INDUSTRY DAY Presentation 5.25.21.pptx

INDUSTRY DAY

Office of investment funds(OIF) & Office of Equity Investments (OEI) May 25, 2021

AGENDA

INTRODUCTION

PURPOSE

OIF & OEI Department Overview

OIF & OEI Organizational Structure

REQUIREMENTS DISCUSSION

Discuss Services to be procured

Upcoming OIF & OEI requirements

CONTRACTING REQUIREMENTS

Acquisition Schedule

Period of Performance

Small Business Goals

Points of Contact

Q& A

ENDING REMARKS

introduction

Acquisitions Team Office of Investment Funds (OIF) Team Office of Equity Investments (OEI) Team Vendors

This Photo by Unknown Author is licensed under CC BY purpose DFC Overview DFC is the U.S. Government's developing finance institution.

We partner with the private sector to provide finance solutions to the most critical challenges facing the developing world today.

We invest across sectors including energy, healthcare, critical infrastructure, and technology.

DFC also provides financing for small businesses and women entrepreneurs in emerging markets.

www.dfc.gov To introduce OIF and OEI requirements under Solicitation 77344421Q0040 for Private Equity Investment Advisors Services.

DFC to award multiple IDIQ awards to meet those requirements under NAICS code 523930 – Investment Advice.

OIF Department Overview

OIF Team:

Vice-President Two Managing Directors for Origination One Managing Director for Monitoring Six Directors Six Analysts (3 vacant) Administrative Staff Mission and Goals The OIF fulfills the DFC’s overall priorities and goals by investing equity and/or debt in private equity funds to help address the shortfall of private equity capital in developing countries and help these economies access long-term growth capital, management skills, and financial expertise, all of which are key factors in expanding economic development and creating new opportunities for people in low-income and developing nations.

OIF Continued Products:

OIF can use both equity and debt to invest in a variety of private equity funds, co-investments, and direct equity in certain portfolio companies.

Examples of allowable investments include: Closed End Funds, Open End Funds, Fund of Funds, Co-Investments, Secondaries

Typical DFC Fund Structure*

DFC-Eligible Portfolio

Asset 1 Asset 2 Contributions Master Fund

DFC

Subfund Distributions Disbursements Repayments

Asset 3 Asset 4 Non-Eligible Portfolio Contributions Distributions

*Various structures can be deployed subject to negotiation and other constraints (e.g, policy opt-outs) dfc.gov |

This uses Debt Fund data

DFC Funds – Total Commitments

DFC total commitments are concentrated in funds with Asia, Africa, and Global regional focus Equity Generalist funds dominate DFC total commitments All DFC Funds can be found at https://www.dfc.gov/our-impact/all-active-projects

DFC TOTAL Commitments by Asset Class

Venture Capital Expansion Capital Buyout Equity Generalist Natural Resources Real Estate Infrastructure 3.3189799609475462E-2 7.532896975311257E-3 2.0037505954327944E-2 0.71333608108529167 4.050546316438796E-2 0.13356902465366188 5.182922855754378E-2 by FUND REGION FOCUS

Africa Asia Eastern Europe Latin America Middle East Global 0.26525736558680729 0.44315636092544225 1.9800757763675302E-2 9.745275715258607E-2 1.2913537671962155E-2 0.16141922089952693 DFC Funds – Equity (5% DFC Commitments)

DFC Equity commitments are with funds focused on Asia and Africa

DFC Equity commitments are slit among Infrastructure, Venture, and Equity Generalist Funds

DFC EQUITY Commitments By REGIONAL FOCUS

Africa Asia Eastern Europe Latin America Middle East Global 0.17217471891788008 0.82782528108211995 0 0 0 0

BY ASSET CLASS

Venture Capital Expansion Capital Buyout Equity Generalist Natural Resources Real Estate Infrastructure 0.3443490538000496 0 0 0.18294525541091064 0 0 0.47270569078903973 OIF Contract Requirements Due Diligence 4-10 Funds/co-investments per year on an on-going basis Work Commitment: 2-6 weeks* possibly longer depending on findings Notice: 1-3 weeks depending on complexity of project Strategic Planning/Portfolio Construction As needed, usually once every one to two years Other Research One-off research as needed. Up to 1-5 times/year Could be quantitative

OEI Department Overview

Mission and Goals OEI sector focus aims to promote economic growth, inclusion and innovation, while tackling climate change, meeting global health needs, investing in technology to promote the digital ecosystem and advancing the 2X Women’s Initiative.

OEI can invest in all DFC-eligible countries and prioritizes opportunities in regions with established equity markets, where incremental investments can impact surrounding regions.

Nigeria, Kenya, South Africa, Colombia, Brazil, Mexico, India, Vietnam Indonesia, Egypt, Tunisia, Ukraine Project Types Climate Change: Renewable Energy and Transportation & Logistics Digital Ecosystem: Fintech & Internet Connectivity Global Health: Healthtech and Agtech & Food Security

OEI Organizational Structure

THE IDEAL INVESTMENT

Indicative Business Characteristics:

Development impact oriented Validated product marker fit Experienced management team Revenue and customer traction Strong initial growth Path to or already CF breakeven Funding Considerations:

Earl and growth-stage companies Historical or current DFI involvement Local/International PE/VC involvement

OEI Contract Requirements Contract Needs:

Independent Analysis for10 projects per year Market Opportunity Competitive Landscape Company Description Valuations Analysis Exit Opportunities Workload: Roughly 25hours over the course of 4-6 weeks Notice: 2-4 weeks prior to beginning work

IDiQ Contracting requirements

Acquisition Schedule (estimated) Solicitation (77344421Q0040) to close on June 16, 2021 Anticipated award by July 30, 2021 Period of Performance 5 Year Ordering Period: August 2, 2021 to August 1, 2026 Task Orders may include Option Years Small business goals At least 2 contracts to small businesses with NAICS code 523930 – Investment Advice Amendments, Q&A, and the Industry Day Recording will be posted Beta.SAM

Point of Contacts Acquisitions Mit Pancholi, Sr. Contracting Officer, mital.Pancholi@dfc.gov Courtney Holbrook, Deputy Managing Director, Courtney.Holbrook@dfc.gov Elena Raspitha, Contracting Officer, elena.Raspitha@dfc.gov Office of Investment Funds (OIF) Jennifer Grimaldi, COR Office of Equity Investments (OEI) Davy Leghorn, COR IDiQ Contracting requirements - Continue

Q&A

This Photo by Unknown Author is licensed under CC BY-SA

Remarks

Thank you for your participation in this industry day. We are grateful that you were able to attend and your assistance in this endeavor is invaluable.

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Microsoft_Excel_Worksheet.xlsx Debt

Total Fund Investments as of 9/30/2020 DFC Eligible Investments Only as of 9/30/2020 DFC Debt Investments as of 12/31/2020

(DFC Eligible Investments Only)

Dragon Capital New Ukraine Fund, LP 9000032000 2017 Levered Eastern Europe Buyout 70,000,000 95,000,000 50,044,552 53% 4,300,000 82,127,887 1.73 0.09 1.64 NA NA 35,735,746 4,300,000 67,120,832 2.00 0.27 0.12 1.88 25,000,000 10,800,000 43% 2,589,789 827,228 3,417,017 8,210,211 2.3% 1.08 0.32 0.76 7.84x

South Asia Clean Energy Fund, L.P. 9000005410 2010 Levered Asia Buyout 85,300,000 106,850,000 110,997,176 104% 60,376,100 126,991,051 1.69 0.54 1.14 12.20% 7.10% 103,595,767 59,623,100 123,000,378 1.76 0.07 0.58 1.19 21,550,000 21,550,000 100% 21,550,000 2,298,963 23,848,963 0 2.8% 1.11 1.11 0.00 NA

57 Stars Global Opportunity Fund 4 9000042498 2015 UnLevered Global Equity Generalist 166,095,088 216,095,088 121,651,727 56% 22,350,625 161,499,089 1.51 0.18 1.33 19.90% 12.70% 46,776,461 6,152,343 62,308,835 1.46 -0.05 0.13 1.33 50,000,000 29,962,021 60% 0 0 0 29,962,021 0.0% 1.00 0.00 1.00 1.90x

AAF Sub-Fund 9000005578 2012 Levered Africa Equity Generalist 189,682,425 239,682,425 217,881,023 91% 127,516,556 58,950,100 0.86 0.59 0.27 NA -1.20% 187,881,023 126,716,556 39,450,100 0.88 0.03 0.67 0.21 50,000,000 50,000,000 100% 50,000,000 2,661,873 52,661,873 0 1.5% 1.05 1.05 0.00 NA

Asia Development Partners III, L.P. 9000005539 2010 Levered Asia Equity Generalist 150,000,000 289,700,000 222,089,800 77% 34,423,660 234,996,377 1.21 0.15 1.06 5.00% 1.50% 222,089,800 34,423,660 234,996,377 1.21 0.00 0.15 1.06 139,700,000 139,700,000 100% 33,608,216 NM 33,608,216 106,091,784 NM 1.00 0.00 1.00 2.21x

Darby-ProBanco Fund II 9000004992 2006 Levered Latin America Equity Generalist 30,030,000 58,130,000 46,684,156 80% 26,549,419 25,332,089 1.11 0.57 0.54 2.96% -6.43% 46,684,156 26,549,419 25,332,089 1.11 0.00 0.57 0.54 28,100,000 28,100,000 100% 20,793,088 3,235,290 24,028,378 7,306,913 2.2% 1.12 0.86 0.26 3.27x

ECP Africa Fund IV 9000003585 2016 UnLevered Africa Equity Generalist 459,934,694 546,334,694 227,354,328 42% 11,700,000 287,957,079 1.32 0.05 1.27 11.74% 4.63% 125,169,450 0 152,673,757 1.22 -0.10 0.00 1.22 86,400,000 40,000,000 46% 0 0 0 40,000,000 0.0% 1.00 0.00 1.00 4.88x

Evercare Health Fund 9000031488 2019 UnLevered Global Equity Generalist 621,000,000 771,000,000 383,000,000 50% 1,000,000 310,700,000 0.81 0.00 0.81 -17.00% NM 285,000,000 1,000,000 227,100,000 0.80 -0.01 0.00 0.80 150,000,000 104,200,000 69% 0 0 0 102,538,936 -0.6% 0.98 0.00 0.98 3.01x

Gazelle Fund LP 9000031495 2017 Levered Eastern Europe Equity Generalist 20,609,137 41,609,137 18,655,719 45% 4,580,541 16,021,267 1.10 0.25 0.86 19.70% -15.60% 18,655,719 4,580,541 16,021,267 1.10 0.00 0.25 0.86 21,000,000 8,130,000 39% 0 74,523 74,523 8,270,514 1.9% 1.03 0.01 1.02 2.54x

ISQ Asia Fund II, L.P. 9000031499 2016 UnLevered Asia Equity Generalist 600,000,000 800,000,000 147,060,889 18% 0 211,794,098 1.44 0.00 1.44 NM NM 147,060,889 0 211,794,098 1.44 0.00 0.00 1.44 200,000,000 44,300,000 22% 0 0 0 44,300,000 0.0% 1.00 0.00 1.00 4.71x

LeapFrog Emerging Consumer Fund III, L.P. 9000103723 2017 UnLevered Africa Equity Generalist 742,923,608 928,654,510 225,790,570 24% 298,131 259,500,001 1.15 0.00 1.15 8.80% NM 225,790,570 298,131 259,500,001 1.15 0.00 0.00 1.15 185,730,902 62,496,541 34% 0 0 0 62,496,541 0.0% 1.00 0.00 1.00 5.15x

Navis Asia Fund VIII, L.P. 9000093283 2020 UnLevered Asia Equity Generalist 680,820,000 880,820,000 130,981,511 15% 0 127,331,598 0.97 0.00 0.97 NA NA 88,707,024 0 85,734,019 0.97 -0.01 0.00 0.97 200,000,000 22,900,000 11% 0 0 0 22,900,000 0.0% 1.00 0.00 1.00 2.30x

Olympus Capital Asia Catalyst Fund, L.P. 9000003824 2015 Levered Asia Equity Generalist 215,000,000 365,000,000 121,762,398 33% 14,300,587 236,139,352 2.06 0.12 1.94 31.20% 26.20% 121,762,398 14,300,587 236,139,352 2.06 0.00 0.12 1.94 150,000,000 35,000,000 23% 1,230,000 2,658,444 3,888,444 33,770,000 2.9% 1.08 0.11 0.96 6.82x

Quadria Capital Fund II PAR L.P. 9000083046 2018 UnLevered Asia Equity Generalist 362,600,000 512,600,000 53,125,005 10% 0 52,005,404 0.98 0.00 0.98 NA NA 53,125,005 0 52,005,404 0.98 0.00 0.00 0.98 150,000,000 11,000,000 7% 27,936 0 27,936 10,972,064 0.0% 1.00 0.00 1.00 5.81x

Sarona Frontier Markets Fund II LP 9000005594 2012 Levered Global Equity Generalist 100,154,000 145,154,000 138,527,000 95% 35,438,000 119,221,000 1.12 0.26 0.86 5.90% 3.80% 104,976,000 20,433,000 88,713,000 1.04 -0.08 0.19 0.85 45,000,000 45,000,000 100% 3,904,933 2,036,433 5,941,366 41,095,067 0.8% 1.05 0.13 0.91 2.17x

Sarona Global Growth Markets PE Fund 2-B, LP 9000104837 2019 Levered Global Equity Generalist 44,000,000 144,000,000 0 0% 0 0 NA NA 0 0 0 100,000,000 0 0% 0 0 0 0 NA NA NA NA

Siraj Palestine Fund I, L.P. 9000005542 2011 Levered Middle East Equity Generalist 60,000,000 90,000,000 74,950,520 83% 39,450,000 24,473,481 0.85 0.53 0.33 NA NA 71,370,520 36,250,000 24,223,481 0.85 -0.01 0.51 0.34 30,000,000 30,000,000 100% 5,000,000 4,134,246 9,134,246 25,000,000 2.7% 1.14 0.30 0.83 1.93x

Somerset Indus Healthcare Fund II 9000032298 2019 Levered Asia Equity Generalist 38,150,000 63,150,000 8,620,534 14% 0 8,263,016 0.96 0.00 0.96 -0.68% NM 8,620,534 0 8,263,016 0.96 0.00 0.00 0.96 25,000,000 2,657,765 11% 0 109,840 109,840 2,753,509 3.1% 1.08 0.04 1.04 3.37x

WWBCP II Non-SSA 9000083115 2020 UnLevered Global Equity Generalist 45,000,000 60,000,000 0 0% 0 0 NA NA 0 0 0 15,000,000 2,000,000 13% 0 0 0 2,000,000 0.0% 1.00 0.00 1.00 NA

WWBCP II SSA 9000093672 2020 UnLevered Global Equity Generalist 30,000,000 40,000,000 0 0% 0 0 NA NA 0 0 0 10,000,000 1,000,000 10% 0 0 0 1,000,000 0.0% 1.00 0.00 1.00 NA

Dev Equity, LP 9000003801 2011 Levered Latin America Expansion Capital 5,005,000 7,505,000 6,529,838 87% 829,255 8,952,004 1.50 0.13 1.37 7.80% NA 6,529,838 829,255 8,952,004 1.50 0.00 0.13 1.37 2,500,000 2,500,000 100% 144,782 260,716 405,498 2,374,116 2.8% 1.11 0.16 0.95 3.78x

Lighthouse India 2020 II Investors, Limited 9000003598 2014 Levered Asia Expansion Capital 95,600,000 110,600,000 96,700,000 87% 39,500,000 123,600,000 1.69 0.41 1.28 14.00% 8.60% 45,800,000 23,900,000 50,500,000 1.62 -0.06 0.52 1.10 15,000,000 15,000,000 100% 5,382,206 1,064,619 6,446,825 9,617,794 2.6% 1.07 0.43 0.64 6.25x

Meridiam Infrastructure Africa Fund, FIPS 9000031485 2015 UnLevered Africa Infrastructure 280,000,000 330,000,000 180,035,180 55% 2,563,945 260,195,235 1.46 0.01 1.45 19.90% 13.90% 115,767,705 2,563,945 194,548,492 1.70 0.24 0.02 1.68 50,000,000 7,200,000 14% 0 0 0 7,200,000 0.0% 1.00 0.00 1.00 NA

WRB Serra Partners Fund I 9000032043 2015 Levered Latin America Infrastructure 31,040,000 46,536,731 10,413,618 22% 1,909,364 14,740,143 1.60 0.18 1.42 12.10% 0.72% 10,413,618 1,909,364 14,740,143 1.60 0.00 0.18 1.42 15,496,731 7,866,726 51% 1,949,859 520,680 2,470,538 5,916,867 3.6% 1.07 0.31 0.75 2.83x

SilverStreet Private Equity Strats Soparfi S.a r.l 9000005734 2013 Levered Africa Natural Resources 213,853,100 307,953,100 180,466,152 59% 4,500,000 252,102,991 1.42 0.02 1.40 7.40% 2.30% 180,466,152 4,500,000 267,701,968 1.51 0.09 0.02 1.48 94,100,000 94,100,000 100% 0 6,296,738 6,296,738 94,100,000 1.6% 1.07 0.07 1.00 3.90x

Alsis Mexico Opportunities Fund 9000005501 2010 Levered Latin America Real Estate 40,230,000 63,030,000 78,353,462 124% 19,972,201 83,579,269 1.32 0.25 1.07 8.90% 6.80% 67,427,650 12,087,178 79,499,454 1.36 0.04 0.18 1.18 22,800,000 22,800,000 100% 2,182,859 2,818,782 5,001,641 20,617,141 1.8% 1.12 0.22 0.90 4.28x

Avenida Colombia Real Estate Fund II 9000042584 2015 UnLevered Latin America Real Estate 112,000,000 134,500,000 68,937,911 51% 854,189 76,375,676 1.12 0.01 1.11 7.70% NA 68,937,911 854,189 76,375,676 1.12 0.00 0.01 1.11 22,500,000 12,700,000 56% 0 0 0 12,700,000 0.0% 1.00 0.00 1.00 6.08x

Capital Alliance Property Investment Company, L.P. 9000005270 2008 Levered Africa Real Estate 114,535,000 164,535,000 117,475,000 71% 47,366,000 71,378,000 1.01 0.40 0.61 0.01% NA 106,039,000 30,258,000 71,378,000 0.96 -0.05 0.29 0.67 50,000,000 50,000,000 100% 22,700,000 NM 22,700,000 27,300,000 NM 1.00 0.45 0.55 3.12x

IHS FUND II SA PVE 9000003504 2015 Levered Africa Real Estate 220,000,000 300,000,000 99,672,212 33% 0 77,924,137 0.78 0.00 0.78 NA NA 77,470,450 0 62,284,676 0.80 0.02 0.00 0.80 80,000,000 36,900,000 46% 300,000 1,789,043 2,089,043 36,600,000 2.0% 1.05 0.06 0.99 NA

Levered Alsis Mexico Housing Opportunities, L.P. 9000003798 2014 Levered Latin America Real Estate 40,234,410 63,434,410 48,926,396 77% 13,829,648 42,392,978 1.15 0.28 0.87 6.00% -1.00% 48,326,480 13,212,476 41,789,667 1.14 -0.01 0.27 0.86 23,200,000 23,200,000 100% 5,445,773 1,440,772 6,886,545 17,754,227 2.8% 1.06 0.30 0.77 2.80x

Levered Alsis Mexico Opportunities Fd Offshore, LP 9000093592 2019 Levered Latin America Real Estate 42,929,293 69,729,293 53,472,385 77% 4,557,882 49,583,631 1.01 0.09 0.93 5.00% 2.00% 53,472,385 4,557,882 48,690,847 1.00 -0.02 0.09 0.91 26,800,000 16,200,000 60% 0 348,262 348,262 16,200,000 1.5% 1.02 0.02 1.00 3.31x

Paladin Realty Latin America Investors IV-CI, LP 9000005713 2013 Levered Latin America Real Estate 190,000,000 234,000,000 163,300,000 70% 31,500,000 97,085,070 0.79 0.19 0.59 -10.40% -13.40% 103,000,000 31,500,000 34,407,000 0.64 -0.15 0.31 0.33 44,000,000 44,000,000 100% 7,200,000 3,189,059 10,389,059 36,800,000 1.9% 1.07 0.24 0.84 1.02x

Peninsula Investments Group III, L.P. 9000003515 2014 Levered Latin America Real Estate 183,555,555 224,555,555 164,165,814 73% 14,589,793 217,460,171 1.41 0.09 1.32 9.80% 3.70% 154,854,010 13,317,309 205,437,952 1.41 -0.00 0.09 1.33 41,000,000 41,000,000 100% 0 1,399,618 1,399,618 41,000,000 1.4% 1.03 0.03 1.00 5.92x

Iron Pillar Fund I Ltd. 9000052766 2018 UnLevered Asia Venture Capital 40,077,500 65,077,500 41,369,986 64% 6,590,000 50,307,881 1.38 0.16 1.22 26.12% 13.60% 41,369,986 6,590,000 50,307,881 1.38 0.00 0.16 1.22 25,000,000 11,212,679 45% 1,127,754 0 1,127,754 10,084,925 0.0% 1.00 0.10 0.90 4.96x

Livelihood Impact Fund, L.P. 9000003561 2014 Levered Asia Venture Capital 28,435,000 35,539,709 25,852,783 73% 5,340,231 23,511,870 1.12 0.21 0.91 4.40% -4.50% 25,852,783 5,340,231 23,511,870 1.12 0.00 0.21 0.91 7,104,709 7,104,709 100% 642,898 460,075 1,102,973 6,544,747 2.2% 1.08 0.16 0.92 3.83x

Unreasonable Capital Fund I 9000031717 2017 Levered Global Venture Capital 7,600,000 12,600,000 6,863,764 54% 460,050 9,442,925 1.44 0.07 1.38 23.20% 13.40% 6,863,764 460,050 9,442,925 1.44 0.00 0.07 1.38 5,000,000 2,831,000 57% 123,372 84,232 207,604 2,734,677 2.8% 1.04 0.07 0.97 3.66x

Total 6,356,393,810 8,563,376,152 3,641,711,410 43% 576,646,177 3,801,934,870 1.20 0.16 1.04 3,005,592,794 486,507,216 3,153,944,561 1.21 0.01 0.16 1.05 2,206,982,342 1,083,411,441 49% 185,903,464 37,709,434 223,612,898 896,212,054 1.4% 1.03 0.21 0.83

*All Figures in USD

Debt (2)

DFC Debt Investments as of 12/31/2020 DFC Debt Investments as of 12/31/2020

(DFC Eligible Investments Only)

Levered Levered Unlevered Unlevered

Dragon Capital New Ukraine Fund, LP 9000032000 2017 Levered Eastern Europe Buyout 25,000,000 43% 2,589,789 827,228 3,417,017 8,210,211 2.3% 1.08 0.32 0.76 7.84x

South Asia Clean Energy Fund, L.P. 9000005410 2010 Levered Asia Buyout 21,550,000 100% 21,550,000 2,298,963 23,848,963 0 2.8% 1.11 1.11 0.00 NA

AAF Sub-Fund 9000005578 2012 Levered Africa Equity Generalist 50,000,000 100% 50,000,000 2,661,873 52,661,873 0 1.5% 1.05 1.05 0.00 NA

Asia Development Partners III, L.P. 9000005539 2010 Levered Asia Equity Generalist 139,700,000 100% 33,608,216 NM 33,608,216 106,091,784 NM 1.00 0.00 1.00 2.21x

Darby-ProBanco Fund II 9000004992 2006 Levered Latin America Equity Generalist 28,100,000 100% 20,793,088 3,235,290 24,028,378 7,306,913 2.2% 1.12 0.86 0.26 3.27x

Gazelle Fund LP 9000031495 2017 Levered Eastern Europe Equity Generalist 21,000,000 39% 0 74,523 74,523 8,270,514 1.9% 1.03 0.01 1.02 2.54x

Olympus Capital Asia Catalyst Fund, L.P. 9000003824 2015 Levered Asia Equity Generalist 150,000,000 23% 1,230,000 2,658,444 3,888,444 33,770,000 2.9% 1.08 0.11 0.96 6.82x

Sarona Frontier Markets Fund II LP 9000005594 2012 Levered Global Equity Generalist 45,000,000 100% 3,904,933 2,036,433 5,941,366 41,095,067 0.8% 1.05 0.13 0.91 2.17x

Sarona Global Growth Markets PE Fund 2-B, LP 9000104837 2019 Levered Global Equity Generalist 100,000,000 0% 0 0 0 0 NA NA NA NA

Siraj Palestine Fund I, L.P. 9000005542 2011 Levered Middle East Equity Generalist 30,000,000 100% 5,000,000 4,134,246 9,134,246 25,000,000 2.7% 1.14 0.30 0.83 1.93x

Somerset Indus Healthcare Fund II 9000032298 2019 Levered Asia Equity Generalist 25,000,000 11% 0 109,840 109,840 2,753,509 3.1% 1.08 0.04 1.04 3.37x

Dev Equity, LP 9000003801 2011 Levered Latin America Expansion Capital 2,500,000 100% 144,782 260,716 405,498 2,374,116 2.8% 1.11 0.16 0.95 3.78x

Lighthouse India 2020 II Investors, Limited 9000003598 2014 Levered Asia Expansion Capital 15,000,000 100% 5,382,206 1,064,619 6,446,825 9,617,794 2.6% 1.07 0.43 0.64 6.25x

WRB Serra Partners Fund I 9000032043 2015 Levered Latin America Infrastructure 15,496,731 51% 1,949,859 520,680 2,470,538 5,916,867 3.6% 1.07 0.31 0.75 2.83x

SilverStreet Private Equity Strats Soparfi S.a r.l 9000005734 2013 Levered Africa Natural Resources 94,100,000 100% 0 6,296,738 6,296,738 94,100,000 1.6% 1.07 0.07 1.00 3.90x

Alsis Mexico Opportunities Fund 9000005501 2010 Levered Latin America Real Estate 22,800,000 100% 2,182,859 2,818,782 5,001,641 20,617,141 1.8% 1.12 0.22 0.90 4.28x

Capital Alliance Property Investment Company, L.P. 9000005270 2008 Levered Africa Real Estate 50,000,000 100% 22,700,000 NM 22,700,000 27,300,000 NM 1.00 0.45 0.55 3.12x

IHS FUND II SA PVE 9000003504 2015 Levered Africa Real Estate 80,000,000 46% 300,000 1,789,043 2,089,043 36,600,000 2.0% 1.05 0.06 0.99 NA

Levered Alsis Mexico Housing Opportunities, L.P. 9000003798 2014 Levered Latin America Real Estate 23,200,000 100% 5,445,773 1,440,772 6,886,545 17,754,227 2.8% 1.06 0.30 0.77 2.80x

Levered Alsis Mexico Opportunities Fd Offshore, LP 9000093592 2019 Levered Latin America Real Estate 26,800,000 60% 0 348,262 348,262 16,200,000 1.5% 1.02 0.02 1.00 3.31x

Paladin Realty Latin America Investors IV-CI, LP 9000005713 2013 Levered Latin America Real Estate 44,000,000 100% 7,200,000 3,189,059 10,389,059 36,800,000 1.9% 1.07 0.24 0.84 1.02x

Peninsula Investments Group III, L.P. 9000003515 2014 Levered Latin America Real Estate 41,000,000 100% 0 1,399,618 1,399,618 41,000,000 1.4% 1.03 0.03 1.00 5.92x

Livelihood Impact Fund, L.P. 9000003561 2014 Levered Asia Venture Capital 7,104,709 100% 642,898 460,075 1,102,973 6,544,747 2.2% 1.08 0.16 0.92 3.83x

Unreasonable Capital Fund I 9000031717 2017 Levered Global Venture Capital 5,000,000 57% 123,372 84,232 207,604 2,734,677 2.8% 1.04 0.07 0.97 3.66x

57 Stars Global Opportunity Fund 4 9000042498 2015 UnLevered Global Equity Generalist 50,000,000 60% 0 0 0 29,962,021 0.0% 1.00 0.00 1.00 1.90x

ECP Africa Fund IV 9000003585 2016 UnLevered Africa Equity Generalist 86,400,000 46% 0 0 0 40,000,000 0.0% 1.00 0.00 1.00 4.88x

Evercare Health Fund 9000031488 2019 UnLevered Global Equity Generalist 150,000,000 69% 0 0 0 102,538,936 -0.6% 0.98 0.00 0.98 3.01x

ISQ Asia Fund II, L.P. 9000031499 2016 UnLevered Asia Equity Generalist 200,000,000 22% 0 0 0 44,300,000 0.0% 1.00 0.00 1.00 4.71x

LeapFrog Emerging Consumer Fund III, L.P. 9000103723 2017 UnLevered Africa Equity Generalist 185,730,902 34% 0 0 0 62,496,541 0.0% 1.00 0.00 1.00 5.15x

Navis Asia Fund VIII, L.P. 9000093283 2020 UnLevered Asia Equity Generalist 200,000,000 11% 0 0 0 22,900,000 0.0% 1.00 0.00 1.00 2.30x

Quadria Capital Fund II PAR L.P. 9000083046 2018 UnLevered Asia Equity Generalist 150,000,000 7% 27,936 0 27,936 10,972,064 0.0% 1.00 0.00 1.00 5.81x

WWBCP II Non-SSA 9000083115 2020 UnLevered Global Equity Generalist 15,000,000 13% 0 0 0 2,000,000 0.0% 1.00 0.00 1.00 NA

WWBCP II SSA 9000093672 2020 UnLevered Global Equity Generalist 10,000,000 10% 0 0 0 1,000,000 0.0% 1.00 0.00 1.00 NA

Meridiam Infrastructure Africa Fund, FIPS 9000031485 2015 UnLevered Africa Infrastructure 50,000,000 14% 0 0 0 7,200,000 0.0% 1.00 0.00 1.00 NA

Avenida Colombia Real Estate Fund II 9000042584 2015 UnLevered Latin America Real Estate 22,500,000 56% 0 0 0 12,700,000 0.0% 1.00 0.00 1.00 6.08x

Iron Pillar Fund I Ltd. 9000052766 2018 UnLevered Asia Venture Capital 25,000,000 45% 1,127,754 0 1,127,754 10,084,925 0.0% 1.00 0.10 0.90 4.96x

Total 1,062,351,440 49% 1,144,630,902 49% 185,903,464 37,709,434 223,612,898 896,212,054 1.4%

*All Figures in USD

DFC Commitments and Commitment Disbursements by Facility Type

Levered 25000000 21550000 50000000 139700000 28100000 21000000 150000000 45000000 100000000 30000000 25000000 2500000 15000000 15496731 94100000 22800000 50000000 80000000 23200000 26800000 44000000 41000000 7104709 5000000 0.432 1 1 1 1 0.38714285714285712 0.23333333333333334 1 0 1 0.10631060000000001 1 1 0.50763777212110095 1 1 1 0.46124999999999999 1 0.60447761194029848 1 1 1 0.56620000000000004 Unlevered 50000000 86400000 150000000 200000000 185730902 200000000 150000000 15000000 10000000 50000000 22500000 25000000 0.59924042 0.46296296296296297 0.69466666666666665 0.2215 0.33648972958737905 0.1145 7.3333333333333334E-2 0.13333333333333333 0.1 0.14399999999999999 0.56444444444444442 0.44850716000000002 DFC Commitment

DFC Commitment Disbursement

Equity

Total Investments as of 9/30/2020 DFC Investments as of 9/30/2020

Asia Partners I LP 9000104231 2018 Asia Venture Capital 129,350,000 25,000,000 40,000,002 31% 0 39,693,249 0.99 0.00 0.99 NA NA 0 0% 0 0 NA NA NA

Freshtohome 9000104356 2020 Asia Venture Capital 14,999,955 14,999,955 14,999,955 100% 0 14,999,955 1.00 0.00 1.00 NA NA 0 0% 0 0 NA NA NA

National Investment & Infrastructure Fund 9000104444 2020 Asia Infrastructure 2,800,000,000 54,910,000 238,734,207 9% 0 231,440,074 0.97 0.00 0.97 NA NA 0 0% 0 0 NA NA NA

National Investment and Infrastructure Fund Ltd. 9000104736 2020 Asia Equity Generalist 1,251,117 1,251,117 1,251,117 100% 0 1,251,117 1.00 0.00 1.00 NA NA 0 0% 0 0 NA NA NA

SPE AIF I, LP 9000104228 2019 Africa Equity Generalist 260,000,000 20,000,000 0 0% 0 0 NA NA 0 0% 0 0 NA NA NA

Total 3,205,601,072 116,161,072 294,985,281 9% 0 287,384,395 0.97 0.00 0.97 NA NA 0 0% 0 0 NA

*All Figures in USD

**Freshtohome and National Investment and Infrastructure Fund Ltd. are both Direct Equity Investments

Summary

Debt Total Fund Investments as of 9/30/2020

Fund Region Focus Fund Count Fund Count % DFC Commitment DFC Commitment % Total Committed Capital Total Invested Capital Invested % Realized Value Remaining Fair Value Gross TVPI Gross DPI Gross RVPI

Africa 7 19% 596,230,902 27% 2,817,159,729 1,248,674,466 44.3% 193,944,632 1,268,007,543 1.17 0.16 1.02

Asia 10 28% 933,354,709 42% 3,229,337,209 958,560,082 29.7% 160,530,578 1,194,940,647 1.41 0.17 1.25

Eastern Europe 2 6% 46,000,000 2% 136,609,137 68,700,271 50.3% 8,880,541 98,149,154 1.56 0.13 1.43

Latin America 9 25% 226,396,731 10% 901,420,989 640,783,580 71.1% 114,591,751 615,501,031 1.14 0.18 0.96

Middle East 1 3% 30,000,000 1% 90,000,000 74,950,520 83.3% 39,450,000 24,473,481 0.85 0.53 0.33

Global 7 19% 375,000,000 17% 1,388,849,088 650,042,491 46.8% 59,248,675 600,863,014 1.02 0.09 0.92

Total 36 100% 2,206,982,342 100% 8,563,376,152 3,641,711,410 42.5% 576,646,177 3,801,934,870 1.20 0.16 1.04

Equity Total Fund Investments as of 9/30/2020

Fund Region Focus Fund Count Fund Count % DFC Commitment DFC Commitment % Equity Commitments Total Invested Capital Invested % Realized Value Remaining Fair Value Gross TVPI Gross DPI Gross RVPI

Africa 1 20% 20,000,000 17% 260,000,000 0 0.0% 0 0

Asia 4 80% 96,161,072 83% 2,945,601,072 294,985,281 10.0% 0 287,384,395 0.97 0.00 0.97

Eastern Europe 0 0% 0 0% 0 0 0 0

Latin America 0 0% 0 0% 0 0 0 0

Middle East 0 0% 0 0% 0 0 0 0

Global 0 0% 0 0% 0 0 0 0

Total 5 100% 116,161,072 100% 3,205,601,072 294,985,281 9.2% 0 287,384,395 0.97 0.00 0.97

Total Total Fund Investments as of 9/30/2020

Fund Region Focus Fund Count Fund Count % DFC Commitment DFC Commitment % Total Committed Capital Total Invested Capital Invested % Realized Value Remaining Fair Value Gross TVPI Gross DPI Gross RVPI

Africa 8 20% 616,230,902 27% 3,077,159,729 1,248,674,466 40.6% 193,944,632 1,268,007,543 1.17 0.16 1.02

Asia 14 34% 1,029,515,781 44% 6,174,938,281 1,253,545,363 20.3% 160,530,578 1,482,325,042 1.31 0.13 1.18

Eastern Europe 2 5% 46,000,000 2% 136,609,137 68,700,271 50.3% 8,880,541 98,149,154 1.56 0.13 1.43

Latin America 9 22% 226,396,731 10% 901,420,989 640,783,580 71.1% 114,591,751 615,501,031 1.14 0.18 0.96

Middle East 1 2% 30,000,000 1% 90,000,000 74,950,520 83.3% 39,450,000 24,473,481 0.85 0.53 0.33

Global 7 17% 375,000,000 16% 1,388,849,088 650,042,491 46.8% 59,248,675 600,863,014 1.02 0.09 0.92

Total 41 100% 2,323,143,414 100% 11,768,977,225 3,936,696,691 33.4% 576,646,177 4,089,319,265 1.19 0.15 1.04

Debt Total Fund Investments as of 9/30/2020

Asset Class Fund Count Fund Count % DFC Commitment DFC Commitment % Total Committed Capital Total Invested Capital Invested % Realized Value Remaining Fair Value Gross TVPI Gross DPI Gross RVPI

Venture Capital 3 8% 37,104,709 2% 113,217,209 74,086,533 65.4% 12,390,281 83,262,676 1.29 0.17 1.12

Expansion Capital 2 6% 17,500,000 1% 118,105,000 103,229,838 87.4% 40,329,255 132,552,004 1.67 0.39 1.28

Buyout 2 6% 46,550,000 2% 201,850,000 161,041,728 79.8% 64,676,100 209,118,938 1.70 0.40 1.30

Equity Generalist 18 50% 1,635,930,902 74% 6,191,929,854 2,138,135,180 34.5% 317,607,519 2,134,183,951 1.15 0.15 1.00

Natural Resources 1 3% 94,100,000 4% 307,953,100 180,466,152 58.6% 4,500,000 252,102,991 1.42 0.02 1.40

Real Estate 8 22% 310,300,000 14% 1,253,784,258 794,303,180 63.4% 132,669,713 715,778,932 1.07 0.17 0.90

Infrastructure 2 6% 65,496,731 3% 376,536,731 190,448,798 50.6% 4,473,309 274,935,378 1.47 0.02 1.44

Total 36 100% 2,206,982,342 100% 8,563,376,152 3,641,711,410 42.5% 576,646,177 3,801,934,870 1.20 0.16 1.04

Equity Total Fund Investments as of 9/30/2020

Asset Class Fund Count Fund Count % DFC Commitment DFC Commitment % Equity Commitments Total Invested Capital Invested % Realized Value Remaining Fair Value Gross TVPI Gross DPI Gross RVPI

Venture Capital 2 40% 39,999,955 34% 144,349,955 54,999,957 38.1% 0 54,693,204 0.99 0.00 0.99

Expansion Capital 0 0% 0 0% 0 0 0 0

Buyout 0 0% 0 0% 0 0 0 0

Equity Generalist 2 40% 21,251,117 18% 261,251,117 1,251,117 0.5% 0 1,251,117 1.00 0.00 1.00

Natural Resources 0 0% 0 0% 0 0 0 0

Real Estate 0 0% 0 0% 0 0 0 0

Infrastructure 1 20% 54,910,000 47% 2,800,000,000 238,734,207 8.5% 0 231,440,074 0.97 0.00 0.97

Total 5 100% 116,161,072 100% 3,205,601,072 294,985,281 9.2% 0 287,384,395 0.97 0.00 0.97

Total Total Fund Investments as of 9/30/2020

Asset Class Fund Count Fund Count % DFC Commitment DFC Commitment % Total Committed Capital Total Invested Capital Invested % Realized Value Remaining Fair Value Gross TVPI Gross DPI Gross RVPI

Venture Capital 5 12% 77,104,664 3% 257,567,164 129,086,490 50.1% 12,390,281 137,955,880 1.16 0.10 1.07

Expansion Capital 2 5% 17,500,000 1% 118,105,000 103,229,838 87.4% 40,329,255 132,552,004 1.67 0.39 1.28

Buyout 2 5% 46,550,000 2% 201,850,000 161,041,728 79.8% 64,676,100 209,118,938 1.70 0.40 1.30

Equity Generalist 20 49% 1,657,182,019 71% 6,453,180,971 2,139,386,297 33.2% 317,607,519 2,135,435,068 1.15 0.15 1.00

Natural Resources 1 2% 94,100,000 4% 307,953,100 180,466,152 58.6% 4,500,000 252,102,991 1.42 0.02 1.40

Real Estate 8 20% 310,300,000 13% 1,253,784,258 794,303,180 63.4% 132,669,713 715,778,932 1.07 0.17 0.90

Infrastructure 3 7% 120,406,731 5% 3,176,536,731 429,183,005 13.5% 4,473,309 506,375,452 1.19 0.01 1.18

Total 41 100% 2,323,143,414 100% 11,768,977,225 3,936,696,691 33.4% 576,646,177 4,089,319,265 1.19 0.15 1.04

Total Total Fund Investments as of 9/30/2020

Fund Vintage Year Fund Count Fund Count % DFC Commitment DFC Commitment % Total Committed Capital Total Invested Capital Invested % Realized Value Remaining Fair Value Gross TVPI Gross DPI Gross RVPI

2020 6 15% 296,161,072 13% 3,797,071,072 385,966,790 10.2% 0 375,022,744 0.97 0.00 0.97

2019 5 12% 321,800,000 14% 1,307,879,293 445,092,919 34.0% 5,557,882 368,546,647 0.84 0.01 0.83

2018 3 7% 200,000,000 9% 707,027,500 134,494,993 19.0% 6,590,000 142,006,534 1.10 0.05 1.06

2017 4 10% 236,730,902 10% 1,077,863,647 301,354,605 28.0% 9,638,722 367,092,080 1.25 0.03 1.22

2016 2 5% 286,400,000 12% 1,346,334,694 374,415,217 27.8% 11,700,000 499,751,177 1.37 0.03 1.33

2015 6 15% 367,996,731 16% 1,392,131,819 602,473,047 43.3% 41,978,710 826,873,632 1.44 0.07 1.37

2014 4 10% 86,304,709 4% 434,129,674 335,644,993 77.3% 73,259,672 406,965,019 1.43 0.22 1.21

2013 2 5% 138,100,000 6% 541,953,100 343,766,152 63.4% 36,000,000 349,188,061 1.12 0.10 1.02

2012 2 5% 95,000,000 4% 384,836,425 356,408,023 92.6% 162,954,556 178,171,100 0.96 0.46 0.50

2011 2 5% 32,500,000 1% 97,505,000 81,480,358 83.6% 40,279,255 33,425,485 0.90 0.49 0.41

2010 3 7% 184,050,000 8% 459,580,000 411,440,438 89.5% 114,771,961 445,566,697 1.36 0.28 1.08

2009 0 0% 0 0% 0 0 0 0

2008 1 2% 50,000,000 2% 164,535,000 117,475,000 71.4% 47,366,000 71,378,000 1.01 0.40 0.61

2007 0 0% 0 0% 0 0 0 0

2006 1 2% 28,100,000 1% 58,130,000 46,684,156 80.3% 26,549,419 25,332,089 1.11 0.57 0.54

Total 41 100% 2,323,143,414 100% 11,768,977,225 3,936,696,691 33.4% 576,646,177 4,089,319,265 1.19 0.15 1.04

DFC DEBT Fund Count

Africa Asia Eastern Europe Latin America Middle East Global 7 10 2 9 1 7

Venture Capital Expansion Capital Buyout Equity Generalist Natural Resources Real Estate Infrastructure 0.3443490538000496 0 0 0.18294525541091064 0 0 0.47270569078903973

DFC TOTAL Fund Count

Venture Capital Expansion Capital Buyout Equity Generalist Natural Resources Real Estate Infrastructure 5 2 2 20 1 8 3

Venture Capital Expansion Capital Buyout Equity Generalist Natural Resources Real Estate Infrastructure 3.3189799609475462E-2 7.532896975311257E-3 2.0037505954327944E-2 0.71333608108529167 4.050546316438796E-2 0.13356902465366188 5.182922855754378E-2

20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 6 5 3 4 2 6 4 2 2 2 3 0 1 0 1

DFC TOTAL CoMMITMENTS

20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 0.12748290553936412 0.13851921409458071 8.6090251146414359E-2 0.10190111403648604 0.12328123964166537 0.15840465496424744 3.7149970364641044E-2 5.944531841659912E-2 4.0892869294546823E-2 1.3989665811292334E-2 7.9224553617487814E-2 0 2.152256278660359E-2 0 1.2095680286071218E-2

DFC DEBT Commitments

Africa Asia Eastern Europe Latin America Middle East Global 0.27015662547607278 0.42290991243463244 2.0842939757421946E-2 0.10258203098935352 1.3593221580927357E-2 0.16991526976159196

DFC EQUITY Fund Count

Africa Asia Eastern Europe Latin America Middle East Global 1 4 0 0 0 0

Africa Asia Eastern Europe Latin America Middle East Global 0.17217471891788008 0.82782528108211995 0 0 0 0

Africa Asia Eastern Europe Latin America Middle East Global 8 14 2 9 1 7

Africa Asia Eastern Europe Latin America Middle East Global 0.26525736558680729 0.44315636092544225 1.9800757763675302E-2 9.745275715258607E-2 1.2913537671962155E-2 0.16141922089952693

Venture Capital Expansion Capital Buyout Equity Generalist Natural Resources Real Estate Infrastructure 3 2 2 18 1 8 2

Venture Capital Expansion Capital Buyout Equity Generalist Natural Resources Real Estate Infrastructure 1.6812417704427651E-2 7.9293792555409585E-3 2.1092148819738948E-2 0.7412523747324119 4.2637405025508807E-2 0.14059922188539195 2.9677052576979793E-2

Venture Capital Expansion Capital Buyout Equity Generalist Natural Resources Real Estate Infrastructure 2 0 0 2 0 0 1

Summary (2)

Debt Total Fund Investments as of 9/30/2020

Fund Region Focus Fund Count Fund Count % DFC Commitment DFC Commitment % Total Committed Capital Total Invested Capital Invested % Realized Value Remaining Fair Value Gross TVPI Gross DPI Gross RVPI

Africa 7 19% 596,230,902 27% 2,817,159,729 1,248,674,466 44.3% 193,944,632 1,268,007,543 1.17 0.16 1.02

Asia 10 28% 933,354,709 42% 3,229,337,209 958,560,082 29.7% 160,530,578 1,194,940,647 1.41 0.17 1.25

Eastern Europe 2 6% 46,000,000 2% 136,609,137 68,700,271 50.3% 8,880,541 98,149,154 1.56 0.13 1.43

Latin America 9 25% 226,396,731 10% 901,420,989 640,783,580 71.1% 114,591,751 615,501,031 1.14 0.18 0.96

Middle East 1 3% 30,000,000 1% 90,000,000 74,950,520 83.3% 39,450,000 24,473,481 0.85 0.53 0.33

Global 7 19% 375,000,000 17% 1,388,849,088 650,042,491 46.8% 59,248,675 600,863,014 1.02 0.09 0.92

Total 36 100% 2,206,982,342 100% 8,563,376,152 3,641,711,410 42.5% 576,646,177 3,801,934,870 1.20 0.16 1.04

Equity Total Fund Investments as of 9/30/2020

Fund Region Focus Fund Count Fund Count % DFC Commitment DFC Commitment % Equity Commitments Total Invested Capital Invested % Realized Value Remaining Fair Value Gross TVPI Gross DPI Gross RVPI

Africa 1 20% 20,000,000 17% 260,000,000 0 0.0% 0 0

Asia 4 80% 96,161,072 83% 2,945,601,072 294,985,281 10.0% 0 287,384,395 0.97 0.00 0.97

Eastern Europe 0 0% 0 0% 0 0 0 0

Latin America 0 0% 0 0% 0 0 0 0

Middle East 0 0% 0 0% 0 0 0 0

Global 0 0% 0 0% 0 0 0 0

Total 5 100% 116,161,072 100% 3,205,601,072 294,985,281 9.2% 0 287,384,395 0.97 0.00 0.97

Total Total Fund Investments as of 9/30/2020

Fund Region Focus Fund Count Fund Count % DFC Commitment DFC Commitment % Total Committed Capital Total Invested Capital Invested % Realized Value Remaining Fair Value Gross TVPI Gross DPI Gross RVPI

Africa 8 20% 616,230,902 27% 3,077,159,729 1,248,674,466 40.6% 193,944,632 1,268,007,543 1.17 0.16 1.02

Asia 14 34% 1,029,515,781 44% 6,174,938,281 1,253,545,363 20.3% 160,530,578 1,482,325,042 1.31 0.13 1.18

Eastern Europe 2 5% 46,000,000 2% 136,609,137 68,700,271 50.3% 8,880,541 98,149,154 1.56 0.13 1.43

Latin America 9 22% 226,396,731 10% 901,420,989 640,783,580 71.1% 114,591,751 615,501,031 1.14 0.18 0.96

Middle East 1 2% 30,000,000 1% 90,000,000 74,950,520 83.3% 39,450,000 24,473,481 0.85 0.53 0.33

Global 7 17% 375,000,000 16% 1,388,849,088 650,042,491 46.8% 59,248,675 600,863,014 1.02 0.09 0.92

Total 41 100% 2,323,143,414 100% 11,768,977,225 3,936,696,691 33.4% 576,646,177 4,089,319,265 1.19 0.15 1.04

DFC Debt Commitment DFC Equity Commitment

Venture Capital $ 37,104,709.00 $ 39,999,955.39

Expansion Capital $ 17,500,000.00 $ - 0

Buyout $ 46,550,000.00 $ - 0

Equity Generalist $ 1,635,930,902.00 $ 21,251,117.07

Natural Resources $ 94,100,000.00 $ - 0

Real Estate $ 310,300,000.00 $ - 0

Infrastructure $ 65,496,731.00 $ 54,910,000.00

Debt Total Fund Investments as of 9/30/2020

Asset Class Fund Count Fund Count % DFC Commitment DFC Commitment % Total Committed Capital Total Invested Capital Invested % Realized Value Remaining Fair Value Gross TVPI Gross DPI Gross RVPI

Venture Capital 3 8% 37,104,709 2% 113,217,209 74,086,533 65.4% 12,390,281 83,262,676 1.29 0.17 1.12

Expansion Capital 2 6% 17,500,000 1% 118,105,000 103,229,838 87.4% 40,329,255 132,552,004 1.67 0.39 1.28

Buyout 2 6% 46,550,000 2% 201,850,000 161,041,728 79.8% 64,676,100 209,118,938 1.70 0.40 1.30

Equity Generalist 18 50% 1,635,930,902 74% 6,191,929,854 2,138,135,180 34.5% 317,607,519 2,134,183,951 1.15 0.15 1.00

Natural Resources 1 3% 94,100,000 4% 307,953,100 180,466,152 58.6% 4,500,000 252,102,991 1.42 0.02 1.40

Real Estate 8 22% 310,300,000 14% 1,253,784,258 794,303,180 63.4% 132,669,713 715,778,932 1.07 0.17 0.90

Infrastructure 2 6% 65,496,731 3% 376,536,731 190,448,798 50.6% 4,473,309 274,935,378 1.47 0.02 1.44

Total 36 100% 2,206,982,342 100% 8,563,376,152 3,641,711,410 42.5% 576,646,177 3,801,934,870 1.20 0.16 1.04

Equity Total Fund Investments as of 9/30/2020

Asset Class Fund Count Fund Count % DFC Commitment DFC Commitment % Equity Commitments Total Invested Capital Invested % Realized Value Remaining Fair Value Gross TVPI Gross DPI Gross RVPI

Venture Capital 2 40% 39,999,955 34% 144,349,955 54,999,957 38.1% 0 54,693,204 0.99 0.00 0.99

Expansion Capital 0 0% 0 0% 0 0 0 0

Buyout 0 0% 0 0% 0 0 0 0

Equity Generalist 2 40% 21,251,117 18% 261,251,117 1,251,117 0.5% 0 1,251,117 1.00 0.00 1.00

Natural Resources 0 0% 0 0% 0 0 0 0

Real Estate 0 0% 0 0% 0 0 0 0

Infrastructure 1 20% 54,910,000 47% 2,800,000,000 238,734,207 8.5% 0 231,440,074 0.97 0.00 0.97

Total 5 100% 116,161,072 100% 3,205,601,072 294,985,281 9.2% 0 287,384,395 0.97 0.00 0.97

Total Total Fund Investments as of 9/30/2020

Asset Class Fund Count Fund Count % DFC Commitment DFC Commitment % Total Committed Capital Total Invested Capital Invested % Realized Value Remaining Fair Value Gross TVPI Gross DPI Gross RVPI

Venture Capital 5 12% 77,104,664 3% 257,567,164 129,086,490 50.1% 12,390,281 137,955,880 1.16 0.10 1.07

Expansion Capital 2 5% 17,500,000 1% 118,105,000 103,229,838 87.4% 40,329,255 132,552,004 1.67 0.39 1.28

Buyout 2 5% 46,550,000 2% 201,850,000 161,041,728 79.8% 64,676,100 209,118,938 1.70 0.40 1.30

Equity Generalist 20 49% 1,657,182,019 71% 6,453,180,971 2,139,386,297 33.2% 317,607,519 2,135,435,068 1.15 0.15 1.00

Natural Resources 1 2% 94,100,000 4% 307,953,100 180,466,152 58.6% 4,500,000 252,102,991 1.42 0.02 1.40

Real Estate 8 20% 310,300,000 13% 1,253,784,258 794,303,180 63.4% 132,669,713 715,778,932 1.07 0.17 0.90

Infrastructure 3 7% 120,406,731 5% 3,176,536,731 429,183,005 13.5% 4,473,309 506,375,452 1.19 0.01 1.18

Total 41 100% 2,323,143,414 100% 11,768,977,225 3,936,696,691 33.4% 576,646,177 4,089,319,265 1.19 0.15 1.04

Total Total Fund Investments as of 9/30/2020

Fund Vintage Year Fund Count Fund Count % DFC Commitment DFC Commitment % Total Committed Capital Total Invested Capital Invested % Realized Value Remaining Fair Value Gross TVPI Gross DPI Gross RVPI

2020 6 15% 296,161,072 13% 3,797,071,072 385,966,790 10.2% 0 375,022,744 0.97 0.00 0.97

2019 5 12% 321,800,000 14% 1,307,879,293 445,092,919 34.0% 5,557,882 368,546,647 0.84 0.01 0.83

2018 3 7% 200,000,000 9% 707,027,500 134,494,993 19.0% 6,590,000 142,006,534 1.10 0.05 1.06

2017 4 10% 236,730,902 10% 1,077,863,647 301,354,605 28.0% 9,638,722 367,092,080 1.25 0.03 1.22

2016 2 5% 286,400,000 12% 1,346,334,694 374,415,217 27.8% 11,700,000 499,751,177 1.37 0.03 1.33

2015 6 15% 367,996,731 16% 1,392,131,819 602,473,047 43.3% 41,978,710 826,873,632 1.44 0.07 1.37

2014 4 10% 86,304,709 4% 434,129,674 335,644,993 77.3% 73,259,672 406,965,019 1.43 0.22 1.21

2013 2 5% 138,100,000 6% 541,953,100 343,766,152 63.4% 36,000,000 349,188,061 1.12 0.10 1.02

2012 2 5% 95,000,000 4% 384,836,425 356,408,023 92.6% 162,954,556 178,171,100 0.96 0.46 0.50

2011 2 5% 32,500,000 1% 97,505,000 81,480,358 83.6% 40,279,255 33,425,485 0.90 0.49 0.41

2010 3 7% 184,050,000 8% 459,580,000 411,440,438 89.5% 114,771,961 445,566,697 1.36 0.28 1.08

2009 0 0% 0 0% 0 0 0 0

2008 1 2% 50,000,000 2% 164,535,000 117,475,000 71.4% 47,366,000 71,378,000 1.01 0.40 0.61

2007 0 0% 0 0% 0 0 0 0

2006 1 2% 28,100,000 1% 58,130,000 46,684,156 80.3% 26,549,419 25,332,089 1.11 0.57 0.54

Total 41 100% 2,323,143,414 100% 11,768,977,225 3,936,696,691 33.4% 576,646,177 4,089,319,265 1.19 0.15 1.04

Africa Asia Eastern Europe Latin America Middle East Global 7 10 2 9 1 7

Venture Capital Expansion Capital Buyout Equity Generalist Natural Resources Real Estate Infrastructure 0.3443490538000496 0 0 0.18294525541091064 0 0 0.47270569078903973

Venture Capital Expansion Capital Buyout Equity Generalist Natural Resources Real Estate Infrastructure 5 2 2 20 1 8 3

Venture Capital Expansion Capital Buyout Equity Generalist Natural Resources Real Estate Infrastructure 3.3189799609475462E-2 7.532896975311257E-3 2.0037505954327944E-2 0.71333608108529167 4.050546316438796E-2 0.13356902465366188 5.182922855754378E-2

20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 6 5 3 4 2 6 4 2 2 2 3 0 1 0 1

20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 0.12748290553936412 0.13851921409458071 8.6090251146414359E-2 0.10190111403648604 0.12328123964166537 0.15840465496424744 3.7149970364641044E-2 5.944531841659912E-2 4.0892869294546823E-2 1.3989665811292334E-2 7.9224553617487814E-2 0 2.152256278660359E-2 0 1.2095680286071218E-2

DFC Debt Commitment Venture Capital Expansion Capital Buyout Equity Generalist Natural Resources Real Estate Infrastructure 37104709 17500000 46550000 1635930902 94100000 310300000 65496731 DFC Equity Commitment Venture Capital Expansion Capital Buyout Equity Generalist Natural Resources Real Estate Infrastructure 39999955.390000001 0 0 21251117.07 0 0 54910000

Africa Asia Eastern Europe Latin America Middle East Global 0.27015662547607278 0.42290991243463244 2.0842939757421946E-2 0.10258203098935352 1.3593221580927357E-2 0.16991526976159196

Africa Asia Eastern Europe Latin America Middle East Global 1 4 0 0 0 0

Africa Asia Eastern Europe Latin America Middle East Global 0.17217471891788008 0.82782528108211995 0 0 0 0

Africa Asia Eastern Europe Latin America Middle East Global 8 14 2 9 1 7

Africa Asia Eastern Europe Latin America Middle East Global 0.26525736558680729 0.44315636092544225 1.9800757763675302E-2 9.745275715258607E-2 1.2913537671962155E-2 0.16141922089952693

Venture Capital Expansion Capital Buyout Equity Generalist Natural Resources Real Estate Infrastructure 3 2 2 18 1 8 2

Venture Capital Expansion Capital Buyout Equity Generalist Natural Resources Real Estate Infrastructure 1.6812417704427651E-2 7.9293792555409585E-3 2.1092148819738948E-2 0.7412523747324119 4.2637405025508807E-2 0.14059922188539195 2.9677052576979793E-2

Venture Capital Expansion Capital Buyout Equity Generalist Natural Resources Real Estate Infrastructure 2 0 0 2 0 0 1

Region Extra Graphs

Debt Total Fund Investments as of 9/30/2020

Fund Region Focus Fund Count Fund Count % DFC Commitment DFC Commitment % Total Committed Capital Total Invested Capital Invested % Realized Value Remaining Fair Value Gross TVPI Gross DPI Gross RVPI

Africa 7 19% 596,230,902 27% 2,817,159,729 1,248,674,466 44.3% 193,944,632 1,268,007,543 1.17 0.16 1.02

Asia 10 28% 933,354,709 42% 3,229,337,209 958,560,082 29.7% 160,530,578 1,194,940,647 1.41 0.17 1.25

Eastern Europe 2 6% 46,000,000 2% 136,609,137 68,700,271 50.3% 8,880,541 98,149,154 1.56 0.13 1.43

Latin America 9 25% 226,396,731 10% 901,420,989 640,783,580 71.1% 114,591,751 615,501,031 1.14 0.18 0.96

Middle East 1 3% 30,000,000 1% 90,000,000 74,950,520 83.3% 39,450,000 24,473,481 0.85 0.53 0.33

Global 7 19% 375,000,000 17% 1,388,849,088 650,042,491 46.8% 59,248,675 600,863,014 1.02 0.09 0.92

Total 36 100% 2,206,982,342 100% 8,563,376,152 3,641,711,410 42.5% 576,646,177 3,801,934,870 1.20 0.16 1.04

Equity Total Fund Investments as of 9/30/2020

Fund Region Focus Fund Count Fund Count % DFC Commitment DFC Commitment % Equity Commitments Total Invested Capital Invested % Realized Value Remaining Fair Value Gross TVPI Gross DPI Gross RVPI

Africa 1 20% 20,000,000 17% 260,000,000 0 0.0% 0 0

Asia 4 80% 96,161,072 83% 2,945,601,072 294,985,281 10.0% 0 287,384,395 0.97 0.00 0.97

Eastern Europe 0 0% 0 0% 0 0 0 0

Latin America 0 0% 0 0% 0 0 0 0

Middle East 0 0% 0 0% 0 0 0 0

Global 0 0% 0 0% 0 0 0 0

Total 5 100% 116,161,072 100% 3,205,601,072 294,985,281 9.2% 0 287,384,395 0.97 0.00 0.97

Total Total Fund Investments as of 9/30/2020

Fund Region Focus Fund Count Fund Count % DFC Commitment DFC Commitment % Total Committed Capital Total Invested Capital Invested % Realized Value Remaining Fair Value Gross TVPI Gross DPI Gross RVPI

Africa 8 20% 616,230,902 27% 3,077,159,729 1,248,674,466 40.6% 193,944,632 1,268,007,543 1.17 0.16 1.02

Asia 14 34% 1,029,515,781 44% 6,174,938,281 1,253,545,363 20.3% 160,530,578 1,482,325,042 1.31 0.13 1.18

Eastern Europe 2 5% 46,000,000 2% 136,609,137 68,700,271 50.3% 8,880,541 98,149,154 1.56 0.13 1.43

Latin America 9 22% 226,396,731 10% 901,420,989 640,783,580 71.1% 114,591,751 615,501,031 1.14 0.18 0.96

Middle East 1 2% 30,000,000 1% 90,000,000 74,950,520 83.3% 39,450,000 24,473,481 0.85 0.53 0.33

Global 7 17% 375,000,000 16% 1,388,849,088 650,042,491 46.8% 59,248,675 600,863,014 1.02 0.09 0.92

Total 41 100% 2,323,143,414 100% 11,768,977,225 3,936,696,691 33.4% 576,646,177 4,089,319,265 1.19 0.15 1.04

Count Commitments

Fund Region Focus Debt Equity Total Debt Equity Total

Africa 7 1 8 596230902 20000000 616230902

Asia 10 4 14 933354709 96161072.46 1029515781.46

Eastern Europe 2 0 2 46000000 0 46000000

Latin America 9 0 9 226396731 0 226396731

Middle East 1 0 1 30000000 0 30000000

Global 7 0 7 375000000 0 375000000

Fund Count by Region

Debt Africa Asia Eastern Europe Latin America Middle East Global 7 10 2 9 1 7 Equity Africa Asia Eastern Europe Latin America Middle East Global 1 4 0 0 0 0

DFC Commitments by Region

Debt Africa Asia Eastern Europe Latin America Middle East Global 596230902 933354709 46000000 226396731 30000000 375000000 Equity Africa Asia Eastern Europe Latin America Middle East Global 20000000 96161072.459999993 0 0 0 0

Regional Gross TVPI by Source

Gross RVPI Africa Asia Eastern Europe Latin America Middle East Global 1.0154828801569187 1.2465996335950071 1.4286574502741045 0.96054432449720384 0.3265285017368792 0.92434421183091553 Gross DPI Africa Asia Eastern Europe Latin America Middle East Global 0.15532041192858806 0.16747054359394867 0.12926500682944905 0.17883066073571985 0.52634724882495809 9.1145849418019051E-2

DFC Debt Fund Commitments and Count by Region

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7 10 2 9 1 7 596230902 933354709 46000000 226396731 30000000 375000000 Africa Asia Eastern Europe Latin America Middle East Global Count

DFC Commitments

DFC Total Fund Commitments and Count by Region

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8 14 2 9 1 7 616230902 1029515781.46 46000000 226396731 30000000 375000000 Africa Asia Eastern Europe Latin America Middle East Global Count

DFC Commitments

Microsoft_Excel_Worksheet1.xlsx Debt

Total Fund Investments as of 9/30/2020 DFC Eligible Investments Only as of 9/30/2020 DFC Debt Investments as of 12/31/2020

(DFC Eligible Investments Only)

Dragon Capital New Ukraine Fund, LP 9000032000 2017 Levered Eastern Europe Buyout 70,000,000 95,000,000 50,044,552 53% 4,300,000 82,127,887 1.73 0.09 1.64 NA NA 35,735,746…