0 0 0 0 0 0 0 0 0
2017 2018 2019 2020 2021 2022 2023*
$0.2 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 PE
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 VC
$45.5 $15.9 $10.8 $28.4 $14.8 $20.4 $10.5 Real estate
$0.0 $0.0 $0.3 $1.0 $0.0 $0.0 $0.5 Real assets
$1.3 $1.8 $2.0 $0.6 $2.2 $1.7 $3.9 Private debt
$0.0 $0.0 $1.2 $0.0 $1.1 $2.2 $0.0 General FoF
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Secondaries
$1.8 $2.4 $4.1 $0.6 $1.2 $0.9 $1.1 ###
$32.3 $23.6 $17.1 $11.4 $15.0 $14.5 $5.8 $120
$0.0 $0.0 $0.0 $0.0 $0.2 $0.0 $0.4
$0.0 $0.4 $0.0 $0.1 $0.0 $0.4 $0.0
$100
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
$0.2 $0.0 $0.8 $0.0 $0.1 $1.4 $0.0 $80
$0.0 $0.0 $0.0 $0.1 $0.0 $0.0 $0.0
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
$60
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
$0.4 $0.6 $0.5 $8.9 $1.2 $1.8 $0.2 $40
$0.1 $0.0 $0.4 $0.1 $1.1 $0.4 $0.4
$0.2 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
$20
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
$0.0 $0.0 $0.0 $0.0 $1.9 $0.0 $0.0
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0
2008
2009
2010
2011
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
$0.7 $0.3 $0.3 $1.1 $0.3 $0.5 $0.0
$0.0 $0.0 $0.1 $0.0 $0.0 $0.1 $0.0
$0.0 $2.8 $0.0 $0.0 $0.0 $0.0 $0.0
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 PE
$0.0 $0.6 $0.0 $0.0 $0.7 $0.0 $0.0 VC
$29.4 $31.1 $36.7 $36.9 $28.8 $10.1 $6.6 Real estate
$0.7 $0.5 $0.1 $0.8 $2.0 $0.0 $2.3 Real assets
$0.0 $0.0 $0.0 $0.1 $0.0 $0.0 $0.0 Private debt
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 General FoF
Secondaries
###
100% Venture debt $400
Venture capital
90% $350
- later stage
80% Venture capital
- early stage $300
70% Venture capital
Timber $250
60%
Secondaries
50% Restructuring/ $200
turnaround
40% Real estate $150
30% value added
Real estate $100
20% opportunistic
Real estate dis- $50
10% tressed
Real estate debt $0
0%
2008
2009
2010
2011
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
30% value added
Real estate $100
20% opportunistic
Real estate dis- $50
10% tressed
Real estate debt $0
0%
2008
2009
2010
2011
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2017 2018 2019 2020 2021 2022 2023*
1 0 0 0 0 0 0
0 0 0 0 0 0 0
87 82 77 89 94 59 26
0 0 1 4 0 0 1
5 3 6 9 6 7 2
0 0 2 0 2 3 0
1 0 0 0 1 2 0
5 5 9 4 7 3 6
93 116 106 76 110 71 29
0 0 0 1 1 0 1
1 1 1 1 0 1 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
1 0 1 0 2 1 0
0 1 0 2 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
3 8 5 12 6 6 2
1 2 4 2 3 2 1
1 2 1 1 1 2 0
0 0 0 0 0 0 0
0 0 0 1 2 0 0
0 0 1 0 0 0 0
0 0 0 0 0 0 0
9 7 3 10 4 7 0
0 0 1 0 0 1 0
1 1 0 0 0 0 0
0 0 0 0 0 0 0
0 1 0 0 1 0 0
75 126 109 111 64 34 27
8 5 3 6 5 2 6
0 0 0 1 0 0 0
0 0 0 0 0 0 0
FoF funds ($B) by type
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
$45.0 $31.0 $20.5 $17.6 $23.8 $12.7 $22.8 $21.7 $16.0 $47.6 $21.7 $15.4 $37.9 $17.2
$4.7 $3.3 $1.6 $3.5 $5.5 $5.4 $13.4 $10.2 $16.6 $30.1 $31.7 $36.8 $37.8 $30.8
$10.3 $2.9 $2.5 $2.6 $0.5 $0.5 $1.9 $1.6 $4.9 $0.8 $0.4 $0.4 $1.1 $2.2
$1.5 $0.7 $0.9 $0.3 $1.4 $1.3 $2.6 $1.4 $1.5 $0.5 $1.1 $1.2 $0.3 $2.1
$0.8 $4.4 $0.0 $1.3 $0.0 $0.1 $0.4 $0.1 $1.2 $1.4 $1.8 $3.5 $1.6 $3.3
$8.1 $7.2 $4.0 $9.2 $12.1 $11.7 $16.0 $13.0 $11.9 $32.3 $23.6 $17.1 $11.4 $15.0
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
$120 General FoF 100% G

Private debt 90% P
$100 Real assets R
80%
Real estate R
VC 70% V
$80
PE 60% P
$60 50%
40%
$40
30%
20%
$20
10%
$0 0% 2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
FoF fund count by type

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
124 97 59 89 82 74 103 96 90 96 96 91 105 107
22 17 16 20 29 31 46 53 60 83 131 112 118 69
20 14 9 13 6 7 12 8 11 10 9 5 12 7
7 4 3 4 10 7 12 6 8 4 5 6 6 7
4 3 1 2 0 2 2 1 6 6 3 10 13 9
41 40 32 28 36 44 54 54 78 93 116 106 76 110
0 0 0 0 0 0 0 0 0 0 0 0 0 0
$400 100%
$350 90%
80%
$300
70%
$250 General FoF Ge
60%
Private debt Pri
$200 50%
Real assets Re
Real estate 40% Re
$150
VC 30% VC
$100 PE PE
20%
$50 10%
$0 0%
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
$0
$100
$50
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
PE
VC
0%
10%
20%
30%
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
PE
VC
2022 2023*
$23.1 $11.9
$10.1 $8.8
$0.7 $0.0
$2.2 $0.8
$3.9 $4.4
$14.5 $5.8
$0.0 $0.0
General FoF
Private debt
Real assets
Real estate
VC
PE
2016
2017
2018
2019
2020
2021
2022
2023
2022 2023*
68 34
36 33
10 0
4 2
12 3
71 29
0 0
General FoF
Private debt
Real assets
Real estate
VC
PE
2016
2017
2018
2019
2020
2021
2022
2023
2016
2017
2018
2019
2020
2021
2022
2023
PE
VC
Months to close for FoF funds
FoF 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Average 13.5 18.5 23.3 16.6 18.1 15.7 23.2 15.7 16.6 18.4 17.4
Median 12.0 19.5 17.7 17.0 18.5 17.4 18.4 15.4 16.4 15.4 14.9
Top quartile 18.0 22.6 25.1 23.7 23.4 24.0 25.8 20.3 23.9 24.9 18.8
Fund count 40 48 26 38 40 46 50 41 40 44 35
### 5.9 6.6 5.6 10.4 6.7 11.0 6.9 6.4 5.9 7.0 4.5
6.0 3.0 7.4 6.7 4.9 6.6 7.4 4.9 7.5 9.5 4.0
30
25
20
15
10
0
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Years between closings for FoF fund families
2019 2020 2021 2022 2023* FoF 2008 2009 2010 2011
17.2 24.2 18.2 19.2 17.3 Average 2.1 2.4 2.9 2.8
13.9 19.1 13.5 14.4 18.0 Median 1.8 2.1 2.7 3.0
51 45 75 50 49 Fund count 32 47 26 32
7.1 7.1 6.9 5.7 5.6 ### 0.7 0.4 0.7 0.9
10.7 5.0 6.7 7.9 4.9 0.5 1.0 0.6 0.5
6
2008
2009
2010
2011
2012
2013
Slowest
Median
sings for FoF fund families
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023*
3.5 2.9 3.1 3.7 2.4 3.0 3.2 2.5 2.7 2.2 2.5 2.6
2.2 1.5 1.7 1.8 1.3 1.5 1.8 1.2 1.6 1.0 1.0 1.2
3.8 2.7 2.8 3.1 2.0 2.3 2.3 2.2 2.5 1.9 1.7 2.4
4.5 3.9 5.0 5.2 3.0 3.7 3.7 3.2 3.4 3.0 3.0 3.3
33 46 44 37 44 52 44 54 31 51 43 35
1.6 1.2 1.1 1.3 0.7 0.8 0.6 1.1 0.9 0.8 0.7 1.2
0.6 1.2 2.2 2.1 1.0 1.4 1.4 1.0 0.9 1.1 1.3 0.9
6
0
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023

FoF count by management fees
Fund of funds 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Below 1% 11 14 6 8 7 3 15 8 6 11
1% - 1.5% 7 3 2 7 5 7 5 7 9 7
1.5% - 2% 0 0 0 0 1 0 3 0 1 0
More than 2% 0 0 0 0 0 0 1 0 0 0
Total count 18 17 8 15 13 10 24 15 16 18
Capital ($B) $19.4 $11.0 $1.5 $6.2 $7.1 $4.0 $11.0 $6.4 $5.3 $5.6
Total fund count 218 176 121 156 165 165 229 220 253 293
Total capital ($B) $70.5 $49.7 $29.4 $34.5 $43.5 $31.7 $57.1 $48.8 $52.1 $113.6
% of fund count 8.3% 9.7% 6.6% 9.6% 7.9% 6.1% 10.5% 6.8% 6.3% 6.1%
% of capital 27.5% 22.1% 5.2% 17.9% 16.3% 12.7% 19.3% 13.2% 10.2% 4.9%
Below 2% 18 17 8 15 13 10 21 15 16 18
2% 0 0 0 0 0 0 2 0 0 0
Above 2% 0 0 0 0 0 0 1 0 0 0
2008-2010 2011-2013 2014-2016 2017-2019 2020-2023*

Below 1% 31 18 29 24 27
1% - 1.5% 12 19 21 21 19
1.5% - 2% 0 1 4 7 6
More than 2% 0 0 1 0 0
Total count 43 38 55 52 52
Below 2% 43 38 52 47 48
2% 0 0 2 5 4
Above 2% 0 0 1 0 0
###
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
FoF count by carry fees
2018 2019 2020 2021 2022 2023* Fund of funds 2008 2009
6 7 7 5 10 5 Below 10% 3 10
8 6 7 6 5 1 10% - 15% 1 4
5 2 3 0 0 3 15% - 20% 2 1
0 0 0 0 0 0 More than 20% 0 0
19 15 17 11 15 9 Total count 6 15
$7.6 $7.9 $16.5 $5.1 $13.9 $2.4 Capital ($B) $7.7 $9.8
361 332 330 309 203 101 Total fund count 218 176
$80.4 $75.7 $90.1 $70.7 $55.6 $31.7 Total capital ($B) $70.5 $49.7
5.3% 4.5% 5.2% 3.6% 7.4% 8.9% % of fund count 2.8% 8.5%
9.4% 10.4% 18.3% 7.2% 25.1% 7.5% % of capital 10.9% 19.8%
15 14 14 11 15 8 Below 20% 5 14
4 1 3 0 0 1 20% 1 1
0 0 0 0 0 0 Above 20% 0 0
2008-2010 2011-2013
Below 10% 18 7
10% - 15% 8 8
15% - 20% 3 4
More than 20% 0 0
Total count 29 19
Below 20% 27 17
20% 2 2
Above 20% 0 0
100% ###
90% 100%
80% 90%
70% 80%
60% 70%
50% 60%
Above 2%
40% 50%
2%
30% Below 2% 40%
20%
30%
10%
20%
0%
2008- 2011- 2014- 2017- 2020- 10%
2010 2013 2016 2019 2023*
0%
Close year 2009 2010 2011 2012 2013 2014 201
Below 20%
nt by carry fees
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
5 2 2 3 8 6 5 7 5 1 3 4 4
3 5 1 2 4 2 2 2 4 2 0 2 6
0 1 1 2 3 0 1 0 2 3 5 3 4
0 0 0 0 0 0 0 0 0 0 0 0 0
8 8 4 7 15 8 8 9 11 6 8 9 14
$2.8 $2.1 $1.0 $3.0 $9.8 $2.7 $2.1 $1.6 $5.0 $2.1 $8.5 $4.3 $13.9
121 156 165 165 229 220 253 293 361 332 330 309 203
$29.4 $34.5 $43.5 $31.7 $57.1 $48.8 $52.1 $113.6 $80.4 $75.7 $90.1 $70.7 $55.6
6.6% 5.1% 2.4% 4.2% 6.6% 3.6% 3.2% 3.1% 3.0% 1.8% 2.4% 2.9% 6.9%
9.4% 6.0% 2.2% 9.4% 17.2% 5.6% 4.0% 1.4% 6.3% 2.8% 9.4% 6.0% 25.1%
8 7 4 6 12 8 7 9 10 4 4 7 12
0 1 0 1 3 0 1 0 1 2 4 2 2
0 0 0 0 0 0 0 0 0 0 0 0 0
2014-2016 2017-2019 2020-2023*

19 13 13
8 8 9
4 5 17
0 0 0
31 26 39
27 23 27
4 3 12
0 0 0
100%
90%
80%
70%
60%
50%
Above 20%
40%
20%
30% Below 20%
20%
10%
0%
2008- 2011- 2014- 2017- 2020-
09 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2010 2013 2016 2019 2023*

2023*
2
1
5
0
8
$2.0
101
$31.7
7.9%
6.3%
4
4
0
Above 20%
20%
Below 20%
2017- 2020-
2019 2023*
Secondaries fundraising activity
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Capital raised ($B) $13.9 $21.8 $15.7 $15.9 $21.5 $25.6 $20.3 $34.4 $36.7 $39.7
Fund count 34 36 34 35 41 50 58 42 74 65
###
124
90
74
65 68
58 55
50
42
$25.6 $20.3 $34.4 $36.7 $39.7 $40.3 $24.2 $84.8 $58.1

2013 2014 2015 2016 2017 2018 2019 2020 2021

2018 2019 2020 2021 2022 2023*
$40.3 $24.2 $84.8 $58.1 $48.8 $78.3
68 55 90 124 119 72
124
119
90
72
$84.8 $58.1 $48.8 $78.3

2020 2021 2022 2023
count
2006 2007 2008 2009 2010 2011
*As of 6/30/2023
$250
2016 2017 2018 2019 2020
2006
$200 2007
2008
2009
$150 2010
2011
2012
2013
$100
2014
2015 Overhan
2016 vintage
$50
2017
2018
2019
Cumulative overhang
$0
20062020
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 20
2021
2022
2023 13.97753018 5.359767866 11.287668 9.029212024 19.83172173

2016 2017 2018 2019 2020 2021
<$250M $0.5 $0.2 $0.3 $0.4 $0.7 $2.1
$250M-$499M $0.8 $0.7 $0.6 $0.3 $1.1 $2.2
$500M-$1B $1.2 $0.3 $1.5 $1.4 $0.7 $4.1
$1B+ $11.4 $4.1 $8.9 $6.9 $17.3 $25.3
*As of 6/30/2023

1998 ($2.0) $1.4 ($0.6)
$80
1999 ($1.9) $1.1 ($0.8)
2000 ($2.6) $1.8 ($0.8)
2001 ($2.3) $1.5 ($0.8) $60
2002 ($2.0) $0.8 ($1.1)
2003 ($4.0) $1.9 ($2.2)
2004 ($4.8) $4.0 ($0.7) $40
2005 ($5.4) $4.4 ($1.0)
2006 ($9.7) $7.4 ($2.3)
2007 ($17.1) $11.2 ($5.9) $20
2008 ($16.3) $5.8 ($10.5)
2009 ($9.2) $3.0 ($6.1)
2010 ($13.5) $7.2 ($6.4)
2011 ($16.8) $16.0 ($0.8)
$0
98 999 000 001 002 003 004 005 006 007 0
19 1 2 2 2 2 2 2 2 2 2
-$20
$20
$0
2012 ($24.2) $15.9 ($8.4) 98 999 000 001 002 003 004 005 006 007 0
2013 ($17.7) $20.1 $2.4 19 1 2 2 2 2 2 2 2 2 2
2014 ($17.1) $26.3 $9.2 -$20
2015 ($21.3) $25.9 $4.5
2016 ($18.8) $27.7 $9.0
2017 ($22.8) $26.6 $3.8 -$40
2018 ($42.7) $33.1 ($9.6)
2019 ($34.3) $27.2 ($7.1)
2020 ($30.8) $27.9 ($3.0) -$60
2021 ($57.2) $55.8 ($1.5)
2022 ($54.6) $47.2 ($7.4) Contributions ($B)
2023* ($17.2) $17.0 ($0.2)
-$80
*As of 6/30/2023

2008 2009 2010 2011 2012 2013
Dry powder ($B) $43.0 $42.9 $54.2 $56.2 $60.5 $71.5
Contributions ($B) $16.3 $9.2 $13.5 $16.8 $24.2 $17.7
*As of 6/30/2023
2012 2013 2014 2015 2016 2017 2018 2019 2020
$60.5 $71.5 $71.4 $80.8 $111.0 $116.6 $138.9 $148.7 $166.4
2021 2022 2023 Total 2023

2022$39.4
2021$34.4
2020$43.0
2019$42.9
2018$54.2
2017$56.2
$60.5
2016
$71.5
$71.4
Overhang by $80.8
vintage $111.0
$116.6
$138.9
$148.7
5 2016 2017 2018 2019 2020 2021 2022 2023 $166.4
$147.5
$179.1
33.62075736 33.21056276 65.17252904 $191.5
2022 2023*
$1.6 $1.1
$1.3 $2.2
$4.7 $2.5
$25.5 $59.3
$33.2 $65.2
0 01 002 003 004 005 006 007 008 009 010 011 012 013 014 015 016 017 018 019 020 021 022 023
20 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
0 01 002 003 004 005 006 007 008 009 010 011 012 013 014 015 016 017 018 019 020 021 022 023
20 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
2014 2015 2016 2017 2018 2019 2020 2021 2022

$71.4 $80.8 $111.0 $116.6 $138.9 $148.7 $166.4 $147.5 $179.1
$17.1 $21.3 $18.8 $22.8 $42.7 $34.3 $30.8 $57.2 $54.6
4.2 3.8 5.9 5.1 3.3 4.3 5.4 2.6 3.3
AUM ($B) by year
2021 2022 2023* 2006 2007 2008
$147.5 $179.1 $191.5 Dry powder ($B) $39.4 $34.4 $43.0
Total AUM ($B) $63.5 $72.2 $88.6
*As of 6/30/2023
$600
$500
$400
$300
$200
$100
$0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

2006 2007 2008
0-2 $33.5 $28.4 $33.9
3-5 $5.5 $5.5 $8.1
6-7 $0.4 $0.5 $1.0
*As of 6/30/2023
$250
$200
$150
$100
$50
$0
2006 2007 20
$0
2006 2007 20
2023*
$191.5
$34.3
5.6
2009 2010 2011 2012 2013 2014 2015 2016 2017
$42.9 $54.2 $56.2 $60.5 $71.5 $71.4 $80.8 $111.0 $116.6
$48.3 $63.7 $75.3 $91.7 $97.8 $100.7 $108.7 $105.5 $120.1
$91.2 $117.9 $131.4 $152.2 $169.2 $172.0 $189.6 $216.5 $236.7
009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
) by age bucket
2009 2010 2011 2012 2013 2014 2015 2016 2017
$30.9 $38.3 $38.7 $48.4 $58.1 $57.8 $61.5 $85.2 $84.8
$10.1 $13.0 $15.0 $8.2 $8.9 $9.6 $16.4 $22.6 $25.6
$1.9 $2.9 $2.5 $3.9 $4.5 $3.9 $3.0 $3.2 $6.1
$250
$200
$150
$100
$50
$0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
0-2 3-5 6-7

$0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
0-2 3-5 6-7

2018 2019 2020 2021 2022 2023*
$138.9 $148.7 $166.4 $147.5 $179.1 $191.5
$142.9 $163.6 $186.4 $275.6 $291.0 $315.0
$281.8 $312.3 $352.8 $423.1 $470.1 $506.5
2018 2019 2020 2021 2022 2023*

$106.6 $101.6 $120.8 $95.7 $130.5 $132.0
$22.7 $35.7 $35.7 $42.2 $28.1 $40.1
$9.6 $11.4 $9.9 $9.6 $20.5 $19.3
2018 2019 2020 2021 2022 2023

2018 2019 2020 2021 2022 2023
Secondaries first-time fundraising activity
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Capital raised ($B) $0.8 $0.1 $0.1 $0.8 $0.5 $0.3 $0.2 $0.2 $0.0 $0.6
Fund count 5 3 2 3 4 4 5 5 4 5
###
14
7
6
5 5 5 5
4 4 4 4
3 3
2 2 2
$0.8
$0.1
$0.1
$0.8
$0.5
$0.3
$0.2
$0.2
$0.0
$0.6
$0.3
$0.3
$0.0
$0.4
$0.8
$0.4
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

2018 2019 2020 2021 2022 2023*
$0.3 $0.3 $0.0 $0.4 $0.8 $0.4
4 7 2 6 14 2
14
2
$0.4
$0.8
$0.4
2021 2022 2023

Secondaries capital raised ($B) by fund number in family
Secondaries 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
1 First $1.1 $3.5 $3.7 $2.2 $2.4 $6.5 $6.8 $2.9 $3.7 $3.1 $7.0
2 Second $7.4 $1.5 $3.9 $0.9 $0.6 $6.1 $3.3 $1.1 $5.6 $9.8 $6.1
3 Third $0.1 $0.5 $0.0 $0.8 $2.9 $7.5 $4.9 $0.8 $3.3 $1.8 $2.6
4 Fourth $3.1 $6.2 $5.6 $0.0 $0.8 $0.1 $0.7 $0.1 $0.0 $10.3 $6.5
5 Fifth $0.3 $0.0 $0.0 $10.5 $8.2 $1.0 $0.0 $0.9 $1.6 $0.5 $0.5
6 Sixth $0.1 $5.7 $0.0 $0.7 $5.7 $0.0 $1.4 $6.0 $2.7 $6.5 $1.4
7 Seventh $1.7 $0.0 $0.0 $0.0 $0.0 $0.4 $1.7 $8.8 $13.6 $7.6 $0.0
8 Eighth $0.0 $2.9 $0.0 $0.0 $0.9 $0.0 $0.0 $10.1 $0.5 $0.0 $6.1
9 Ninth $0.0 $1.3 $0.0 $0.0 $0.0 $3.6 $0.0 $0.0 $0.0 $0.0 $0.0
>9 10th+ $0.0 $0.0 $2.0 $0.0 $0.0 $0.0 $0.0 $3.3 $4.8 $0.0 $7.0
###
100%
10th+
90%
Ninth
80%
Eighth
70%
Seventh
60% Sixth
50% Fifth
40% Fourth
30% Third
Second
20%
First
10%
0%
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Secondaries fund count by fund number in family

Secondaries 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
1 First 9 20 15 11 14 16 23 17 18 24 20
2 Second 13 4 9 9 7 12 9 7 15 9 19
3 Third 3 2 0 6 4 11 7 2 10 6 7
4 Fourth 4 2 4 2 4 3 3 1 1 8 8
5 Fifth 1 1 0 3 4 1 2 3 6 1 1
6 Sixth 1 2 1 1 2 0 3 1 4 2 1
7 Seventh 1 0 0 0 1 1 1 2 2 3 0
8 Eighth 0 1 0 0 1 0 0 1 1 0 2
9 Ninth 0 1 0 0 0 1 0 0 0 0 0
>9 10th+ 0 0 1 0 0 0 0 1 1 0 1
###
100%
90%
80%
70%
60%
50%
40%
30%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

2019 2020 2021 2022 2023*
$4.5 $5.8 $6.7 $6.6 $4.9
$0.1 $5.5 $4.7 $0.6 $10.0
$14.4 $2.0 $2.6 $7.8 $3.2
$2.5 $5.2 $5.5 $1.7 $22.8
$0.0 $2.4 $16.1 $11.6 $6.8
$0.8 $0.3 $0.3 $0.9 $0.0
$1.1 $10.9 $0.0 $0.6 $0.0
$0.2 $14.1 $9.0 $0.0 $5.9
$0.0 $27.9 $0.9 $0.0 $18.7
$0.0 $8.1 $0.0 $5.0 $1.5
2019 2020 2021 2022 2023*

14 17 29 37 14
4 11 18 10 12
12 6 9 8 9
4 7 5 6 5
1 4 9 5 3
3 4 1 2 1
2 5 1 1 0
2 4 1 0 3
0 3 1 0 3
0 12 9 3 1
Secondaries capital raised ($B) by manager experience
Secondaries 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Emerging firm $2.0 $0.1 $1.7 $1.5 $0.8 $2.0 $3.4 $1.2 $0.6 $2.4 $2.0
$90
$80
$70
$60
$50
$40
$30
$20
$10
$0
09
10
11
12
13
14
15
16
17
18
19
20
21
22
23
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
Secondaries fund count by manager experience

Secondaries 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Emerging firm 11 8 10 9 9 12 17 14 15 16 11
$140
$120
$100
$80
$60
$40
$20
$0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

2019 2020 2021 2022 2023*
$20.6 $83.1 $56.4 $46.2 $76.6
$3.6 $1.7 $1.7 $2.6 $1.7
2019 2020 2021 2022 2023*

37 74 103 82 57
18 16 21 37 15
1 2022 2023
Secondaries capital raised ($B) by size
Secondaries 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Und <$100M $0.3 $0.6 $0.3 $0.7 $0.4 $0.3 $0.8 $0.6 $1.0 $0.6 $0.4
100 $100M-$250M $1.0 $0.5 $1.2 $1.1 $1.1 $2.5 $1.4 $0.5 $1.2 $1.4 $1.6
250 $250M-$500M $1.3 $1.1 $1.4 $2.3 $2.0 $1.8 $3.5 $2.5 $3.0 $2.7 $3.6
500 $500M-$1B $3.3 $2.5 $2.6 $1.7 $2.1 $5.6 $2.6 $2.7 $4.7 $2.0 $8.0
1B- $1B-$5B $8.0 $11.6 $10.1 $3.0 $5.4 $15.3 $12.0 $4.9 $16.0 $12.4 $19.8
5B+ ≥ $5B $0.0 $5.5 $0.0 $7.1 $10.6 $0.0 $0.0 $23.2 $10.8 $20.7 $7.0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
<$100M 1.8% 3.0% 2.1% 4.3% 1.8% 1.3% 3.9% 1.8% 2.8% 1.4% 0.9%
$100M-$250M 7.5% 2.2% 7.9% 6.8% 4.9% 9.9% 7.1% 1.5% 3.2% 3.5% 3.9%
$250M-$500M 9.3% 5.2% 9.2% 14.3% 9.5% 7.1% 17.0% 7.2% 8.1% 6.7% 8.9%
$500M-$1B 23.8% 11.4% 16.6% 11.0% 9.6% 22.0% 13.0% 7.8% 12.7% 5.1% 19.8%
$1B-$5B 57.6% 53.2% 64.2% 18.9% 24.9% 59.6% 59.0% 14.2% 43.7% 31.3% 49.1%
≥ $5B 0.0% 25.0% 0.0% 44.8% 49.2% 0.0% 0.0% 67.5% 29.5% 52.1% 17.4%
###
$90 100%
≥ $5B
90%
$80
$1B-$5B 80%
$70
$500M-$1B 70%
$60
$250M-$500M 60%
$50
$100M-$250M 50%
$40
<$100M 40%
$30 30%
$20 20%
$10 10%
$0 0%
2013
2014
2015
2016
2017
2018
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Secondaries fund count by size

Secondaries 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Und <$100M 7 14 8 15 13 12 19 12 34 25 13
100 $100M-$250M 6 3 8 6 7 15 10 4 7 9 10
250 $250M-$500M 4 4 4 7 6 5 10 7 8 7 11
500 $500M-$1B 5 4 4 3 3 7 4 4 8 3 12
1B- $1B-$5B 5 5 6 1 2 8 6 2 7 7 11
5B+ ≥ $5B 0 1 0 1 2 0 0 3 1 3 1
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
<$100M 25.9% 45.2% 26.7% 45.5% 39.4% 25.5% 38.8% 37.5% 52.3% 46.3% 22.4%
$100M-$250M 22.2% 9.7% 26.7% 18.2% 21.2% 31.9% 20.4% 12.5% 10.8% 16.7% 17.2%
$250M-$500M 14.8% 12.9% 13.3% 21.2% 18.2% 10.6% 20.4% 21.9% 12.3% 13.0% 19.0%
$500M-$1B 18.5% 12.9% 13.3% 9.1% 9.1% 14.9% 8.2% 12.5% 12.3% 5.6% 20.7%
$1B-$5B 18.5% 16.1% 20.0% 3.0% 6.1% 17.0% 12.2% 6.3% 10.8% 13.0% 19.0%
≥ $5B 0.0% 3.2% 0.0% 3.0% 6.1% 0.0% 0.0% 9.4% 1.5% 5.6% 1.7%
###
120 100%
≥ $5B 90%
100
80%
$1B-
$5B 70%
80
60%
$500M-
60 $1B 50%
40%
$250M-
40 $500M 30%
20%
20 $100M-
$250M 10%
0 0%
2013
2014
2015
2016
2017
2018
2019
<$100M
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Secondaries fund sizes ($M)
2019 2020 2021 2022 2023* Secondaries 2008 2009 2010 2011 2012
$0.9 $0.9 $1.2 $1.1 $0.5 Average $516.5 $701.9 $524.8 $480.4 $651.8
$1.3 $1.0 $2.0 $2.0 $1.1 Bottom quartile $105.0 $45.0 $87.3 $48.6 $33.0
$1.6 $3.2 $4.7 $2.7 $2.9 Median $290.0 $185.2 $209.1 $152.0 $132.5
$1.9 $5.3 $8.3 $7.0 $4.0 Top quartile $701.0 $620.4 $683.9 $307.0 $403.0
$7.8 $21.2 $32.9 $25.4 $22.3 Fund count 27 31 30 33 33
$10.8 $53.1 $9.0 $10.6 $47.5 ### 185.0 140.2 121.8 103.4 99.5
411.0 435.1 474.8 155.0 270.5
2019 2020 2021 2022 2023* $1,400
3.5% 1.1% 2.1% 2.2% 0.6%
5.3% 1.2% 3.4% 4.1% 1.4% $1,200
6.7% 3.8% 8.1% 5.6% 3.7%
7.9% 6.3% 14.3% 14.3% 5.2% $1,000
32.1% 25.0% 56.6% 52.2% 28.5%
$800
44.4% 62.6% 15.5% 21.7% 60.7%
$600
00%
≥ $5B $400
90%
$1B-$5B $200
80%
70% $500M-$1B $0
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
60% $250M-$500M
50% Top quartile Median
$100M-$250M Bottom quartile Average
40%
<$100M
30%
20% Median step-up from previous secondaries fun
10% Secondaries 2008 2009 2010 2011 2012
Larger 17 7 6 10 10
0%
Smaller 1 3 4 7 7
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Same 1 0 0 1 0
Total 19 10 10 18 17
% of funds larger than predecessor89.5% 70.0% 60.0% 55.6% 58.8%
Step-up 123.7% 25.7% 20.5% 13.7% 15.2%
###
2019 2020 2021 2022 2023*
25 40 50 60 31 140%
7 6 12 13 7
4 8 13 7 8 120%
3 8 12 10 5
5 10 16 12 11 100%
1 5 1 2 4
80%
2019 2020 2021 2022 2023*
55.6% 51.9% 48.1% 57.7% 47.0% 60%
15.6% 7.8% 11.5% 12.5% 10.6%
8.9% 10.4% 12.5% 6.7% 12.1% 40%
6.7% 10.4% 11.5% 9.6% 7.6%
20%
2008 89.5%
2009 70.0%
2010 60.0%
2011 55.6%
2012 58.8%
2013 76.0%
2014 73.7%
2015 73.3%
2016 75.8%
2017 95.5%
2018 80.6%
2019 58.3%
2020 72.3%
2021 68.8%
11.1% 13.0% 15.4% 11.5% 16.7%
0%
% of funds larger than predecessor Ste

%
%
%
%
%
%
%
%
%
%
%
2013
2014
2015
2016 2.2%
2017
2018
2019
6.5%
2020
2021
1.0%
2022
2023
1.9%
≥ $5B
6.1%
<$100M
$1B-$5B
$500M-$1B
$100M-$250M
$250M-$500M
0%
20%
40%
60%
2008 89.5%
2009 70.0%
2010 60.0%
2011 55.6%
2012 58.8%
2013 76.0%
2014 73.7%
2015 73.3%
2016 75.8%
2017 95.5%
2018 80.6%
2019 58.3%
2020 72.3%
2021 68.8%
Ste
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023*
$545.2 $413.8 $1,076.5 $563.9 $734.9 $694.3 $538.2 $1,101.5 $558.3 $469.2 $1,186.6
$100.0 $63.0 $64.7 $22.6 $19.7 $135.4 $17.5 $7.5 $17.7 $6.4 $7.2
$214.7 $150.0 $230.6 $84.3 $100.0 $316.5 $84.3 $88.5 $126.6 $37.5 $137.7
$819.4 $400.1 $506.2 $468.3 $456.9 $766.3 $400.0 $591.2 $551.5 $449.0 $862.5
47 49 32 65 54 58 45 77 104 104 66
114.7 87.0 165.9 61.7 80.3 181.1 66.8 81.0 108.9 31.1 130.5
604.7 250.1 275.7 384.0 356.9 449.8 315.7 502.6 424.9 411.5 724.8
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
artile Median
m quartile Average
previous secondaries fund in fund family

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023*
19 14 11 25 21 25 14 34 33 22 25
6 4 4 8 1 6 10 13 14 10 7
0 1 0 0 0 0 0 0 1 0 2
25 19 15 33 22 31 24 47 48 32 34
76.0% 73.7% 73.3% 75.8% 95.5% 80.6% 58.3% 72.3% 68.8% 68.8% 73.5%
42.8% 64.5% 35.1% 30.7% 72.8% 54.8% 30.2% 38.6% 54.3% 20.0% 38.7%
2014 73.7%
2015 73.3%
2016 75.8%
2017 95.5%
2018 80.6%
2019 58.3%
2020 72.3%
2021 68.8%
2022 68.8%
2023 73.5%
ger than predecessor Step-up

2014 73.7%
2015 73.3%
2016 75.8%
2017 95.5%
2018 80.6%
ger than predecessor

2019 58.3%
2020 72.3%
2021 68.8%
2022 68.8%
Step-up
2023 73.5%
Secondaries capital raised ($B) by region
Secondaries 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Rest of world $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Africa $0.0 $0.0 $0.0 $0.0 $0.1 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Middle East $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Oceania $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Asia $1.3 $0.0 $0.1 $0.6 $0.5 $0.1 $0.6 $0.1 $1.4 $0.4 $1.3
Europe $2.8 $4.5 $9.5 $2.1 $18.8 $8.8 $7.4 $16.2 $18.0 $16.7 $8.7
North America $9.9 $17.3 $6.1 $13.1 $2.1 $16.7 $12.2 $18.2 $17.3 $22.7 $30.3
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Rest of world 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Africa 0.0% 0.0% 0.0% 0.0% 0.4% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Middle East 0.0% 0.0% 0.0% 0.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Oceania 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Asia 9.0% 0.0% 0.9% 3.6% 2.3% 0.6% 3.2% 0.2% 3.8% 0.9% 3.2%
Europe 20.2% 20.5% 60.6% 13.2% 87.6% 34.4% 36.5% 46.9% 49.1% 42.0% 21.5%
North America 70.8% 79.5% 38.5% 82.9% 9.8% 65.0% 60.4% 52.9% 47.1% 57.1% 75.3%
###
$90 100%
$80 North Amer- 90%

ica
80%
$70
Europe 70%
$60
60%
$50 Asia
50%
$40 40%
Oceania
$30 30%
Middle East 20%
$20
10%
$10 Africa
0%
2013
2014
2015
2016
2017
2018
$0 Rest of world
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Secondaries fund count by region

Secondaries 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Rest of world 0 0 0 0 0 0 0 0 0 0 0
Africa 0 0 0 0 1 0 0 0 0 0 0
Middle East 0 1 0 1 0 0 0 0 1 1 1
Oceania 0 0 0 0 0 1 0 0 0 0 0
Asia 3 0 2 4 5 4 8 6 22 17 8
Europe 12 13 19 14 20 24 22 16 14 24 19
North America 19 22 13 16 15 21 28 20 37 23 40
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Rest of world 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Africa 0.0% 0.0% 0.0% 0.0% 2.4% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Middle East 0.0% 2.8% 0.0% 2.9% 0.0% 0.0% 0.0% 0.0% 1.4% 1.5% 1.5%
Oceania 0.0% 0.0% 0.0% 0.0% 0.0% 2.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Asia 8.8% 0.0% 5.9% 11.4% 12.2% 8.0% 13.8% 14.3% 29.7% 26.2% 11.8%
Europe 35.3% 36.1% 55.9% 40.0% 48.8% 48.0% 37.9% 38.1% 18.9% 36.9% 27.9%
North America 55.9% 61.1% 38.2% 45.7% 36.6% 42.0% 48.3% 47.6% 50.0% 35.4% 58.8%
###
140 100%
North
90%
120 America
80%
Europe
100
70%
Asia
80 60%
Oceania 50%
60
Middle 40%
40 East
30%
20 Africa
20%
0 Rest of 10%
world
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
0%
2013
2014
2015
2016
2017
2018
2019 2020 2021 2022 2023*
$0.0 $0.0 $0.0 $0.0 $0.0
$0.0 $0.0 $0.0 $0.0 $0.0
$0.0 $0.0 $0.0 $0.0 $0.0
$0.0 $0.0 $0.1 $0.0 $0.0
$1.5 $0.6 $1.4 $2.0 $1.6
$5.7 $33.1 $28.8 $21.3 $12.2
$17.0 $51.1 $27.8 $25.5 $64.6
2019 2020 2021 2022 2023*

0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.1% 0.0% 0.0%
6.3% 0.7% 2.4% 4.1% 2.0%
23.5% 39.1% 49.6% 43.6% 15.5%
70.2% 60.2% 47.9% 52.3% 82.5%
0%
0% North
America
0%
0% Europe
0% Asia
0%
Oceania
0%
0% Middle
East
0%
0% Africa
0%
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Rest of
world
2019 2020 2021 2022 2023*

0 0 1 1 3
0 0 0 0 0
0 0 0 0 0
0 0 1 0 0
10 11 26 44 24
12 20 34 26 9
33 59 62 48 36
2019 2020 2021 2022 2023*

0.0% 0.0% 0.8% 0.8% 4.2%
0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.8% 0.0% 0.0%
18.2% 12.2% 21.0% 37.0% 33.3%
21.8% 22.2% 27.4% 21.8% 12.5%
60.0% 65.6% 50.0% 40.3% 50.0%
% North
America
%
% Europe
%
Asia
%
Oceania
%
% Middle East
%
Africa
%
% Rest of
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
world
Secondaries capital raised ($B) by type
Secondaries 2008 2009 2010 2011 2012 2013 2014 2015 2016
Real assets Agriculture $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Private debt Bridge financing $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
PE Buyout $5.9 $0.0 $2.5 $1.1 $0.1 $4.5 $2.1 $0.0 $0.9
Private debt Credit special situations $0.0 $0.0 $0.0 $0.0 $0.3 $0.0 $0.0 $0.0 $0.0
Private debt Debt $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Private debt Direct lending $0.0 $0.0 $0.1 $0.0 $0.0 $0.3 $0.6 $0.0 $0.0
Private debt Distressed debt $0.0 $0.0 $0.0 $0.0 $2.8 $0.0 $0.0 $0.0 $0.0
PE Diversified private equity $0.0 $0.0 $0.0 $0.0 $0.0 $0.9 $0.4 $0.0 $0.0
FoF Fund of funds $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Real assets Infrastructure $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.5 $0.0
Real assets Infrastructure core $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Private debt Infrastructure debt $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Real assets Infrastructure greenfield $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Real assets Infrastructure opportunistic $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.1 $0.5 $0.0
Real assets Infrastructure value added $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Real assets Metals & mining $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
PE Mezzanine $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Real assets Oil & gas $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
PE PE growth/expansion $0.0 $0.7 $0.2 $0.0 $0.0 $0.0 $0.1 $0.1 $0.1
Real assets Real assets & natural resources $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.5 $0.4 $0.0
Real estate Real estate $0.0 $0.0 $1.0 $0.0 $0.0 $0.0 $2.0 $0.0 $0.0
Real estate Real estate core $0.0 $0.0 $0.0 $0.5 $0.0 $0.0 $0.8 $0.0 $2.7
Real estate Real estate core plus $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Private debt Real estate debt $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.1 $0.0
Real estate Real estate distressed $0.0 $0.0 $0.0 $0.0 $0.0 $0.2 $0.0 $0.0 $0.0
Real estate Real estate opportunistic $0.0 $0.3 $0.0 $0.7 $0.2 $0.0 $0.2 $1.7 $0.9
Real estate Real estate value added $0.0 $0.0 $0.5 $0.0 $0.2 $0.0 $0.0 $0.5 $0.1
PE Restructuring/turnaround $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
General secondaries Secondaries $7.4 $20.3 $11.4 $13.0 $17.9 $19.1 $13.5 $30.5 $30.3
Real assets Timber $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
VC Venture capital $0.7 $0.2 $0.0 $0.2 $0.1 $0.3 $0.0 $0.2 $0.6
VC Venture capital - early stage $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
VC Venture capital - later stage $0.0 $0.3 $0.0 $0.4 $0.0 $0.4 $0.0 $0.0 $1.0
Private debt Venture debt $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
$90 Venture debt

Venture capital
$80 - later stage
Venture capital
$70 - early stage
$60 Venture capital
Timber
$50 Secondaries
Restructuring/
$40 turnaround
Real estate
$30 value added
Real estate
$20
opportunistic
$10 Real estate dis-
tressed
$0 Real estate debt
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Real estate core

plus
Real estate
$20
opportunistic
$10 Real estate dis-
tressed
$0 Real estate debt
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Real estate core
plus
Secondaries fund count by type

Secondaries 2008 2009 2010 2011 2012 2013 2014 2015 2016
Real assets Agriculture 0 0 0 0 0 0 0 0 0
Private debt Bridge financing 0 0 0 0 0 0 0 0 0
PE Buyout 8 2 5 9 4 6 8 0 5
Private debt Credit special situations 0 0 0 0 1 0 0 0 0
Private debt Debt 0 0 0 0 0 0 0 0 0
Private debt Direct lending 0 0 1 0 0 1 1 0 0
Private debt Distressed debt 0 0 0 0 1 0 0 0 0
PE Diversified private equity 0 0 0 0 0 1 1 0 0
FoF Fund of funds 0 0 0 0 0 0 0 0 0
Real assets Infrastructure 0 0 0 0 0 0 1 1 0
Real assets Infrastructure core 0 0 0 0 0 0 0 0 0
Private debt Infrastructure debt 0 0 0 0 0 0 0 0 0
Real assets Infrastructure greenfield 0 0 0 0 0 0 0 0 0
Real assets Infrastructure opportunistic 0 0 0 0 0 0 1 1 0
Real assets Infrastructure value added 0 0 0 0 0 0 0 0 0
Real assets Metals & mining 0 0 0 0 0 0 0 0 0
PE Mezzanine 0 0 0 0 0 0 0 0 0
Real assets Oil & gas 0 0 0 0 0 0 0 0 0
PE PE growth/expansion 1 1 1 0 0 0 1 1 1
Real assets Real assets & natural resources 0 0 0 0 0 0 1 1 0
Real estate Real estate 1 0 1 0 0 0 1 0 0
Real estate Real estate core 0 0 0 1 0 0 1 0 2
Real estate Real estate core plus 0 0 0 0 0 0 0 0 0
Private debt Real estate debt 0 0 0 0 0 0 0 1 0
Real estate Real estate distressed 0 1 1 0 0 1 0 0 0
Real estate Real estate opportunistic 0 3 1 1 2 1 1 2 3
Real estate Real estate value added 0 0 2 0 1 0 0 1 1
PE Restructuring/turnaround 0 0 0 0 0 0 0 0 0
General secondaries Secondaries 20 26 22 22 29 37 37 32 48
Real assets Timber 0 0 0 0 0 0 0 0 0
VC Venture capital 4 2 0 1 3 2 4 2 12
VC Venture capital - early stage 0 0 0 0 0 0 0 0 0
VC Venture capital - later stage 0 1 0 1 0 1 0 0 2
Private debt Venture debt 0 0 0 0 0 0 0 0 0
2017 2018 2019 2020 2021 2022 2023*
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 PE
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 VC
$3.1 $1.9 $7.6 $1.5 $16.6 $7.4 $16.4 Real estate
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Real assets
$0.0 $0.0 $0.0 $0.0 $1.0 $2.2 $0.0 Private debt
$1.3 $0.0 $0.0 $0.0 $2.9 $0.0 $0.0 FoF
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 General secondaries
$1.9 $1.5 $0.0 $0.0 $3.9 $0.0 $0.0 ###
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $90
$0.0 $0.0 $0.0 $0.0 $0.9 $0.0 $0.0
$80
$0.0 $0.5 $0.0 $0.0 $0.9 $1.6 $0.0
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $70
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
$1.7 $0.0 $0.0 $3.8 $0.0 $5.3 $1.0 $60
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
$50
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
$0.0 $0.0 $0.2 $0.0 $0.0 $0.0 $0.1 $40
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
$0.2 $0.1 $0.6 $0.7 $0.2 $0.5 $0.0 $30
$0.6 $3.9 $0.0 $0.5 $0.0 $0.0 $0.0
$20
$0.0 $2.3 $0.0 $0.0 $0.2 $0.0 $0.0
$0.0 $0.0 $0.0 $3.1 $0.0 $0.0 $4.3 $10
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0
2008
2009
2010
2011
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
$0.0 $4.7 $0.7 $0.0 $0.1 $0.5 $3.5
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
$0.0 $0.0 $0.0 $0.0 $0.0 $0.4 $0.0
$30.8 $24.2 $14.8 $73.9 $29.3 $27.7 $50.0
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 PE
$0.1 $0.3 $0.3 $1.0 $1.1 $3.1 $3.0 VC
$0.0 $0.8 $0.0 $0.0 $0.1 $0.0 $0.0 Real estate
$0.0 $0.0 $0.0 $0.0 $0.9 $0.0 $0.0 Real assets
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Private debt
FoF
General secondaries
100% Venture debt ###
Venture capital $140
90%
- later stage
80% Venture capital $120
- early stage
70% Venture capital
$100
Timber
60%
Secondaries
50% Restructuring/ $80
turnaround
40% Real estate $60
30% value added
Real estate $40
20% opportunistic
Real estate dis-
10% tressed $20
0% Real estate debt

$0
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2008
2009
2010
2011
30% value added
Real estate $40
20% opportunistic
Real estate dis-
10% tressed $20
0% Real estate debt

$0
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2008
2009
2010
2011
2017 2018 2019 2020 2021 2022 2023*
0 0 0 0 0 0 0
0 0 0 0 0 0 0
2 4 13 6 20 23 8
0 0 1 0 0 0 0
0 1 0 0 1 2 0
1 0 0 0 1 0 0
0 0 1 0 0 0 0
1 1 0 0 1 0 0
0 0 0 0 0 0 0
0 0 0 0 1 0 0
0 1 0 0 1 1 1
0 0 0 0 0 0 0
0 0 0 0 0 0 0
1 0 0 1 0 1 1
0 0 0 0 0 0 0
0 0 0 0 0 0 0
1 0 1 0 0 0 1
0 0 0 0 0 0 0
2 1 3 2 2 3 0
2 3 0 1 0 0 0
1 1 0 0 1 0 0
0 0 0 2 0 0 2
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
1 2 2 0 3 1 2
0 0 0 0 0 0 0
0 0 0 0 0 1 0
49 45 23 68 71 51 36
0 0 0 0 0 0 0
3 7 10 9 18 34 21
0 2 0 0 2 2 0
1 0 1 0 2 0 0
0 0 0 0 0 0 0
Secondaries capital raised ($B) by type
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
$5.9 $0.7 $2.7 $1.1 $0.1 $5.4 $2.5 $0.1 $1.0 $5.2 $3.6 $8.4 $2.2 $20.7
$0.7 $0.5 $0.0 $0.6 $0.1 $0.7 $0.0 $0.2 $1.6 $0.1 $1.1 $0.3 $1.0 $2.1
$0.0 $0.3 $1.5 $1.2 $0.4 $0.2 $3.0 $2.2 $3.7 $0.0 $7.0 $0.7 $3.1 $0.3
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.6 $1.4 $0.0 $2.3 $4.4 $0.0 $4.2 $1.8
$0.0 $0.0 $0.1 $0.0 $3.0 $0.3 $0.6 $0.1 $0.0 $1.3 $0.0 $0.0 $0.0 $3.9
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
$7.4 $20.3 $11.4 $13.0 $17.9 $19.1 $13.5 $30.5 $30.3 $30.8 $24.2 $14.8 $73.9 $29.3
$90 100%
General
$80 General sec- 90%
seconda
ondaries
80%
$70
Private d
Private debt 70%
$60
60% Real ass
$50 Real assets
50% Real esta
$40
40%
Real estate VC
$30
30%
$20 VC PE
20%
$10 10%
PE
$0 0%
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Secondaries fund count by type

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
9 3 6 9 4 7 10 1 6 6 6 17 8 23
4 3 0 2 3 3 4 2 14 4 9 11 9 22
1 4 5 2 3 2 3 3 6 2 3 2 2 4
0 0 0 0 0 0 3 3 0 3 4 0 2 2
0 0 1 0 2 1 1 1 0 1 1 2 0 2
0 0 0 0 0 0 0 0 0 0 0 0 0 0
20 26 22 22 29 37 37 32 48 49 45 23 68 71
$140 100%
Gen
General sec- 90% seco
$120 ondaries
80% Priv
$100 70% Rea
Private debt
Rea
60%
$80
Real assets VC
50%
$60 PE
Real estate 40%
$40 30%
VC
20%
$20
PE 10%
$0 0%
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
$0
$20
$40
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
PE
VC
Real estate
0%
10%
20%
30%
40%
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2022 2023*
$8.3 $16.6
$3.1 $3.0
$0.5 $7.8
$6.9 $1.0
$2.2 $0.0
$0.0 $0.0
$27.7 $50.0
General
secondaries
Private debt
Real assets
Real estate
VC
PE
2019
2020
2021
2022
2023
2022 2023*
27 9
36 21
1 4
2 2
2 0
0 0
51 36
General
secondaries
Private debt
Real assets
Real estate
VC
PE
2016
2017
2018
2019
2020
2021
2022
2023
2016
2017
2018
2019
2020
2021
2022
2023
Months to close for secondaries funds
Secondaries 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Average 13.8 15.4 17.4 19.8 13.0 12.0 9.8 19.1 12.8 20.0 18.9
Median 14.1 17.0 19.0 14.4 13.1 11.0 8.2 18.5 12.0 14.4 20.4
Top quartile 15.7 19.8 23.6 32.9 17.5 16.4 10.0 21.2 17.9 16.1 24.0
Fund count 6 9 10 11 12 23 18 12 19 18 21
### 2.5 5.0 8.1 3.2 3.2 2.8 0.8 5.0 6.7 1.7 10.6
1.6 2.7 4.6 18.5 4.5 5.3 1.8 2.6 5.9 1.6 3.6
35
30
25
20
15
10
0
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Years between closings for secondaries fund f
2019 2020 2021 2022 2023* Secondaries 2008 2009 2010 2011
14.0 14.6 16.2 16.6 19.5 Average 2.8 2.8 3.1 2.8
12.0 14.3 16.3 16.6 19.1 Median 2.7 2.8 3.1 2.4
17 23 35 20 31 Fund count 12 8 7 10
2.8 7.9 8.8 10.3 6.6 ### 0.4 1.0 0.6 0.8
6.0 8.4 5.8 9.3 7.3 0.6 0.7 0.5 0.6
6
2008
2009
2010
2011
2012
2013
Slowest
Median
sings for secondaries fund families
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023*
3.5 4.3 3.5 3.5 3.3 3.3 3.1 3.0 3.9 3.1 3.0 3.2
2.5 2.6 1.9 2.5 1.9 2.3 1.9 1.5 2.9 1.7 0.4 2.1
3.0 3.0 3.2 3.7 2.7 2.7 3.1 2.8 3.7 3.0 2.3 3.5
4.7 5.2 4.3 4.8 4.0 3.9 4.2 4.0 4.0 3.8 4.1 4.0
13 18 16 8 22 19 21 12 18 25 25 30
0.5 0.4 1.4 1.2 0.9 0.4 1.2 1.3 0.8 1.3 1.9 1.3
1.7 2.2 1.0 1.1 1.3 1.2 1.2 1.2 0.3 0.8 1.8 0.5
6
0
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023

Secondaries fund count by management fees
Secondaries 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Below 1% 1 2 1 0 0 0 1 1 0 3
1% - 1.5% 1 2 3 2 1 4 0 5 5 2
1.5% - 2% 1 1 1 1 2 0 1 1 2 1
More than 2% 0 0 0 0 0 0 0 0 0 0
Total count 3 5 5 3 3 4 2 7 7 6
Capital ($B) $3.9 $5.5 $5.2 $7.8 $5.9 $9.6 $1.9 $28.7 $8.7 $7.1
Total fund count 34 36 34 35 41 50 58 42 74 65
Total capital ($B) $13.9 $21.8 $15.7 $15.9 $21.5 $25.6 $20.3 $34.4 $36.7 $39.7
% of fund count 8.8% 13.9% 14.7% 8.6% 7.3% 8.0% 3.4% 16.7% 9.5% 9.2%
% of capital 28.0% 25.1% 33.1% 49.3% 27.4% 37.5% 9.4% 83.4% 23.8% 18.0%
Below 2% 3 5 5 3 2 4 2 7 7 6
2% 0 0 0 0 1 0 0 0 0 0
Above 2% 0 0 0 0 0 0 0 0 0 0
2008-2010 2011-2013 2014-2016 2017-2019 2020-2023*

Below 1% 4 0 2 3 5
1% - 1.5% 6 7 10 8 10
1.5% - 2% 3 3 4 2 3
More than 2% 0 0 0 0 0
Total count 13 10 16 13 18
Below 2% 13 9 16 13 18
2% 0 1 0 0 0
Above 2% 0 0 0 0 0
###
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Secondaries fund count by carry fees
2018 2019 2020 2021 2022 2023* Secondaries 2008 2009
0 0 2 1 1 1 Below 10% 0 2
5 1 3 3 2 2 10% - 15% 2 1
1 0 1 2 0 0 15% - 20% 0 2
0 0 0 0 0 0 More than 20% 0 0
6 1 6 6 3 3 Total count 2 5
$14.4 $1.1 $11.8 $11.6 $5.9 $18.8 Capital ($B) $2.4 $5.5
68 55 90 124 119 72 Total fund count 34 36
$40.3 $24.2 $84.8 $58.1 $48.8 $78.3 Total capital ($B) $13.9 $21.8
8.8% 1.8% 6.7% 4.8% 2.5% 4.2% % of fund count 5.9% 13.9%
35.8% 4.3% 13.9% 20.0% 12.1% 24.0% % of capital 17.3% 25.1%
6 1 6 6 3 3 Below 20% 2 5
0 0 0 0 0 0 20% 0 0
0 0 0 0 0 0 Above 20% 0 0
2008-2010 2011-2013
Below 10% 2 0
10% - 15% 8 2
15% - 20% 2 2
More than 20% 0 0
Total count 12 4
Below 20% 12 2
20% 0 2
Above 20% 0 0
100% ###
90% 100%
80% 90%
70% 80%
60% 70%
50% 60%
Above 2%
40% 50%
2%
30% Below 2% 40%
20%
30%
10%
20%
0%
2008- 2011- 2014- 2017- 2020- 10%
2010 2013 2016 2019 2023*
0%
Close year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 201

daries fund count by carry fees
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
0 0 0 0 0 0 1 0 0 0 0 0 0
5 1 0 1 1 6 4 3 1 0 4 4 1
0 0 2 0 1 1 1 0 2 0 1 2 1
0 0 0 0 0 0 0 0 0 0 0 0 0
5 1 2 1 2 7 6 3 3 0 5 6 2
$5.2 $7.1 $5.5 $1.1 $1.9 $28.7 $8.7 $4.1 $5.2 $0.0 $11.8 $11.6 $5.3
34 35 41 50 58 42 74 65 68 55 90 124 119
$15.7 $15.9 $21.5 $25.6 $20.3 $34.4 $36.7 $39.7 $40.3 $24.2 $84.8 $58.1 $48.8
14.7% 2.9% 4.9% 2.0% 3.4% 16.7% 8.1% 4.6% 4.4% 0.0% 5.6% 4.8% 1.7%
33.1% 44.8% 25.6% 4.1% 9.4% 83.4% 23.8% 10.3% 12.9% 0.0% 13.9% 20.0% 10.8%
5 1 0 1 2 6 6 3 2 0 4 5 1
0 0 2 0 0 1 0 0 1 0 1 1 1
0 0 0 0 0 0 0 0 0 0 0 0 0
2014-2016 2017-2019 2020-2023*

1 0 0
11 4 11
3 2 4
0 0 0
15 6 15
14 5 12
1 1 3
0 0 0
100%
90%
80%
70%
60%
50%
Above 20%
40%
20%
30% Below 20%
20%
10%
0%
2008- 2011- 2014- 2017- 2020-
12 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2010 2013 2016 2019 2023*

2023*
0
2
0
0
2
$4.6
72
$78.3
2.8%
5.9%
2
0
0
Above 20%
20%
Below 20%
2017- 2020-
2019 2023*

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Thank you for

ca Private capital overhang 2 PE overhang 11

fir Private capital first-time 3 PE first-time 12

maPrivate capital manager exp 4 PE manager exp 13

byPrivate capital by size 5 PE by size 14

byPrivate capital by region 6 PE by region 15

byPrivate capital by type 7 PE by type 16

fu Private capital fund timing 8 PE fund timing 17

fu Private capital fund fees 9 PE fund fees 18

Capital raised ($B) Fund count

2020 2021 2022 2023

$4,000 2016 2017 2018 2019

Capital overhang ($B) by vintage, size bucket

Cash flows ($B) by year

2012 ($524.7) $510.1 ($14.6) -$1,500

Years of cash on hand for funds

2021 2022 2023*

Dry Powder ($B) Remaining Value ($B)

Capital overhang ($B) by age bucket

021 2022 2023

2014 2015 2016 2017 2018 2019 2020 2021

0-2 3-5 6-7

Capital raised ($B) Fund count

2021 2022 2023

First Second Third Fourth Fifth

Private capital fund count by fund number in family

First Second Third Fourth Fifth

2019 2020 2021 2022 2023*

Experienced firm Emerging firm

Experienced firm Emerging firm

PE VC Real estate Real as

ital emerging manager fund count raised by type

E VC Real estate Real assets Private debt FoF Secondaries

Private capital fund count by size bucket

M % of funds larger than predecessor 66.4% 53.6% 52.6%

10.0% 8.5% 8.4% 9.4% 11.2% 10%

% of funds larger than predecess

% % of funds larger than predecess

Top quartile Average Median Bottom quartile 2023

p-up from previous private capital fund in fund family

% of funds larger than predecessor Step-up

p-ups from previous fund in family by strategy

PE VC Real estate Real assets

$800 Oceania 40%

Private capital fund count by region

2019 2020 2021 2022 2023*

2019 2020 2021 2022 2023*

2019 2020 2021 2022 2023*

$2,000 Secondaries 100%

2019 2020 2021 2022 2023*

60% Real assets

50% Real estate

2019 2020 2021 2022 2023*

2019 2020 2021 2022 2023*

2008-2010 2011-2013 2014-2016 2017-2019 2020-2023*

Below 2% 111 173 268 294 294

FoF fund count by management fees

Secondaries fund count by management fees

95 102 97 117 100 77 Below 20% 9 19

Close year Below 20%

2006 - 2008 2009 - 2011

2006 - 2008 2009 - 2011

Secondaries fund count by carry fees