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sd-10-EFTA01392201Dept. of Justice

EFTA Document EFTA01392201

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GL0US144 Glenn Warren Consistent top returns among peers SOF Funds vs Cambridge Associates' secondary funds performance' 7'3 Secondary funds: Net IRR4 to limited partners Secondary funds: Net multiples to limited partners 50% - 45% - 40% - 35% et 30% - ix 1; 25% - 5% - 0% +Upper Quartile S0F 22% t Lower Quartile • Median SOF D 29% SOF II 20% SOF III 30% 04 05 06 07 08 09 10 11 12 13 14 2 5x 2.0x - 'a T:1 1.5x a 1.0X - N 0.5x • 0.0x SOF TVPI = 1.84x DPI

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Dept. of Justice
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sd-10-EFTA01392201
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