Maryland State Retirement and Pension System

Funds

Report: June 30, 2011

Current Period
Fund investments

Commitment
date

Opening Balance

Currency USD

Since Inception
Drawn
in Period

Distributed
in Period

1 Apr 2011

Closing Valuation
(a)

Commitment

Performance
Drawn down to
date

Outstanding
Commitment

Distributed
to date
(b)

Total
Value
(a + b)

Multiple (3) IRR (4)

30 Jun 2011

Private Equity Funds

US Buyout
Audax Private Equity Fund II
Calvert Street Capital Partners III
Vestar Capital Partners V
Hancock Park Capital III
Madison Dearborn Capital Partners V
Bain Capital IX
Bain Capital IX Co-Investment Fund
Hellman and Friedman Capital Partners VI
Littlejohn Fund III
Summer Street Capital II
New Mountain Partners III
Audax Private Equity Fund III
Bain Capital X
Bain Capital X Co-Investment Fund
Carlyle Partners V
Madison Dearborn Capital Partners VI
Riverside Capital Appreciation Fund V
Wind Point Partners VII
TPG Partners VI
Brazos Equity Fund III
Apollo VII
Blackstone VI
Yucaipa America Alliance Fund II
Hellman and Friedman Capital Partners VII
Littlejohn Fund IV
Clayton, Dubilier & Rice Fund VIII (Secondary Investment)
Clayton, Dubilier & Rice Fund VIII
Black River Capital Partners Fund (Agriculture A)
Total US Buyout

Jan 2005
Mar 2005
Aug 2005
Sep 2005
Feb 2006
Mar 2006
Mar 2006
Dec 2006
Jan 2007
Mar 2007
May 2007
Jun 2007
Oct 2007
Nov 2007
Feb 2008
Apr 2008
Jun 2008
Jul 2008
Aug 2008
Sep 2008
Nov 2008
Feb 2009
Feb 2009
Feb 2009
Aug 2009
Sep 2009
Sep 2009
Oct 2010

25,458,492
8,185,945
18,111,108
32,787,113
31,570,453
13,749,836
2,477,703
31,547,941
17,505,428
21,071,845
20,141,725
39,686,865
20,463,855
2,147,647
104,762,970
45,380,162
34,513,620
18,643,338
41,746,217
4,192,563
60,301,158

42,738,754

5,568,586
27,148,786
13,572,357
30,983,252
714,457,719

370,000
298,015

57,079

262,326
-43,068

5,954,818
3,649,686
4,000,000

-3,452,413
572,444
3,150,578
4,128,858
2,494,658
2,688,246
169,567

947,612

211,832
2,528,427
1,264,024
553,791
29,806,479

1,389,442

1,038,637

30,556
204,943
56,783
149,990

4,715,089

10,655,500
7,358,936

691,691

463,522
-316,378

36

26,438,749

25,385,768
9,105,507
18,532,208
38,198,988
33,792,422
14,315,316
2,510,722
30,803,053
17,296,524
22,094,632
26,485,751
40,507,067
25,085,154
2,128,653
98,930,803
39,299,021
38,711,785
24,783,793
44,016,575
8,539,824
61,142,500

45,268,006

5,964,573
31,903,155
15,949,185
32,491,855
753,242,840

40,000,000
18,000,000
20,000,000
25,000,000
40,000,000
15,000,000
2,500,000
35,000,000
20,000,000
25,000,000
47,500,000
45,000,000
50,000,000
50,000,000
150,000,000
150,000,000
75,000,000
75,000,000
100,000,000
35,000,000
100,000,000
100,000,000
50,000,000
100,000,000
25,000,000
49,100,049
25,000,000
50,000,000
1,517,100,049

40,000,000
13,060,000
19,430,760
25,000,000
36,052,490
14,587,500
2,425,000
30,623,004
16,494,160
19,532,545
27,425,069
37,327,837
28,375,000
3,500,000
88,651,456
43,308,206
36,996,529
25,757,879
46,602,648
8,250,378
43,885,873

31,581,491

5,027,399
24,277,236
12,884,588
16,828,519
697,885,568

4,940,000
569,240

3,947,510
412,500
75,000
4,376,996
3,505,840
5,467,455
20,074,931
7,672,163
21,625,000
46,500,000
61,348,544
106,691,794
38,003,471
49,242,121
53,397,352
26,749,622
56,114,127
100,000,000
18,418,509
100,000,000
19,972,601
24,822,813
12,115,412
33,171,481
819,214,482

28,811,504

5,005,659
6,087,191
5,190,145
3,756,542
521,064
5,270,959
5,379,534

1,381,314
7,341,373
3,165,775
84,788
13,235,497
9,853,550
167,653

2,130,649
113,485
6,204,317
-616,961
2,821,786

31,466
3,608,621
-2,664
-596,764
108,946,484

54,197,272
9,105,507
23,537,867
44,286,179
38,982,567
18,071,858
3,031,786
36,074,012
22,676,058
22,094,632
27,867,065
47,848,440
28,250,929
2,213,441
112,166,300
49,152,571
38,879,438
24,783,793
46,147,224
8,653,309
67,346,817
-616,961
48,089,792

5,996,039
35,511,776
15,946,521
31,895,091
862,189,324

1.4
0.7
1.2
1.8
1.1
1.2
1.3
1.2
1.4
1.1
1.0
1.3
1.0
0.6
1.3
1.1
1.1
1.0
1.0
1.0
1.5
n/a
1.5
n/a
1.2
1.5
1.2
1.9
1.2

9%
-12%
6%
18%
2%
6%
6%
6%
12%
6%
1%
12%
0%
-15%
12%
7%
4%
-4%
-1%
4%
26%
n/m
27%
n/m
25%
60%
22%
0%
10%

Venture/Growth
Frazier Healthcare V
Azure Capital Partners II
Great Hill Equity Partners III
TA Associates X
RLH Investors II
Valhalla Partners II
Commonwealth Capital Ventures IV
Symmetric Partners
Vector Capital IV
Frazier Healthcare Ventures VI
Great Hill Equity Partners IV
Longitude Venture Partners
TA Associates XI
ABS Capital Partners VI
Quaker BioVentures II
Camden Partners Strategic IV
Azure Capital Partners III
North Sky Clean Tech Fund IV (fka Piper Jaffray)
Total Venture/Growth

Dec 2004
Aug 2005
Dec 2005
Mar 2006
May 2006
Nov 2006
Jan 2007
Mar 2007
May 2007
Nov 2007
May 2008
May 2008
Apr 2009
May 2009
Nov 2009
Dec 2009
Dec 2009
Jan 2010

11,817,815
16,330,404
13,513,399
3,274,800
14,867,792
4,307,896
12,023,669
5,800,135
4,373,860
13,281,258
14,482,591
20,922,879
6,237,525
17,925,160
8,078,572
6,684,012

8,466,386
182,388,153

210,000
735,000

150,000

1,237,569
761,133
525,000
3,550,000
-207,624
3,250,000
414,140
-159,948
1,350,000

750,000
12,565,270

2,721,142
765,000

357,000
143,393

124,014

2,229,924

513,932

1,372,073
231,696

8,458,173

9,882,862
16,518,662
14,117,249
2,971,820
14,856,141
4,272,914
11,569,756
7,432,472
5,131,757
12,231,819
21,488,351
21,912,150
10,009,078
16,778,644
7,921,047
7,969,764

8,824,105
193,888,591

15,000,000
15,000,000
20,000,000
4,200,000
15,000,000
10,625,000
20,000,000
15,000,000
20,000,000
35,000,000
50,000,000
25,000,000
50,000,000
25,000,000
17,500,000
15,000,000
10,572,000
25,000,000
387,897,000

14,137,500
13,785,000
19,450,000
4,053,000
11,926,734
5,902,396
14,850,000
7,198,402
5,502,995
15,645,000
23,175,000
12,332,257
9,250,000
16,747,940
8,574,435
8,700,000

8,500,000
199,730,659

862,500
1,215,000
550,000
147,000
3,073,266
4,722,604
5,150,000
7,801,598
14,497,005
19,355,000
26,825,000
12,667,743
40,750,000
8,252,060
8,925,565
6,300,000
10,572,000
16,500,000
188,166,341

7,296,064
2,595,000
3,000,000
1,323,000
423,533
358,770
779,530
208,406

4,400,809
2,875,000
499,486

1,799,289
316,062

25,874,950

17,178,926
19,113,662
17,117,249
4,294,820
15,279,674
4,631,684
12,349,286
7,640,878
5,131,757
16,632,628
24,363,351
22,411,636
10,009,078
18,577,933
8,237,109
7,969,764

8,824,105
219,763,541

1.2
1.4
0.9
1.1
1.3
0.8
0.8
1.1
0.9
1.1
1.1
1.8
1.1
1.1
1.0
0.9
n/a
1.0
1.1

7%
14%
-4%
2%
9%
-11%
-8%
3%
-3%
4%
5%
32%
18%
8%
-3%
-8%
n/m
3%
5%

STRICTLY CONFIDENTIAL

. Copyright All rights reserved

Maryland State Retirement and Pension System

Funds

Report: June 30, 2011

Current Period
Fund investments

Commitment
date

Currency USD

Since Inception

Opening Balance

Drawn
in Period

Distributed
in Period

1 Apr 2011

Closing Valuation
(a)

Commitment

Performance
Drawn down to
date

Outstanding
Commitment

Distributed
to date
(b)

Total
Value
(a + b)

Multiple (3) IRR (4)

30 Jun 2011

Private Equity Funds (continued)

Non-US
Apax Europe VI
Alchemy Plan (MD) (1)
Lion Capital Fund I
ECI 8
Advent International GPE V-D Partnership
BC European Capital VIII
HgCapital 5
Charterhouse Capital Partners VIII
Permira IV
Arcadia II
Private Equity Partners IV
Lion Capital Fund II
Apax Europe VII
Graphite Capital Partners VII
Graphite Capital Partners VII Top-Up Fund
CVC V
Advent International GPE VI-A Partnership
Advent Central and Eastern Europe Fund IV
Charterhouse Capital Partners IX
HgCapital 6
ECI 9
Triton III
Apax France VIII
Riverside Europe Fund IV
KKR Europe Fund III
Navis Asia Fund VI
Everstone Capital Partners II
Crescent Capital Partners IV
Lion Capital Fund III (USD)
MD Asia Investors
Total Non-US

Dec 2004
Mar 2005
Apr 2005
Apr 2005
Apr 2005
Apr 2005
Jan 2006
Mar 2006
Jul 2006
Dec 2006
Apr 2007
May 2007
May 2007
Jun 2007
Jun 2007
Apr 2008
Apr 2008
Apr 2008
Oct 2008
Nov 2008
Dec 2008
Dec 2008
Dec 2008
Dec 2008
Mar 2009
Jun 2009
Mar 2011
Apr 2011
May 2011
Jun 2011

9,020,260
7,573,062
6,539,793
5,119,577
12,772,914
18,275,524
13,247,734
19,943,545
12,511,336
2,471,007
4,800,134
22,053,987
31,089,730
4,803,879
6,670,843
42,039,826
22,698,800
5,922,616
13,526,109
22,670,714
1,448,278
17,954,197

10,399,735
19,779,891
8,021,251
3,340,000

344,694,743

12,003
-27,851
482,910

1,076,959
-441,278
861,160
868,496

2,172,237
237,501
29,150
-2,104,710

4,969,975

2,322,896
5,073,120
4,057,795
8,075,794
3,289,847
686,288
3,950,000

35,592,292

2,577,246

2,786,510

314,885
1,043,551
2,095,088
4,403,456
2,801,184

182,298

16,204,218

9,616,560
7,658,065
3,444,029
6,375,743
14,224,137
20,623,928
12,098,482
22,401,108
14,857,667
2,160,895
4,782,037
21,377,807
33,612,642
3,832,693
4,054,245
40,782,879
23,364,580
10,128,280
14,597,635
25,008,835
6,483,419
22,999,729
7,832,460
13,121,149
20,679,965
11,990,752
3,210,000

381,319,720

13,319,000
20,310,633
19,273,500
11,219,400
12,649,000
19,524,000
17,699,000
23,812,000
15,103,200
12,428,400
13,360,000
27,158,000
40,605,000
13,795,600
13,795,600
79,005,000
40,000,000
31,272,000
68,160,000
47,607,000
22,059,000
38,193,000
41,949,000
41,949,000
50,000,000
50,000,000
25,000,000
53,320,000
50,000,000
200,000,000
1,112,566,333

12,438,930
13,098,451
13,850,583
10,985,248
12,759,440
17,898,373
14,871,566
23,024,476
13,313,165
4,568,675
6,989,666
22,890,173
31,994,517
5,858,023
6,723,670
33,821,265
22,000,000
13,152,735
12,348,286
24,400,221
7,704,180
17,736,333
8,075,794
15,362,138
20,653,969
12,560,999
3,750,000

402,830,876

217,477
8,004,006
6,331,458
192,654
1,014,894
2,653,224
3,377,384
4,803,794
3,584,027
9,026,444
7,332,722
5,749,599
10,438,913
5,806,521
5,307,528
37,156,723
18,000,000
15,658,369
59,332,566
23,007,326
16,375,598
25,389,206
35,387,922
27,716,505
29,346,031
37,439,001
21,250,000
52,985,000
50,000,000
200,000,000
722,884,892

8,664,378
671,665
25,142,546
1,284,896
16,308,275
3,367,159
8,509,250

161,656

1,354,335
4,756,981
2,112,235
4,432,884
3,347,939
1,200,000

-9,085
13,889

399,647

260,302

47,322
-81,370

81,944,905

18,280,938
8,329,730
28,586,576
7,660,639
30,532,412
23,991,087
20,607,731
22,401,108
15,019,323
2,160,895
4,782,037
22,732,143
38,369,623
5,944,928
8,487,129
44,130,819
24,564,580
10,128,280
14,588,550
25,022,723
6,483,419
23,399,376
7,832,460
13,381,451
20,679,965
12,038,074
3,128,630

463,264,625

1.5
0.6
2.1
0.7
2.4
1.3
1.4
1.0
1.1
0.5
0.7
1.0
1.2
1.0
1.3
1.3
1.1
0.8
1.2
1.0
0.8
1.3
1.0
0.9
1.0
1.0
0.8
n/a
n/a
n/a
1.2

13%
-10%
25%
-11%
59%
12%
10%
-1%
4%
-32%
-13%
0%
8%
1%
10%
19%
8%
-24%
12%
3%
-40%
29%
-41%
-12%
0%
-6%
n/m
n/m
n/m
n/m
7%

Special Situations
Venture Capital Trust (2)
Abbott Capital Private Equity Fund III, LP
Brinson Partnership Fund Trust Program (1)
HarbourVest Partners VI - Buyout Partnership
HarbourVest Partners VI - Partnership Fund LP
HarbourVest - Dover Street VII
Goldman Sachs Vintage Fund V
Partners Group Secondary 2008
Lexington Capital Partners VII
Landmark Equity Partners XIV, L.P.
Total Special Situations

Jan 1992
May 1999
May 1999
Jun 1999
Jun 1999
Oct 2008
Oct 2008
Nov 2008
Jun 2009
Dec 2009

308,374
19,116,517
56,971,855
31,500,039
20,876,845
67,645,861
46,749,944
49,890,780
41,532,619
13,873,038
348,465,873

104,854

200,000
5,000,000
7,095,618
5,705,320
3,215,757
2,809,254
24,130,803

2,000,000
2,578,057
3,346,089
1,798,053
2,048,276
4,064,584
1,407,790
107,740
1,145,194
18,495,783

335,422
17,720,405
56,927,405
29,499,921
19,829,996
76,111,637
55,417,832
59,121,316
43,380,905
17,263,189
375,608,028

15,000,000
50,000,000
98,511,177
60,000,000
40,000,000
100,000,000
100,000,000
63,755,000
100,000,000
75,000,000
702,266,177

15,000,000
48,250,000
102,526,803
56,400,000
38,600,000
59,500,000
49,202,265
50,769,970
37,069,081
13,896,224
471,214,343

1,750,000
4,745,030
3,600,000
1,400,000
40,500,000
50,797,735
17,888,390
62,930,919
61,103,776
244,715,850

26,653,580
64,591,119
94,605,233
72,976,825
27,657,383
4,625,577
7,301,509
6,795,336
155,038
2,582,993
307,944,593

26,989,002
82,311,524
151,532,638
102,476,746
47,487,379
80,737,214
62,719,341
65,916,652
43,535,943
19,846,182
683,552,621

1.8
1.7
1.5
1.8
1.2
1.4
1.3
1.3
1.2
1.4
1.5

10%
12%
8%
13%
4%
25%
17%
24%
27%
46%
11%

Emerging Managers
Bunker Hill Capital II
Total Emerging Managers
Total Private Equity Funds

STRICTLY CONFIDENTIAL

Dec 2010

998,214

-10,891

25,000,000

998,214

24,001,786

-10,891

-10,891

0.0

n/m

998,214

-10,891

25,000,000

998,214

24,001,786

-10,891

-10,891

0.0

n/m

103,093,058

69,586,031

3,744,829,559

1,772,659,661

1,998,983,351

524,700,040

2,228,759,220

1.3

10%

1,590,006,487

1,704,059,179

. Copyright All rights reserved

Maryland State Retirement and Pension System

Funds

Report: June 30, 2011

Current Period
Fund investments

Commitment
date

Opening Balance

Since Inception
Drawn
in Period

Distributed
in Period

Closing Valuation
(a)

1 Apr 2011
Credit Strategies Funds
PPIP
Advent - Wellington PPIP
Angelo Gordon - GE PPIP
Marathon PPIP
RLJ - Western PPIP
Total PPIP

Oct
Oct
Oct
Oct

Currency USD

Commitment

Performance
Drawn down to
date

Outstanding
Commitment

Distributed
to date
(b)

Total
Value
(a + b)

Multiple (3) IRR (4)

30 Jun 2011

2009
2009
2009
2009

68,645,584
57,422,682
56,544,781
121,993,186
304,606,234

7,500,000
1,250,000
5,000,000

13,750,000

1,501,932
656,250

1,082,118
3,240,301

69,558,638
55,521,907
58,000,078
116,729,277
299,809,900

75,000,000
50,000,000
50,000,000
100,000,000
275,000,000

67,546,146
45,000,000
50,000,000
100,000,000
262,546,146

7,453,854
5,000,000

12,453,854

3,814,599
2,198,754

8,866,093
14,879,446

73,373,237
57,720,661
58,000,078
125,595,370
314,689,346

1.1
1.3
1.2
1.3
1.2

8%
24%
15%
19%
17%

Mezzanine
TA Subordinated Debt Fund III
Falcon Strategic Partners III
Prudential Capital Partners III
Peninsula Fund V
LBC Credit Partners Fund II
Partners Group European Mezzanine 2008
Merit Mezzanine Fund V
Park Square Capital Partners II
KKR Mezzanine Partners I
Energy Fund XV
Total Mezzanine

Apr 2009
May 2009
Aug 2009
Oct 2009
Nov 2009
Dec 2009
Dec 2009
Dec 2009
Mar 2010
Mar 2011

5,854,859
20,793,268
31,132,691
3,657,811
5,369,470
31,489,998
3,163,604
21,097,540
33,606,349

156,165,590

139,700
3,140,051
1,437,500
2,500,000

244,898
-404,027
-8,853,743
6,500,000
4,704,379

518,876
776,542

315,646
674,349

19,378
478,201

2,782,992

5,904,991
21,596,711
34,419,465
5,286,057
8,171,698
32,320,288
3,036,759
22,414,542
24,746,172
5,856,362
163,753,046

25,000,000
35,000,000
50,000,000
25,000,000
25,000,000
72,950,000
25,000,000
71,737,452
100,000,000
100,000,000
529,687,452

5,625,000
23,156,366
33,361,056
5,000,000
10,272,537
30,626,598
3,551,020
20,801,015
23,677,623
6,500,000
162,571,215

19,375,000
11,843,634
16,638,944
20,000,000
14,727,463
40,367,083
21,448,980
50,518,056
76,322,377
93,500,000
364,741,537

6,649,477
2,084,964

1,776,256
2,616,799

405,148
-148,975

13,383,668

5,904,991
28,246,188
36,504,428
5,286,057
9,947,954
34,937,087
3,036,759
22,819,690
24,597,197
5,856,362
177,136,714

1.0
1.2
1.1
1.1
1.0
1.1
0.9
1.1
1.0
0.9
1.1

9%
17%
10%
9%
-4%
12%
-23%
8%
5%
n/m
9%

Distressed
Oaktree Opportunistic Fund VIII-A
Oaktree Principal Fund V
Oaktree Opportunistic Fund VIII-B
Varde Fund X
CVI Credit Value Fund A
Alchemy Special Opportunities Fund II
Total Distressed

Dec 2009
Dec 2009
Mar 2010
Apr 2010
Sep 2010
Mar 2011

45,006,145
29,573,754

53,876,964
47,600,000

176,056,863

10,050,000
10,000,000

7,048,894
27,098,894

-34,158
-34,158

54,978,595
39,401,080

53,706,587
47,636,100
6,643,901
202,366,263

67,000,000
100,000,000
33,000,000
100,000,000
100,000,000
48,088,483
448,088,483

50,250,000
35,000,000

50,000,000
45,000,000
7,048,894
187,298,894

16,750,000
65,000,000
33,000,000
50,000,000
55,000,000
41,202,677
260,952,677

585,254
-72,329

63,000
-34,158
541,768

55,563,849
39,328,751

53,706,587
47,699,100
6,609,744
202,908,031

1.1
1.1
n/a
1.1
1.1
0.9
1.1

13%
13%
n/m
8%
13%
n/m
11%

Oct 2008
Dec 2008
Dec 2008

309,693,209
15,493,429

-2,944,646

301,739,535
12,390,246

200,000,000
50,000,000
50,000,000

200,000,000
7,497,452
25,000,000

42,502,548

-555,447
4,147,434
33,293,170

301,184,088
16,537,680
33,293,170

1.5
2.2
1.3

18%
23%
25%

Total Other

325,186,638

-2,944,646

314,129,781

300,000,000

232,497,452

42,502,548

36,885,157

351,014,938

1.5

18%

Total Credit Strategies Funds

962,015,325

42,608,626

980,058,990

1,552,775,935

844,913,707

680,650,616

65,690,039

1,045,749,029

1.2

16%

Other
PIMCO Distressed Senior Credit Opportunities Fund, L.P.
Blackrock Credit Investors II
TCW Credit Opportunities Fund IB (6)

STRICTLY CONFIDENTIAL

5,989,134

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Maryland State Retirement and Pension System

Funds

Report: June 30, 2011

Current Period
Fund investments

Commitment
date

Opening Balance

Since Inception
Drawn
in Period

Distributed
in Period

Closing Valuation
(a)

1 Apr 2011
Real Assets Funds
Energy
Natural Gas Partners VIII
Quantum Energy Partners IV
Natural Gas Partners IX
NGP Midstream & Resources
Quantum Energy Partners V
First Reserve XII
White Deer Energy
Total Energy
Infrastructure
Alinda Infrastructure Fund II
Total Infrastructure

Currency USD

Commitment

Performance
Drawn down to
date

Outstanding
Commitment

Distributed
to date
(b)

Total
Value
(a + b)

Multiple (3) IRR (4)

30 Jun 2011

Nov 2005
Oct 2006
Sep 2007
Sep 2007
Jul 2008
Oct 2008
Nov 2009

5,066,903
7,165,040
37,826,831
22,240,937
882,464
80,785,000
13,829,152
167,796,327

15,742
831,439
-1,500,505
-356,193

11,628,103
1,061,353
11,679,939

Jul 2009

15,885,872
15,885,872

3,452,123
3,452,123

Mar 2010
Nov 2010
Apr 2011

36,006,214
6,681,564

5,741,019
5,000,000

42,687,778

153,579

556,195
1,245,549

1,955,323

5,418,106
7,792,999
40,434,000
20,920,205
690,081
107,361,000
18,128,156
200,744,547

5,000,000
25,000,000
49,000,000
25,000,000
40,000,000
200,000,000
35,000,000
379,000,000

4,765,454
10,498,539
29,290,627
21,462,969
2,666,450
116,040,629
11,459,989
196,184,657

234,546
14,501,461
19,709,373
3,537,031
37,333,550
83,959,371
23,540,011
182,815,343

1,176,019
2,415,259
1,117,730
8,098,810
21,246
8,045,679
-3,471
20,871,272

6,594,125
10,208,258
41,551,730
29,019,015
711,327
115,406,679
18,124,685
221,615,819

1.4
1.0
1.4
1.4
0.3
1.0
1.6
1.1

11%
-1%
21%
15%
-39%
0%
101%
7%

19,403,440
19,403,440

50,000,000
50,000,000

18,000,971
18,000,971

31,999,029
31,999,029

-246,962
-246,962

19,156,478
19,156,478

1.1
1.1

6%
6%

-161,096

34,610,466
12,285,090
4,732,648

50,000,000
50,000,000
50,000,000

26,388,485
12,653,494
5,000,000

23,611,515
37,346,506
45,000,000

-50,189
-161,096

34,610,466
12,234,901
4,571,553

1.3
1.0
0.9

38%
-11%
n/m

10,741,019

-161,096

51,628,204

150,000,000

44,041,979

105,958,021

-211,285

51,416,919

1.2

29%

226,369,977

25,873,081

1,794,227

271,776,191

579,000,000

258,227,607

320,772,393

20,413,025

292,189,216

1.1

8%

2,778,391,789

171,574,765

77,369,392

2,955,894,361

5,876,605,494

2,875,800,974

3,000,406,360

610,803,104

3,566,697,465

1.2

11%

Timber
Hancock Timberland X
Global Timber Investors 9
Timbervest Partners III
Total Timber
Total Real Assets Funds

PORTFOLIO TOTAL

Notes
1. For Brinson Partnership Fund and Alchemy Plan, management fees are treated separately to capital calls and are not part of fund commitments. Total Drawdown to date includes both management fees and capital calls.
2. Venture Capital Trust Valuation as of June 30, 2011.
3. Multiple equals Total Value divided by total Drawdown to Date.
4. IRR is calculated using monthly cash flows. Interim performance of funds of funds is not necessarily a guide to future performance due to the structure and investment profile of funds of funds.
5. Negative distributions reflect interest charged on late closing.
6. Unfunded is shown as zero, as the fund has been terminated.

STRICTLY CONFIDENTIAL

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