Performance Analysis

Period: 03/31/2020

Vintage Year Investment Name Commitments Contributions Distributions Market Value ITD IRR**
PRIVATE EQUITY FUNDS*
1997 OneLiberty Fund IV, L.P. 8,000,000 8,000,000 10,696,433 740,032 4.69
1998 Beacon Group Energy Investment Fund II, L.P. 11,051,008 11,764,322 16,570,820 468,139 7.80
1998 Capital Resource Partners IV, L.P. 19,100,000 19,049,996 21,237,342 28,069 2.04
1998 Clayton, Dubilier & Rice Fund VI, L.P. 20,000,000 16,291,185 24,853,600 10,011 9.68
1998 Cypress Merchant Banking Partners II, L.P. 20,000,000 21,568,155 22,863,374 9,673 (0.50)
1998 Warburg Pincus Equity Partners, LP 20,000,000 20,000,000 33,372,141 78,813 10.51
1999 Advanced Technology Ventures VI, L.P. 12,500,000 12,500,000 5,789,459 17 (7.55)
1999 VantagePoint Venture Partners IV 30,000,000 30,000,000 26,336,511 1,677,877 (0.94)
1999 Vestar Capital Partners IV, L.P. 25,000,000 24,928,717 43,564,016 194,781 13.38
1999 Windjammer Mezzanine & Equity Fund II 25,000,000 24,551,420 35,719,188 24,098 8.98
2000 OneLiberty Ventures 2000, L.P. 20,000,000 20,000,000 8,814,687 2,653,427 (4.43)
2007 Warburg Pincus Private Equity X, LP 50,000,000 50,000,000 75,217,861 11,717,140 8.86
2008 Apollo Investment Fund VII, L.P. 25,000,000 33,679,309 51,732,769 3,300,620 22.72
2008 Ares Corporate Opportunities Fund III, L.P. 20,000,000 25,459,074 52,442,714 4,035,252 20.47
2008 First Reserve Fund XII, L.P. 25,000,000 28,605,928 15,430,895 3,767,354 (9.99)
2008 OCM Opportunities Fund VIIb, L.P. 25,000,000 22,500,000 38,725,551 453,574 16.53
2008 Pine Brook Capital Partners 20,000,000 22,086,942 27,758,742 899,664 6.74
2008 TowerBrook Investors III, L.P. 25,000,000 26,626,215 32,905,005 2,091,740 8.62
2008 TPG Partners VI, L.P. 25,000,000 28,181,487 37,625,750 5,641,786 10.41
2009 New Enterprise Associates 13, LP 10,000,000 10,000,000 13,327,104 7,174,954 13.54
2010 Blackstone - GSO Capital Solutions LP 25,000,000 34,776,333 44,462,869 1,119,779 9.71
2010 Encap Energy Capital Fund VIII, L.P. 25,000,000 27,495,756 16,415,572 5,195,019 (7.92)
2011 Audax Mezzanine Fund III, L.P. 20,000,000 19,302,284 22,015,896 3,467,574 9.77
2011 Centerbridge Capital Partners II, L.P. 25,000,000 37,493,565 27,320,436 6,495,628 (3.32)
2011 Hellman & Friedman Capital Partners VII, L.P. 15,000,000 14,476,463 22,161,681 21,640,052 24.43
2011 JMI Equity Fund VII, L.P. 15,000,000 14,670,000 19,574,082 12,177,404 16.12
2011 Montagu IV L.P. 24,875,623 25,680,879 37,944,505 4,520,118 13.68
2011 Snow Phipps II, L.P. 25,000,000 28,747,064 29,873,029 13,228,416 8.66
2011 TPG Growth II, LP 25,000,000 25,348,635 51,575,312 694,321 14.38
2011 Vista Equity Partners Fund IV, L.P. 30,000,000 34,237,425 43,217,862 19,790,556 16.37
2011 Wellspring Capital Partners V, L.P. 25,000,000 28,619,113 32,905,291 10,942,081 15.50
2012 Ares Corporate Opportunities Fund IV, L.P. 25,000,000 27,017,438 26,620,036 15,639,576 11.78
2012 Platinum Equity Capital Partners III, LP 45,000,000 58,633,155 79,682,140 19,382,052 28.36
2013 Apollo Investment Fund VIII, L.P. 60,000,000 56,831,804 28,068,778 50,228,490 11.26
2013 CCMP Capital Investors III, L.P. 50,000,000 54,309,722 24,091,421 46,657,812 8.36
2013 EnCap Energy Capital Fund IX, L.P. 40,000,000 45,145,571 34,675,602 20,030,187 7.80
2013 Pine Brook Capital Partners II, L.P. 50,000,000 63,961,580 21,903,305 57,177,126 6.64
2013 TowerBrook Investors IV 35,000,000 25,075,318 8,170,756 30,841,762 21.26
2013 Warburg Pincus Private Equity XI, L.P. 50,000,000 54,050,000 58,642,480 31,334,732 13.13
2014 FS Equity Partners VII, L.P. 50,000,000 44,207,298 3,485,081 48,474,240 5.08
2014 GSO Capital Solutions Fund II, L.P. 50,000,000 44,479,093 41,385,927 7,109,510 1.69
2014 Vista Equity Partners Fund V, L.P. 75,000,000 96,595,680 104,407,620 78,420,436 20.98
2015 Ares Special Situations Fund IV, L.P. 50,000,000 51,584,599 4,920,809 46,621,630 (0.66)
2015 Centerbridge Capital Partners III, L.P. 30,000,000 23,986,966 10,164,982 23,166,261 15.20
2015 Crestview Partners III, L.P. 50,000,000 34,539,092 21,847,893 24,631,053 10.64
2015 EnCap Energy Capital Fund X, L.P. 50,000,000 45,323,817 9,870,569 44,008,499 7.56
2015 Montagu V, L.P. 73,612,085 64,804,796 15,255,548 59,448,143 10.42
2015 TPG Partners VII, L.P. 75,000,000 71,366,673 14,795,433 78,489,294 13.02
2015 Warburg Pincus Private Equity XII, LP 65,000,000 62,432,500 6,210,620 73,024,628 12.11
2016 Hellman & Friedman Capital Partners VIII, L.P. 45,000,000 43,507,141 2,745,260 49,582,612 10.16
2016 Platinum Equity Capital Partners IV, LP 75,000,000 66,158,534 21,833,492 66,838,215 19.01
2016 Snow Phipps III, L.P. 50,000,000 34,484,978 12,445,975 32,205,231 13.18
2016 TA XII, L.P. 70,000,000 67,200,000 36,094,465 80,573,042 31.64
2016 TPG Growth Fund III, L.P. 50,000,000 45,169,895 22,694,191 43,429,001 18.16
2016 Vista Equity Partners Fund VI, L.P. 75,000,000 89,710,087 25,343,656 97,167,190 15.40
Performance Analysis
Period: 03/31/2020

Vintage Year Investment Name Commitments Contributions Distributions Market Value ITD IRR**
2017 Apax Europe IX 75,000,000 69,095,076 1,634,240 95,256,447 NA
2017 Ares Corporate Opportunities Fund V, L.P. 75,000,000 64,838,818 8,040,478 63,310,588 NA
2017 Green Equity Investors VII, L.P. 75,000,000 57,640,935 108,650 68,832,706 NA
2017 New Enterprise Associates 16, LP 50,000,000 33,500,000 1,948,934 37,650,418 NA
2017 New Mountain Partners V, LP 62,500,000 38,718,554 777,125 43,132,800 NA
2017 Quad C Partners IX 40,000,000 19,810,082 722,781 21,456,727 NA
2018 Freeman Spogli (FS) Equity Partners VIII, L.P. 75,000,000 17,408,084 19,510 15,526,916 NA
2018 GSO Capital Solutions Fund III LP 75,000,000 19,060,104 8,820,837 12,525,130 NA
2018 TPG Growth IV, LP 50,000,000 27,709,455 42,110 27,536,266 NA
2018 Wellspring Capital Partners VI LP 75,000,000 25,664,041 0 23,057,863 NA
2019 Apollo Investment Fund IX, LP 64,000,000 11,995,399 119,332 10,355,748 NA
2019 New Enterprise Associates 17, L.P. 50,000,000 8,750,000 0 8,765,645 NA
2019 Platinum Equity Capital Partners V, L.P. 50,000,000 5,748,287 0 5,540,507 NA
2019 TA XIII, L.P. 50,000,000 7,500,000 0 7,104,458 NA
2019 TPG Partners VIII, L.P. 75,000,000 4,295,009 0 2,350,591 NA
2019 Vista Equity Partners Fund VII L.P. 75,000,000 18,930,760 58,053 17,717,417 NA
2019 Warburg Pincus Global Growth, L.P. 75,000,000 14,175,000 0 13,098,280 NA
2020 TowerBrook Investors V, L.P. 75,000,000 6,031,300 0 5,337,285 NA
TBD Apax X USD L.P. 50,000,000 0 0 0 NA
TBD Ares Corporate Opportunities VI, L.P. 50,000,000 0 0 0 NA
TBD Green Equity Investors VIII, L.P. 50,000,000 0 0 0 NA
TBD Hellman & Friedman Capital Ptnrs IX, LP 75,000,000 0 0 0 NA
TBD Montagu VI, L.P. 49,376,265 0 0 0 NA
* KPERS is reporting net IRR's for funds with a vintage year greater than 3 years, as is a practice within the private equity industry.
Performance Analysis
Period: 03/31/2020

Vintage Year Investment Name Commitments Contributions Distributions Market Value ITD IRR**

** The reported ITD IRRs were not prepared, reviewed or approved by the General Partner or any of their respective affiliates.