You are on page 1of 4

The Regents of the University of California

Private Equity Investments as of June 30, 2015

Since inception in 1979 through June 30, 2015, the Private Equity portfolio has consisted of
$10.2 billion in commitments with 134 active partnerships. As of June 30, 2015, $8.0 billion of
these commitments have been called by the partnerships and $9.3 billion of distributions have been
received from the partnerships. Including the Current Net Asset Value of $4.2 billion as of
June 30, 2015, the Private Equity portfolio has produced $5.4 billion in profits and a 1.7x
multiple on contributed capital. The Private Equity portfolio has generated a total return of 11.0%
for the 10-year period ended June 30, 2015.
Since the beginning of 2001, Cambridge Associates, LLC (CA) has been retained by The Regents of the
University of California (The Regents) to advise on the Private Equity portfolio and to calculate the Net
Internal Rate of Return (IRR) for each partnership held in the Private Equity portfolio. Prior to the
engagement of CA, the Office of the Treasurer did not calculate IRRs for individual partnerships. The
historical returns for all portfolios reported by the Regents and the Office of the Treasurer are based on the
annualized Total Returns methodology. Total Return calculations are based on the changing value of a
portfolio and any cash flows received during the specified time period.
The Private Equity portfolio was historically less than 2% of the total investment portfolio; therefore, the
Regents evaluated the portfolio in its entirety and as part of the total equity portfolio. Moreover, Private
Equity partnerships are 10 to 13 year investments, and the only relevant return measure is the amount returned
at the end of the partnership compared to the capital invested. This has been the basis for investment decisions
in the Private Equity asset class, and this long-term horizon has produced exceptional returns.
Private Equity partnerships are subject to a J-Curve Effect; meaning returns are often low or negative during
the first several years. A 30% IRR or a 0.5x Investment Multiple might make for interesting headlines;
however, it says little about the current performance of the partnership or the expected returns over the life of
the investment. Most of the fully realized partnerships, which demonstrate strong returns on invested capital,
previously demonstrated significantly negative IRRs. Low or negative returns in the early years of a
partnership are inherent to the asset class, and the expected returns do not become readily apparent until the
latter years of a partnerships life.
On July 24, 2003, the Alameda County Superior Court ruled in the Coalition of University Employees, et al. v.
The Regents of the University of California lawsuit. In this ruling, the Court has ordered The Regents to
disclose fund-level internal rates of return under the California Public Records Act. To be consistent with the
disclosure provided by other California-based institutional limited partners subject to the California Public
Records Act, The Regents are disclosing detailed fund-level performance information for the most recent
period available. This information should allow for more meaningful interpretation of fund performance than
IRR information alone.
A number of General Partners have informed CA that performance information will no longer be provided to
CA as a result of the Courts ruling. Consequently, it is uncertain whether or not The Regents will be able to
provide IRRs for all partnerships in the Private Equity portfolio in future periods.

The attached performance information is sorted by Type and Vintage Year. The attached list includes active
investments with a net asset value greater than $1 million. In reviewing the attached information, please
consider the following:
Fund Name
Individual holdings may include multiple alternative investment vehicles.
Type
Consistent with historical reporting by sub-asset class, partnerships are categorized as Venture Capital or Leveraged
Buyout (LBO).
Vintage Year
Represents the year each partnership commenced investment activities according to CA; note, this may be different
than the year in which The Regents committed to invest in the partnership.
UC Commitment
Represents the total commitment made by The Regents to each partnership, adjusted for any subsequent reductions
to partnership commitments by the General Partners.
Cash In
Represents the total portion of The Regents commitment that has been contributed to the partnership from inception
through June 30, 2015 (except where noted).
Current NAV
Represents the net asset value of The Regents interest in each partnership as determined by the General Partners in
financial statements dated June 30, 2015 (except where noted).
Cash Out
Represents the total distributions received by The Regents from inception through June 30, 2015 (except where
noted).
Cash Out + Current NAV
Represents the sum of distributions received by The Regents from inception through June 30, 2015 and the net asset
value of The Regents interest in each partnership as determined by the General Partners in financial statements
dated June 30, 2015 (except where noted).
Investment Multiple
Represents each partnerships total value as a multiple of invested capital; the multiple is calculated by dividing
Cash Out + Current NAV by Cash In.
Net IRR
Represents the cash-on-cash return net of fees, expenses, and carried interest from inception through June 30, 2015
as well as the net asset value of The Regents interest in each partnership as determined by the General Partners in
financial statements dated June 30, 2015 (except where noted).

Private Equity partnerships represent long-term commitments of typically 10 to 13 years. The majority of
capital commitments are contributed to each partnership during the initial five- to six-year period when the
General Partners are actively making new investments. Differences in the investment pace of each partnership
have a significant impact on the Investment Multiple and Net IRR calculations. Since fees and expenses are
paid on a regular schedule, partnerships with a relatively slower investment pace will tend to produce lower
Investment Multiple and Net IRR figures. In addition, each General Partner uses different valuation policies to
determine the net asset value of the partnership, as no industry standard currently exists. While each General
Partners valuation policy is different, conservatism often results in early write-downs for underperforming
investments. In addition, write-ups are typically limited to an independent valuation event such as a third party
financing or an initial public offering. All of these issues contribute to the J-Curve Effect and limit the
comparability of returns across partnerships.

The Regents of the University of California


Alternative Investments as of June 30, 2015
Fund Name

Type

Vintage Year

Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital/LBO
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital/LBO
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital/LBO
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital/LBO
Venture Capital/LBO
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital

1994
1996
1999
1999
1999
2000
2000
2000
2001
2003
2004
2005
2005
2005
2005
2005
2005
2006
2006
2006
2007
2007
2007
2007
2007
2008
2009
2009
2009
2010
2010
2010
2010
2011
2011
2011
2011
2012
2012
2012
2012
2013
2013
2013
2014
2014
2014
2015

VENTURE CAPITAL
Kleiner Perkins Caufield & Byers VII
Kleiner Perkins Caufield & Byers VIII
Kleiner Perkins Caufield & Byers IX-A
Sequoia Capital Franchise Fund
Sequoia Capital IX
Accel VIII, L.P.
Kleiner Perkins Caufield & Byers X-A, L.P.
Sequoia Capital X
Warburg Pincus Private Equity VIII, L.P.
Darwin Venture Fund of Funds
Granite Global Ventures II, L.P.
Canaan Equity Partners VII
Claremont Creek Ventures, LP
Insight Venture Partners V Coinvestment Fund, L.P.
Insight Venture Partners V, L.P.
The Column Group, L.P.
Warburg Pincus Private Equity IX, L.P.
Darwin Venture Capital Fund of Funds II LP
Granite Global Ventures III, L.P.
Orbimed Private Investments III, LP
Bessemer Venture Partners VII Institutional
Canaan VIII, L.P.
Insight Venture Partners VI, L.P.
W Capital Partners II, LP
Warburg Pincus Private Equity X, L.P.
Claremont Creek Ventures II, LP
Khosla Ventures Fund III, L.P.
Khosla Ventures Seed, L.P.
Orbimed Private Investments IV, L.P.
Insight Coinvest II, L.P.
Insight Venture Partners VII, L.P.
Sequoia Capital 2010, L.P.
Bessemer Venture Partners VIII
GGV Capital IV, L.P.
Khosla Ventures IV, L.P.
Sequoia U.S. Growth, L.P.
W Capital Partners III, L.P.
Canaan IX, L.P.
Khosla Seed B
Sequoia Global Growth, L.P.
Warburg Pincus Private Equity Fund XI, L.P.
BG Special Situations, L.P.
Insight Venture Partners VIII, L.P.
The Column Group II L.P.
GGV Capital V L.P.
Insight Venture Partners Coinvestment Fund III
Khosla Ventures V, L.P.
Mission Bay Capital II
1

2
3

NM

UC Commitment

Cash In

Current NAV

Cash Out

Cash Out +
Current NAV

Investment
Multiple2

$487,658
$339,989
$6,879
$11,598
$13,236
$4,126
$5,631
$9,549
$116,394
$12,773
$35,614
$107,350
$18,269
$27,921
$70,113
$58,951
$284,802
$37,687
$98,283
$47,994
$14,159
$52,995
$117,618
$78,191
$256,708
$36,710
$96,020
$24,857
$54,954
$15,597
$76,002
NA
$25,062
$61,617
$70,714
NA
$28,295
$31,840
$24,459
NA
$77,296
$261,181
$53,668
$45,125
$19,219
$8,702
$16,896
$0

32.51x
17.00x
0.40x
0.71x
0.86x
0.51x
0.59x
0.55x
2.33x
1.65x
1.49x
3.10x
1.26x
3.32x
2.61x
2.47x
1.51x
3.10x
2.23x
2.54x
1.79x
1.62x
2.63x
1.46x
1.47x
1.59x
1.70x
1.50x
2.78x
1.65x
1.60x
NA
1.46x
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM

Net IRR1,2,3

Dollars in Thousands

$20,000
$20,000
$20,000
$22,000
$18,000
$14,586
$20,000
$28,000
$50,000
$8,424
$25,000
$35,000
$15,000
$8,400
$27,000
$25,000
$190,000
$13,890
$45,075
$20,000
$9,333
$35,000
$50,000
$60,000
$175,000
$27,000
$60,000
$17,143
$25,000
$13,000
$50,000
$30,000
$26,850
$35,000
$60,000
$30,000
$60,000
$25,000
$20,000
$35,000
$90,000
$323,277
$50,000
$50,000
$35,000
$10,000
$60,000
$3,900

($15,000)
($20,000)
($17,000)
($16,280)
($15,444)
($8,070)
($9,500)
($17,500)
($50,000)
($7,757)
($23,875)
($34,650)
($14,550)
($8,400)
($26,868)
($23,824)
($188,606)
($12,153)
($44,087)
($18,930)
($7,924)
($32,725)
($44,760)
($53,613)
($175,000)
($23,018)
($56,400)
($16,543)
($19,800)
($9,432)
($47,389)
NA
($17,157)
($32,025)
($47,700)
NA
($25,383)
($18,750)
($17,800)
NA
($59,490)
($266,881)
($45,050)
($11,650)
($14,000)
($8,460)
($16,800)
$0

$4,674
$10,074
$6,879
$5,633
$3,908
$4,126
$5,631
$9,171
$18,280
$7,663
$21,781
$58,895
$17,297
$1,274
$15,331
$27,974
$41,359
$32,043
$52,064
$21,510
$10,305
$23,394
$44,181
$19,210
$133,868
$30,004
$83,475
$23,308
$41,663
$14,849
$56,368
NA
$25,062
$61,384
$67,660
NA
$26,401
$26,623
$23,486
NA
$69,522
$200,317
$53,045
$14,302
$19,219
$8,702
$16,896
$0

$482,985
$329,915
$0
$5,966
$9,327
$0
$0
$379
$98,115
$5,110
$13,833
$48,455
$972
$26,647
$54,783
$30,976
$243,444
$5,643
$46,219
$26,484
$3,854
$29,601
$73,437
$58,980
$122,840
$6,706
$12,545
$1,548
$13,291
$748
$19,634
NA
$0
$233
$3,054
NA
$1,894
$5,216
$973
NA
$7,774
$60,864
$623
$30,823
$0
$0
$0
$0

Fund level data and IRR calculations for Accel, Kleiner Perkins Caufield & Byers, and Sequoia Capital are based on March 31, 2003 as determined by Cambridge Associates LLC and are no longer provided by
Cambridge Associates LLC.
As determined by Cambridge Associates, funds with NM (not meaningful) are too young to have produced meaningful returns. Funds with NA (not applicable) have not yet commenced operations.
Net IRR (internal rate of return) includes the cash-on-cash return net of fees, expenses, and carried interest as well as the net asset value of University of California Regents' interest in the partnership as determined by the General
Partners. Differences in the valuation policies employed by General Partners (for which no industry standard currently exists) and differences in the investment pace of each partnership materially affect the IRR calculations. As
such, IRRs should not be used to measure a fund's performance until all investments have been fully realized. In addition, a comparison of IRRs across funds would fail to account for these inherent differences.
Cambridge Associates LLC methodology assumes a mid-quarter convention for all cash flows within the IRR calculation. In the case of Versant Venture Capital I and Versant Venture Capital II the actual cash flow dates
were utilized.
For funds formed in a vintage year of 2011 or later, the Investment Multiple and Net IRR are not yet meaningful as these funds are still in the process of making new investments and the performance of new and existing investments
will not be determined for several years to come.

THESE FOOTNOTES ARE AN INTEGRAL PART OF THIS REPORT. ANY DISCLOSURE OF THE INFORMATION CONTAINED IN THIS REPORT MUST INCLUDE THESE FOOTNOTES. A FAILURE TO INCLUDE
THESE FOOTNOTES WHEN DISCLOSING THIS INFORMATION TO ANY THIRD PARTY WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.

121.7%
286.6%
-23.3%
-17.0%
-6.1%
-26.8%
-17.5%
-31.0%
15.6%
8.1%
5.9%
20.7%
3.9%
26.8%
21.3%
25.6%
-7.5%
24.6%
18.5%
21.3%
13.2%
14.5%
20.3%
11.9%
8.8%
18.7%
13.6%
11.2%
45.2%
20.4%
19.2%
NA
20.2%
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM

Fund Name

Type

Vintage Year

LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO

2000
2001
2003
2003
2004
2004
2004
2004
2005
2005
2005
2005
2005
2005
2005
2005
2005
2006
2006
2006
2006
2006
2006
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2009
2010
2010
2010
2011
2011
2011
2011
2011
2011
2011
2011
2011
2011
2011
2011
2012
2012
2012
2012
2012
2012
2012
2012
2013
2013
2013
2013
2013
2013
2013
2013
2014
2014
2014
2014

LEVERAGED BUYOUTS
Madison Dearborn Capital Partners IV, L.P.
Blackstone Capital Partners IV, L.P.
Kelso Investment Associates VII, L.P.
Olympus Growth Fund IV, L.P.
Bain Capital Fund VIII, L.P.
Bain Capital Fund VIII - Coinvestment Fund, L.P.
Genstar Capital Partners IV, L.P.
JLL Partners Fund V, L.P.
Apollo Investment Fund VI L.P.
Blackstone Capital Partners Sub-Fund V
Charlesbank Equity Fund VI, L.P.
Madison Dearborn Capital Partners V, L.P.
Shamrock Capital Growth Fund II L.P.
STAR Capital Partners II, L.P.
Sun Capital Partners IV, LP
Vestar Capital Partners V, L.P.
Water Street Healthcare Partners, L.P.
Ares Corporate Opportunities Fund II, L.P.
Arsenal Capital Partners II, L.P.
Bain Capital Fund IX Co-Invest L.P.
Bain Capital Fund IX, L.P.
Berkshire Fund VII L.P.
HIG Capital IV
Apollo Investment Fund VII
Bain Capital Europe III, L.P.
Bain Capital Fund X, L.P.
Bain Capital Fund X Co-Invest, L.P.
Blackstone Capital Partners VI, L.P.
Genstar Capital Partners V, LP
Kelso Investment Associates VIII, L.P.
Madison Dearborn Capital Partners VI, L.P.
Olympus Growth Fund V, LP
Pine Brook Capital Partners, L.P.
Sun Capital Partners V, L.P.
4D Global Energy Investments Fund, PLC
Ares Corporate Opportunities Fund III, L.P.
Bain Sankaty Credit Opportunities IV, L.P.
Flexpoint Fund II, L.P.
FountainVest China Growth Capital Fund, L.P.
H.I.G. Bayside Debt & LBO Fund II, L.P.
JLL Partners Fund VI, L.P.
Lime Rock Partners V, L.P.
Sentient Global Resources Fund III, L.P.
SG Growth Capital Partners I, L.P.
Water Street Healthcare Partners II, L.P.
Charlesbank Equity Fund VII, L.P.
RoundTable Healthcare Capital Partners II, LP
Roundtable Healthcare Partners III, LP
Shamrock Capital Growth Fund III, L.P.
Alpha Private Equity Fund 6
Berkshire Fund VIII, L.P.
Clyde Blowers Capital Fund III, L.P.
EQT VI, L.P.
Genstar Capital Partners VI, L.P.
Lime Rock Partners VI, L.P.
Sentient Global Resources Fund IV, L.P.
SG Growth Capital Partners II, L.P.
Sycamore Partners, L.P.
Vestar Capital Partners VI, L.P.
Yellow Wood Partners, L.P.
Apollo European Principal Finance Fund II (US)
Ares Corporate Opportunities Fund IV, L.P.
Arsenal Capital Partners III
Bain Sankaty Credit Opportunities V, L.P.
FountainVest China Growth Capital Fund II, L.P.
Advent International GPE VII-B, L.P.
Water Street Healthcare Partners III, L.P.
Pine Brook Capital Partners II, L.P.
Lyceum Capital Fund III, LP
Olympus Growth Fund VI, L.P.
Bain Capital Fund XI, L.P.
H.I.G. Europe Capital Partners II
HIG Capital V
Sun Capital Partners VI, L.P.
Apollo Investment Fund VIII, L.P.
Blackstone Strategic Capital Holdings L.P.
H.I.G. Middle-Market LBO Fund II
SG Growth Partners III, L.P.
Sycamore Partners II, L.P.
Warburg Pincus Energy Fund I
JLL Partners VII
1

2
3

NM

UC Commitment

Cash In

Current NAV

Cash Out

Cash Out +
Current NAV

Investment
Multiple2

1,2,3

Net IRR

Dollars in Thousands

$50,000
$50,000
$40,000
$25,000
$20,000
$7,500
$20,000
$50,000
$50,000
$125,000
$16,000
$100,000
$40,500
$31,726
$15,750
$64,000
$35,000
$35,000
$63,000
$15,000
$45,000
$30,000
$4,500
$25,000
$50,668
$75,000
$12,500
$30,000
$110,000
$100,000
$130,000
$98,000
$50,000
$66,667
$20,000
$50,000
$105,000
$50,000
$25,000
$30,000
$100,000
$30,000
$50,000
$20,000
$60,000
$50,000
$5,000
$55,000
$65,000
$31,726
$62,500
$40,226
$45,260
$50,000
$30,000
$50,000
$40,000
$54,500
$60,000
$58,250
$25,000
$85,000
$86,000
$35,000
$75,000
$50,000
$50,000
$100,000
$39,553
$50,000
$50,000
$13,197
$10,000
$35,000
$75,000
$200,000
$25,000
$50,000
$50,000
$50,000
$50,000

($45,981)
($50,000)
($40,000)
($25,000)
($19,957)
($7,212)
($20,000)
($50,000)
($47,910)
($121,777)
($15,212)
($90,893)
($40,500)
($22,669)
($15,305)
($50,000)
($34,517)
($30,972)
($63,000)
($14,745)
($43,762)
($28,239)
($4,166)
($19,637)
($45,399)
($72,713)
($3,062)
($19,158)
($99,943)
($92,481)
($111,190)
($94,739)
($41,344)
($57,564)
($18,507)
($44,555)
($99,750)
($38,761)
($22,846)
($23,460)
($92,611)
($27,013)
($50,000)
($20,000)
($53,949)
($43,694)
($4,381)
($51,372)
($41,476)
($21,547)
($44,700)
($26,063)
($35,100)
($34,404)
($13,983)
($37,985)
($31,539)
($30,603)
($46,255)
($29,364)
($13,072)
($66,010)
($71,462)
($15,925)
($32,229)
($27,540)
($10,575)
($45,366)
($10,833)
($5,677)
($8,125)
($166)
($1,625)
($4,833)
($16,181)
($18,294)
($396)
($5,179)
($3,261)
($3,650)
$0

$8,422
$14,783
$2,218
$7,667
$7,377
$2,596
$4,455
$24,908
$21,123
$84,998
$11,199
$60,995
$42,465
$20,601
$10,923
$57,948
$14,701
$7,781
$118,400
$7,127
$16,432
$15,870
$4,516
$9,592
$45,523
$49,086
$2,252
$22,404
$73,923
$97,221
$131,786
$131,215
$37,705
$61,536
$15,139
$47,529
$22,397
$20,998
$28,017
$17,258
$181,579
$13,408
$41,537
$22,055
$39,284
$59,574
$2,928
$58,000
$40,719
$24,530
$66,453
$22,614
$35,485
$45,087
$19,368
$31,984
$37,739
$67,741
$58,123
$46,191
$15,055
$83,042
$71,373
$17,533
$47,438
$32,570
$8,930
$43,878
$5,943
$6,110
$7,917
$86
$1,593
$7,541
$15,511
$21,280
$371
$1,168
$2,784
$2,879
$0

$89,062
$120,097
$64,017
$34,792
$41,048
$14,359
$27,543
$59,274
$61,027
$117,316
$13,506
$80,273
$22,635
$19,602
$17,259
$29,760
$38,470
$50,578
$50,577
$18,628
$55,314
$31,478
$6,309
$33,008
$16,281
$45,166
$1,771
$1,889
$115,936
$36,522
$69,491
$38,514
$18,472
$23,494
$5,505
$38,804
$120,771
$42,310
$3,120
$18,128
$26,520
$12,247
$19,044
$12,236
$55,352
$22,755
$2,082
$1,434
$90,315
$808
$770
$4
$19
$1,227
$535
$0
$20
$26,431
$1,247
$0
$45
$940
$3,942
$688
$5,936
$2,070
$2,485
$170
$0
$1,019
$0
$0
$0
$0
$0
$0
$0
$4,010
$0
$0
$0

$97,484
$134,879
$66,236
$42,459
$48,424
$16,955
$31,997
$84,182
$82,150
$202,315
$24,705
$141,268
$65,099
$40,203
$28,182
$87,707
$53,171
$58,359
$168,977
$25,754
$71,746
$47,348
$10,825
$42,600
$61,804
$94,253
$4,023
$24,293
$189,860
$133,743
$201,277
$169,729
$56,177
$85,030
$20,644
$86,333
$143,168
$63,308
$31,137
$35,387
$208,099
$25,656
$60,582
$34,291
$94,636
$82,329
$5,010
$59,434
$131,034
$25,338
$67,223
$22,618
$35,503
$46,314
$19,903
$31,984
$37,759
$94,172
$59,370
$46,191
$15,100
$83,982
$75,315
$18,221
$53,374
$34,640
$11,415
$44,048
$5,943
$7,129
$7,917
$86
$1,593
$7,541
$15,511
$21,280
$371
$5,179
$2,784
$2,879
$0

2.12x
2.70x
1.66x
1.70x
2.43x
2.35x
1.60x
1.68x
1.71x
1.66x
1.62x
1.55x
1.60x
1.77x
1.84x
1.75x
1.54x
1.88x
2.50x
1.75x
1.64x
1.68x
2.60x
2.17x
1.36x
1.30x
1.31x
1.27x
1.90x
1.45x
1.81x
1.79x
1.36x
1.48x
1.12x
1.94x
1.44x
1.63x
1.36x
1.51x
2.25x
0.95x
1.21x
1.59x
1.75x
1.88x
1.14x
1.16x
3.16x
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM

Fund level data and IRR calculations for Accel, Kleiner Perkins Caufield & Byers, and Sequoia Capital are based on March 31, 2003 as determined by Cambridge Associates LLC and are no longer provided by
Cambridge Associates LLC.
As determined by Cambridge Associates, funds with NM (not meaningful) are too young to have produced meaningful returns. Funds with NA (not applicable) have not yet commenced operations.
Net IRR (internal rate of return) includes the cash-on-cash return net of fees, expenses, and carried interest as well as the net asset value of University of California Regents' interest in the partnership as determined by the General
Partners. Differences in the valuation policies employed by General Partners (for which no industry standard currently exists) and differences in the investment pace of each partnership materially affect the IRR calculations. As
such, IRRs should not be used to measure a fund's performance until all investments have been fully realized. In addition, a comparison of IRRs across funds would fail to account for these inherent differences.
Cambridge Associates LLC methodology assumes a mid-quarter convention for all cash flows within the IRR calculation. In the case of Versant Venture Capital I and Versant Venture Capital II the actual cash flow dates
were utilized.
For funds formed in a vintage year of 2011 or later, the Investment Multiple and Net IRR are not yet meaningful as these funds are still in the process of making new investments and the performance of new and existing investments
will not be determined for several years to come.

THESE FOOTNOTES ARE AN INTEGRAL PART OF THIS REPORT. ANY DISCLOSURE OF THE INFORMATION CONTAINED IN THIS REPORT MUST INCLUDE THESE FOOTNOTES. A FAILURE TO INCLUDE
THESE FOOTNOTES WHEN DISCLOSING THIS INFORMATION TO ANY THIRD PARTY WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.

17.1%
36.0%
11.7%
9.1%
16.2%
17.1%
8.3%
10.9%
9.9%
8.5%
10.3%
7.0%
13.0%
19.1%
9.4%
5.3%
8.4%
14.0%
20.0%
9.2%
8.4%
16.9%
41.7%
25.9%
10.9%
6.7%
5.5%
13.7%
14.0%
11.6%
24.3%
19.0%
9.3%
9.7%
6.0%
22.4%
12.2%
27.5%
8.7%
14.7%
36.6%
-1.2%
5.3%
13.9%
26.2%
27.1%
8.3%
7.5%
97.3%
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM