MX Special

Opportunities Fund Fund Introduction

(MX50)
 The MX50 Fund Overview
MX50 invests in category winning companies in the U.S. and China with established product
market fit that are looking for expansion or liquidity.
The MX50 Fund will provide investors with a
portfolio ESG-focused, venture-backed private
technology companies focused on next
generation transportation, vertical SaaS, and
FinTech.
The fund has been designed with liquidity in
mind. Following the first-year reinvestment
period, capital distributions will occur as fund
components go public or are acquired.
Please refer to the Disclaimer provided at the end of this document
The Fund leverages the existing MarketX
Ventures leading secondary platform,
gaining access to real-time information
flows, reliable market pricing, and premier
execution capabilities.
The Fund will invest in startups that align
with our key investing themes: ESG, women
and minority founded startups, and startups
in emerging markets.
Marketxventures.com
 Unique value proposition for LPs

MX50 Geographical
Coverage
• Access to category winning private
companies in the U.S. and China
7%
8%
• Exclusive co-investment, partnership,
and acquisition opportunities for our LPs
45%
• Data and product driven approach to
investing – investor applications and
data driven sourcing, due diligence 40%

• An exclusive global network of family

offices, corporations, and founders
China US
Southeast Asia EU + Middle East

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 Transparent Allocation,
Rapid Deployment of Capital
Target component allocation based on latest fundraising round valuation (as of 5.20.2020)
Note: We may make opportunistic investment in selective companies we believe to have exponential growth in the next 6-12 months

Country Target Last Round Country Target Last Round Target Last Round
Company Weight % Valuation ($) Company Weight % Valuation ($) Country Company Weight % Valuation ($)

10 -20% 75B Instacart 4% 7.8B Procore 4% 3B

Bytedance
Technologies

Stripe 5% 35B Robinhood 4% 8.5B Reddit 4% 3B

Airbnb 5% 30.5B Tokopedia 4% 7B DataBricks 4% 2.7B

SpaceX 5% 30.5B Samsara 4% 6.3B Yuanfudao 4% 2.7B

Palantir
5% 20B SenseTime 3% 6B Snowflake 3% 12.4B
Technologies

Unity
Grab 5% 14.3B Technologies 3% 6B ThoughtSpot 3% 1.95B

Note: As of May 2020. Based on Doordash 5% 12.6B Blend 3%

press reports and MarketX analysis. TuSimple 2% 1B
Methodology includes an absolute
cap of 5% on any single company in
the composition. Suggested weight Wish 5% 11.2B Rubrik 2% 3.3B
and rebalancing methodology may Affirm 2% 3B
change. Final thesis, approach,
methodology will be detailed in the
offering documents. GoJek 5% 9.5B Flexport 2% 3.2B
Built Robotics 2%
Oscar Health
Coinbase 5% 8B Insurance 2% 3.2B -

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 MX50 Fund Strategy and Target
Performance Comparative Fund IRRs1

Fund Strategy

The MX50 Fund will initially pursue a buy & hold 7.3% IRR
March 2014 (Inception) to February 28th, 2019

approach with discretionary, quarterly rebalancing.

The rebalancing strategy follows a clear framework -1.05% IRR
January 31st, 2012 to February 28th, 2019

and is only executed following investment committee

approval. Back-Tested
MX50 Fund
33% IRR2
Expected

The below data represents sample historical returns

based on a simple buy and hold approach with no
rebalancing.
Back-tested performance of the MX50 Fund strategy
shows clear outperformance compared to the two most
prominent competing fund products in the late-stage,
private technology space.
1Sources: Sharespost 100 historical performance, GSVC historical performance
2Note: The calculated IRR for the MX50 Index incorporates the several periodic liquidity events that would have
occurred during the life of the fund from January 2012 through February 28th, 2019. Assuming all capital was held in
the fund with no early capital returns, the IRR on February 28th, 2019 would be 29.5%

5.5x 2.3-7x 2.1-3.8x 1.4x 3x 2.5x

return return return return return return

Past performance is not indicative of future results. Please refer to the Disclaimer provided at the end of this document Marketxventures.com
 Modeled Fund Performance
Compared to Competition
Inclusive of Fees (through September 28th, 2019)

$650 M. $625 M

$600 M
$550 M
Back-Tested
Asset Growth $500 M
MX50 Index

Across Comparable $450 M

Funds, S&P 500, and $400 M

Nasdaq 100 $350 M

$300 M $288 M Nasdaq

(100M Starting Point)
100
$250 M
$212 M S&P 500
$200 M
$141 M
$150 M
$93 M
$100 M

$50 M

$0 M
1/1/2012 1/1/2013 1/1/2014 1/1/2015 1/1/2016 1/1/2017 1/1/2019 1/1/2020
1/1/2018
January 2012 March 2014
Starting Point for GSVC & Starting Point for
Back-tested MX50 data Sharespost 100 Fund

Past performance is not indicative of future results. Please refer to the Disclaimer provided at the end of this document Marketxventures.com
 Fund Term Sheet
Company
Fund MarketX Special Opportunities Fund (MX50 Fund)

The Fund is a closed-ended Master/Feeder fund with an onshore limited partnership (for US Investors)
Structure
and an offshore Cayman Islands exempted limited partnership (for US tax exempt and non-US Investors)

Fund Size US $150M

Duration 4 years +1 +1

Rebalancing Frequency Quarterly discretionary rebalancing executed by the Investment Committee.

Target Returns1 33%+ IRR (net of fees and expenses)

Class A: Mgmt. Fee 2%

Fees $10M + Commitments Carry 15%
(on outstanding
principal) Class B: Mgmt. Fee 2%
$5-10M Commitments Carry 20%

Final Closing Q4 2020

1Target returns are not intended to

be actual performance and should
US legal counsel: Wilsoon Sonsini Goodrich & Rosati LLP
Legal Counsel
not be relied upon as an indication Cayman Islands legal counsel: Loeb Smith LLP
of actual or future performance.
2An investor is "committed" when
he/she executes their subscription Fund Auditor Spicer Jefferies
documents.

Fund Administrator HC Global

Assure Fund Management

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 Experienced Leadership
Team and Advisors
Investment and technology professionals with decades of collective experience

Cathryn Chen Steve Gold

General Partner Senior Advisor

JP Morgan, EverString, Citi Bank,

Deutsche Bank, NM VSL Partners, 3Spoke
Rothschild

Sachin Shah Charles Eveslage

Investor Investment
Relations Associate
Elevation Ventures HNA Capital
PreventionCloud Radisson Hotel

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 Experienced Leadership
Team and Advisors
Investment and technology professionals with decades of collective experience

Venture Partners & Advisors

Boquan He
Ting Louie
Senior Advisor, Investor Allen Wu
Capital Today, Robust Group, Venture Partner Venture Partner, Advisor.
China’s Top Angel Investor & Advisor Ex Deutsche Bank,
Entrepreneur Sharespost, Jefferies,
(Ikang Healthcare., 7 Days Inn, ARM China Utah based Early Seed
Noah Holdings, 9 Diamonds) Chairman Fund Manager
Ex Indonesian Family
Office Portfolio Manager
Nurzhas Makishev Andrew Garvin Greg Bybee
Venture Partner Venture Partner Venture Partner Advisor
NKM Capital Advisor Ex NovoEd COO,
40+ early stage Ex Mithril Capital PoliScribe COO
investments raised Management,
follow-on rounds Clarium Capital

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 The Private Tech Opportunity is Being Expanded and
Matured through a Virtuous Cycle

VCs are raising massive growth funds

and “non-traditional” venture
Fewer / delayed IPOs,
investors have added capital to
impacting groups that do
private market funds for higher
not have exposure to Pre-
returns (sovereigns and mutual funds
IPO investments / trading
for example.)
volume

Private companies have The pool of capital late-

more capital, more options, stage companies draw
and a growing ecosystem of from has therefore
support and services multiplied.

Source: FactSet, S-1 and other regulatory filings, Nasdaq, Yahoo Finance, WSJ, Crunchbase Marketxventures.com
 The Private Direct Secondary
Market Overview
Current Supply & Demand Dynamics

Supply Dynamics Demand Dynamics

As of February 2019, the Global Unicorn Market As of year end 2017, total Global Private Market
Cap is ~$800 Billion, and growing, up from ~$120 AUMs totaled $5.2T ($5,200 B)2
Billion in January 20141

419
38

17
Approximate Ownership Split among 1,645 621 810 637 535

8
5
Equity Shareholders

Founder’s Equity Early Employees Angel / Venture / Institutional /

~35% (~$280B) 10% (~$80B) Secondary Investors 55% (~$440B)
Propensity to Exit Increases
Total PE fundraising in 2017, including both
~$400 Billion3 traditional PE and VC, adds to the current
~5% of available ~5% of supply estimated $1 Trillion in dry powder4.
~5% of available supply
supply trades trades annually trades annually
annually
Asset Managers, Family Offices, UHNWIs and HNWIs continue to seek
innovative ways to deploy capital. With $1T in Institutional
$35 - $40B in Annual Volume5 capital along with ~$300Bn across U/HNWIs dedicated to non-Buyout
PE, the potential addressable market is massive.

Significant amounts of capital from the record breaking

Fundraise to Liquidity Time Lag*
VC-fundraising years of 2015 and 2016 are still being deployed. Initial Capital Deployment Period Propensity to Exit Increases
Consequently, we anticipate venture secondary exit volumes to begin Fundraise
increasing in 2020 and ramp upwards through 2025.
T =0
T =5 T =6 T =10

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 Superior Capital Returns in
the Private Markets
Public vs. private return yield comparison

Private Sector Growth & Prospects Tech Companies Pre and Post IPO Returns

Exponential growth opportunities are diminishing in the public

markets as those returns are shifting to the private markets.

Consequently, investors are increasingly allocating a larger

portion of their investable assets into private equity markets.

The universe of private companies has expanded as

companies are staying private longer due to historically easy
access to growth capital.

Longer private company lives have led to massive growth in

the market capitalization of the private technology sector.

As of early 2018, the market capitalization of unicorn

technology companies exceeds $380 billion for US based 1Private multiple is from Series A to opening price upon IPO
2Public multiple is from IPO open to Feb 2018
companies Source: S-1 and other regulatory filings, Yahoo Finance.

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MX LP co-investment opportunity
The MarketX Fund will provide our Limited Partners exclusive co-investment opportunities on a deal by deal basis for each
of the companies the main MarketX Fund invests in; offering our LPs increased capital deployment and returns for a
reduced management and incentive fee.

These will be offered on a pro-rata basis to the unit holders of the MarketX Fund. If and when unit holders of the MarketX
fund pass on exercising their co-investment rights, the opportunities will be offered to the other Limited Partners.

$150M $150-200M
Dedicated Managed LP Co-investment
Capital Pool1 Opportunities2 Primary Deals

Invest in proprietary + Exclusive co-investment

opportunities in leading opportunities based on
Technology companies pro-rata fund ownership

Secondary Pro-rata LP
Deals Co-invest

1.MarketX Special Opportunities Fund I, $150M minimum fund size

2.Co-investment opportunities offered to main fund LPs at reduced management

fee and carry on a deal by deal basis
 Deal Spotlight: China
Bytedance ($100B-120B valuation)
Description:
ByteDance is a Chinese Internet technology company
operating several machine learning-enabled content
platforms, including Tik Tok, Toutiao, and BuzzVideo.
Investment Highlights:
With nearly 200 million daily active users each spending an
hour every day on their products, the company is dedicated
to building connections between people and information.
Bytedance was founded in 2012 and its flagship product,
Toutiao, is the largest AI-powered content platform in
China. Toutiao delivers personalized content
recommendations to every user based on their interests.
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SenseTime ($6B valuation)
Description:
SenseTime develops face recognition technology that can
be applied to payment and picture analysis, which could be
used, for instance, on bank card verification and security
systems.
Investment Highlights:
With less than five years of operating history, SenseTime
has closed more than 10 rounds of financing by well-known
investors from around the world: Tiger Global, Silver Lake,
Fidelity, SoftBank, Qualcomm, Alibaba and Temasek
Holdings.
 Deal Spotlight: US
Robinhood ($8.5B valuation)
Description:
Robinhood Financial is a stock brokerage application that
democratizes access to the financial markets.
Investment Highlights:
In just six years, Robinhood has been able to raise over
$800MM from prominent investors such as Sequoia,
ICONIQ Capital, and GV. The investment platform has
reached over 4 million users with plans of increasing that
number through a recent acquisition of market news
provider, MarketSnacks.
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Airbnb ($30.5B valuation)
Description:
Airbnb is a community marketplace for people to list,
discover and book unique spaces around the world through
mobile phones or the internet.
Investment Highlights:
Airbnb has over 150 million users worldwide, with 650,000
of those being hosts on the platform. The company has
also proven to be very profitable with $93MM of profit in
2017 alone.
 Deal Spotlight: Indonesia

Gojek ($9.5B valuation) Traveloka ($4.5B valuation)

Description:
Description:
Gojek’s operations are based on 3 pillars which include
Traveloka is an Indonesian flight search engine covering
speed, innovation, and social impact. Its main focus is to
mostly domestic routes and airlines. The company is is
empower the informal sector in Indonesia. By joining
expanding its reach by operating in six countries and
Gojek, partners will have access to financial services such
experimenting with new endeavors that will create large
as savings, insurance, mortgage, and affordable
impact in the markets and industries they touch.
installments.

Investment Highlights:
Investment Highlights:
The company has established partnerships with more than
Gojek is an application that provides a variety of services
100 domestic and international airlines, serving more than
starting from transportation, logistics, payment, and food
200,000 routes worldwide. It also has the largest direct
delivery. The application connects its users to more than 1
accommodation inventory in Southeast Asia, varying from
million driver-partners, more than 200,000 food vendors,
hotels, apartments, guest houses, homestays, to villas and
and more than 30,000 other service providers.
resorts.

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 Deal Spotlight: Indonesia & Singapore
Tokopedia ($7B valuation)
Description:
Tokopedia is an online marketplace that allows individuals
and small & midsize business owners to open and maintain
their own online store easily and free, while providing
better and safer online shopping experience to their
customers.
Investment Highlights:
Tokopedia, empowers millions of merchants and
consumers to participate in the future of the economy.
Tokopedia's vision is to build an ecosystem where anyone
can search and find anything. The company currently has
over 80 million monthly active users and four million
merchants in its existing user base.
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Grab ($14.3B valuation)
Description:
Grab operates a mobile technology platform that integrates
city transportation for driver partners and customers in
South East Asia. It offers services like GrabTaxi, GrabCar,
GrabHitch, GrabShare, GrabCoach, GrabShuttle,
GrabShuttle Plus, GrabFamily, JustGrab, GrabNow, and
GrabRental.
Investment Highlights:
Over the past seven years, Grab has grown from a small
scrappy startup offering taxis-on-demand into a company
operating in eight countries and 339 cities, and employing
thousands in their offices,
 Market Overview: Indonesia & Singapore
Singapore (2 unicorns)
Regulatory Trends
To keep Singapore's financial services industry ahead of
the curve, initiatives have been put in place by the
Government since 2016 to spur innovation and create an
environment where both established banks as well as
fintech start-ups can experiment with new technology in a
safe space.
Investment Highlights:
Singapore is the fastest-growing private wealth hub in the
world. The industry turmoil in Switzerland has driven
investors to shift their wealth to Singapore, and funds from
flourishing ASEAN economies have also contributed to the
sector’s expansion.
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Indonesia (5 unicorns)
Regulatory Trends:
President Joko Widodo’s four-year rule has brought anti-
corruption efforts, infrastructure development, fewer
restrictions on foreign direct investment, and a push for
value-added manufacturing and services.
Macroeconomic Trends:
The most popular industries at the moment are platforms
and peer-to-peer lending industries. The growing
population, rising demand and welfare gap are some of the
driving factors behind the popularity of these industries.
 Disclaimer
❑ Private investments are not appropriate for all investors. This asset class involves a high degree of risk, volatility and illiquidity, beyond that associated with traditional asset classes. Investors should consider private investments a supplement, comprising a modest
portion of an overall investment strategy.
❑ Investors are solely responsible for are advised before making an investment decision with respect to the MX50 Fund to review carefully the respective offering documents (including any relevant underlying agreements), and the related subscription documents
regarding the MX50 Fund and are responsible for performing such due diligence as deemed appropriate, including consulting their own legal, tax, ERISA, and financial advisers. Any information provided by MarketX Ventures and its affiliates should not form the
primary basis of the investment decision.

❑ This material is based upon information MarketX Ventures believes is reliable. However, MarketX Ventures does not represent or warrant that it is accurate, complete, and/or up-to-date. MarketX Ventures does not accept any responsibility to update any opinion,
analyses or other information contained in the material.
❑ This document, including attachments, is strictly confidential and any dissemination, distribution or copying of this document without the consent of MarketX Ventures is prohibited. If you believe that you have received this document in error, please advise the sender
by email of the error and delete this file immediately and destroy and printed copies.
❑ This material is for your general information only and solely to assist you in deciding whether to proceed with a further investigation of the MX50 Fund. It is not an offer or solicitation to buy or sell any security, which can be made only through the delivery of formal
offering document(s) which include, among others, a confidential offering memorandum, limited partnership agreement, subscription agreement, and related subscription documents. Such formal offering documents contain additional information not set forth herein,
including information regarding certain risks of investing, which such additional information is material to any decision to invest in the MX50 Fund. The information contained herein is based on certain assumptions, hypotheses, estimates, and anticipated outcomes which
may or may not be true. This document contains forward-looking statements, including observations about markets and industry and regulatory trends as of the original date of this document.

❑ Forward-looking statements may be identified by, among other things, the use of words such as “expects,” “anticipates,” “believes,” or “estimates,” or the negatives of these terms, and similar expressions. Forward-looking statements reflect MarketX Ventures’ views

as of such date with respect to possible future events. Actual results could differ materially from those in the forward-looking statements as a result of factors beyond MarketX Ventures’ control. Investors are cautioned not to place undue reliance on such statements. No
party has an obligation to update any of the forward-looking statements in this document. Charts, tables and graphs contained in this document are not intended to be used to assist the reader in determining which securities to buy or sell or when to buy or sell securities.
Return targets or objectives, if any, are used for measurement or comparison purposes and only as a guideline for prospective investors to evaluate a particular investment program’s investment strategies and accompanying information. Targeted returns reflect
subjective determinations by the Investment Manager based on a variety of factors, including, among others, internal modeling, investment strategy, prior performance of similar products (if any), volatility measures, risk tolerance and market conditions. Performance may
fluctuate, especially over short periods. Targeted returns should be evaluated over the time period indicated and not over shorter periods. Targeted returns are not intended to be actual performance and should not be relied upon as an indication of actual or future
performance.

❑ In this document, performance results are shown net of all fees and expenses (such as transaction costs, management, performance, administrative and any other fees and expenses applicable to the Fund) and may reflect the reinvestment of dividends and other
earnings.

❑ Statements made herein that are not attributed to a third party source reflect the views and opinions of MarketX Ventures.

Marketxventures.com
 Disclaimer
❑ No representation is made that any investor will or is likely to achieve results comparable to those shown or will make any profit or will be able to avoid incurring substantial losses. The past performance of MarketX Ventures, its principals, partners, or employees, or
any of the securities referred to herein is not indicative of future returns. The performance reflected herein with respect to the MX50 Index and the performance for the MX50 Fund and any given investor may differ due to various factors including, without
limitation, the timing of subscriptions as well as changes in market conditions. Investment returns will fluctuate and may be volatile, especially over short time horizons.

❑ The MX50 Fund’s investment strategy involves investments for which no public market exists. Little public information exists about many of these investments, and the MX50 Fund will be required to rely on its diligence efforts to obtain adequate information to
evaluate the potential risks and returns involved in these investments. Therefore, the greater risk that the MX50 Fund may invest on the basis of incomplete or inaccurate information may adversely affect the MX50 Fund’s investment performance, which could
impact both initial and ultimate valuations. This could subject the MX50 Fund to greater risk than investments in established publicly-traded companies or businesses and negatively affect the MX50 Fund’s investment returns. There is no assurance that the
MX50 Funds diligence efforts will result in an investment being successful.

❑ There is no guarantee that MarketX Ventures will be successful in achieving the Fund’s investment objectives. An investment in the MX50 Fund contains risks, including the risk of complete loss.
❑ The performance reflected herein is estimated, is based on incomplete information and is subject to change. Actual results, when available, may differ.
❑ While the indices presented herein are not perfect measures of performance, they have the advantages of being relatively well known and reflect with reasonable accuracy the experience investors have with financial markets. Given the nature and number of
securities comprising these indices, the MSOF should be considered a more volatile and risky investment. There is no guarantee that at any time the securities held by the MX50 Fund will be securities that comprise all or part of any of these indices. Furthermore,
indexes are unmanaged, do not incur management fees, costs, and expenses, and cannot be invested in directly. The returns for the MX50 Fund have not yet been audited and may change as a result of audit.
❑ Any financial benchmarks or indices shown are unmanaged, assume reinvestment of income and do not reflect the impact of any management or performance fees. The instruments traded by the MX50 Fund are not limited to the instruments comprising any index.
There are limitations in using financial indices for comparison purposes for the foregoing and because such indices may have different volatility, diversification, credit and other material characteristics (such as number or type of instrument or security).
❑ Any trademarks or business names in this presentation are included solely for informational purposes and, in certain cases, as examples of companies in the asset class in which the MX50 Fund may invest, and any such trademarks and business names are owned
by their respective trademark owners. While the companies represented by such trademarks and business names may be invested in by the MX50 Fund, there is no guarantee that such companies will be invested in by the MX50 Fund.

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