The calculations of the IRR and investment multiple in the attached report have been

performed by TCDRS or a vendor employed by TCDRS and are not supplied by or

attributable to the funds. These unaudited amounts (a) do not necessarily accurately reflect
the current or expected future performance of each fund, (b) should not be used to compare
returns among multiple private equity funds, and (c) have not been calculated, reviewed,
verified or in any way sanctioned or approved by the general partners of the funds, the
investment advisor of each fund or any of their affiliates. We only calculate the IRR on
funds that are 24 months old or older, so the younger funds display NM in place of an IRR.

Performance Summary
As of 12/31/2010
Texas County & District Retirement System

Partnership

Strategy

(A)
Commitment
Amount

Unfunded
Amount

(B)
Cumulative
Contributions

(B) / (A)
% Drawn

(C)
Cumulative
Distributions

(D)
Fair
Value

(C+D)
Total
Value

(C+D-B)
Gain/Loss

Net IRR

Bench mark

Total Value to
Paid in
Capital

(in thousands)
Vintage Year 2006
Blackstone Capital Partners V
Centerbridge Capital Partners, L.P.
Madison Dearborn Capital Partners V, L
L.P.
TA X, L.P.
EnCap Energy Capital VI, L.P.
First Reserve Fund XI, L.P.
TA Subordinated Debt Fund II L.P.
Coller International Partners V, L.P.
M/C Venture Partners VI, L.P.
Oak Investment Partners XII, L.P.
Thomas, McNerney & Partners II, L.P.

Buyout
Buyout
Buyout

28,000
25,000
20,000

4,227
1,810
2,616

23,773
23,190
17,384

84.90 %
92.76 %
86.92 %

1,300
5,565
1,442

22,574
28,296
14,274

23,874
33,861
15,716

101
10,671
-1,668

-1.05%
18.82%
-3.07%

1.42 %
1.42 %
1.42 %

0.97x
1.46x
0.90x

Buyout
Energy
Energy
Mezzanine
Secondary
Venture Capital
Venture Capital
Venture Capital

15,000
10,000
20,000
5,000
25,000
15,000
15,000
10,000

525
1,638
4,331
925
8,906
3,043
2,552
4,375

14,475
8,362
15,669
4,075
16,094
11,957
12,448
5,625

96.50 %
83.62 %
78.35 %
81.50 %
64.38 %
79.71 %
82.99 %
56.25 %

3,225
3,667
1,198
1,600
3,440
0
1,562
555

11,377
10,173
15,467
3,057
14,971
14,356
11,654
4,421

14,602
13,840
16,665
4,657
18,411
14,356
13,216
4,976

127
5,478
995
582
2,317
2,399
768
-649

0.34%
24.65%
2.29%
6.42%
7.25%
6.93%
2.49%
-5.48%

1.42 %
2.51 %
2.51 %
1.42 %
-1.93 %
-1.88 %
-1.88 %
-1.88 %

1.01x
1.66x
1.06x
1.14x
1.14x
1.20x
1.06x
0.88x

188,000

34,948

153,052

81.41 %

23,553

150,620

174,174

21,122

4.97%

0.55%

1.13x

50,000
21,750
30,000
50,000
30,000
35,000
26,777
40,000
50,000
30,000
10,000
26,250
10,000

26,735
2,956
14,885
32,182
12,902
10,002
16,318
20,012
32,677
12,419
6,133
1,916
1,555

23,265
18,794
15,115
17,818
17,098
24,998
10,459
19,988
17,323
17,581
3,867
24,334
8,445

46.53 %
86.41 %
50.38 %
35.64 %
56.99 %
71.42 %
39.06 %
49.97 %
34.65 %
58.60 %
38.67 %
92.70 %
84.45 %

43
2,830
530
973
269
48
0
2,325
2,431
4,330
967
0
1,023

27,377
19,163
14,056
15,921
15,925
26,149
11,946
18,214
14,987
18,228
2,904
26,216
9,127

27,420
21,992
14,586
16,894
16,193
26,196
11,946
20,539
17,417
22,558
3,871
26,216
10,149

4,156
3,199
-529
-925
-905
1,198
1,487
551
95
4,977
4
1,882
1,704

7.95%
6.95%
-3.78%
-6.24%
-2.49%
2.02%
5.90%
2.39%
0.23%
17.98%
0.05%
4.93%
8.52%

7.27 %
7.27 %
7.27 %
7.27 %
7.27 %
7.27 %
7.27 %
-4.80 %
7.27 %
6.62 %
6.62 %
-1.66 %
-1.66 %

1.18x
1.17x
0.96x
0.95x
0.95x
1.05x
1.14x
1.03x
1.01x
1.28x
1.00x
1.08x
1.20x

409,777

190,693

219,084

53.46 %

15,767

220,210

235,978

16,893

4.15%

3.41%

1.08x

46,382
8,770
30,000
38,670
30,000

24,569
2,710
16,136
23,904
22,058

22,941
6,505
13,864
18,297
7,942

49.46 %
74.17 %
46.21 %
47.32 %
26.47 %

382
171
56
243
0

24,432
4,293
17,287
12,728
7,414

24,813
4,464
17,342
12,971
7,414

1,873
-2,042
3,478
-5,326
-529

7.71%
-16.28%
23.00%
-12.50%
-4.38%

-3.82 %
-3.82 %
-3.82 %
-3.82 %
5.81 %

1.08x
0.69x
1.25x
0.71x
0.93x

46,382
50,000
50,000
50,000
30,000
40,000
30,000
30,000
25,000
40,000

25,221
33,418
32,628
25,425
28,000
15,265
15,597
19,150
16,500
27,864

22,468
16,582
17,372
24,575
2,000
24,735
14,403
10,850
8,500
12,136

48.44 %
33.16 %
34.74 %
49.15 %
6.67 %
61.84 %
48.01 %
36.17 %
34.00 %
30.34 %

-191
1
339
2,126
16
1,969
164
0
1,114
0

20,508
14,352
16,067
18,367
823
29,042
16,096
10,413
6,390
12,291

20,317
14,354
16,407
20,493
839
31,011
16,260
10,413
7,504
12,291

-2,152
-2,228
-965
-4,082
-1,161
6,276
1,857
-437
-996
155

-7.36%
-23.70%
-5.63%
-11.44%
-32.63%
18.16%
6.68%
-3.41%
-11.34%
1.19%

-3.82 %
5.81 %
5.81 %
5.81 %
5.81 %
5.81 %
5.81 %
-6.52 %
-6.52 %
-6.52 %

0.90x
0.87x
0.94x
0.83x
0.42x
1.25x
1.13x
0.96x
0.88x
1.01x

Vintage Year 2006 Total

Vintage Year 2007
Carlyle Partners V, L.P.
Buyout
Hellman & Friedman Capital Partners VI Buyout
KRG Capital Fund IV, L.P.
Buyout
Kelso Investment Associates VIII, L.P. Buyout
Nautic Partners VI, L.P.
Buyout
Providence Equity Partners VI, L.P.
Buyout
Sun Capital Partners V, L.P.
Buyout
TPG Asia V, LP
Buyout
The Resolute Fund II, L.P.
Buyout
EnCap Energy Capital VII, L.P.
Energy
Energy
Quantum Energy Partners IV, L.P.
JMI Equity Fund VI, L.P.
Venture Capital
OrbiMed Private Investments III, LP
Venture Capital
Vintage Year 2007 Total
Vintage Year 2008
CVC European Equity Partners V
Buyout
Buyout
Candover 2008 Fund L.P.
Carlyle Asia Partners III, LP
Buyout
Exponent Private Equity Fund II, L.P. Buyout
Madison Dearborn Capital Partners VI, L Buyout
L.P.
Nordic Capital Fund VII
Buyout
Onex Partners III, L.P.
Buyout
TPG Partners VI, LP
Buyout
First Reserve Fund XII, LP
Energy
Quantum Energy Partners V, L.P.
Energy
R/C Global Energy & Power Fund IV
Energy
R/C Renewable and Alt. Energy II
Energy
Austin Ventures X, L.P.
Venture Capital
Essex Woodlands Health Ventures VIII Venture Capital
Technology Crossover Ventures VII, L.PVenture Capital
L.P.

CLIFFWATER LLC
Section C - 1

Performance Summary
As of 12/31/2010
Texas County & District Retirement System
(A)
Commitment
Amount

Unfunded
Amount

(B)
Cumulative
Contributions

545,205

328,445

223,171

40.93 %

25,000
46,382
30,000
30,000
30,000
25,000
13,300

20,805
37,962
27,479
21,225
28,200
19,300
11,438

4,195
8,632
2,521
8,775
1,800
5,700
1,862

15,000
40,000

7,050
29,600

254,682

Buyout
Buyout
Buyout
Buyout
Buyout
Energy
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital

Total Value to
Paid in
Capital

(D)
Fair
Value

(C+D)
Total
Value

6,389

210,502

216,892

-6,279

-2.09%

1.16%

0.97x

16.78 %
18.61 %
8.40 %
29.25 %
6.00 %
22.80 %
14.00 %

970
0
0
36
0
-27
0

3,625
8,527
1,277
9,786
822
12,428
1,952

4,595
8,527
1,277
9,822
822
12,400
1,952

400
-105
-1,244
1,047
-978
6,700
90

N/M
-1.21%
-65.41%
10.96%
-65.47%
N/M
6.74%

N/M
-2.99 %
-9.19 %
-9.19 %
12.08 %
N/M
-9.19 %

1.10x
0.99x
0.51x
1.12x
0.46x
2.18x
1.05x

7,950
10,400

53.00 %
26.00 %

6
962

8,990
9,783

8,997
10,745

1,047
345

N/M
3.78%

N/M
-5.23 %

1.13x
1.03x

203,059

51,836

20.35 %

1,948

57,189

59,137

7,301

16.42%

2.83%

1.14x

25,000
40,000
20,000
22,157

24,250
40,000
18,298
17,394

750
0
1,702
4,544

3.00 %
0.00 %
8.51 %
20.51 %

0
0
11
0

41
0
1,570
4,669

41
0
1,581
4,669

-709
0
-121
125

N/M
N/M
N/M
4.83%

N/M
N/M
N/M
N/A

0.06x
N/A
0.93x
1.03x

25,000
40,000
25,000
25,000
25,000
30,000
20,000
25,000

22,375
39,160
22,063
20,625
22,500
25,874
17,960
23,938

2,625
840
2,938
4,375
2,500
4,126
2,040
1,063

10.50 %
2.10 %
11.75 %
17.50 %
10.00 %
13.75 %
10.20 %
4.25 %

0
0
1
0
0
0
0
0

2,639
902
2,488
3,771
2,347
3,952
1,892
977

2,639
902
2,489
3,771
2,347
3,952
1,892
977

14
62
-448
-604
-153
-175
-148
-86

N/M
N/M
N/M
N/M
N/M
N/M
N/M
-8.05%

N/M
N/M
N/M
N/M
N/M
N/M
N/M
N/A

1.01x
1.07x
0.85x
0.86x
0.94x
0.96x
0.93x
0.92x

322,157

294,435

27,502

8.54 %

11

25,248

25,259

-2,242

-19.94%

0.00%

0.92x

30,000
50,000
35,000
50,000
27,692

30,000
50,000
35,000
50,000
27,692

0
0
0
0
0

0.00 %
0.00 %
0.00 %
0.00 %
0.00 %

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

N/M
N/M
N/M
N/M
N/M

N/A
N/M
N/M
N/M
N/M

N/A
N/A
N/A
N/A
N/A

192,692

192,692

0.00 %

N/A

0.00%

N/A

1,912,513

1,244,272

674,645

35.28 %

47,669

663,770

711,439

36,794

3.08%

1.66%

1.05x

Buyout

786,527

502,823

283,704

36.07 %

20,002 277,204

297,206

13,502

2.26%

1.04x

Energy

315,000

195,468

119,532

37.95 %

14,409 125,251

139,660

20,129

9.53%

1.17x

Partnership

Strategy

(B) / (A)
% Drawn

(C)
Cumulative
Distributions

(C+D-B)
Gain/Loss

Net IRR

Bench mark

(in thousands)
Vintage Year 2008
Vintage Year 2008 Total
Vintage Year 2009
Charlesbank Equity Fund VII, L.P.
Buyout
Charterhouse Capital Partners IX
Buyout
Lincolnshire Equity Fund IV, L.P.
Buyout
Odyssey Investment Partners IV
Buyout
Kayne Anderson Energy Fund V, L.P. Energy
Energy
Resource Capital Fund V
Summit Partners Subordinated Debt FunMezzanine
Fund IV
Khosla Ventures III
Venture Capital
New Enterprise Associates 13
Venture Capital
Vintage Year 2009 Total
Vintage Year 2010
Advent Latin America PE Fund V Ltd.
Baring Asia Private Equity Fund V
CDH Fund IV, L.P.
Summit Partners Europe Private Equity
Fund
TA XI, L.P.
EnCap Energy Capital VIII, L.P.
Draper Fisher Jurveston X, LP
Highland Capital Partners VIII, L.P.
Institutional Venture Partners XIII
Oak Investment Partners XIII, L.P.
Orbimed Private Investments IV, LP
Spectrum Equity VI
Vintage Year 2010 Total
Vintage Year 2011
Blackstone Capital Partners VI, LP
Centerbridge Capital Partners II, L.P.
GTCR X, L.P.
Hellman & Friedman Cap Partners VII
JMI Equity Fund VII, L.P.
Vintage Year 2011 Total
Portfolio Total:

Buyout
Buyout
Buyout
Buyout
Venture Capital

Portfolio Strategy Totals

CLIFFWATER LLC
Section C - 2

Performance Summary
As of 12/31/2010
Texas County & District Retirement System
(A)
Commitment
Amount

Unfunded
Amount

(B)
Cumulative
Contributions

18,300

12,363

5,937

32.44 %

1,600

5,009

6,609

Venture Capital

403,942

274,255

129,687

32.11 %

5,222 129,068

134,290

4,603

2.43%

1.04x

Non-US

388,744

259,362

135,786

34.93 %

6,436 127,239

133,675

-2,111

-1.09%

0.98x

1,912,513

1,244,272

674,645

35.28 %

47,669 663,770

711,439

36,794

3.08%

Partnership

Strategy

(B) / (A)
% Drawn

(C)
Cumulative
Distributions

(D)
Fair
Value

(C+D)
Total
Value

(C+D-B)
Gain/Loss

Net IRR

Bench mark

Total Value to
Paid in
Capital

(in thousands)
Mezzanine

Portfolio Total:

672

6.45%

1.11x

1.66%

1.05x

CLIFFWATER LLC
Section C - 3