EFTA Document EFTA01452268

SOF Ill - 1081 Southern Financial LLC The merits of secondary investing Private equity secondaries market provides a way for investors to sell their existing private equity investments despite the illiquid nature of the asset class - Do not pay historical fees Reduced cost - Future fees are discounted from the transaction price - Funded, identifiable assets at more Mitigate mature stage Blind Pool Risk - Relatively small remaining unfunded commitments Mitigate - Shorter durat