The Limited Partner Perspective

2. The Limited Partner Perspective Alan MacKayChairman, Abernethie.

3. $10 billion

4. individual LP - professional perspective • more portfolio construction • more manager concentration • more ‘profiled’ management tariffs • more ‘variable’ performance tariffs • “emergence of the agile limited partner”

5. $115 billion

6. individual LP – institutional perspective • PE is an equity not an alternative • PE is for high returns not for low volatility • PE must provide access to growth • PE must provide access to innovation • “ the renewed pursuit of upside”

7. $1,000 billion

8. LP community – professional perspective • Institutional Limited Partners Association (ILPA) • Private Equity Investors Association (PEIA) • BVCA and EVCA • “ this is one asset class, LPs and GPs are in this together”

9. $34,000 billion

10. LP community – institutional perspective • Principles of Responsible Investment (UNPRI) • Association of Investment Managers (AIM) • ABI and NAPF • “ PE is just one asset class, to attract strategic weighting it must deliver financial and non-financial performance”

11. In summary, • emergence of the agile LP - the herd is dead • renewed pursuit of upside - access to growth and innovation • LP/GP dawning realisation - one asset class, one ecosystem • allocation - financial performance, non-financial permission

12. “You need us, and we need you. Jo Saver needs us both. So let’s keep adapting. And let’s keep it working.”