University of Texas Investment Management Company Private Investments Fund Performance (Active Relationships

)
As of November 30, 2009
Fund Manager Name
3i Group plc

Partnership Name
3i UK Investment Partners 3i Europartners II, L.P. 3i UKIP II 3i Europartners IIIA, L.P. 3i Europartners Va LP

Capital Invested
23,451,004.62 27,905,360.56 30,458,427.91 21,755,749.93 41,312,862.56 144,883,405.58

Capital Returned to UTIMCO
30,080,155.63 39,931,945.96 34,856,824.17 44,469,711.42 3,136,724.93 152,475,362.11 2,510.33 83,632.46 86,142.79 5,484,043.67 58,146,433.09 36,188,158.51 94,334,591.60 18,163,611.76 37,228,710.79 17,025,880.00 0.00 72,418,202.55 21,874,250.00 3,100,000.00 450,000.00 25,424,250.00 12,949,998.00

GP's Assessment of Current Value1
2,096,838.52 1,345,890.03 0.00 945,252.14 20,967,886.66 25,355,867.35 6,480,997.42 2,395,000.92 8,875,998.34 15,503,832.58 0.00 14,949,307.34 14,949,307.34 0.00 9,562,249.71 34,675,678.62 20,365,103.95 64,603,032.28 387,253.99 20,888,509.73 13,963,326.10 35,239,089.82 62,351,823.89

Cash-on-Cash Return2
1.28 1.43 1.14 2.04 0.08 1.05 0.00 0.03 0.01 0.26 2.44 1.28 1.81 1.21 1.86 0.68 0.00 0.92 1.54 0.12 0.02 0.41 0.17

IRR3
7.43% 7.67% 2.58% 19.65% -26.79% 5.92% 6.07% -8.60% 1.85% -0.66% 19.92% 22.26% 20.47% 3.36% 16.08% 17.70% 4.58% 12.05% 28.73% -1.86% -16.23% -0.80% -1.15%

Actis Capital

Actis Africa 3, L.P. Actis India 3, L.P.

6,077,028.31 2,711,288.62 8,788,316.93 21,489,424.19 23,832,151.56 28,188,946.06 52,021,097.62 15,002,118.75 20,001,472.50 25,006,056.25 18,750,000.00 78,759,647.50

Advanced Technology Ventures American Securities Capital

Advanced Technology Ventures VII, L.P. American Securities Partners II, L.P. American Securities Partners III, L.P.

Ampersand Ventures

Ampersand 1995 Limited Partnership Ampersand 1999 Limited Partnership Ampersand 2001 Limited Partnership Ampersand 2006 Limited Partnership

Angelo, Gordon & Co.

AG Capital Recovery Partners IV, L.P. AG Capital Recovery Partners V, L.P. AG Private Equity Partners III, L.P.

14,166,086.00 25,000,000.00 22,350,000.00 61,516,086.00 76,295,744.00

Apollo Management

Apollo Credit Opportunity Fund II, L.P.

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
Fund Manager Name
ARCH Venture Partners

Partnership Name
ARCH Venture Fund VI, L.P. ARCH Venture Fund VII, L.P.

Capital Invested
24,904,283.22 7,000,000.00 31,904,283.22 27,344,118.00 56,374,637.00 52,716,441.00 31,383,617.00 167,818,813.00 13,950,000.00 100,160,183.34 15,506,452.07 5,008,592.15 15,001,997.50 20,814,452.63 20,000,000.00 17,210,095.57 12,255,245.00 4,833,732.00 95,124,114.85

Capital Returned GP's Assessment Cash-on-Cash Return2 to UTIMCO of Current Value1
1,060,122.86 258.28 1,060,381.14 45,070,994.00 50,910,821.00 12,139,865.00 4,749,487.00 112,871,167.00 0.00 0.00 2,741,270.81 42,082,013.24 29,402,273.79 9,895,443.05 7,258,728.74 5,391,484.64 1,014,104.90 0.00 95,044,048.36 2,823,995.00 652,446.00 3,476,441.00 19,101,614.65 8,274,213.87 27,375,828.52 27,199,141.73 5,260,077.36 32,459,219.09 2,430,620.87 23,381,533.50 42,700,101.27 26,033,806.01 94,546,061.65 11,608,629.24 88,410,198.37 8,447,109.36 18,056.00 347,725.03 4,863,892.75 5,515,627.61 12,399,461.49 10,673,778.34 4,417,875.50 38,236,416.72 19,552,554.04 76,782,147.85 96,334,701.89 24,530,081.68 18,157,794.83 42,687,876.51 0.04 0.00 0.03 1.65 0.90 0.23 0.15 0.67 0.00 0.00 0.18 8.40 1.96 0.48 0.36 0.31 0.08 0.00 1.00 0.13 0.01 0.04 0.44 0.27 0.37

IRR3
5.04% -24.81% 2.25% 23.95% 14.74% 2.02% -1.45% 12.75% -11.30% -7.26% -7.85% 73.14% 31.93% -6.72% -8.53% 0.83% -2.54% -11.21% 28.98% 2.37% 1.31% 1.62% 0.21% -2.94% -0.83%

ArcLight Capital Partners

ArcLight Energy Partners Fund I, L.P. ArcLight Energy Partners Fund II, L.P. ArcLight Energy Partners Fund III, L.P. ArcLight Energy Partners Fund IV, L.P.

Artiman Ventures Ashmore Investment Management Atlas Venture Austin Ventures

Artiman Ventures II, L.P. Ashmore Global Special Situations Fund IV, L.P. Atlas Venture Fund VI, L.P. Austin Ventures IV, L.P. Austin Ventures V, L.P. Austin Ventures VI, L.P. Austin Ventures VII, L.P. Austin Ventures VIII, L.P. Austin Ventures IX, L.P. Austin Ventures X, L.P.

Avenue Capital Group

Avenue Asia Special Situations Fund IV, L.P. Avenue Special Situations Fund V, L.P.

21,444,241.00 76,166,202.00 97,610,443.00 42,964,832.37 30,929,197.33 73,894,029.70

Baker Capital

Baker Communications Fund, L.P. Baker Communications Fund II (QP), L.P.

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
Fund Manager Name
Band of Angels Barclays Private Equity

Partnership Name
Band of Angels Fund, L.P. Barclays Private Equity European Fund A, L.P. Barclays Private Equities European Fund III, L.P.

Capital Invested
10,121,549.63 28,488,990.86 51,009,510.40 79,498,501.26 30,659,886.79 23,996,991.25 0.00 48,163,806.00 64,530,472.00 112,694,278.00

Capital Returned GP's Assessment Cash-on-Cash Return2 to UTIMCO of Current Value1
0.00 50,423,360.35 97,567.03 50,520,927.38 12,448.93 6,801,304.88 0.00 67,501,590.15 5,485,856.00 72,987,446.15 61,269,562.34 5,173,852.03 66,443,414.37 0.00 25,271,976.00 48,839,455.00 6,045,819.00 394,676.00 80,551,926.00 1,312,527.49 0.00 1,312,527.49 3,364,951.22 10,825,509.73 42,524,903.14 53,350,412.87 30,066,951.35 702,784.82 0.00 30,256,637.99 41,333,294.18 71,589,932.17 8,096,683.59 13,755,094.34 21,851,777.93 6,278,921.15 789,545.65 3,854,022.42 32,863,085.31 13,530,860.31 51,037,513.69 67,700,003.28 40,499,984.31 108,199,987.59 0.00 1.77 0.00 0.64 0.00 0.28 0.00 1.40 0.09 0.65 1.37 0.15 0.83 0.00 2.35 1.76 0.15 0.02 0.84 0.02 0.00 0.01

IRR3
-14.04% 34.19% -12.06% 21.32% -1.44% -16.14% 0.00% 40.03% -14.09% 15.98% 17.82% -27.51% 5.56% -31.05% 25.12% 21.38% -1.07% -11.27% 16.10% -1.34% 8.42% 0.37%

Baring Private Equity Asia Beacon Focus Value Investors Benson Elliot Capital Management Blackstone Group

Baring Asia Private Equity Fund IV, L.P. Beacon Group III - Focus Value Fund, L.P. Bensell US Feeder III, L.P. 4 Blackstone Capital Partners IV L.P. Blackstone Capital Partners V, L.P.

Candover Partners

Candover 2001 Fund US No. 2 Limited Partnership Candover 2005 Fund US No. 3 Limited Partnership

44,776,201.60 35,007,109.32 79,783,310.92 12,242,338.00 10,748,916.00 27,749,088.75 40,102,264.00 17,011,997.00 95,612,265.75 71,250,000.00 37,500,000.00 108,750,000.00

Care Capital The Carlyle Group

Care Capital Investments III, L.P. Carlyle Partners II, L.P. Carlyle Partners III, L.P. Carlyle Partners IV, L.P. Carlyle Partners V, L.P.

CarVal Investors

CVI Global Value Fund A, L.P. CVI Global Value Fund A, L.P. - 2008 Top-Off

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
Fund Manager Name
Centerbridge Partners Cerberus Capital Management Cinven Limited

Partnership Name
Centerbridge Capital Partners, L.P. Cerberus Institutional Partners, L.P.- Series Four Third Cinven Fund US (No.5) Limited Partnership Fourth Cinven Fund Limited Partnership

Capital Invested
41,938,446.03 61,883,542.00 33,198,460.85 55,360,623.52 88,559,084.37 31,206,089.52 18,003,711.37 18,839,278.25 18,595,153.25 31,876,726.00 69,311,157.50 26,135,750.90 15,001,892.58 25,005,950.00 10,001,413.75 50,009,256.33 29,092,294.45 36,581,658.99 27,951,146.12 8,869,043.29 102,494,142.85

Capital Returned GP's Assessment Cash-on-Cash Return2 to UTIMCO of Current Value1
4,321,533.00 0.00 49,236,024.23 -136,346.12 49,099,678.11 42,537,923.22 17,842,223.00 16,396,552.00 30,852,678.00 0.00 47,249,230.00 33,942,655.16 20,342,427.88 9,321,857.65 513,188.23 30,177,473.76 72,973,539.19 15,783,143.66 586,653.69 -59,998.93 89,283,337.61 43,827,504.60 57,825,341.43 11,289,982.00 48,466,294.15 59,756,276.15 13,266.66 1,214,454.40 0.00 8,394,320.43 26,305,164.75 34,699,485.18 4,517,663.55 0.00 772,546.48 4,070,906.23 4,843,452.71 2,514,167.39 29,785,475.99 20,874,157.25 7,815,949.85 60,989,750.48 0.10 0.00 1.48 -0.00 0.55 1.36 0.99 0.87 1.66 0.00 0.68 1.30 1.36 0.37 0.05 0.60 2.51 0.43 0.02 -0.01 0.87

IRR3
10.74% -3.66% 31.89% -6.25% 13.76% 9.93% 0.86% -1.93% 22.57% -9.83% 4.40% 7.75% 19.86% -21.31% -10.43% -12.01% 23.10% 12.90% -16.79% -14.44% 20.63%

Citicorp Capital Clayton, Dubilier, Rice & Associates Cortec Group

Citicorp Mezzanine Partners, L.P. Clayton, Dubilier & Rice Fund V, L.P. Cortec Group Fund II, L.P. Cortec Group Fund III, L.P. Cortec Group Fund IV, L.P.

Cravey, Green & Wahlen Crescendo Ventures

CGW Southeast Partners IV, L.P. Crescendo II, L.P. Crescendo III, L.P. Crescendo IV, L.P.

CVC Capital Partners

CVC European Equity Partners, L.P. CVC European Equity Partners IV (C) LP CVC European Equity Partners Tandem Fund CVC European Equity Partners V, L.P.

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
Fund Manager Name
DDJ Capital Management

Partnership Name
B IV Capital Partners, L.P. DDJ Total Return Loan Fund, L.P.

Capital Invested
13,559,445.78 25,000,000.00 38,559,445.78 27,578,599.69 41,187,960.44 46,305,886.82 46,759,011.52 161,831,458.47 22,251,082.00 7,800,000.00 30,051,082.00

Capital Returned to UTIMCO
7,580,284.87 9,800,605.19 17,380,890.06 53,072,827.63 66,140,756.32 29,935,583.54 4,661,385.70 153,810,553.19 0.00 35,446.00 35,446.00 96,456,563.24 28,630,228.11 1,234,123.86 126,320,915.21 5,755,827.00 56,250.00 5,812,077.00 4,896,527.84 2,040,340.00 0.00

GP's Assessment of Current Value1
5,052,079.89 14,351,564.68 19,403,644.57 3,360,741.60 27,079,465.43 25,181,812.10 47,100,157.28 102,722,176.41 18,420,728.21 6,292,675.72 24,713,403.93 14,089,910.38 1,224,974.78 27,743,730.99 43,058,616.15 17,259,446.74 8,386,011.46 25,645,458.20 23,081,054.62 20,156,190.46 16,378,322.93

Cash-on-Cash Return2
0.56 0.39 0.45 1.92 1.61 0.65 0.10 0.95 0.00 0.00 0.00 1.88 1.65 0.04 1.22 0.28 0.01 0.19 0.22 0.08 0.00

IRR3
-1.78% -0.97% -1.27% 48.94% 16.86% 8.25% 6.08% 23.76% -10.97% -18.83% -12.46% 21.20% 50.79% -15.22% 21.40% 5.21% -11.22% 2.25% 8.22% -6.72% -46.65%

Doughty Hanson & Co

Doughty Hanson & Co. II Doughty Hanson III, L.P. Doughty Hanson & Co IV, L.P. Doughty Hanson & Co. V

Emerald Hill Capital Partners

Emerald Hill Capital Partners I, L.P. Emerald Hill Capital Partners II, L.P.

EnCap Investments

EnCap Energy Capital Fund III-B, L.P. EnCap Energy Capital Fund IV-B, L.P. EnCap Energy Capital Fund VII, L.P.

51,354,134.91 17,380,345.06 34,542,473.83 103,276,953.80 20,202,128.00 9,803,972.00 30,006,100.00 22,411,727.00 25,560,000.00 30,268,471.00

Eos Partners

Eos Capital Partners III, L.P. Eos Capital Partners IV, L.P.

Escalate Capital Fisher Lynch Capital Five Mile Capital Partners

Escalate Capital I, L.P. Fisher Lynch Venture Partnership, L.P. Five Mile Capital Partners II, L.P.

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
Fund Manager Name
Fortress Investment Group

Partnership Name
Fortress Fund IV (Coinvestment Fund A), L.P. Fortress Fund IV (Fund A), L.P. Fortress Fund V (Coinvestment Fund A), L.P. Fortress Fund V (Fund A), L.P. Fortress Credit Opportunities Fund, L.P.

Capital Invested
20,167,004.57 20,503,608.12 28,144,691.16 22,474,493.89 97,643,442.99 188,933,240.73

Capital Returned to UTIMCO
167,005.70 618,398.82 0.00 12,870.91 41,204,437.49 42,002,712.92 781,512.00 0.00 8,851,825.00 0.00 150,284,488.48 6,570,042.37 4,639,125.22 161,493,656.07 0.00 0.00 0.00 26,747,342.31 3,885.13 0.00

GP's Assessment of Current Value1
13,709,217.42 13,584,905.66 14,678,886.08 10,350,444.28 71,895,426.74 124,218,880.18 19,297,422.45 22,932,264.07 23,442,689.47 30,003,126.74 4,667,933.81 18,960,754.73 21,970,175.93 45,598,864.47 4,941,542.91 60,460,008.81 34,129,384.33 8,041.00 550,669.76 1,802,148.20

Cash-on-Cash Return2
0.01 0.03 0.00 0.00 0.42 0.22 0.04 0.00 0.32 0.00 2.20 0.26 0.20 1.38 0.00 0.00 0.00 3.03 0.00 0.00

IRR3
-13.42% -13.68% -32.47% -37.59% 25.92% -9.53% 0.09% 21.62% 8.11% 42.99% 21.52% 0.82% 8.43% 19.51% -18.66% -10.88% 22.41% 25.01% -73.41% -1.68%

Foundation Capital Foundry Group Francisco Partners Gavea Investimentos GEI Capital

Foundation Capital IV, L.P. Foundry Venture Capital 2007, L.P. Francisco Partners II, L.P. Gavea Investment Fund III, L.P. Green Equity Investors III, L.P. Green Equity Investors IV, L.P. Green Equity Investors V, L.P.

20,004,869.75 17,950,000.00 28,000,000.00 20,000,000.00 68,270,709.59 24,899,966.52 23,491,422.70 116,662,098.81 6,466,064.45 70,399,339.57 30,166,666.67 8,837,541.25 1,965,317.39 1,882,683.00

Gobi Partners GSO Capital Partners H.I.G. Capital Hellman & Friedman Investors Horizon Capital Integral Capital Partners

Gobi Fund II, L.P. Texas Liquidity Capital, L.L.C. H.I.G. Bayside Debt & LBO Fund II, L.P. Hellman & Friedman Capital Partners II, L.P. Emerging Europe Growth Fund II, L.P. Integral Capital Partners VII, L.P.

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
Fund Manager Name
Intellectual Ventures

Partnership Name
Invention Development Fund I, LLC Invention Investment Fund II, L.L.C.

Capital Invested
8,944,607.00 13,181,302.69 22,125,909.69 38,063,291.57 24,764,475.18 62,827,766.75 9,639,607.44 3,692,634.01 60,229,028.50 57,978,578.00 118,207,606.50 16,750,000.00 22,401,322.00 39,151,322.00

Capital Returned GP's Assessment Cash-on-Cash Return2 to UTIMCO of Current Value1
0.00 2,510,702.69 2,510,702.69 32,981,789.21 3,835,383.04 36,817,172.25 840,116.46 13,835.49 92,309,809.00 1,028,157.00 93,337,966.00 0.00 25,047,480.53 25,047,480.53 10,749,122.19 1,762,837.14 12,511,959.33 41,803,132.14 24,656,112.20 2,977.04 66,462,221.38 0.00 2,883,639.17 10,069,808.97 12,953,448.14 14,622,366.94 37,401,366.62 52,023,733.56 425,435.70 2,545,720.83 6,237,611.86 49,768,964.51 56,006,576.37 13,903,629.31 0.00 13,903,629.31 13,373,150.10 19,353,762.80 32,726,912.90 2,448,771.22 14,772,566.90 31,217,457.93 48,438,796.05 6,365,400.00 0.00 0.19 0.11 0.87 0.15 0.59 0.09 0.00 1.53 0.02 0.79 0.00 1.12 0.64 0.48 0.08 0.27 1.62 0.56 0.00 0.63 0.00

IRR3
-68.93% -5.45% -32.54% 6.96% 11.41% 8.89% -48.30% -37.65% 12.96% -5.85% 9.38% -8.62% 9.10% -0.35% 2.82% -4.49% -0.36% 15.90% -5.37% -9.07% 4.61% -39.97%

Inverness Group

Inverness/Phoenix Partners, L.P. Inverness Partners II LP

JatoTech Ventures Kern Energy Partners KKR Associates

JatoTech Ventures, L.P. Kern Energy Partners III, L.P. KKR 1996 Fund, L.P. KKR 2006 Fund, L.P.

Knightsbridge Advisors

Knightsbridge Venture Capital VI, L.P. Knightsbridge Venture Completion 2005, L.P.

Lake Partners

Lake Capital Partners LP Lake Capital Partners II LP

22,462,242.60 23,140,015.94 45,602,258.54 25,769,016.82 43,739,426.27 36,059,999.00 105,568,442.09 15,000,000.00

MatlinPatterson Global Advisors

MatlinPatterson Global Opportunities Partners L.P. MatlinPatterson Global Opportunities Partners II Matlin Patterson Global Opportunities Partners III

Morgan Stanley Real Estate

Morgan Stanley Real Estate Special Situations Fund

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
Fund Manager Name
Morgenthaler Management Partners

Partnership Name
Morgenthaler Venture Partners III, L.P. Morgenthaler Venture Partners IV, L.P. Morgenthaler Venture Partners V, L.P. Morgenthaler Partners VI, L.P. Morgenthaler Partners VII, L.P. Morgenthaler Partners VII, L.P. (Secondary) Morgenthaler Partners VIII, L.P. Morgenthaler Venture Partners IX, L.P.

Capital Invested
15,000,000.00 15,002,334.86 25,681,391.01 10,007,031.25 23,755,700.00 1,358,402.00 21,000,000.00 4,000,000.00 115,804,859.12 24,666,835.25 14,892,936.49 20,258,493.15 25,000,470.00 1,316,934.00 3,821,367.00 5,138,301.00 50,005,479.46 40,000,000.00 25,000,000.00 25,000,000.00 16,464,126.42 35,000,000.00 29,750,000.00 250,000,000.00 471,219,605.88

Capital Returned to UTIMCO
45,304,682.34 31,965,815.29 42,739,693.13 4,714,557.28 8,098,324.93 509,212.81 2,602,501.04 0.00 135,934,786.82 1,011,693.89 74,867.00 0.00 28,800,253.00 103,784.00 217,363.00 321,147.00 73,726,969.59 65,823,557.82 33,101,962.00 2,564,897.00 24,666,110.50 204,438.00 0.00 84,369,737.00 284,457,671.91

GP's Assessment of Current Value1
0.00 0.00 5,702,689.67 2,008,931.21 10,366,543.66 698,804.41 17,493,490.32 3,158,150.33 39,428,609.60 22,427,683.27 11,411,455.05 18,673,696.97 2,760,041.51 685,883.50 1,416,548.63 2,102,432.13 625,613.43 111,608.27 5,415,345.41 30,309,462.26 15,527,513.49 34,548,006.36 37,739,931.67 159,255,988.00 283,533,468.89

Cash-on-Cash Return2
3.02 2.13 1.66 0.47 0.34 0.37 0.12 0.00 1.17 0.04 0.01 0.00 1.15 0.08 0.06 0.06 1.47 1.65 1.32 0.10 1.50 0.01 0.00 0.34 0.60

IRR3
27.53% 33.13% 12.62% -8.99% -6.73% -4.36% -2.02% -21.41% 22.01% -9.32% -24.41% -6.35% 6.14% -37.78% -55.89% -51.06% 11.87% 28.03% 14.20% 7.85% 59.39% -0.37% 26.23% -1.34% 10.24%

MSouth Equity Partners Natural Gas Partners NewMargin Ventures Northstar Capital Northwood Real Estate Partners

MSouth Equity Partners, L.P. Natural Gas Partners IX, L.P. NewMargin Growth Fund, L.P. Northstar Seidler Mezzanine Partners II, L.P. Northwood Real Estate Co-Investors, L.P. Northwood Real Estate Partners, L.P.

Oaktree Capital Management

OCM Opportunities Fund III, L.P. OCM Opportunities Fund IV, L.P. OCM Opportunities Fund V, L.P. OCM Opportunities Fund VI, L.P. OCM/GFI Power Opportunities Fund II, L.P. OCM Opportunities Fund VII, L.P. OCM Opportunities Fund VIIB, L.P. Oaktree Loan Fund 2x, L.P.

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
Fund Manager Name
Parthenon Capital Pinto Technology Ventures

Partnership Name
Parthenon Investors II, L.P. PTV Sciences, L.P. PTV Sciences II, L.P. Pinto TV Annex Fund, L.P.

Capital Invested
27,611,335.25 29,660,897.89 26,244,125.31 6,734,257.96 62,639,281.16

Capital Returned GP's Assessment Cash-on-Cash Return2 to UTIMCO of Current Value1
18,843,293.00 7,664,312.75 53,181.89 0.00 7,717,494.64 4,130,991.42 0.00 4,130,991.42 27,530,343.92 8,437,748.00 35,968,091.92 8,461,096.00 2,554,683.59 11,015,779.59 18,543,920.43 15,736,963.00 3,838.00 0.00 3,838.00 33,050.65 35,284,708.46 15,448,127.65 18,777,018.41 26,554,432.43 35,103,863.60 13,060,901.50 74,719,197.53 16,434,541.48 15,146,102.67 31,580,644.15 8,033,192.19 28,560,151.01 36,593,343.20 306,963.00 2,413,228.50 2,720,191.50 2,240,451.93 9,548,085.43 43,856,782.12 30,459,809.25 74,316,591.37 4,090,076.26 1,810,025.07 0.00 0.68 0.26 0.00 0.00 0.12 0.21 0.00 0.12 1.11 0.24 0.60 0.74 0.24 0.50 0.93 0.71 0.00 0.00 0.00 0.01 2.47 1.54

IRR3
11.48% 4.03% 16.70% 46.98% 10.33% 0.91% 2.33% 1.24% 14.63% 1.79% 8.80% -4.55% -9.32% -7.18% 1.37% 3.40% 3.25% 1.32% 2.82% -31.22% 26.18% 10.10%

Polaris Venture Partners

Polaris Venture Partners IV, L.P. Polaris Venture Partners V, L.P.

19,904,267.50 14,625,000.00 34,529,267.50 24,796,744.99 35,641,546.00 60,438,290.99 11,453,912.46 10,642,848.64 22,096,761.10 20,004,555.12 22,142,577.93 40,000,000.00 30,000,000.00 70,000,000.00 5,657,471.55 14,294,519.99 10,000,000.00

Pomona Capital

Pomona Capital V, L.P. Pomona Capital VI, L.P.

Prime Genpar

Asian Corporate Finance Fund, L.P. Prime Enterprises II, L.P.

Prime New Ventures Prospect Venture Partners Reservoir Capital Group

Prime VIII, L.P. Prospect Venture Partners II, L.P. Reservoir Capital Partners (Cayman), L.P. Reservoir Capital Investment Partners (Cayman), L.

Russia Partners Management Sandefer Capital Saratoga Partners

Russia Partners III, L.P. Energy Asset Option Fund Saratoga Partners II, L.P.

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
Fund Manager Name
Saunders Karp & Megrue

Partnership Name
SKM Equity Fund II, L.P. SKM Equity Fund III, L.P.

Capital Invested
36,359,311.00 21,913,926.37 58,273,237.37 11,541,715.05 11,536,728.30 22,737,242.65 35,078,338.84 19,149,207.28 29,873,752.45 1,041,358.20 130,958,342.77 7,290,984.02 21,288,582.00 29,444,443.00 8,400,000.00 8,037,500.00 23,777,870.01 27,234,000.00 28,504,000.00 7,185,000.00 62,923,000.00 26,666,365.00

Capital Returned GP's Assessment Cash-on-Cash Return2 to UTIMCO of Current Value1
3,915,205.00 29,864,883.65 33,780,088.65 35,957,844.65 30,714,904.26 55,965,515.39 101,045,309.86 23,182,068.84 18,946,689.24 0.00 265,812,332.24 0.00 1,447,907.00 0.00 0.00 0.00 -139,394.99 14,326,558.81 8,245,774.87 0.00 22,572,333.68 1,147,256.00 13,952,748.25 0.00 13,952,748.25 0.00 0.00 0.00 8,764,871.10 11,454,154.92 27,463,669.23 99,349.75 47,782,045.00 5,935,932.77 10,250,425.36 28,868,367.96 6,048,778.12 11,758,273.24 20,485,031.98 21,766,149.41 19,565,928.63 6,386,398.13 47,718,476.17 22,996,713.10 0.11 1.36 0.58 3.12 2.66 2.46 2.88 1.21 0.63 0.00 2.03 0.00 0.07 0.00 0.00 0.00 -0.01 0.53 0.29 0.00 0.36 0.04

IRR3
-7.23% 9.62% -2.98% 33.71% 15.91% 14.65% 25.52% 32.68% 29.61% -89.77% 24.16% -73.26% -36.29% -3.18% -19.54% 43.08% -12.26% 8.57% -1.38% -17.53% 4.83% -9.34%

SCF Partners

SCF Partners, L.P. OFS Investments SCF-III, L.P. SCF-IV, L.P. SCF-V, L.P. SCF-VI, L.P. SCF-VII, L.P.

Secured Capital Japan Shorenstein Properties Sindicatum Carbon & Energy Management Sofinnova Ventures Spark Management Partners TDR Capital Technology Crossover Ventures

Secured Capital Japan Real Estate Partners IV, L.P Shorenstein Realty Investors Nine, L.P. International Sindicatum Climate Change Partners Sofinnova Venture Partners VII, L.P. Spark Capital II, L.P. TDR Capital II 'A' L.P. TCV V, L.P. TCV VI, L.P. TCV VII, L.P.

Tenaska

Tenaska Power Fund II, L.P.

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
Fund Manager Name
Texas Pacific Group

Partnership Name
TPG Partners IV, L.P. TPG Partners V, L.P. TPG Partners VI, L.P. TPG Star, L.P.

Capital Invested
21,679,185.00 63,830,094.00 11,825,695.00 17,090,640.00 114,425,614.00 8,997,176.96 6,338,483.57 10,250,152.00 25,585,812.53 35,849,084.62 45,883,377.00 19,750,000.00 3,500,000.00 23,250,000.00 60,000,000.00 200,000,000.00 260,000,000.00

Capital Returned to UTIMCO
14,839,478.00 12,119,545.00 27,481.00 0.00 26,986,504.00 22,161,318.88 3,943,453.17 18,777.54 26,123,549.59 15,425,989.01 0.00 8,477,607.00 0.00 8,477,607.00 0.00 0.00 0.00 23,643,748.86 10,886,125.84 34,529,874.70 27,908,622.54 5,149,850.00 66,331.71 33,124,804.25

GP's Assessment of Current Value1
13,582,699.96 33,369,011.14 7,479,095.76 13,553,663.87 67,984,470.73 0.00 0.00 9,445,451.15 9,445,451.15 14,213,836.69 49,323,714.17 35,588,557.87 2,916,022.33 38,504,580.20 68,967,035.84 238,260,832.10 307,227,867.94 15,329,046.89 81,530.12 15,410,577.01 23,015,262.77 48,215,187.81 24,719,182.16 95,949,632.74

Cash-on-Cash Return2
0.68 0.19 0.00 0.00 0.24 2.46 0.62 0.00 1.02 0.43 0.00 0.43 0.00 0.36 0.00 0.00 0.00 0.59 1.09 0.69 0.92 0.10 0.00 0.30

IRR3
11.42% -15.73% -47.20% -16.61% -10.15% 21.20% -10.65% -4.76% 13.87% -11.36% 5.23% 46.77% -19.07% 44.35% 5.85% 15.89% 11.82% -0.52% 2.43% -0.14% 13.68% 2.39% -14.80% 5.94%

TGF Management Corporation

The Texas Growth Fund - 1991 Trust The Texas Growth Fund - 1995 Trust Southwest Opportunity Fund I, L.P.

Triton Managers II Limited Trophy Property Union Square Ventures

Triton Fund II L.P. Trophy Property (TE), L.P. Union Square Ventures 2004, L.P. Union Square Ventures 2008, L.P.

Varde Partners

Varde Fund VIII, L.P. Varde Fund IX, L.P.

Wand Partners

Wand Equity Portfolio II, L.P. Wand Secondary Interests

40,363,642.35 10,007,706.10 50,371,348.45 30,248,593.68 50,017,142.36 30,750,000.00 111,015,736.04

Warburg, Pincus & Co.

Warburg Pincus Private Equity VIII, L.P. Warburg Pincus Private Equity IX, L.P. Warburg Pincus Private Equity X, L.P.

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
Fund Manager Name
Windjammer Capital

Partnership Name
PMI Mezzanine Fund, L.P. Windjammer Mezzanine & Equity Fund II, L.P. Windjammer Senior Equity Partners III, L.P.

Capital Invested
26,178,202.94 21,252,039.34 15,422,235.12 62,852,477.40 9,634,328.36 12,622,734.59 16,983,865.62 22,706,843.68 61,947,772.25 5,350,000.00 6,008,852.50 11,358,852.50 25,132,546.71

Capital Returned to UTIMCO
40,422,230.01 17,496,754.07 637,345.00 58,556,329.08 58,575,959.44 22,371,872.52 20,012,250.24 99,612.29 101,059,694.49 8,603,862.28 2,598,032.86 11,201,895.14 20,869,831.06

GP's Assessment Cash-on-Cash Return2 of Current Value1
6,084.00 10,620,686.09 17,495,951.51 28,122,721.60 0.00 1,080,136.98 12,602,959.93 17,536,260.45 31,219,357.36 0.00 2,115,228.84 2,115,228.84 34,278,943.97 1.54 0.82 0.04 0.93 6.08 1.77 1.18 0.00 1.63 1.61 0.43 0.99 0.83

IRR3
9.91% 7.55% 8.42% 9.12% 30.34% 23.28% 17.79% -16.10% 29.40% 7.21% -2.95% 2.75% 20.77%

Wingate Partners

Wingate Partners, L.P. Wingate Partners II, L.P. Wingate Partners III, L.P. Wingate Partners IV, L.P.

The Woodlands

The Woodlands Venture Fund, L.P. The Woodlands/Essex Venture Fund III, L.P.

ZN Mexico General Partner

ZN Mexico II, L.P.

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.