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: Fall 2010

: Fall 2010. PitchBook 4Q 2010 Private Equity Reporting Deck. Request a demonstration or training: Email:  demo@pitchbook.com Phone: 877-267-5593. For additional analysis or slides: Email: research@pitchbook.com Phone: 206-623-1986. About the PitchBook Platform.

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: Fall 2010

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  1. : Fall 2010 PitchBook 4Q 2010 Private Equity Reporting Deck Request a demonstration or training: Email: demo@pitchbook.com Phone: 877-267-5593 For additional analysis or slides: Email: research@pitchbook.com Phone: 206-623-1986

  2. About the PitchBook Platform • PitchBook is an independent and impartial research firm dedicated to providing premium data, news and analysis to the private equity industry. As a specialty-focused information resource, PitchBook's core strength is its ability to meticulously collect, organize and analyze hard to find private equity and venture capital deal and fund data. • PitchBook’s mission is to provide its clients with the highest quality private equity information, with an acute focus on deals and companies. PitchBook aims not only to offer market-leading proprietary data, but to also provide the tools that help industry professionals effectively find, share and use information to make better decisions.

  3. Three Aspects of Private EquityFundraising, Investment & Exits Trends

  4. Private Equity Investment

  5. Capital Invested Through 3Q 2010 Surpasses 2009Number of Deals Closed and Total Capital Invested by Year Source: PitchBook

  6. 2010 Capital Invested Continues Upward TrendNumber of Deals Closed and Total Capital Invested by Quarter

  7. Middle-Market Deal Activity Increases Percentage of Deal Volume (count) by Deal Size Range

  8. Middle-Market Grabs Over 50% of CapitalPercentage of Deal Volume (capital) by Deal Size Range

  9. Midwest the Top Region for PE Investment Percentage of Deal Volume (count) by Region

  10. B2B Holds Onto Highest Volume of DealsPercentage of Deal Volume (count) by Industry

  11. Capital Shifts Away from B2CPercentage of Deal Volume (capital) by Industry

  12. Private Equity Exits

  13. Exits Up 64% from 3Q 2009Quarterly PE Exits by Corporate Acquisition, IPO and Secondary Sale Percentage of capital invested by industry

  14. Median Exit Value Climbs in 2010Median Exit Size ($M) Percentage of capital invested by industry

  15. PE Firms Holding onto Companies LongerAverage Time from Buyout to Exit Percentage of capital invested by industry

  16. Private Equity Fundraising

  17. PE Fund Closings on Pace with 2009Number of Funds Closed and Total Capital Raised by Year * Through 3Q 2010

  18. PE Fundraising Levels Off in 3Q 2010Number of Funds Closed and Total Capital Raised by Quarter

  19. Growing Fund Size Trend ContinuesPercentage of US PE Funds (Count) by Size

  20. $1B - $5B Funds Dominate Capital RaisedPercentage of Capital Raised by Size – US Funds

  21. Fund Returns Overview

  22. PE Leads in Average IRR Since 2000Average Fund IRR by Vintage Year J-Curve Vintage Year Source: PitchBook

  23. Private Equity Outperforming in the Long RunHorizon IRR – Private Equity, Venture Capital and Public Index Source: PitchBook

  24. Returns Bounce Back from 2009 LowsMedian 1-Year Rolling Horizon IRR by Fund Type One Year IRR as of Year Ending March 31st Source: PitchBook

  25. Private Equity Fund Returns

  26. Outsized Returns for Funds Big and SmallPrivate Equity Horizon IRR by Fund Size As of 3/31/2010 Source: PitchBook

  27. Total Value of PE Funds Rose by 31% Last YearWeighted 1-Year Change in Total PE Portfolio Value Source: PitchBook

  28. Mature Private Equity Funds Well into the PositiveAverage Private Equity Return Multiples by Vintage Year *Through 1H 2010 Source: PitchBook

  29. 50% of All PE Funds Have a 7.6% IRR or HigherIRR Quartiles by Fund Size for Mature Private Equity Funds Source: PitchBook

  30. $485B of Private Equity Dry PowderCapital Overhang for Private Equity Funds Raised by US Investors Source: PitchBook

  31. Venture Capital Fund Returns

  32. Average Venture Capital Fund 5-year Return Around 1% Venture Capital Horizon IRR by Fund Size As of 3/31/2010 Source: PitchBook

  33. Total Value of VC Funds Rose by 14% Last YearWeighted 1-Year Change in Total VC Portfolio Value Source: PitchBook

  34. Venture Capital Funds Still Waiting for LiquidityAverage Venture Capital Return Multiples by Vintage Year Source: PitchBook

  35. Over Half of All Venture Capital Funds have Positive IRRIRR Quartiles by Fund Size for Mature Venture Capital Funds Source: PitchBook

  36. $82B of Venture Capital Dry PowderCapital Overhang for Venture Capital Funds Raised by US Investors Source: PitchBook

  37. Fund of Funds Returns

  38. Funds from $500M to $1B Lead 5-Year IRRFund of Funds Horizon IRR by Fund Size As of 3/31/2010 Source: PitchBook

  39. Mature Fund of Funds Posting Strong MultiplesAverage Fund of Funds Return Multiples by Vintage Year Source: PitchBook

  40. GlobalFund Returns

  41. Mature Global PE Funds Average DPI of 1.2xAverage Global Private Equity Return Multiples by Vintage Year Source: PitchBook

  42. Mature Global VC Funds Average TVPI of 1.25xAverage Global Venture Capital Return Multiples by Vintage Year Source: PitchBook

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