University of Texas Investment Management Company

Private Investments
Fund Performance (Active Relationships)
As of November 30, 2009

Capital Returned GP's Assessment Cash-on-Cash

Fund Manager Name Partnership Name Capital Invested to UTIMCO of Current Value1 Return2 IRR3
3i Group plc 3i UK Investment Partners 23,451,004.62 30,080,155.63 2,096,838.52 1.28 7.43%
3i Europartners II, L.P. 27,905,360.56 39,931,945.96 1,345,890.03 1.43 7.67%
3i UKIP II 30,458,427.91 34,856,824.17 0.00 1.14 2.58%
3i Europartners IIIA, L.P. 21,755,749.93 44,469,711.42 945,252.14 2.04 19.65%
3i Europartners Va LP 41,312,862.56 3,136,724.93 20,967,886.66 0.08 -26.79%
144,883,405.58 152,475,362.11 25,355,867.35 1.05 5.92%

Actis Capital Actis Africa 3, L.P. 6,077,028.31 2,510.33 6,480,997.42 0.00 6.07%
Actis India 3, L.P. 2,711,288.62 83,632.46 2,395,000.92 0.03 -8.60%
8,788,316.93 86,142.79 8,875,998.34 0.01 1.85%

Advanced Technology Ventures Advanced Technology Ventures VII, L.P. 21,489,424.19 5,484,043.67 15,503,832.58 0.26 -0.66%

American Securities Capital American Securities Partners II, L.P. 23,832,151.56 58,146,433.09 0.00 2.44 19.92%
American Securities Partners III, L.P. 28,188,946.06 36,188,158.51 14,949,307.34 1.28 22.26%
52,021,097.62 94,334,591.60 14,949,307.34 1.81 20.47%

Ampersand Ventures Ampersand 1995 Limited Partnership 15,002,118.75 18,163,611.76 0.00 1.21 3.36%
Ampersand 1999 Limited Partnership 20,001,472.50 37,228,710.79 9,562,249.71 1.86 16.08%
Ampersand 2001 Limited Partnership 25,006,056.25 17,025,880.00 34,675,678.62 0.68 17.70%
Ampersand 2006 Limited Partnership 18,750,000.00 0.00 20,365,103.95 0.00 4.58%
78,759,647.50 72,418,202.55 64,603,032.28 0.92 12.05%

Angelo, Gordon & Co. AG Capital Recovery Partners IV, L.P. 14,166,086.00 21,874,250.00 387,253.99 1.54 28.73%
AG Capital Recovery Partners V, L.P. 25,000,000.00 3,100,000.00 20,888,509.73 0.12 -1.86%
AG Private Equity Partners III, L.P. 22,350,000.00 450,000.00 13,963,326.10 0.02 -16.23%
61,516,086.00 25,424,250.00 35,239,089.82 0.41 -0.80%

Apollo Management Apollo Credit Opportunity Fund II, L.P. 76,295,744.00 12,949,998.00 62,351,823.89 0.17 -1.15%

1 The General Partners' or UTIMCO's assessment of the current value of remaining investments as of September 30, 2009 adjusted for subsequent
cash flows through November 30, 2009.
2Cash-on-Cash Return is calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."
3 IRR, or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers
the timing and size of irregular flows of capital invested and returned to UTIMCO and the General Partner's or UTIMCO's assessment of the value of the remaining investments.
IRRs are based on capital invested and returned to UTIMCO through November 30, 2009 and the General Partners' or UTIMCO's assessment of the current value of remaining
investments as of September 30, 2009. IRRs for periods of less than one year are nominalized, not annualized.
4The investment period for this fund has not yet commenced.

"Capital Invested" may exceed "Commitment" amounts due to the recall of previously distributed capital or other capitalized expenditures.
"Capital Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.
WARNING: Due to a number of factors, including most importantly a lack of valuation standards in the private equity industry, differences in the pace of investments across
partnerships and the understatement of returns in the early years of a partnership life, the IRR information in this report DOES NOT accurately reflect the current or expected
future returns of the partnerships. The IRRs SHOULD NOT be used to assess the investment success of a partnership or to compare returns across partnerships. The IRRs in the
report were calculated by UTIMCO and HAVE NOT been approved by the individual general partners of the partnerships.

THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.
 University of Texas Investment Management Company
Private Investments
Fund Performance (Active Relationships)
As of November 30, 2009

Capital Returned GP's Assessment Cash-on-Cash

Fund Manager Name Partnership Name Capital Invested to UTIMCO of Current Value1 Return2 IRR3
ARCH Venture Partners ARCH Venture Fund VI, L.P. 24,904,283.22 1,060,122.86 27,199,141.73 0.04 5.04%
ARCH Venture Fund VII, L.P. 7,000,000.00 258.28 5,260,077.36 0.00 -24.81%
31,904,283.22 1,060,381.14 32,459,219.09 0.03 2.25%

ArcLight Capital Partners ArcLight Energy Partners Fund I, L.P. 27,344,118.00 45,070,994.00 2,430,620.87 1.65 23.95%
ArcLight Energy Partners Fund II, L.P. 56,374,637.00 50,910,821.00 23,381,533.50 0.90 14.74%
ArcLight Energy Partners Fund III, L.P. 52,716,441.00 12,139,865.00 42,700,101.27 0.23 2.02%
ArcLight Energy Partners Fund IV, L.P. 31,383,617.00 4,749,487.00 26,033,806.01 0.15 -1.45%
167,818,813.00 112,871,167.00 94,546,061.65 0.67 12.75%

Artiman Ventures Artiman Ventures II, L.P. 13,950,000.00 0.00 11,608,629.24 0.00 -11.30%

Ashmore Investment Management Ashmore Global Special Situations Fund IV, L.P. 100,160,183.34 0.00 88,410,198.37 0.00 -7.26%

Atlas Venture Atlas Venture Fund VI, L.P. 15,506,452.07 2,741,270.81 8,447,109.36 0.18 -7.85%

Austin Ventures Austin Ventures IV, L.P. 5,008,592.15 42,082,013.24 18,056.00 8.40 73.14%
Austin Ventures V, L.P. 15,001,997.50 29,402,273.79 347,725.03 1.96 31.93%
Austin Ventures VI, L.P. 20,814,452.63 9,895,443.05 4,863,892.75 0.48 -6.72%
Austin Ventures VII, L.P. 20,000,000.00 7,258,728.74 5,515,627.61 0.36 -8.53%
Austin Ventures VIII, L.P. 17,210,095.57 5,391,484.64 12,399,461.49 0.31 0.83%
Austin Ventures IX, L.P. 12,255,245.00 1,014,104.90 10,673,778.34 0.08 -2.54%
Austin Ventures X, L.P. 4,833,732.00 0.00 4,417,875.50 0.00 -11.21%
95,124,114.85 95,044,048.36 38,236,416.72 1.00 28.98%

Avenue Capital Group Avenue Asia Special Situations Fund IV, L.P. 21,444,241.00 2,823,995.00 19,552,554.04 0.13 2.37%
Avenue Special Situations Fund V, L.P. 76,166,202.00 652,446.00 76,782,147.85 0.01 1.31%
97,610,443.00 3,476,441.00 96,334,701.89 0.04 1.62%

Baker Capital Baker Communications Fund, L.P. 42,964,832.37 19,101,614.65 24,530,081.68 0.44 0.21%
Baker Communications Fund II (QP), L.P. 30,929,197.33 8,274,213.87 18,157,794.83 0.27 -2.94%
73,894,029.70 27,375,828.52 42,687,876.51 0.37 -0.83%

1 The General Partners' or UTIMCO's assessment of the current value of remaining investments as of September 30, 2009 adjusted for subsequent
cash flows through November 30, 2009.
2Cash-on-Cash Return is calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."
3 IRR, or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers
the timing and size of irregular flows of capital invested and returned to UTIMCO and the General Partner's or UTIMCO's assessment of the value of the remaining investments.
IRRs are based on capital invested and returned to UTIMCO through November 30, 2009 and the General Partners' or UTIMCO's assessment of the current value of remaining
investments as of September 30, 2009. IRRs for periods of less than one year are nominalized, not annualized.
4The investment period for this fund has not yet commenced.

"Capital Invested" may exceed "Commitment" amounts due to the recall of previously distributed capital or other capitalized expenditures.
"Capital Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.
WARNING: Due to a number of factors, including most importantly a lack of valuation standards in the private equity industry, differences in the pace of investments across
partnerships and the understatement of returns in the early years of a partnership life, the IRR information in this report DOES NOT accurately reflect the current or expected
future returns of the partnerships. The IRRs SHOULD NOT be used to assess the investment success of a partnership or to compare returns across partnerships. The IRRs in the
report were calculated by UTIMCO and HAVE NOT been approved by the individual general partners of the partnerships.

THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.
 University of Texas Investment Management Company
Private Investments
Fund Performance (Active Relationships)
As of November 30, 2009

Capital Returned GP's Assessment Cash-on-Cash

Fund Manager Name Partnership Name Capital Invested to UTIMCO of Current Value1 Return2 IRR3
Band of Angels Band of Angels Fund, L.P. 10,121,549.63 0.00 3,364,951.22 0.00 -14.04%

Barclays Private Equity Barclays Private Equity European Fund A, L.P. 28,488,990.86 50,423,360.35 10,825,509.73 1.77 34.19%
Barclays Private Equities European Fund III, L.P. 51,009,510.40 97,567.03 42,524,903.14 0.00 -12.06%
79,498,501.26 50,520,927.38 53,350,412.87 0.64 21.32%

Baring Private Equity Asia Baring Asia Private Equity Fund IV, L.P. 30,659,886.79 12,448.93 30,066,951.35 0.00 -1.44%

Beacon Focus Value Investors Beacon Group III - Focus Value Fund, L.P. 23,996,991.25 6,801,304.88 702,784.82 0.28 -16.14%

Benson Elliot Capital Management Bensell US Feeder III, L.P. 4 0.00 0.00 0.00 0.00 0.00%

Blackstone Group Blackstone Capital Partners IV L.P. 48,163,806.00 67,501,590.15 30,256,637.99 1.40 40.03%
Blackstone Capital Partners V, L.P. 64,530,472.00 5,485,856.00 41,333,294.18 0.09 -14.09%
112,694,278.00 72,987,446.15 71,589,932.17 0.65 15.98%

Candover Partners Candover 2001 Fund US No. 2 Limited Partnership 44,776,201.60 61,269,562.34 8,096,683.59 1.37 17.82%
Candover 2005 Fund US No. 3 Limited Partnership 35,007,109.32 5,173,852.03 13,755,094.34 0.15 -27.51%
79,783,310.92 66,443,414.37 21,851,777.93 0.83 5.56%

Care Capital Care Capital Investments III, L.P. 12,242,338.00 0.00 6,278,921.15 0.00 -31.05%

The Carlyle Group Carlyle Partners II, L.P. 10,748,916.00 25,271,976.00 789,545.65 2.35 25.12%
Carlyle Partners III, L.P. 27,749,088.75 48,839,455.00 3,854,022.42 1.76 21.38%
Carlyle Partners IV, L.P. 40,102,264.00 6,045,819.00 32,863,085.31 0.15 -1.07%
Carlyle Partners V, L.P. 17,011,997.00 394,676.00 13,530,860.31 0.02 -11.27%
95,612,265.75 80,551,926.00 51,037,513.69 0.84 16.10%

CarVal Investors CVI Global Value Fund A, L.P. 71,250,000.00 1,312,527.49 67,700,003.28 0.02 -1.34%
CVI Global Value Fund A, L.P. - 2008 Top-Off 37,500,000.00 0.00 40,499,984.31 0.00 8.42%
108,750,000.00 1,312,527.49 108,199,987.59 0.01 0.37%

1 The General Partners' or UTIMCO's assessment of the current value of remaining investments as of September 30, 2009 adjusted for subsequent
cash flows through November 30, 2009.
2Cash-on-Cash Return is calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."
3 IRR, or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers
the timing and size of irregular flows of capital invested and returned to UTIMCO and the General Partner's or UTIMCO's assessment of the value of the remaining investments.
IRRs are based on capital invested and returned to UTIMCO through November 30, 2009 and the General Partners' or UTIMCO's assessment of the current value of remaining
investments as of September 30, 2009. IRRs for periods of less than one year are nominalized, not annualized.
4The investment period for this fund has not yet commenced.

"Capital Invested" may exceed "Commitment" amounts due to the recall of previously distributed capital or other capitalized expenditures.
"Capital Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.
WARNING: Due to a number of factors, including most importantly a lack of valuation standards in the private equity industry, differences in the pace of investments across
partnerships and the understatement of returns in the early years of a partnership life, the IRR information in this report DOES NOT accurately reflect the current or expected
future returns of the partnerships. The IRRs SHOULD NOT be used to assess the investment success of a partnership or to compare returns across partnerships. The IRRs in the
report were calculated by UTIMCO and HAVE NOT been approved by the individual general partners of the partnerships.

THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.
 University of Texas Investment Management Company
Private Investments
Fund Performance (Active Relationships)
As of November 30, 2009

Capital Returned GP's Assessment Cash-on-Cash

Fund Manager Name Partnership Name Capital Invested to UTIMCO of Current Value1 Return2 IRR3
Centerbridge Partners Centerbridge Capital Partners, L.P. 41,938,446.03 4,321,533.00 43,827,504.60 0.10 10.74%

Cerberus Capital Management Cerberus Institutional Partners, L.P.- Series Four 61,883,542.00 0.00 57,825,341.43 0.00 -3.66%

Cinven Limited Third Cinven Fund US (No.5) Limited Partnership 33,198,460.85 49,236,024.23 11,289,982.00 1.48 31.89%
Fourth Cinven Fund Limited Partnership 55,360,623.52 -136,346.12 48,466,294.15 -0.00 -6.25%
88,559,084.37 49,099,678.11 59,756,276.15 0.55 13.76%

Citicorp Capital Citicorp Mezzanine Partners, L.P. 31,206,089.52 42,537,923.22 13,266.66 1.36 9.93%

Clayton, Dubilier, Rice & Associates Clayton, Dubilier & Rice Fund V, L.P. 18,003,711.37 17,842,223.00 1,214,454.40 0.99 0.86%

Cortec Group Cortec Group Fund II, L.P. 18,839,278.25 16,396,552.00 0.00 0.87 -1.93%
Cortec Group Fund III, L.P. 18,595,153.25 30,852,678.00 8,394,320.43 1.66 22.57%
Cortec Group Fund IV, L.P. 31,876,726.00 0.00 26,305,164.75 0.00 -9.83%
69,311,157.50 47,249,230.00 34,699,485.18 0.68 4.40%

Cravey, Green & Wahlen CGW Southeast Partners IV, L.P. 26,135,750.90 33,942,655.16 4,517,663.55 1.30 7.75%

Crescendo Ventures Crescendo II, L.P. 15,001,892.58 20,342,427.88 0.00 1.36 19.86%
Crescendo III, L.P. 25,005,950.00 9,321,857.65 772,546.48 0.37 -21.31%
Crescendo IV, L.P. 10,001,413.75 513,188.23 4,070,906.23 0.05 -10.43%
50,009,256.33 30,177,473.76 4,843,452.71 0.60 -12.01%

CVC Capital Partners CVC European Equity Partners, L.P. 29,092,294.45 72,973,539.19 2,514,167.39 2.51 23.10%
CVC European Equity Partners IV (C) LP 36,581,658.99 15,783,143.66 29,785,475.99 0.43 12.90%
CVC European Equity Partners Tandem Fund 27,951,146.12 586,653.69 20,874,157.25 0.02 -16.79%
CVC European Equity Partners V, L.P. 8,869,043.29 -59,998.93 7,815,949.85 -0.01 -14.44%
102,494,142.85 89,283,337.61 60,989,750.48 0.87 20.63%

1 The General Partners' or UTIMCO's assessment of the current value of remaining investments as of September 30, 2009 adjusted for subsequent
cash flows through November 30, 2009.
2Cash-on-Cash Return is calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."
3 IRR, or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers
the timing and size of irregular flows of capital invested and returned to UTIMCO and the General Partner's or UTIMCO's assessment of the value of the remaining investments.
IRRs are based on capital invested and returned to UTIMCO through November 30, 2009 and the General Partners' or UTIMCO's assessment of the current value of remaining
investments as of September 30, 2009. IRRs for periods of less than one year are nominalized, not annualized.
4The investment period for this fund has not yet commenced.

"Capital Invested" may exceed "Commitment" amounts due to the recall of previously distributed capital or other capitalized expenditures.
"Capital Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.
WARNING: Due to a number of factors, including most importantly a lack of valuation standards in the private equity industry, differences in the pace of investments across
partnerships and the understatement of returns in the early years of a partnership life, the IRR information in this report DOES NOT accurately reflect the current or expected
future returns of the partnerships. The IRRs SHOULD NOT be used to assess the investment success of a partnership or to compare returns across partnerships. The IRRs in the
report were calculated by UTIMCO and HAVE NOT been approved by the individual general partners of the partnerships.

THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.
 University of Texas Investment Management Company
Private Investments
Fund Performance (Active Relationships)
As of November 30, 2009

Capital Returned GP's Assessment Cash-on-Cash

Fund Manager Name Partnership Name Capital Invested to UTIMCO of Current Value1 Return2 IRR3
DDJ Capital Management B IV Capital Partners, L.P. 13,559,445.78 7,580,284.87 5,052,079.89 0.56 -1.78%
DDJ Total Return Loan Fund, L.P. 25,000,000.00 9,800,605.19 14,351,564.68 0.39 -0.97%
38,559,445.78 17,380,890.06 19,403,644.57 0.45 -1.27%

Doughty Hanson & Co Doughty Hanson & Co. II 27,578,599.69 53,072,827.63 3,360,741.60 1.92 48.94%
Doughty Hanson III, L.P. 41,187,960.44 66,140,756.32 27,079,465.43 1.61 16.86%
Doughty Hanson & Co IV, L.P. 46,305,886.82 29,935,583.54 25,181,812.10 0.65 8.25%
Doughty Hanson & Co. V 46,759,011.52 4,661,385.70 47,100,157.28 0.10 6.08%
161,831,458.47 153,810,553.19 102,722,176.41 0.95 23.76%

Emerald Hill Capital Partners Emerald Hill Capital Partners I, L.P. 22,251,082.00 0.00 18,420,728.21 0.00 -10.97%
Emerald Hill Capital Partners II, L.P. 7,800,000.00 35,446.00 6,292,675.72 0.00 -18.83%
30,051,082.00 35,446.00 24,713,403.93 0.00 -12.46%

EnCap Investments EnCap Energy Capital Fund III-B, L.P. 51,354,134.91 96,456,563.24 14,089,910.38 1.88 21.20%
EnCap Energy Capital Fund IV-B, L.P. 17,380,345.06 28,630,228.11 1,224,974.78 1.65 50.79%
EnCap Energy Capital Fund VII, L.P. 34,542,473.83 1,234,123.86 27,743,730.99 0.04 -15.22%
103,276,953.80 126,320,915.21 43,058,616.15 1.22 21.40%

Eos Partners Eos Capital Partners III, L.P. 20,202,128.00 5,755,827.00 17,259,446.74 0.28 5.21%
Eos Capital Partners IV, L.P. 9,803,972.00 56,250.00 8,386,011.46 0.01 -11.22%
30,006,100.00 5,812,077.00 25,645,458.20 0.19 2.25%

Escalate Capital Escalate Capital I, L.P. 22,411,727.00 4,896,527.84 23,081,054.62 0.22 8.22%

Fisher Lynch Capital Fisher Lynch Venture Partnership, L.P. 25,560,000.00 2,040,340.00 20,156,190.46 0.08 -6.72%

Five Mile Capital Partners Five Mile Capital Partners II, L.P. 30,268,471.00 0.00 16,378,322.93 0.00 -46.65%

1 The General Partners' or UTIMCO's assessment of the current value of remaining investments as of September 30, 2009 adjusted for subsequent
cash flows through November 30, 2009.
2Cash-on-Cash Return is calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."
3 IRR, or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers
the timing and size of irregular flows of capital invested and returned to UTIMCO and the General Partner's or UTIMCO's assessment of the value of the remaining investments.
IRRs are based on capital invested and returned to UTIMCO through November 30, 2009 and the General Partners' or UTIMCO's assessment of the current value of remaining
investments as of September 30, 2009. IRRs for periods of less than one year are nominalized, not annualized.
4The investment period for this fund has not yet commenced.

"Capital Invested" may exceed "Commitment" amounts due to the recall of previously distributed capital or other capitalized expenditures.
"Capital Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.
WARNING: Due to a number of factors, including most importantly a lack of valuation standards in the private equity industry, differences in the pace of investments across
partnerships and the understatement of returns in the early years of a partnership life, the IRR information in this report DOES NOT accurately reflect the current or expected
future returns of the partnerships. The IRRs SHOULD NOT be used to assess the investment success of a partnership or to compare returns across partnerships. The IRRs in the
report were calculated by UTIMCO and HAVE NOT been approved by the individual general partners of the partnerships.

THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.
 University of Texas Investment Management Company
Private Investments
Fund Performance (Active Relationships)
As of November 30, 2009

Capital Returned GP's Assessment Cash-on-Cash

Fund Manager Name Partnership Name Capital Invested to UTIMCO of Current Value1 Return2 IRR3
Fortress Investment Group Fortress Fund IV (Coinvestment Fund A), L.P. 20,167,004.57 167,005.70 13,709,217.42 0.01 -13.42%
Fortress Fund IV (Fund A), L.P. 20,503,608.12 618,398.82 13,584,905.66 0.03 -13.68%
Fortress Fund V (Coinvestment Fund A), L.P. 28,144,691.16 0.00 14,678,886.08 0.00 -32.47%
Fortress Fund V (Fund A), L.P. 22,474,493.89 12,870.91 10,350,444.28 0.00 -37.59%
Fortress Credit Opportunities Fund, L.P. 97,643,442.99 41,204,437.49 71,895,426.74 0.42 25.92%
188,933,240.73 42,002,712.92 124,218,880.18 0.22 -9.53%

Foundation Capital Foundation Capital IV, L.P. 20,004,869.75 781,512.00 19,297,422.45 0.04 0.09%

Foundry Group Foundry Venture Capital 2007, L.P. 17,950,000.00 0.00 22,932,264.07 0.00 21.62%

Francisco Partners Francisco Partners II, L.P. 28,000,000.00 8,851,825.00 23,442,689.47 0.32 8.11%

Gavea Investimentos Gavea Investment Fund III, L.P. 20,000,000.00 0.00 30,003,126.74 0.00 42.99%

GEI Capital Green Equity Investors III, L.P. 68,270,709.59 150,284,488.48 4,667,933.81 2.20 21.52%
Green Equity Investors IV, L.P. 24,899,966.52 6,570,042.37 18,960,754.73 0.26 0.82%
Green Equity Investors V, L.P. 23,491,422.70 4,639,125.22 21,970,175.93 0.20 8.43%
116,662,098.81 161,493,656.07 45,598,864.47 1.38 19.51%

Gobi Partners Gobi Fund II, L.P. 6,466,064.45 0.00 4,941,542.91 0.00 -18.66%

GSO Capital Partners Texas Liquidity Capital, L.L.C. 70,399,339.57 0.00 60,460,008.81 0.00 -10.88%

H.I.G. Capital H.I.G. Bayside Debt & LBO Fund II, L.P. 30,166,666.67 0.00 34,129,384.33 0.00 22.41%

Hellman & Friedman Investors Hellman & Friedman Capital Partners II, L.P. 8,837,541.25 26,747,342.31 8,041.00 3.03 25.01%

Horizon Capital Emerging Europe Growth Fund II, L.P. 1,965,317.39 3,885.13 550,669.76 0.00 -73.41%

Integral Capital Partners Integral Capital Partners VII, L.P. 1,882,683.00 0.00 1,802,148.20 0.00 -1.68%

1 The General Partners' or UTIMCO's assessment of the current value of remaining investments as of September 30, 2009 adjusted for subsequent
cash flows through November 30, 2009.
2Cash-on-Cash Return is calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."
3 IRR, or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers
the timing and size of irregular flows of capital invested and returned to UTIMCO and the General Partner's or UTIMCO's assessment of the value of the remaining investments.
IRRs are based on capital invested and returned to UTIMCO through November 30, 2009 and the General Partners' or UTIMCO's assessment of the current value of remaining
investments as of September 30, 2009. IRRs for periods of less than one year are nominalized, not annualized.
4The investment period for this fund has not yet commenced.

"Capital Invested" may exceed "Commitment" amounts due to the recall of previously distributed capital or other capitalized expenditures.
"Capital Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.
WARNING: Due to a number of factors, including most importantly a lack of valuation standards in the private equity industry, differences in the pace of investments across
partnerships and the understatement of returns in the early years of a partnership life, the IRR information in this report DOES NOT accurately reflect the current or expected
future returns of the partnerships. The IRRs SHOULD NOT be used to assess the investment success of a partnership or to compare returns across partnerships. The IRRs in the
report were calculated by UTIMCO and HAVE NOT been approved by the individual general partners of the partnerships.

THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.
 University of Texas Investment Management Company
Private Investments
Fund Performance (Active Relationships)
As of November 30, 2009

Capital Returned GP's Assessment Cash-on-Cash

Fund Manager Name Partnership Name Capital Invested to UTIMCO of Current Value1 Return2 IRR3
Intellectual Ventures Invention Development Fund I, LLC 8,944,607.00 0.00 2,883,639.17 0.00 -68.93%
Invention Investment Fund II, L.L.C. 13,181,302.69 2,510,702.69 10,069,808.97 0.19 -5.45%
22,125,909.69 2,510,702.69 12,953,448.14 0.11 -32.54%

Inverness Group Inverness/Phoenix Partners, L.P. 38,063,291.57 32,981,789.21 14,622,366.94 0.87 6.96%
Inverness Partners II LP 24,764,475.18 3,835,383.04 37,401,366.62 0.15 11.41%
62,827,766.75 36,817,172.25 52,023,733.56 0.59 8.89%

JatoTech Ventures JatoTech Ventures, L.P. 9,639,607.44 840,116.46 425,435.70 0.09 -48.30%

Kern Energy Partners Kern Energy Partners III, L.P. 3,692,634.01 13,835.49 2,545,720.83 0.00 -37.65%

KKR Associates KKR 1996 Fund, L.P. 60,229,028.50 92,309,809.00 6,237,611.86 1.53 12.96%
KKR 2006 Fund, L.P. 57,978,578.00 1,028,157.00 49,768,964.51 0.02 -5.85%
118,207,606.50 93,337,966.00 56,006,576.37 0.79 9.38%

Knightsbridge Advisors Knightsbridge Venture Capital VI, L.P. 16,750,000.00 0.00 13,903,629.31 0.00 -8.62%
Knightsbridge Venture Completion 2005, L.P. 22,401,322.00 25,047,480.53 0.00 1.12 9.10%
39,151,322.00 25,047,480.53 13,903,629.31 0.64 -0.35%

Lake Partners Lake Capital Partners LP 22,462,242.60 10,749,122.19 13,373,150.10 0.48 2.82%
Lake Capital Partners II LP 23,140,015.94 1,762,837.14 19,353,762.80 0.08 -4.49%
45,602,258.54 12,511,959.33 32,726,912.90 0.27 -0.36%

MatlinPatterson Global Advisors MatlinPatterson Global Opportunities Partners L.P. 25,769,016.82 41,803,132.14 2,448,771.22 1.62 15.90%
MatlinPatterson Global Opportunities Partners II 43,739,426.27 24,656,112.20 14,772,566.90 0.56 -5.37%
Matlin Patterson Global Opportunities Partners III 36,059,999.00 2,977.04 31,217,457.93 0.00 -9.07%
105,568,442.09 66,462,221.38 48,438,796.05 0.63 4.61%

Morgan Stanley Real Estate Morgan Stanley Real Estate Special Situations Fund 15,000,000.00 0.00 6,365,400.00 0.00 -39.97%

1 The General Partners' or UTIMCO's assessment of the current value of remaining investments as of September 30, 2009 adjusted for subsequent
cash flows through November 30, 2009.
2Cash-on-Cash Return is calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."
3 IRR, or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers
the timing and size of irregular flows of capital invested and returned to UTIMCO and the General Partner's or UTIMCO's assessment of the value of the remaining investments.
IRRs are based on capital invested and returned to UTIMCO through November 30, 2009 and the General Partners' or UTIMCO's assessment of the current value of remaining
investments as of September 30, 2009. IRRs for periods of less than one year are nominalized, not annualized.
4The investment period for this fund has not yet commenced.

"Capital Invested" may exceed "Commitment" amounts due to the recall of previously distributed capital or other capitalized expenditures.
"Capital Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.
WARNING: Due to a number of factors, including most importantly a lack of valuation standards in the private equity industry, differences in the pace of investments across
partnerships and the understatement of returns in the early years of a partnership life, the IRR information in this report DOES NOT accurately reflect the current or expected
future returns of the partnerships. The IRRs SHOULD NOT be used to assess the investment success of a partnership or to compare returns across partnerships. The IRRs in the
report were calculated by UTIMCO and HAVE NOT been approved by the individual general partners of the partnerships.

THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.
 University of Texas Investment Management Company
Private Investments
Fund Performance (Active Relationships)
As of November 30, 2009

Capital Returned GP's Assessment Cash-on-Cash

Fund Manager Name Partnership Name Capital Invested to UTIMCO of Current Value1 Return2 IRR3
Morgenthaler Management Partners Morgenthaler Venture Partners III, L.P. 15,000,000.00 45,304,682.34 0.00 3.02 27.53%
Morgenthaler Venture Partners IV, L.P. 15,002,334.86 31,965,815.29 0.00 2.13 33.13%
Morgenthaler Venture Partners V, L.P. 25,681,391.01 42,739,693.13 5,702,689.67 1.66 12.62%
Morgenthaler Partners VI, L.P. 10,007,031.25 4,714,557.28 2,008,931.21 0.47 -8.99%
Morgenthaler Partners VII, L.P. 23,755,700.00 8,098,324.93 10,366,543.66 0.34 -6.73%
Morgenthaler Partners VII, L.P. (Secondary) 1,358,402.00 509,212.81 698,804.41 0.37 -4.36%
Morgenthaler Partners VIII, L.P. 21,000,000.00 2,602,501.04 17,493,490.32 0.12 -2.02%
Morgenthaler Venture Partners IX, L.P. 4,000,000.00 0.00 3,158,150.33 0.00 -21.41%
115,804,859.12 135,934,786.82 39,428,609.60 1.17 22.01%

MSouth Equity Partners MSouth Equity Partners, L.P. 24,666,835.25 1,011,693.89 22,427,683.27 0.04 -9.32%

Natural Gas Partners Natural Gas Partners IX, L.P. 14,892,936.49 74,867.00 11,411,455.05 0.01 -24.41%

NewMargin Ventures NewMargin Growth Fund, L.P. 20,258,493.15 0.00 18,673,696.97 0.00 -6.35%

Northstar Capital Northstar Seidler Mezzanine Partners II, L.P. 25,000,470.00 28,800,253.00 2,760,041.51 1.15 6.14%

Northwood Real Estate Partners Northwood Real Estate Co-Investors, L.P. 1,316,934.00 103,784.00 685,883.50 0.08 -37.78%
Northwood Real Estate Partners, L.P. 3,821,367.00 217,363.00 1,416,548.63 0.06 -55.89%
5,138,301.00 321,147.00 2,102,432.13 0.06 -51.06%

Oaktree Capital Management OCM Opportunities Fund III, L.P. 50,005,479.46 73,726,969.59 625,613.43 1.47 11.87%
OCM Opportunities Fund IV, L.P. 40,000,000.00 65,823,557.82 111,608.27 1.65 28.03%
OCM Opportunities Fund V, L.P. 25,000,000.00 33,101,962.00 5,415,345.41 1.32 14.20%
OCM Opportunities Fund VI, L.P. 25,000,000.00 2,564,897.00 30,309,462.26 0.10 7.85%
OCM/GFI Power Opportunities Fund II, L.P. 16,464,126.42 24,666,110.50 15,527,513.49 1.50 59.39%
OCM Opportunities Fund VII, L.P. 35,000,000.00 204,438.00 34,548,006.36 0.01 -0.37%
OCM Opportunities Fund VIIB, L.P. 29,750,000.00 0.00 37,739,931.67 0.00 26.23%
Oaktree Loan Fund 2x, L.P. 250,000,000.00 84,369,737.00 159,255,988.00 0.34 -1.34%
471,219,605.88 284,457,671.91 283,533,468.89 0.60 10.24%

1 The General Partners' or UTIMCO's assessment of the current value of remaining investments as of September 30, 2009 adjusted for subsequent
cash flows through November 30, 2009.
2Cash-on-Cash Return is calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."
3 IRR, or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers
the timing and size of irregular flows of capital invested and returned to UTIMCO and the General Partner's or UTIMCO's assessment of the value of the remaining investments.
IRRs are based on capital invested and returned to UTIMCO through November 30, 2009 and the General Partners' or UTIMCO's assessment of the current value of remaining
investments as of September 30, 2009. IRRs for periods of less than one year are nominalized, not annualized.
4The investment period for this fund has not yet commenced.

"Capital Invested" may exceed "Commitment" amounts due to the recall of previously distributed capital or other capitalized expenditures.
"Capital Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.
WARNING: Due to a number of factors, including most importantly a lack of valuation standards in the private equity industry, differences in the pace of investments across
partnerships and the understatement of returns in the early years of a partnership life, the IRR information in this report DOES NOT accurately reflect the current or expected
future returns of the partnerships. The IRRs SHOULD NOT be used to assess the investment success of a partnership or to compare returns across partnerships. The IRRs in the
report were calculated by UTIMCO and HAVE NOT been approved by the individual general partners of the partnerships.

THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.
 University of Texas Investment Management Company
Private Investments
Fund Performance (Active Relationships)
As of November 30, 2009

Capital Returned GP's Assessment Cash-on-Cash

Fund Manager Name Partnership Name Capital Invested to UTIMCO of Current Value1 Return2 IRR3
Parthenon Capital Parthenon Investors II, L.P. 27,611,335.25 18,843,293.00 18,777,018.41 0.68 11.48%

Pinto Technology Ventures PTV Sciences, L.P. 29,660,897.89 7,664,312.75 26,554,432.43 0.26 4.03%
PTV Sciences II, L.P. 26,244,125.31 53,181.89 35,103,863.60 0.00 16.70%
Pinto TV Annex Fund, L.P. 6,734,257.96 0.00 13,060,901.50 0.00 46.98%
62,639,281.16 7,717,494.64 74,719,197.53 0.12 10.33%

Polaris Venture Partners Polaris Venture Partners IV, L.P. 19,904,267.50 4,130,991.42 16,434,541.48 0.21 0.91%
Polaris Venture Partners V, L.P. 14,625,000.00 0.00 15,146,102.67 0.00 2.33%
34,529,267.50 4,130,991.42 31,580,644.15 0.12 1.24%

Pomona Capital Pomona Capital V, L.P. 24,796,744.99 27,530,343.92 8,033,192.19 1.11 14.63%
Pomona Capital VI, L.P. 35,641,546.00 8,437,748.00 28,560,151.01 0.24 1.79%
60,438,290.99 35,968,091.92 36,593,343.20 0.60 8.80%

Prime Genpar Asian Corporate Finance Fund, L.P. 11,453,912.46 8,461,096.00 306,963.00 0.74 -4.55%
Prime Enterprises II, L.P. 10,642,848.64 2,554,683.59 2,413,228.50 0.24 -9.32%
22,096,761.10 11,015,779.59 2,720,191.50 0.50 -7.18%

Prime New Ventures Prime VIII, L.P. 20,004,555.12 18,543,920.43 2,240,451.93 0.93 1.37%

Prospect Venture Partners Prospect Venture Partners II, L.P. 22,142,577.93 15,736,963.00 9,548,085.43 0.71 3.40%

Reservoir Capital Group Reservoir Capital Partners (Cayman), L.P. 40,000,000.00 3,838.00 43,856,782.12 0.00 3.25%
Reservoir Capital Investment Partners (Cayman), L. 30,000,000.00 0.00 30,459,809.25 0.00 1.32%
70,000,000.00 3,838.00 74,316,591.37 0.00 2.82%

Russia Partners Management Russia Partners III, L.P. 5,657,471.55 33,050.65 4,090,076.26 0.01 -31.22%

Sandefer Capital Energy Asset Option Fund 14,294,519.99 35,284,708.46 1,810,025.07 2.47 26.18%

Saratoga Partners Saratoga Partners II, L.P. 10,000,000.00 15,448,127.65 0.00 1.54 10.10%

1 The General Partners' or UTIMCO's assessment of the current value of remaining investments as of September 30, 2009 adjusted for subsequent
cash flows through November 30, 2009.
2Cash-on-Cash Return is calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."
3 IRR, or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers
the timing and size of irregular flows of capital invested and returned to UTIMCO and the General Partner's or UTIMCO's assessment of the value of the remaining investments.
IRRs are based on capital invested and returned to UTIMCO through November 30, 2009 and the General Partners' or UTIMCO's assessment of the current value of remaining
investments as of September 30, 2009. IRRs for periods of less than one year are nominalized, not annualized.
4The investment period for this fund has not yet commenced.

"Capital Invested" may exceed "Commitment" amounts due to the recall of previously distributed capital or other capitalized expenditures.
"Capital Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.
WARNING: Due to a number of factors, including most importantly a lack of valuation standards in the private equity industry, differences in the pace of investments across
partnerships and the understatement of returns in the early years of a partnership life, the IRR information in this report DOES NOT accurately reflect the current or expected
future returns of the partnerships. The IRRs SHOULD NOT be used to assess the investment success of a partnership or to compare returns across partnerships. The IRRs in the
report were calculated by UTIMCO and HAVE NOT been approved by the individual general partners of the partnerships.

THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.
 University of Texas Investment Management Company
Private Investments
Fund Performance (Active Relationships)
As of November 30, 2009

Capital Returned GP's Assessment Cash-on-Cash

Fund Manager Name Partnership Name Capital Invested to UTIMCO of Current Value1 Return2 IRR3
Saunders Karp & Megrue SKM Equity Fund II, L.P. 36,359,311.00 3,915,205.00 13,952,748.25 0.11 -7.23%
SKM Equity Fund III, L.P. 21,913,926.37 29,864,883.65 0.00 1.36 9.62%
58,273,237.37 33,780,088.65 13,952,748.25 0.58 -2.98%

SCF Partners SCF Partners, L.P. 11,541,715.05 35,957,844.65 0.00 3.12 33.71%
OFS Investments 11,536,728.30 30,714,904.26 0.00 2.66 15.91%
SCF-III, L.P. 22,737,242.65 55,965,515.39 0.00 2.46 14.65%
SCF-IV, L.P. 35,078,338.84 101,045,309.86 8,764,871.10 2.88 25.52%
SCF-V, L.P. 19,149,207.28 23,182,068.84 11,454,154.92 1.21 32.68%
SCF-VI, L.P. 29,873,752.45 18,946,689.24 27,463,669.23 0.63 29.61%
SCF-VII, L.P. 1,041,358.20 0.00 99,349.75 0.00 -89.77%
130,958,342.77 265,812,332.24 47,782,045.00 2.03 24.16%

Secured Capital Japan Secured Capital Japan Real Estate Partners IV, L.P 7,290,984.02 0.00 5,935,932.77 0.00 -73.26%

Shorenstein Properties Shorenstein Realty Investors Nine, L.P. 21,288,582.00 1,447,907.00 10,250,425.36 0.07 -36.29%

Sindicatum Carbon & Energy Management International Sindicatum Climate Change Partners 29,444,443.00 0.00 28,868,367.96 0.00 -3.18%

Sofinnova Ventures Sofinnova Venture Partners VII, L.P. 8,400,000.00 0.00 6,048,778.12 0.00 -19.54%

Spark Management Partners Spark Capital II, L.P. 8,037,500.00 0.00 11,758,273.24 0.00 43.08%

TDR Capital TDR Capital II 'A' L.P. 23,777,870.01 -139,394.99 20,485,031.98 -0.01 -12.26%

Technology Crossover Ventures TCV V, L.P. 27,234,000.00 14,326,558.81 21,766,149.41 0.53 8.57%
TCV VI, L.P. 28,504,000.00 8,245,774.87 19,565,928.63 0.29 -1.38%
TCV VII, L.P. 7,185,000.00 0.00 6,386,398.13 0.00 -17.53%
62,923,000.00 22,572,333.68 47,718,476.17 0.36 4.83%

Tenaska Tenaska Power Fund II, L.P. 26,666,365.00 1,147,256.00 22,996,713.10 0.04 -9.34%

1 The General Partners' or UTIMCO's assessment of the current value of remaining investments as of September 30, 2009 adjusted for subsequent
cash flows through November 30, 2009.
2Cash-on-Cash Return is calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."
3 IRR, or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers
the timing and size of irregular flows of capital invested and returned to UTIMCO and the General Partner's or UTIMCO's assessment of the value of the remaining investments.
IRRs are based on capital invested and returned to UTIMCO through November 30, 2009 and the General Partners' or UTIMCO's assessment of the current value of remaining
investments as of September 30, 2009. IRRs for periods of less than one year are nominalized, not annualized.
4The investment period for this fund has not yet commenced.

"Capital Invested" may exceed "Commitment" amounts due to the recall of previously distributed capital or other capitalized expenditures.
"Capital Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.
WARNING: Due to a number of factors, including most importantly a lack of valuation standards in the private equity industry, differences in the pace of investments across
partnerships and the understatement of returns in the early years of a partnership life, the IRR information in this report DOES NOT accurately reflect the current or expected
future returns of the partnerships. The IRRs SHOULD NOT be used to assess the investment success of a partnership or to compare returns across partnerships. The IRRs in the
report were calculated by UTIMCO and HAVE NOT been approved by the individual general partners of the partnerships.

THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.
 University of Texas Investment Management Company
Private Investments
Fund Performance (Active Relationships)
As of November 30, 2009

Capital Returned GP's Assessment Cash-on-Cash

Fund Manager Name Partnership Name Capital Invested to UTIMCO of Current Value1 Return2 IRR3
Texas Pacific Group TPG Partners IV, L.P. 21,679,185.00 14,839,478.00 13,582,699.96 0.68 11.42%
TPG Partners V, L.P. 63,830,094.00 12,119,545.00 33,369,011.14 0.19 -15.73%
TPG Partners VI, L.P. 11,825,695.00 27,481.00 7,479,095.76 0.00 -47.20%
TPG Star, L.P. 17,090,640.00 0.00 13,553,663.87 0.00 -16.61%
114,425,614.00 26,986,504.00 67,984,470.73 0.24 -10.15%

TGF Management Corporation The Texas Growth Fund - 1991 Trust 8,997,176.96 22,161,318.88 0.00 2.46 21.20%
The Texas Growth Fund - 1995 Trust 6,338,483.57 3,943,453.17 0.00 0.62 -10.65%
Southwest Opportunity Fund I, L.P. 10,250,152.00 18,777.54 9,445,451.15 0.00 -4.76%
25,585,812.53 26,123,549.59 9,445,451.15 1.02 13.87%

Triton Managers II Limited Triton Fund II L.P. 35,849,084.62 15,425,989.01 14,213,836.69 0.43 -11.36%

Trophy Property Trophy Property (TE), L.P. 45,883,377.00 0.00 49,323,714.17 0.00 5.23%

Union Square Ventures Union Square Ventures 2004, L.P. 19,750,000.00 8,477,607.00 35,588,557.87 0.43 46.77%
Union Square Ventures 2008, L.P. 3,500,000.00 0.00 2,916,022.33 0.00 -19.07%
23,250,000.00 8,477,607.00 38,504,580.20 0.36 44.35%

Varde Partners Varde Fund VIII, L.P. 60,000,000.00 0.00 68,967,035.84 0.00 5.85%
Varde Fund IX, L.P. 200,000,000.00 0.00 238,260,832.10 0.00 15.89%
260,000,000.00 0.00 307,227,867.94 0.00 11.82%

Wand Partners Wand Equity Portfolio II, L.P. 40,363,642.35 23,643,748.86 15,329,046.89 0.59 -0.52%
Wand Secondary Interests 10,007,706.10 10,886,125.84 81,530.12 1.09 2.43%
50,371,348.45 34,529,874.70 15,410,577.01 0.69 -0.14%

Warburg, Pincus & Co. Warburg Pincus Private Equity VIII, L.P. 30,248,593.68 27,908,622.54 23,015,262.77 0.92 13.68%
Warburg Pincus Private Equity IX, L.P. 50,017,142.36 5,149,850.00 48,215,187.81 0.10 2.39%
Warburg Pincus Private Equity X, L.P. 30,750,000.00 66,331.71 24,719,182.16 0.00 -14.80%
111,015,736.04 33,124,804.25 95,949,632.74 0.30 5.94%

1 The General Partners' or UTIMCO's assessment of the current value of remaining investments as of September 30, 2009 adjusted for subsequent
cash flows through November 30, 2009.
2Cash-on-Cash Return is calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."
3 IRR, or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers
the timing and size of irregular flows of capital invested and returned to UTIMCO and the General Partner's or UTIMCO's assessment of the value of the remaining investments.
IRRs are based on capital invested and returned to UTIMCO through November 30, 2009 and the General Partners' or UTIMCO's assessment of the current value of remaining
investments as of September 30, 2009. IRRs for periods of less than one year are nominalized, not annualized.
4The investment period for this fund has not yet commenced.

"Capital Invested" may exceed "Commitment" amounts due to the recall of previously distributed capital or other capitalized expenditures.
"Capital Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.
WARNING: Due to a number of factors, including most importantly a lack of valuation standards in the private equity industry, differences in the pace of investments across
partnerships and the understatement of returns in the early years of a partnership life, the IRR information in this report DOES NOT accurately reflect the current or expected
future returns of the partnerships. The IRRs SHOULD NOT be used to assess the investment success of a partnership or to compare returns across partnerships. The IRRs in the
report were calculated by UTIMCO and HAVE NOT been approved by the individual general partners of the partnerships.

THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.
 University of Texas Investment Management Company
Private Investments
Fund Performance (Active Relationships)
As of November 30, 2009

Capital Returned GP's Assessment Cash-on-Cash

Fund Manager Name Partnership Name Capital Invested to UTIMCO of Current Value1 Return2 IRR3
Windjammer Capital PMI Mezzanine Fund, L.P. 26,178,202.94 40,422,230.01 6,084.00 1.54 9.91%
Windjammer Mezzanine & Equity Fund II, L.P. 21,252,039.34 17,496,754.07 10,620,686.09 0.82 7.55%
Windjammer Senior Equity Partners III, L.P. 15,422,235.12 637,345.00 17,495,951.51 0.04 8.42%
62,852,477.40 58,556,329.08 28,122,721.60 0.93 9.12%

Wingate Partners Wingate Partners, L.P. 9,634,328.36 58,575,959.44 0.00 6.08 30.34%
Wingate Partners II, L.P. 12,622,734.59 22,371,872.52 1,080,136.98 1.77 23.28%
Wingate Partners III, L.P. 16,983,865.62 20,012,250.24 12,602,959.93 1.18 17.79%
Wingate Partners IV, L.P. 22,706,843.68 99,612.29 17,536,260.45 0.00 -16.10%
61,947,772.25 101,059,694.49 31,219,357.36 1.63 29.40%

The Woodlands The Woodlands Venture Fund, L.P. 5,350,000.00 8,603,862.28 0.00 1.61 7.21%
The Woodlands/Essex Venture Fund III, L.P. 6,008,852.50 2,598,032.86 2,115,228.84 0.43 -2.95%
11,358,852.50 11,201,895.14 2,115,228.84 0.99 2.75%

ZN Mexico General Partner ZN Mexico II, L.P. 25,132,546.71 20,869,831.06 34,278,943.97 0.83 20.77%

1 The General Partners' or UTIMCO's assessment of the current value of remaining investments as of September 30, 2009 adjusted for subsequent
cash flows through November 30, 2009.
2Cash-on-Cash Return is calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."
3 IRR, or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers
the timing and size of irregular flows of capital invested and returned to UTIMCO and the General Partner's or UTIMCO's assessment of the value of the remaining investments.
IRRs are based on capital invested and returned to UTIMCO through November 30, 2009 and the General Partners' or UTIMCO's assessment of the current value of remaining
investments as of September 30, 2009. IRRs for periods of less than one year are nominalized, not annualized.
4The investment period for this fund has not yet commenced.

"Capital Invested" may exceed "Commitment" amounts due to the recall of previously distributed capital or other capitalized expenditures.
"Capital Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.
WARNING: Due to a number of factors, including most importantly a lack of valuation standards in the private equity industry, differences in the pace of investments across
partnerships and the understatement of returns in the early years of a partnership life, the IRR information in this report DOES NOT accurately reflect the current or expected
future returns of the partnerships. The IRRs SHOULD NOT be used to assess the investment success of a partnership or to compare returns across partnerships. The IRRs in the
report were calculated by UTIMCO and HAVE NOT been approved by the individual general partners of the partnerships.

THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.