ESBD_File_259689_CC-2200004_Addendum 01_Final.pdf

Solicitation Name: Secondary Market Brokers/Agent Services Solicitation No.: CC-2200004

Addendum No.: 1

Teacher Retirement System of Texas (TRS)

November 9, 2021

ADDENDUM No.: 1

TO

SOLICITATION NO.: CC-2200004

FOR

Secondary Market Brokers/Agent Services

DEADLINE FOR SUBMISSION OF PROPOSALS: December 3, 2021, @ 3:00 p.m. CT

LISTED BELOW YOU WILL FIND CHANGES TO THE SOLICITATION, ANSWERS TO SUBMITTED QUESTIONS, AS WELL AS SEPARATE FILE ATTACHMENTS PROVIDED AS SUPPORTING DOCUMENTATION AND

ADDITIONS TO THE SOLICITATION

ISSUED BY:

Adrian M. Kyle, Contract Specialist Supervisor Date: 11/9/2021

NOTE: RESPONDENTS ARE REQUIRED TO ACKNOWLEDGE RECEIPT OF THIS ADDENDUM BY SIGNING AND DATING BELOW AND INCLUDING WITH SUBMITTED RESPONSE. RESPONSE MAY BE CONSIDERED

NON-RESPONSIVE IF THIS COVER PAGE IS NOT SIGNED AND RETURNED.

RESPONDENT SIGNATURE DATE

Addendum No.: 1

ADDENDUM No.: 1 **** Important Notice to Vendors ****

SOLICITATION NO.: CC-2200004

FOR

Secondary Market Brokers/Agent Services

This Addendum is issued to provide clarifications and answers to vendors’ submitted questions.

A) Questions and Answers

1) What are TRS’s timing sensitivities we should be aware of for transaction marketing and closing?

- TRS Response: TRS is seeking to move as fast as commercially possible, but has no set timeline in mind.

2) Is there a minimum transaction size or liquidity that you are looking to achieve in a secondary transaction?

- TRS Response: Approximately $500 million minimum.

3) What are the key portfolio construction principles that guide what fund interests you’re looking to sell? For example,

a. Reducing tail vintages

b. Reducing capital concentration around specific managers and funds

c. Selling non-core strategies and managers

d. Maintaining key relationships driving co-investments

e. Enhancing go-forward returns

- TRS Response: See above additions in blue.

4) Would TRS benefit from a discussion around a Respondent’s ability to bring forward alternative structures (NAV lending, preferred structures, deferrals) in lieu of a straight-cash secondary sale?

- TRS Response: The discussion could be beneficial during Respondent Presentations or Interviews, if any, but not prior.

5) With respect to V. Price Form, is it permissible for Respondents to propose different Prices for different Transaction Value ranges (i.e. can Respondents propose a Price scale where the price would vary based on Transaction Value)?

- TRS Response: Yes.

Addendum No.: 1

6) Would our contracts with service providers used to fulfill our services (e.g. Intralinks) need to be included in Tab 8?

- TRS Response: Respondents can provide that information behind Tab 8 of the Response.

Respondents must also include any subcontractors on the HUB Subcontracting Plan (HSP) as instructed on page 16 of the Solicitation.

7) Can TRS clarify what is meant in IV. B. c) where it is says “Three (3) examples should also be provided by each listed subcontractor”? If Respondent does not have any subcontractors, can this request be ignored?

- TRS Response: If a Respondent will be subcontracting any portion of the work, the Respondent must provide three (3) examples of past performance for each subcontractor with the Response. If a Respondent will not be subcontracting any portion of the work, this request does not apply.

8) Are Respondents allowed to provide two copies of the Proposal, with one being redacted for confidential / proprietary information, such as the requests for Company Past Performance? Or should just this information simply be included in Tab 7?

- TRS Response: Include this information behind Tab 7 of the Response and mark the pages “Confidential.”

9) In Section X. there is mention of “designated index tabs”. Does this mean there are specific index tabs Respondents need to utilize in their submission (pulled directly from something provided by TRS), or does this simply mean these are the titles to use as the page-breaks between sections of the proposal?

- TRS Response: The designated index tabs are included in Section X on page 23 and 24 of the Solicitation. TRS has outlined the manner in which Respondents must organize their Response by providing Tab names, Tab numbers, and the corresponding documentation or information that must be included behind each tab with the submitted Response.

10) Can/should Respondent include a Cover Page and one-page Cover Letter before Tab 1?

- TRS Response: Respondents may include a cover page and a one-page cover letter with their Response. TRS does not have a requirement for number of cover pages or letters for this Solicitation.

11) In the deliverables for Tab 1, there is reference to a Cover Page for the Addenda, which we can’t seem to locate. Can TRS provide more detail on where the Cover Page for the Addenda is located?

- TRS Response: The Cover Page for the Addenda is the first page of any Addenda TRS may post prior to the Response Due Date. The Cover Page for this Addendum is on page 1. Respondents must sign and return the first page with their Response.

Addendum No.: 1

12) In the deliverables for Tab 6, there is reference to Item 4 and Item 6 which must be completed for the “Notices, Representatives, and Records Location”. We can’t seem to locate these Items.

Can TRS provide more detail on where these are located?

- TRS Response: Section VIII. Notices, Representatives, and Records Location; page 20 and 21 of the Solicitation.

13) Can TRS please provide Respondents a Word version of the Non-Disclosure Agreement and can Respondents provide redline comments to the NDA alongside our submission, or must a Respondent’s submission include a Respondent-executed version with no changes permitted?

- TRS Response: A Word version of the Non-Disclosure Agreement has been posted as a separate attachment to the ESBD for this Solicitation. Any changes to the Non-Disclosure Agreement are subject to the terms of this Solicitation regarding exceptions.

14) Can you share a portfolio summary of the potential secondary sale portfolio that includes fund names, commitments and net asset value? This would be helpful for us to have so that we can share qualifications that are most relevant for and comparable to this opportunity.

- TRS Response: We do not have a preselected portfolio to provide at this time. For reference purposes, attached to this Addendum are Private and Public Market Reports for Q2 2021.

15) Can you provide any guidance on the size of the portfolio that you plan to bring to market or details around strategy, vintage or other characteristics of the underlying funds?

- TRS Response: Would target a minimum of $500 million in NAV across various strategies and vintages.

16) What is the timing of the potential secondary process – when would you be looking to bring this portfolio to market?

- TRS Response: 2022, but would anticipate the potential for ongoing transactions beyond that through the contract term specified in the Solicitation.

17) As it relates to the Pricing Selection Criteria (Section IV – E) and the Price Form (Section V), can you clarify if these are meant to both be related to the transaction fee, or is the hourly rate described in the pricing selection criteria meant to be in addition to the transaction fee?

- TRS Response: We are expecting all pricing to be based on a transaction fee.

18) Can you disclose the number of secondary market brokers that have been invited to participate in this RFP process?

- TRS Response: This Solicitation has been posted to the State of Texas Electronic State Business Daily and advertised to the general public as well as approximately 790 vendors, including vendors on the Centralized Master Bidders List.

Teacher Retirement System of Texas ‐ Private Equity Investments

Legal Investment Name Investment Manager Vintage Year

Commitment Contributions Distributions Net Asset Value Since Inception

IRR

Last NAV Date

Aberdeen Emerging Asia Pacific II (Offshore), L.P. Aberdeen Capital Management LLC 2009 100,000,000 102,059,750 60,100,914 62,569,760 2.9% 6/30/2021

Advent International GPE VI‐A Limited Partnership Advent International Corporation, Manager 2008 200,000,000 205,357,241 420,768,147 0 16.6% 12/31/2019

Advent International GPE VII‐C Limited Partnership Advent International Corporation, Manager 2012 150,000,000 141,000,000 173,548,855 115,093,379 16.2% 6/30/2021

Alamo L.P. Kohlberg Kravis Roberts & Co. L.P. 2018 507,361,782 368,127,743 0 378,339,278 1.4% 6/30/2021

Allstar Co‐Invest L.P. Kohlberg Kravis Roberts & Co. L.P. 2011 140,560,000 140,761,787 267,462,998 171,098,555 18.2% 6/30/2021

ALPHA PRIVATE EQUITY FUND 5, Pixys US LP APEF Management Company 5 Limited 2006 17,026,668 17,026,668 24,857,002 687,214 8.3% 6/30/2021

Amber Co‐Investment Partners, LLC Clearlake Capital Management Opportunities, L.P. 2018 12,800,000 10,022,158 964 14,756,673 14.8% 6/30/2021

American Securities Partners VII, L.P. American Securities LLC 2016 200,000,000 188,921,871 37,847,410 232,983,769 12.6% 6/30/2021

American Securities Partners VIII, L.P. American Securities LLC 2019 200,000,000 78,062,040 1,704,820 89,474,633 21.7% 6/30/2021

AP Highlands Co‐Invest, L.P. Apollo Co‐Investment Management, LLC 2019 162,000,000 160,164,103 9,107,439 177,073,701 6.5% 6/30/2021

AP Inception Co‐Invest, L.P. Apollo Co‐Investment Management, LLC 2016 126,903,553 125,431,647 68,774,573 222,995,106 20.5% 6/30/2021

AP Olympus Co‐Invest, L.P. Apollo Co‐Investment Management, LLC 2017 60,913,706 60,184,615 0 119,305,950 20.1% 6/30/2021

AP Selene Co‐Invest, L.P. Apollo Management VII, L.P. 2011 77,069,746 78,806,521 139,928,678 0 22.2% 12/31/2016

Apax Europe V – A, L.P. Apax Europe V GP Co. Limited 2001 87,024,945 87,050,781 187,086,629 0 36.3% 12/31/2017

Apax Europe VII – A, L.P. Apax Europe VII GP Co. Limited 2007 692,574,227 750,702,521 936,750,490 0 4.4% 12/31/2019

Apax VIII – A, L.P. Apax VIII GP Co. Limited 2012 200,000,000 231,531,935 338,056,378 0 12.0% 12/31/2019

Apollo Alamo PE, L.P. Apollo Alamo GP, LLC 2019 200,000,000 52,258,649 52,774,416 30,951,553 46.7% 6/30/2021

Apollo Credit Opportunity Fund II, L.P. Apollo Credit Opportunity Management, LLC 2008 400,000,000 397,453,019 598,067,943 0 31.5% 3/31/2021

Apollo Investment Fund VI, L.P. Apollo Management VI, L.P. 2006 250,000,000 239,412,704 399,135,103 4,713,913 8.7% 6/30/2021

Apollo Investment Fund VII, L.P. Apollo Management VII, L.P. 2008 750,000,000 735,011,320 1,331,723,694 78,127,515 22.5% 6/30/2021

Apollo Parallel Partners A, L.P. Apollo Management VII, L.P. 2009 50,000,000 20,404,722 39,433,898 0 38.7% 12/31/2012

ASP BF Co‐Invest LP American Securities LLC 2019 35,000,000 20,891,599 4,651,304 31,624,084 67.4% 6/30/2021

ASP LS Co‐Invest LP American Securities LLC 2021 39,195,000 26,142,562 0 37,049,153 41.7% 6/30/2021

Austin Ventures VIII, L.P. AVP Management Services, Inc. 2001 55,333,334 56,793,186 92,534,964 472,526 6.8% 6/30/2021

Austin VI LP Bridgepoint Advisers Limited 2021 44,471,272 0 0 0 n/a n/a

Avenue Special Situations Fund V, L.P. Avenue Capital Management II, L.P. 2007 550,000,000 555,134,506 734,541,411 0 11.1% 12/31/2017

Bain Capital Fund VIII, L.P. Bain Capital Partners, LP 2004 35,000,000 36,388,176 70,254,080 33,441 12.2% 6/30/2021

Bain Capital Partners VIII, L.P. Bain Capital Partners, LP 2001 50,000,000 49,948,313 140,120,545 5,784,892 37.5% 6/30/2021

Bain Capital VIII Coinvestment Fund, L.P. Bain Capital Partners, LP 2004 37,500,000 36,604,167 67,973,647 46,513 12.4% 6/30/2021

BCP VII CO‐INVEST – STAR L.P. Blackstone Management Partners L.L.C. 2017 450,000,000 231,247,246 105,092,693 500,444,342 48.8% 6/30/2021

BDC III Co‐investment LP Bridgepoint Advisers II Limited 2017 33,135,114 26,609,616 11,309,050 27,935,511 21.0% 6/30/2021

BDC III D LP Bridgepoint Advisers II Limited 2017 132,229,695 103,843,233 73,533,610 130,346,907 37.1% 6/30/2021

BDC IV A LP Bridgepoint Advisers II Limited 2021 55,258,006 0 0 ‐625,157 n/a 6/30/2021

BE VI 'B' LP Bridgepoint Advisers Limited 2018 174,253,410 90,407,534 13,265,134 97,030,117 21.5% 6/30/2021

Blackstone / GSO Capital Solutions Fund, LP Blackstone Alternative Credit Advisors LP 2009 600,000,000 747,590,082 963,985,683 3,876,297 13.3% 6/30/2021

Blackstone Capital Partners IV L.P. Blackstone Management Partners IV L.L.C. 2003 185,012,814 184,055,295 514,941,963 2,991,492 36.3% 6/30/2021

Blackstone Capital Partners V L.P. Blackstone Management Partners L.L.C. 2006 600,000,000 583,040,285 996,667,031 23,550,165 9.4% 6/30/2021

As of 6/30/2021 Quarterly General Partner Reporting

Year

Commitment Contributions Distributions Net Asset Value Since Inception

IRR

Last NAV Date As of 6/30/2021 Quarterly General Partner Reporting

Blackstone Capital Partners VI L.P. Blackstone Management Partners L.L.C. 2011 400,000,000 420,303,697 483,120,045 258,527,009 13.1% 6/30/2021

Blackstone Capital Partners VII L.P. Blackstone Management Partners L.L.C. 2016 450,000,000 461,891,467 105,202,521 613,228,818 21.2% 6/30/2021

Blackstone Capital Partners VIII L.P. Blackstone Management Partners L.L.C. 2020 600,000,000 73,623,758 0 92,962,508 30.8% 6/30/2021

Blackstone GTS Co‐Invest L.P. Blackstone Management Partners L.L.C. 2014 82,500,000 76,034,407 17,080,476 187,377,198 15.3% 6/30/2021

Blackstone Life Sciences V L.P. Blackstone Life Sciences Advisors L.L.C. 2020 75,000,000 9,658,352 8,496 11,100,709 18.2% 6/30/2021

Blue Holdings Co‐Invest, L.P. Kohlberg Kravis Roberts & Co. L.P. 2011 27,135,000 27,135,000 56,521,032 0 18.1% 12/31/2015

BPEA Bluebonnet Partners, L.P. Baring Private Equity Asia Group Limited 2020 200,000,000 16,881,742 0 22,400,151 32.7% 6/30/2021

Bridgepoint Europe IV ‘D’ L.P. Bridgepoint Advisers Limited 2008 266,984,678 256,377,443 347,778,742 52,112,063 9.7% 6/30/2021

Bridgepoint Europe V ‘B2’ LP Bridgepoint Advisers Limited 2016 229,170,243 211,134,233 137,284,902 238,724,769 18.6% 6/30/2021

Bridgewater Associates Intermediate Holdings, LP Bridgewater Associates Holdings, Inc. 2012 250,000,000 250,000,000 185,544,099 373,670,009 11.6% 6/30/2021

Candover 2001 Fund U.S. No. 5 Limited Partnership Arle Capital Partners Limited 2002 87,634,354 90,118,995 150,203,925 0 17.8% 12/31/2015

Carlyle Europe Partners III, L.P. CIM Global LLC which is sub advised by CIM LLC 2007 135,637,479 139,856,816 219,917,741 13,187,675 11.1% 6/30/2021

Carlyle Europe Partners IV, L.P. CIM Global LLC which is sub advised by CIM LLC 2015 165,000,000 170,164,290 194,749,622 0 5.5% 12/31/2019

Carlyle Partners III, L.P. Carlyle Investment Management L.L.C. 2000 100,000,000 106,704,229 233,580,509 0 23.3% 12/31/2014

Carlyle Partners IV, L.P. Carlyle Investment Management L.L.C. 2005 200,000,000 196,331,792 398,965,093 0 13.0% 3/31/2020

Carlyle Partners V, L.P. Carlyle Investment Management L.L.C. 2007 500,000,000 489,806,419 841,258,869 67,164,821 13.7% 6/30/2021

Carlyle Partners VI, L.P. Carlyle Investment Management L.L.C. 2013 200,000,000 213,404,131 269,160,085 0 8.3% 12/31/2019

Carlyle Star Co‐Investment Fund, L.P. Carlyle Investment Management L.L.C. 2021 100,000,000 0 0 0 n/a n/a

CCMP Capital Investors III, L.P. CCMP Capital Advisors, LLC 2014 200,000,000 196,710,494 167,261,749 222,717,684 15.9% 6/30/2021

CCP IX LP No.2 Charterhouse Capital Partners LLP 2009 367,836,201 358,745,541 407,756,668 79,281,785 9.9% 6/30/2021

CCP VIII LP No.2.2 Charterhouse Capital Partners LLP 2006 136,227,761 122,891,640 117,812,626 0 ‐0.7% 3/31/2021

Cerberus Institutional Partners, L.P. – Series Four Cerberus Institutional Management II, LLC 2007 100,000,000 92,704,896 162,984,603 2,329,148 8.9% 6/30/2021

CH Holding L.P. Kohlberg Kravis Roberts & Co. L.P. 2011 100,000,000 100,000,000 361,279,637 0 29.4% 12/31/2017

Cinven Broadway Limited Partnership CINVEN PARTNERS LLP 2019 20,000,000 20,211,303 0 22,486,013 7.2% 6/30/2021

Cinven Saturn Limited Partnership CINVEN PARTNERS LLP 2017 148,705,093 83,409,588 0 208,945,228 27.2% 6/30/2021

Clayton, Dubilier & Rice Fund IX, L.P. Clayton, Dubilier & Rice, LLC 2014 250,000,000 286,581,223 287,911,507 508,164,764 31.0% 6/30/2021

Clayton, Dubilier & Rice Fund VIII, L.P. Clayton, Dubilier & Rice, LLC 2009 250,000,000 221,682,809 555,668,582 47,366,082 26.3% 6/30/2021

Clayton, Dubilier & Rice Fund X, L.P. Clayton, Dubilier & Rice, LLC 2018 325,000,000 288,698,637 92,017,443 530,537,402 55.4% 6/30/2021

Clayton, Dubilier & Rice Fund XI, L.P. Clayton, Dubilier & Rice, LLC 2020 200,000,000 0 0 4,236,652 n/a 6/30/2021

Clearlake Capital Partners V, L.P. Clearlake Capital Management V, L.P. 2018 125,000,000 131,595,854 105,886,078 193,563,510 55.7% 6/30/2021

Clearlake Capital Partners VI, L.P. Clearlake Capital Management VI, L.P. 2020 125,000,000 60,650,393 1,042,331 88,294,691 84.0% 6/30/2021

Co‐Invest Platform (No. 1) SCSp EQT Fund Management S.à r.l. 2016 292,741,190 153,747,410 48,957,116 189,010,082 24.5% 6/30/2021

Crestview Advisors II, L.P. Crestview Advisors, L.L.C. 2008 200,000,000 237,331,316 336,696,755 135,052,365 15.0% 6/30/2021

Crestview Advisors III (FF), L.P. Crestview Advisors, L.L.C. 2014 26,660,000 21,869,892 13,218,639 25,645,142 20.9% 6/30/2021

Crestview Advisors III, L.P. Crestview Advisors, L.L.C. 2014 200,000,000 168,906,708 89,310,111 167,239,770 15.0% 6/30/2021

Crestview III ETS Co‐Investors, LLC Crestview Advisors, L.L.C. 2018 25,000,000 25,000,000 0 28,360,981 5.3% 6/30/2021

Crestview Partners IV (Bluebonnet), L.P. Crestview Advisors, L.L.C. 2021 100,000,000 25,150,000 0 27,653,585 10.0% 6/30/2021

Year

Commitment Contributions Distributions Net Asset Value Since Inception

IRR

Last NAV Date As of 6/30/2021 Quarterly General Partner Reporting

Crestview Partners IV, L.P. Crestview Advisors, L.L.C. 2019 100,000,000 13,417,097 21,463 25,065,919 155.2% 6/30/2021

CVC Capital Partners Asia Pacific III L.P. CVC Capital Partners Advisory Company Limited 2008 350,000,000 349,348,971 524,254,262 35,838,999 12.9% 6/30/2021

CVC European Equity Partners III L.P. CVC Capital Partners Advisory Company Limited 2001 75,000,000 73,885,212 208,101,400 5,000,665 41.0% 6/30/2021

CVC European Equity Partners IV (D) L.P. CVC Capital Partners Advisory Company Limited 2005 123,421,236 113,958,205 225,043,913 197,763 16.8% 6/30/2021

CVC European Equity Partners Tandem Fund (A) L.P CVC Capital Partners Advisory Company Limited 2007 206,306,562 207,184,439 276,351,093 146,319 6.8% 6/30/2021

CVC European Equity Partners V (B) L.P CVC Capital Partners Advisory Company Limited 2008 382,645,552 415,297,345 808,974,428 18,937,121 16.6% 6/30/2021

Diamondleaf Co‐Investment Partners, LP Clearlake Capital Group, L.P. 2020 19,950,000 15,007,624 0 23,888,922 59.2% 6/30/2021

Dragon Co‐Investment Partners, L.P. Clearlake Capital Group, L.P. 2019 26,000,000 20,038,525 62,201,188 6,992,360 111.9% 6/30/2021

Dyal Capital Partners III Co‐Invest Horizon (US) LP. NB Alternatives Advisers, LLC 2015 50,000,000 50,393,867 13,745,377 144,660,022 22.7% 6/30/2021

Element Co‐Investment Limited Partnership Bridgepoint Advisers Limited 2016 100,000,000 79,835,932 80,402,145 90,033,335 21.2% 6/30/2021

Element II Co‐Investment Limited Partnership Bridgepoint Advisers Limited 2017 48,000,000 41,734,203 27,144,104 45,617,478 20.2% 6/30/2021

EQT IX (NO.2) USD SCSP EQT Fund Management S.à r.l. 2020 200,000,000 65,451,464 602,275 74,906,963 24.9% 6/30/2021

EQT VII (No. 2) Limited Partnership EQT Fund Management S.à r.l. 2016 285,153,085 277,194,788 358,881,320 230,922,909 26.5% 6/30/2021

EQT VIII (NO 2) SCSP EQT Fund Management S.à r.l. 2018 314,498,866 233,850,598 0 443,405,778 48.4% 6/30/2021

EQT VIII Co‐Investment (A) SCSp EQT Fund Management S.à r.l. 2019 108,528,790 108,628,790 25,017,981 304,310,260 64.4% 6/30/2021

First Reserve Fund IX, LP FRC Founders Corporation 2001 122,444,258 122,444,258 361,138,603 0 47.2% 9/30/2010

GCM Grosvenor Emerging Opportunities Fund (2005‐1 Series)

GCM Grosvenor Capital Management 2005 250,000,000 264,523,676 371,917,194 14,424,679 7.4% 6/30/2021

GCM Grosvenor Emerging Opportunities Fund (2007‐1 Series)

GCM Grosvenor Capital Management 2007 300,000,000 369,258,241 475,905,746 53,572,200 9.2% 6/30/2021

GCM Grosvenor Emerging Opportunities Fund (2008‐1 Re‐ Investment Series)

GCM Grosvenor Capital Management 2008 100,000,000 97,401,509 126,258,757 53,465,572 13.8% 6/30/2021

GCM Grosvenor Emerging Opportunities Fund (2008‐2 MMBO Partnership Investment Series)

GCM Grosvenor Capital Management 2009 300,000,000 322,485,919 502,305,291 93,652,574 17.0% 6/30/2021

GCM Grosvenor Emerging Opportunities Fund (2010‐1 PE Series)

GCM Grosvenor Capital Management 2010 100,000,000 114,502,298 114,968,854 64,919,357 12.4% 6/30/2021

GCM Grosvenor Emerging Opportunities Fund (2014‐1 PE Series)

GCM Grosvenor Capital Management 2014 49,780,679 55,713,284 35,371,496 36,604,921 7.7% 6/30/2021

GCM Grosvenor Emerging Opportunities Fund (2015‐1 PE Series)

GCM Grosvenor Capital Management 2015 117,288,625 112,377,165 94,962,225 79,796,365 17.4% 6/30/2021

GHP Co‐Invest I, LLC GHP VI, LLC 2019 25,000,000 25,000,000 0 27,523,934 4.5% 6/30/2021

Gores Capital Partners II, L.P. The Gores Group 2007 97,800,000 102,948,147 132,804,653 2,851,907 7.1% 6/30/2021

Gores Capital Partners III, L.P. The Gores Group 2010 250,000,000 296,496,356 307,370,367 13,817,051 2.9% 6/30/2021

Great Hill Equity Partners V, L.P. Great Hill Partners, L.P. 2014 150,000,000 154,500,000 248,434,885 155,180,493 26.0% 6/30/2021

Great Hill Equity Partners VI, L.P. Great Hill Partners, L.P. 2017 150,000,000 139,122,491 48,400,927 286,869,691 63.4% 6/30/2021

Great Hill Equity Partners VII‐Pref, L.P. Great Hill Partners, L.P. 2019 150,000,000 36,536,873 34,970,508 42,008,643 n/a 6/30/2021

Green Equity Investors V, L.P. Leonard Green & Partners, L.P. 2007 200,000,000 198,801,326 471,761,620 10,008,328 18.3% 6/30/2021

Green Equity Investors VI, L.P. Leonard Green & Partners, L.P. 2012 200,000,000 219,792,669 172,727,888 324,440,762 18.6% 6/30/2021

Green Equity Investors VII, L.P. Leonard Green & Partners, L.P. 2017 300,000,000 265,773,915 68,074,860 478,368,540 30.2% 6/30/2021

Green Equity Investors VIII, L.P. Leonard Green & Partners, L.P. 2020 175,000,000 71,806,688 0 74,218,445 8.9% 6/30/2021

GSO Capital Opportunities Fund III LP GSO Capital Partners LP 2016 200,000,000 186,490,792 111,337,265 115,755,146 11.3% 6/30/2021

GSO Capital Solutions Fund II, LP Blackstone Alternative Credit Advisors LP 2014 200,000,000 134,451,208 112,679,445 26,838,923 1.6% 6/30/2021

Year

Commitment Contributions Distributions Net Asset Value Since Inception

IRR

Last NAV Date As of 6/30/2021 Quarterly General Partner Reporting

GSO Capital Solutions Fund III LP Blackstone Alternative Credit Advisors LP 2018 200,000,000 57,318,470 24,964,302 39,370,242 8.1% 6/30/2021

GSO Co‐Investment Fund‐D LP GSO Capital Partners LP 2017 200,000,000 40,803,842 35,423,486 19,794,374 15.1% 6/30/2021

GTCR XIII/A&B LP GTCR LLC 2020 100,000,000 0 0 2,086,985 n/a 6/30/2021

H&F Flashdance Partners I, LP Hellman & Friedman LLC 2018 25,000,000 25,054,703 24,639,038 32,427,636 32.6% 6/30/2021

H&F Unite Partners, L.P. Hellman & Friedman LLC 2019 150,000,000 150,097,150 0 216,528,671 18.4% 6/30/2021

Hellman & Friedman Capital Partners IX, L.P. Hellman & Friedman LLC 2019 280,000,000 195,803,013 580,516 248,117,938 35.2% 6/30/2021

Hellman & Friedman Capital Partners V, L.P. Hellman & Friedman LLC 2004 75,000,000 67,737,414 181,882,621 0 27.8% 12/31/2018

Hellman & Friedman Capital Partners VI, L.P. Hellman & Friedman LLC 2007 100,000,000 97,168,205 179,565,484 1,831,575 12.9% 6/30/2021

Hellman & Friedman Capital Partners VIII, L.P. Hellman & Friedman LLC 2016 175,000,000 177,108,008 48,050,883 300,557,821 25.4% 6/30/2021

Hg Genesis 9 A L.P. Hg Pooled Management Limited 2020 148,432,095 8,080,082 0 18,407,526 n/a 6/30/2021

Hg Saturn 2 A L.P. Hg Pooled Management Limited 2020 50,000,000 14,548,731 1,174,143 26,491,500 244.1% 6/30/2021

HgCapital 5 A L.P. Hg Pooled Management Limited 2006 50,813,565 45,703,950 61,743,526 970,869 7.4% 6/30/2021

HgCapital 6 A L.P. Hg Pooled Management Limited 2009 192,854,446 183,505,471 294,128,541 3,046,274 10.1% 6/30/2021

HgCapital 8 A L.P. Hg Pooled Management Limited 2018 165,557,137 117,040,405 29,624,228 200,111,076 54.4% 6/30/2021

HgCapital Principal Opportunities, L.P. Hg Pooled Management Limited 2017 185,001,563 112,154,552 13,557,859 197,855,239 43.1% 6/30/2021

Highland Capital Partners VI‐B Limited Partnership Highland Capital Partners LLC 2001 50,000,000 50,000,000 79,294,712 1,750,904 11.5% 6/30/2021

Hony Capital Fund VIII (Cayman), L.P. Hony Capital VIII Management Limited 2016 150,000,000 163,866,363 46,751,773 120,702,899 0.6% 6/30/2021

Igloo Co‐Invest LLC Igloo Manager Co‐Invest, LLC 2010 50,000,000 49,977,116 131,986,058 0 22.3% 6/30/2017

Insight Partners XI, L.P. Insight Venture Management, LLC 2020 150,000,000 119,250,000 14,428 188,099,368 99.9% 6/30/2021

Insight Venture Partners IX, L.P. Insight Venture Management, LLC 2014 150,000,000 153,534,421 105,570,915 517,262,431 36.3% 6/30/2021

Insight Venture Partners VIII, L.P. Insight Venture Management, LLC 2013 150,000,000 158,463,164 320,308,018 162,357,044 22.4% 6/30/2021

Insight Venture Partners X, L.P. Insight Venture Management, LLC 2018 100,000,000 100,592,839 16,318,271 251,067,200 55.0% 6/30/2021

Ithaca L.P. Permira Europe B.V. 2015 180,000,000 180,000,000 23,341,597 479,554,312 18.9% 6/30/2021

J.H. Whitney VI, L.P. J.H. Whitney VI Management Co., LLC 2005 75,000,000 74,236,877 72,954,699 30,560,298 4.6% 6/30/2021

Kelso Investment Associates VII, L.P. Kelso & Company 2004 75,000,000 75,914,258 121,909,893 111,141 11.3% 6/30/2021

Kelso Investment Associates VIII, L.P. Kelso & Company 2007 225,000,000 293,640,913 369,783,605 39,604,735 6.7% 6/30/2021

KKR 2006 Fund L.P. Kohlberg Kravis Roberts & Co. L.P. 2006 300,000,000 312,207,893 516,193,165 59,198,321 9.2% 6/30/2021

KKR AMG Co‐Invest L.P. Kohlberg Kravis Roberts & Co. L.P. 2015 82,716,389 79,865,939 26,999,534 205,396,282 22.7% 6/30/2021

KKR Brazil Aggregator L.P. Kohlberg Kravis Roberts & Co. L.P. 2014 65,000,000 65,184,552 3,380,000 0 ‐46.5% 12/31/2019

KKR Heford Co‐Invest L.P. Kohlberg Kravis Roberts & Co. L.P. 2010 23,349,282 23,549,282 60,742,144 0 141.0% 9/30/2013

KKR Omega Co‐Invest L.P. Kohlberg Kravis Roberts & Co. L.P. 2018 29,159,434 28,956,306 0 163,309,042 77.4% 6/30/2021

Kohlberg Investors IX‐B, L.P. Kohlberg & Company, L.L.C. 2020 200,000,000 19,388,198 3,422,412 23,154,730 40.1% 6/30/2021

Kohlberg Investors VIII‐B, L.P Kohlberg & Company, L.L.C. 2017 200,000,000 180,584,311 25,422,145 231,937,220 17.2% 6/30/2021

Kohlberg Star Trinity, L.P. Kohlberg & Company, L.L.C. 2017 300,000,000 181,435,878 202,016,593 5.8% 6/30/2021

Kohlberg TE Investors VI, L.P. Kohlberg & Company, L.L.C. 2007 150,000,000 129,017,985 225,401,444 2,126,085 16.0% 6/30/2021

Kohlberg TE Investors VII‐B, L.P. Kohlberg & Company, L.L.C. 2012 200,000,000 215,773,506 256,501,106 106,049,616 16.3% 6/30/2021

Lee Equity Partners Fund, L.P. Lee Equity Partners, LLC 2008 300,000,000 354,402,413 445,754,086 0 7.1% 12/31/2018

Year

Commitment Contributions Distributions Net Asset Value Since Inception

IRR

Last NAV Date As of 6/30/2021 Quarterly General Partner Reporting

Lightspeed SPV I‐B, LLC LS SPV Management, LLC 2018 35,000,000 35,150,000 0 46,309,940 11.4% 6/30/2021

Lightspeed Venture Partners Select II, L.P. Lightspeed Management Company, LLC 2016 125,000,000 117,500,000 49,726,963 267,546,046 31.5% 6/30/2021

Lightspeed Venture Partners Select III, L.P. Lightspeed Management Company, LLC 2018 100,000,000 92,516,340 0 155,193,620 26.5% 6/30/2021

Lightspeed Venture Partners Select IV, L.P. Lightspeed Management Company, LLC 2020 75,000,000 34,500,000 0 42,680,071 42.8% 6/30/2021

Lightspeed Venture Partners Select, L.P. Lightspeed Management Company, LLC 2014 100,000,000 98,348,952 92,459,155 209,264,250 26.0% 6/30/2021

Lindsay Goldberg III L.P. Goldberg Lindsay & Co. LLC 2008 250,000,000 242,510,348 327,300,663 1,974,741 8.1% 6/30/2021

Lindsay Goldberg IV L.P. Goldberg Lindsay & Co. LLC 2015 250,000,000 198,117,194 197,463,093 205,774,603 34.5% 6/30/2021

Lion Capital Fund I, L.P. Lion Capital LLP 2005 93,657,846 74,628,656 158,848,616 0 27.4% 8/31/2020

Lion Capital Fund II, L.P. Lion Capital LLP 2007 276,463,515 269,790,618 168,574,475 331,079 ‐7.2% 6/30/2021

Lion Capital Fund III (USD), L.P. Lion Capital LLP 2010 300,000,000 368,919,502 205,429,720 78,419,608 ‐5.8% 6/30/2021

Madison Dearborn Capital Partners IV, L.P. Madison Dearborn Partners IV, L.P 2001 100,000,000 100,935,828 189,173,912 3,150,728 14.1% 6/30/2021

Marvel Co‐Invest, L.P. CCMP Capital Advisors, LLC 2017 75,000,000 75,433,334 235,187,440 0 34.6% 6/30/2021

MBF Co‐Invest L.P. Kohlberg Kravis Roberts & Co. L.P. 2010 32,995,189 32,995,189 61,220,303 0 13.0% 6/30/2018

Mezzanine Partners II, L.P. HPS Mezzanine Partners II, LLC 2012 167,500,000 173,911,209 203,579,792 60,099,824 14.1% 6/30/2021

Mezzanine Partners, L.P. HPS Mezzanine Partners, LLC 2008 82,500,000 77,031,990 85,577,624 8,383,589 7.8% 6/30/2021

Morgan Creek Partners Asia, LP Morgan Creek Capital Management, LLC 2009 100,000,000 97,876,297 97,426,587 81,114,827 9.6% 6/30/2021

Nautic Partners V, L.P. Nautic Partners, LLC 2001 75,000,000 72,303,515 147,961,212 5,833,070 17.0% 6/30/2021

NEA 15 Opportunity Fund, L.P. NEA Management Company, LLC 2015 100,000,000 98,750,000 74,297,223 269,797,328 42.9% 6/30/2021

Neoma Global Growth Markets Strategic Fund (B) L.P. Actis LLP 2015 50,000,000 40,513,994 7,892,893 21,150,540 ‐7.6% 6/30/2021

New Enterprise Associates 13, L.P NEA Management Company, LLC 2009 150,000,000 150,000,000 330,156,558 87,193,858 17.8% 6/30/2021

New Enterprise Associates 14, L.P NEA Management Company, LLC 2012 175,000,000 168,883,391 176,468,087 459,288,314 23.9% 6/30/2021

New Enterprise Associates 15, L.P NEA Management Company, LLC 2015 150,000,000 141,750,000 58,558,707 362,316,682 28.3% 6/30/2021

New Enterprise Associates 16, L.P. NEA Management Company, LLC 2017 200,000,000 169,000,000 6,065,965 282,649,266 25.8% 6/30/2021

New Enterprise Associates 17, L.P. NEA Management Company, LLC 2019 100,000,000 48,500,000 2,846,323 75,501,136 58.9% 6/30/2021

Nordic Capital V, L.P. Nordic Capital V Limited 2003 46,278,196 47,270,178 139,418,486 115,421 20.8% 6/30/2021

Oak Investment Partners X, Limited Partnership Oak Management Corporation 2001 90,000,000 90,000,000 113,009,441 505,065 3.5% 6/30/2021

Oak Investment Partners XI, Limited Partnership Oak Management Corporation 2004 75,000,000 74,977,207 61,360,008 5,669,253 ‐1.3% 6/30/2021

Oak Investment Partners XII, Limited Partnership Oak Management Corporation 2006 110,000,000 109,881,568 97,498,685 7,486,730 ‐0.7% 6/30/2021

Oaktree Avalon Co‐Investment Fund II, L.P. Oaktree Capital Management, L.P. 2021 100,000,000 0 0 0 n/a n/a

Oaktree European Principal Fund III (U.S.), L.P. Oaktree Capital Management, L.P. 2011 200,000,000 171,500,000 141,375,337 136,983,033 8.9% 6/30/2021

Oaktree Opportunities Fund IX, L.P. Oaktree Capital Management, L.P. 2013 150,000,000 150,000,000 93,264,188 107,176,811 5.1% 6/30/2021

Oaktree Opportunities Fund VIII, L.P. Oaktree Capital Management, L.P. 2010 100,000,000 100,000,000 144,669,509 2,103,935 9.2% 6/30/2021

Oaktree Opportunities Fund VIIIb, L.P. Oaktree Capital Management, L.P. 2011 100,000,000 100,000,000 108,129,903 36,924,691 6.8% 6/30/2021

Oaktree Opportunities Fund X, L.P. Oaktree Capital Management, L.P. 2015 100,000,000 93,000,000 38,589,319 87,386,075 9.6% 6/30/2021

Oaktree Opportunities Fund Xb, L.P. Oaktree Capital Management, L.P. 2018 200,000,000 120,000,000 0 154,368,573 17.9% 6/30/2021

Oaktree Special Situations Fund II, L.P. Oaktree Capital Management, L.P. 2018 200,000,000 57,326,227 33,423,853 68,066,355 103.6% 6/30/2021

Oaktree Special Situations Fund, L.P. Oaktree Capital Management, L.P. 2015 200,000,000 186,458,722 32,432,820 206,751,589 8.5% 6/30/2021

Year

Commitment Contributions Distributions Net Asset Value Since Inception

IRR

Last NAV Date As of 6/30/2021 Quarterly General Partner Reporting

Oaktree Star Investment Fund II, L.P. Oaktree Capital Management, L.P. 2018 100,000,000 46,691,750 21,005,703 41,081,666 45.0% 6/30/2021

OCM Avalon Co‐Investment Fund, L.P. Oaktree Capital Management, L.P. 2015 200,000,000 61,222,045 5,311,756 50,981,623 ‐2.0% 6/30/2021

OCM Opportunities Fund VI, L.P. Oaktree Capital Management, L.P. 2005 25,000,000 25,040,274 39,486,329 0 8.8% 3/31/2021

OCM Opportunities Fund VII, L.P. Oaktree Capital Management, L.P. 2007 50,000,000 50,000,000 68,557,252 354,294 7.3% 6/30/2021

OCM Opportunities Fund VIIb, L.P. Oaktree Capital Management, L.P. 2008 100,000,000 90,000,000 155,760,000 89,563 16.5% 6/30/2021

OMNIA Coinvest LP Leonard Green & Partners, L.P. 2020 25,000,000 20,042,448 0 21,708,129 8.3% 6/30/2021

Onex Partners II LP Onex Partners Manager LP 2006 150,000,000 133,189,879 241,289,833 782,217 12.7% 6/30/2021

Onex Partners III LP Onex Partners Manager LP 2008 250,000,000 274,948,168 387,254,257 58,852,902 11.3% 6/30/2021

Onex Partners LP Onex Partners Manager LP 2003 100,000,000 95,087,378 291,984,668 358,748 37.8% 12/31/2020

Orchid Asia VII, L.P. Orchid Asia V Group Management, Limited 2018 100,000,000 77,393,935 9,542,762 100,948,339 30.0% 6/30/2021

Orchid Asia VIII, L.P. Orchid Asia V Group Management, Limited 2021 75,000,000 0 0 ‐196,792 n/a 6/30/2021

PAI Europe VII‐A S.L.P. PAI Partners S a.r.l. 2018 146,145,889 64,982,407 0 84,711,046 29.1% 6/30/2021

PAI Liberty VII SCSp PAI Partners S a.r.l. 2019 58,546,222 46,281,045 0 27,492,120 ‐52.2% 6/30/2021

Patria – Brazilian Private Equity Fund V (Ontario) SF‐A, L.P Pátria – Brazilian Private Equity General Partner V, Ltd. 2019 20,000,000 20,070,597 0 25,179,552 14.1% 6/30/2021

Patria – Brazilian Private Equity Fund V (Ontario) SF‐B, L.P Pátria – Brazilian Private Equity General Partner V, Ltd. 2019 20,000,000 20,070,597 0 25,179,548 14.1% 6/30/2021

Patria – Brazilian Private Equity Fund V (Ontario) SF‐D, L.P Pátria – Brazilian Private Equity General Partner V, Ltd. 2020 1,879,140 1,879,140 0 2,465,141 31.2% 6/30/2021

Patria – Private Equity Fund VI, L.P. Patria – Private Equity General Partner VI, Ltd. 2018 150,000,000 56,739,687 427,637 67,779,078 27.7% 6/30/2021

Patria‐Brazilian Private Equity Fund IV, L.P Patria‐Brazilian Private Equity General Partner IV, Ltd. 2011 100,000,000 99,344,008 9,298,824 126,193,133 5.9% 6/30/2021

PBPE Fund V (Ontario), L.P. PBPE General Partner V, Ltd. 2015 150,000,000 131,024,569 0 277,509,190 35.7% 6/30/2021

Peak Rock Capital Fund III LP Peak Rock Capital LLC 2021 80,000,000 0 0 ‐378,855 n/a 6/30/2021

PecosCo Limited Partnership Certares Management, Ltd. 2014 87,499,500 80,596,097 2,538,117 131,467,136 8.0% 6/30/2021

Permira Europe III Permira Europe B.V. 2004 76,240,475 76,961,470 131,035,147 305,904 25.7% 6/30/2021

Permira Growth Opportunities I L.P.1 Permira Investment Advisers Limited 2018 100,000,000 43,730,173 11,836 101,297,543 80.8% 6/30/2021

Permira IV Permira Europe B.V. 2006 203,632,882 208,335,833 314,847,778 41,792,686 9.3% 6/30/2021

Permira Star Opportunities SCSp Permira Investment Advisers Limited 2018 300,000,000 170,197,187 0 249,369,064 22.7% 6/30/2021

Permira V Permira Europe B.V. 2014 238,654,478 253,866,711 395,958,146 379,545,862 26.5% 6/30/2021

Permira VI Permira Investment Advisers Limited 2017 438,444,218 391,363,358 114,870,093 678,154,590 29.8% 6/30/2021

Permira VII L.P.1 Permira Investment Advisers Limited 2019 398,192,333 154,331,153 0 177,816,826 16.4% 6/30/2021

Platinum Equity Capital Partners II, L.P. Platinum Equity Advisors, LLC 2007 100,000,000 85,839,315 137,075,003 9,271,735 12.5% 6/30/2021

Polaris Venture Partners IV, L.P. Polaris Venture Management Company IV, L.L.C 2002 50,000,000 49,750,000 56,944,218 5,276,755 2.7% 6/30/2021

Project Champ* N/A 2014 226,965,064 221,719,948 35,299,345 291,161,850 8.3% 6/30/2021

Project Fast* N/A 2012 125,000,000 125,000,000 145,245,742 0 4.5% 9/30/2017

Project Kenobi* N/A 2021 24,999,905 24,999,905 0 24,999,905 0.0% 6/30/2021

Project Magni* N/A 2015 100,000,000 101,455,000 120,000,000 75,712,000 14.7% 6/30/2021

Project Ski* N/A 2017 72,000,000 72,000,533 106,397,934 0 27.6% 1/31/2021

Providence Equity Partners V L.P. Providence Equity Partners L.L.C. 2005 75,000,000 69,549,786 85,404,087 405,705 3.1% 6/30/2021

Year

Commitment Contributions Distributions Net Asset Value Since Inception

IRR

Last NAV Date As of 6/30/2021 Quarterly General Partner Reporting

Providence Equity Partners VI L.P. Providence Equity Partners L.L.C. 2007 300,000,000 308,004,086 417,996,494 23,918,149 5.8% 6/30/2021

PSG V L.P. Providence Strategic Growth Capital Partners L.L.C. 2021 100,000,000 0 0 ‐320,606 n/a 6/30/2021

Quad‐C Partners VI, L.P. Quad‐C VI Managment Corp. 2001 51,347,124 50,848,956 114,984,749 0 24.7% 12/31/2017

Quad‐C Partners VII Co‐Investment, L.P. Quad‐C VII Managment LP 2007 31,592,900 30,504,255 42,663,413 0 8.0% 12/31/2019

Quad‐C Partners VII, L.P. Quad‐C VII Management LP 2006 75,000,000 70,911,533 116,202,261 115,263 10.8% 6/30/2021

Quartz Co‐Invest, L.P. CCMP Capital Advisors, LLC 2014 100,000,000 101,537,000 35,917,353 122,055,621 7.1% 6/30/2021

Red River Direct Investment Fund II, L.P. BlackRock Investment Management, LLC 2013 400,000,000 357,002,434 509,256,422 373,436,977 23.4% 6/30/2021

Red River Direct Investment Fund III, L.P. BlackRock Investment Management, LLC 2015 898,000,000 806,038,874 356,748,286 1,219,437,522 23.4% 6/30/2021

Red River Direct Investment Fund, L.P. BlackRock Investment Management, LLC 2009 250,000,000 248,679,716 461,682,590 0 16.8% 6/30/2021

Red River Venture Capital Fund II L.P. J.P. Morgan Investment Management Inc. 2016 250,000,000 184,295,254 10,464,663 260,629,706 17.0% 6/30/2021

Red River Venture Capital Fund L.P. J.P. Morgan Investment Management Inc. 2009 150,000,000 276,756,507 352,825,084 346,495,946 24.1% 6/30/2021

Roark Capital Partners IV LP ROARK CAPITAL MANAGEMENT, LLC 2016 100,000,000 87,127,592 6,733,827 112,859,093 8.2% 6/30/2021

Seventh Cinven Fund (No.1) Cinven Capital Management (VII) Limited Partnership Inc

2019 264,370,196 32,016,112 5,175,691 40,098,378 38.6% 6/30/2021

Shingle Coinvest LP Leonard Green & Partners, L.P. 2018 61,000,000 61,164,966 32,848,500 142,704,826 40.9% 6/30/2021

Silver Lake Partners IV, L.P. Silver Lake Management Company IV, L.L.C 2013 150,000,000 170,291,785 153,083,937 289,760,789 28.2% 6/30/2021

Silver Lake Partners V, L.P. Silver Lake Management Company V, L.L.C. 2018 300,000,000 344,784,964 123,300,666 425,265,594 35.1% 6/30/2021

Silver Lake Partners VI, L.P. Silver Lake Management Company V, L.L.C. 2020 200,000,000 47,189,622 0 58,751,972 38.7% 6/30/2021

SLP Aurora Co‐Invest, L.P. Silver Lake Technology Associates III, L.P. 2016 53,830,645 53,937,788 11,822,958 83,617,856 11.5% 6/30/2021

SLP Blue Co‐Invest, L.P. Silver Lake Management Company V, L.L.C. 2018 30,000,000 30,052,174 0 48,441,354 16.9% 6/30/2021

SLP Mistral Co‐Invest, L.P. Silver Lake Group, L.L.C. 2020 25,000,000 23,609,984 0 28,160,556 21.8% 6/30/2021

SLP Zephyr Investors, L.P. Silver Lake Management Company V, L.L.C. 2018 35,074,326 34,783,880 0 50,587,398 15.1% 6/30/2021

STAR RC IV LP ROARK CAPITAL MANAGEMENT, LLC 2016 100,000,000 50,004,310 3,741,454 81,393,664 13.9% 6/30/2021

Star Trinity, L.P. Insight Venture Management, LLC 2015 325,000,000 175,586,533 141,560,779 339,574,824 33.2% 6/30/2021

TA X L.P. TA Associates Management, L.P. 2006 30,000,000 28,950,000 38,141,784 0 5.2% 12/31/2020

TA XI L.P. TA Associates Management, L.P. 2010 150,000,000 147,750,000 390,307,817 154,504,208 27.1% 6/30/2021

TA XII‐A L.P. TA Associates Management, L.P. 2016 150,000,000 153,000,468 151,492,738 263,607,756 43.0% 6/30/2021

TA XIII‐A, L.P. TA Associates Management, L.P. 2019 150,000,000 120,394,420 31,144,420 135,490,313 56.7% 6/30/2021

TA XIV‐A, L.P. TA Associates Management, L.P. 2021 190,000,000 0 0 0 n/a n/a

Texas Emerging Managers Legacy Private Markets Program (PE Series)

GCM Grosvenor Capital Management 2012 404,484,547 378,064,062 347,109,038 250,997,219 22.2% 6/30/2021

Texas Emerging Managers Private Markets Program (2016‐ 1 PE Investment Series)

GCM Grosvenor Capital Management 2016 150,207,701 131,661,892 39,475,572 208,462,280 23.2% 6/30/2021

Texas Emerging Managers Private Markets Program (2017‐ 1 PE Investment Series)

GCM Grosvenor Capital Management 2017 251,160,000 201,329,679 45,283,859 264,812,911 24.3% 6/30/2021

Texas Emerging Managers Private Markets Program (2018‐ 1 PE Investment Series)

GCM Grosvenor Capital Management 2018 204,600,000 127,573,406 16,630,012 135,669,682 10.6% 6/30/2021

Texas Emerging Managers Private Markets Program (2019‐ 1 PE Investment Series)

GCM Grosvenor Capital Management 2019 230,000,000 75,336,040 2,415,383 91,648,243 29.1% 6/30/2021

Texas Emerging Managers Private Markets Program (2020‐ 1 PE Investment Series)

GCM Grosvenor Capital Management 2020 130,000,000 11,702,188 0 9,934,635 n/a 6/30/2021

Year

Commitment Contributions Distributions Net Asset Value Since Inception

IRR

Last NAV Date As of 6/30/2021 Quarterly General Partner Reporting

Texas Emerging Managers Private Markets Program (2021‐ 1 PE Investment Series)

GCM Grosvenor Capital Management 2021 170,000,000 0 0 ‐347,148 n/a 6/30/2021

Texas Growth Fund ‐1991 Trust N/A 1992 37,787,582 37,787,582 93,079,827 0 21.2% 12/31/2008

Texas Growth Fund ‐1995 Trust N/A 1996 38,031,455 38,031,802 23,661,310 0 ‐10.6% 6/30/2009

Texas Growth Fund ‐1998 Trust N/A 1999 303,295,836 303,295,836 446,365,401 0 9.7% 6/30/2012

The Baring Asia Private Equity Fund VI, L.P.1 Baring Private Equity Asia Group Limited 2015 150,000,000 165,850,481 61,425,209 248,841,092 20.1% 6/30/2021

The Baring Asia Private Equity Fund VII, L.P. Baring Private Equity Asia Group Limited 2019 200,000,000 114,990,397 24,766,791 170,880,649 50.6% 6/30/2021

The Resolute Fund, L.P. The Jordan Company, LLC 2002 100,000,000 99,372,621 184,644,599 0 14.6% 10/31/2011

THE SIXTH CINVEN FUND CINVEN PARTNERS LLP 2017 195,797,144 189,351,041 50,254,107 299,172,497 29.6% 6/30/2021

Thomas H. Lee Equity Partners V, L.P. THL Managers V, LLC 2001 100,000,000 102,797,457 173,667,020 0 13.7% 10/31/2019

Timberlake L.P. Triton Investment Advisers LLP 2021 118,590,059 0 0 0 n/a n/a

TPG Asia VII (A), L.P. TPG Asia VII Management LLC 2018 150,000,000 107,422,491 12,095,349 134,014,223 19.3% 6/30/2021

TPG Growth II, L.P. TPG Growth II Management, LLC 2011 200,000,000 209,273,937 381,693,553 7,186,527 15.0% 6/30/2021

TPG Growth III (A), L.P. TPG Growth III Management, LLC 2016 250,000,000 251,454,830 199,625,928 269,857,508 24.5% 6/30/2021

TPG Growth IV, L.P. TPG Growth IV Management, LLC 2017 250,000,000 203,724,141 38,164,396 251,823,373 20.9% 6/30/2021

TPG Growth Spectre Co‐Invest, L.P. TPG Growth III Management, LLC 2016 75,000,000 73,526,315 162,633,820 0 35.2% 12/31/2020

TPG Healthcare Partners, L.P. TPG Healthcare Management, LLC 2019 80,000,000 27,078,769 6,411,484 65,986,782 219.4% 6/30/2021

TPG Kentucky Co‐Invest, L.P. TPG Global, LLC 2018 150,000,000 123,898,500 2,005,141 307,536,553 35.7% 6/30/2021

TPG Lonestar I, L.P. TPG DASA Management, LLC 2018 300,000,000 218,675,862 15,375,810 254,922,424 10.8% 6/30/2021

TPG Opportunities Partners III (A), L.P. TPG Opportunities III Management, LLC 2014 100,000,000 56,998,474 41,775,883 46,551,995 10.8% 6/30/2021

TPG Partners IV, L.P. TPG Capital Management, L.P. 2003 125,000,000 126,916,278 253,812,909 201,342 15.3% 6/30/2021

TPG Partners V, L.P. TPG Capital Management, L.P. 2006 300,000,000 261,561,344 374,208,393 796,990 4.8% 6/30/2021

TPG Partners VI, L.P. TPG VI Management, LLC 2008 210,000,000 334,093,019 450,056,672 23,094,705 9.3% 6/30/2021

TPG Partners VII, L.P. TPG VII Management, LLC 2016 300,000,000 292,413,673 159,043,666 371,898,226 21.7% 6/30/2021

TPG Partners VIII, L.P. TPG VIII Management, LLC 2019 320,000,000 74,665,670 5,829,370 139,144,494 110.9% 6/30/2021

TPG STAR, L.P. TPG Capital Advisors, LLC 2007 125,000,000 124,816,372 151,528,874 14,079,749 6.5% 6/30/2021

TPG Tech Adjacencies, L.P. TPG Tech Adjacencies Management, LLC 2019 75,000,000 60,187,220 8,357,456 76,486,781 45.1% 6/30/2021

Triton Fund II L.P. Triton Investment Management Limited 2006 40,613,364 43,465,181 88,466,289 4,612,771 18.6% 6/30/2021

Triton Fund III L.P. Triton Investment Management Limited 2009 198,335,581 194,230,015 233,224,233 99,763,449 10.6% 6/30/2021

Triton Fund IV L.P. Triton Investment Management Limited 2013 134,966,376 116,923,129 78,006,240 91,167,698 10.1% 6/30/2021

Triton Fund V L.P. Triton Investment Management Limited 2019 146,018,467 70,061,073 1,038,440 80,394,766 18.0% 6/30/2021

Vintage I LP Goldman Sachs Asset Management, L.P. 1998 23,750,000 23,121,707 29,605,383 0 7.8% 12/31/2016

Vista Equity Partners Fund VI, L.P. VEPF Management, L.P. 2016 200,000,000 230,400,688 130,230,776 308,497,664 21.9% 6/30/2021

Vista Equity Partners Fund VII, L.P. VEPF Management, L.P. 2019 200,000,000 126,584,095 466,223 144,924,585 12.3% 6/30/2021

Vista Foundation Fund III, L.P. VEPF Management, L.P. 2016 100,000,000 110,098,605 89,962,491 113,482,622 28.6% 6/30/2021

Warburg Pincus Private Equity X, L.P. Warburg Pincus LLC 2007 250,000,000 250,000,000 439,006,892 9,770,824 9.6% 6/30/2021

Wayzata Opportunities Fund II, L.P. Wayzata Investment Partners LLC 2007 200,000,000 233,000,000 436,304,659 6,000,933 16.5% 6/30/2021

Wayzata Opportunities Fund III, L.P. Wayzata Investment Partners LLC 2013 150,000,000 73,590,000 44,243,770 23,953,216 ‐2.1% 6/30/2021

Year

Commitment Contributions Distributions Net Asset Value Since Inception

IRR

Last NAV Date As of 6/30/2021 Quarterly General Partner Reporting

White Cypress Co‐Investment Partners, L.P. Clearlake Capital Group, L.P. 2019 13,300,000 10,437,206 0 24,091,427 50.7% 6/30/2021

Whitney V. L.P. Whitney 2011 Management Company, L.L.C. 2001 75,000,000 74,196,526 155,909,321 0 23.9% 9/30/2018

Willis Stein & Partners III Sub, L.P. Willis Stein & Partners 2001 100,000,000 105,460,337 102,319,183 0 ‐0.5% 12/31/2015

WP Expedition Co‐Invest Warburg Pincus LLC 2012 50,000,000 50,612,449 136,108,382 0 28.5% 3/31/2021

* Name Confidential by Law

Teacher Retirement System of Texas ‐ Real Estate Investments

Year

Commitment Contributions Distributions Net Asset Value Since Inception

IRR

Last NAV Date

Abacus Multi‐Family Partners V LP Abacus Capital Group LLC 2020 50,000,000 6,918,239 0 7,232,800 23.1% 6/30/2021

AEW Core Property Trust (U.S.), Inc. AEW Capital Management, LP 2009 275,000,000 275,000,000 169,033,485 434,454,570 9.6% 6/30/2021

AEW Global Investment Fund T, L.P. AEW Capital Management, LP 2019 700,000,000 112,184,009 30,548,540 81,385,424 ‐0.4% 6/30/2021

AEW Senior Housing Investors II, L.P. AEW Capital Management, LP 2012 100,000,000 128,377,682 137,687,648 68,471,747 13.7% 6/30/2021

AEW Senior Housing Investors III, L.P. AEW Capital Management, LP 2016 150,000,000 164,214,781 50,919,414 128,904,285 3.5% 6/30/2021

AEW Senior Housing Investors, L.P. AEW Capital Management, LP 2009 125,000,000 117,262,838 237,937,879 0 19.5% 12/31/2020

AEW Value Investors Asia II, L.P. AEW Asia Limited 2016 100,000,000 98,935,406 114,783,913 11,918,104 12.6% 6/30/2021

AEW Value Investors Asia III, L.P. AEW Asia Limited 2017 100,000,000 110,412,995 23,088,455 107,973,551 8.4% 6/30/2021

AEW VIA II Coinvest, L.P. AEW Asia Limited 2016 50,000,000 49,585,000 70,362,498 4,533,177 25.7% 6/30/2021

AEW VIA III COINVEST T, L.P. AEW Asia Limited 2018 225,000,000 207,112,053 2,822,670 261,878,923 14.0% 6/30/2021

Akard Street Holdings, L.P. Banner Oak Capital Partners, LP 2016 928,850,720 1,229,420,695 1,596,568,734 141,028,962 20.2% 6/30/2021

Alamo L.P. Kohlberg Kravis Roberts & Co. L.P. 2018 100,000,000 21,118,760 28,881,377 4,231,030 23.5% 6/30/2021

Almanac Realty Securities V, LP NB Alternatives Advisers, LLC 2008 150,000,000 155,398,617 234,555,655 261,144 11.7% 6/30/2021

Almanac Realty Securities VI, L.P. NB Alternatives Advisers, LLC 2012 100,000,000 65,872,661 72,395,129 13,094,646 9.3% 6/30/2021

Almanac Realty Securities VII, L.P. NB Alternatives Advisers, LLC 2015 100,000,000 92,711,479 73,124,204 52,279,947 12.6% 6/30/2021

Almanac Realty Securities VIII, L.P. NB Alternatives Advisers, LLC 2018 150,000,000 45,621,981 3,181,258 45,816,711 7.1% 6/30/2021

Apollo Alamo RA, L.P. Apollo Alamo GP, LLC 2021 100,000,000 0 0 0 n/a n/a

ARA Asia Dragon II Limited ARA Managers (Asia Dragon II) Pte. Ltd. 2012 200,000,000 163,451,398 236,240,743 0 7.6% 5/31/2021

ARA Asia Dragon Limited ARA Managers (APF) Pte. Ltd. 2008 150,000,000 139,319,305 178,913,989 0 7.0% 3/31/2018

ARS VI (Sidecar I), L.P. NB Alternatives Advisers, LLC 2012 100,000,000 53,874,818 56,942,435 14,087,468 11.0% 6/30/2021

ARS VII (Sidecar I), L.P. NB Alternatives Advisers, LLC 2015 100,000,000 63,309,925 62,997,257 28,607,013 17.9% 6/30/2021

ARS VIII (SC I), L.P. NB Alternatives Advisers, LLC 2018 150,000,000 30,700,358 2,541,174 36,972,819 19.7% 6/30/2021

Banner Oak BOV UK, LP Banner Oak Capital Partners, LP 2021 49,500,000 6,276,600 0 6,124,394 ‐5.2% 6/30/2021

Banner Oak BOV, LP Banner Oak Capital Partners, LP 2019 147,015,000 123,092,998 121,018,509 178,644,577 120.2% 6/30/2021

Banner Oak Core Venture, LP Banner Oak Capital Partners, LP 2017 299,700,000 192,422,065 26,213,371 212,122,615 8.8% 6/30/2021

Banner Oak Enhanced Core Venture, LP Banner Oak Capital Partners, LP 2018 2,127,870,000 875,371,095 100,312,185 1,093,038,831 21.1% 6/30/2021

Banner Oak Industrial Acquisitions Venture, LP Banner Oak Capital Partners, LP 2019 99,900,000 99,900 0 2,163 ‐93.3% 6/30/2021

Banner Oak Industrial Development Venture II, LP Banner Oak Capital Partners, LP 2019 379,620,000 167,140,792 117,931,349 105,078,048 35.9% 6/30/2021

Banner Oak Industrial Development Venture, LP Banner Oak Capital Partners, LP 2017 399,600,000 548,592,721 738,029,811 40,921,023 29.2% 6/30/2021

Banner Oak Investment Fund, LP Banner Oak Capital Partners, LP 2018 499,500,000 171,291,258 113,972,580 91,933,433 12.8% 6/30/2021

Banner Oak Multifamily Enhanced Core Venture, LP Banner Oak Capital Partners, LP 2019 199,800,000 35,058,170 0 74,913,128 43.9% 6/30/2021

Banner Oak Multifamily Venture II, LP Banner Oak Capital Partners, LP 2019 199,800,000 78,654,499 6,105,899 72,001,857 ‐1.0% 6/30/2021

Banner Oak Multifamily Venture, LP Banner Oak Capital Partners, LP 2017 199,800,000 218,844,534 118,433,245…