University of Texas Investment Management Company

Private Investments
Fund Performance (Active Relationships)
As of May 31, 2016

Capital Invested1

Capital Returned
to UTIMCO2

Current Value3

Cash-on-Cash
Return4

IRR5

Fund Manager Name

Partnership Name

Actis Capital

Actis Africa 3, L.P.

Actis India 3, L.P.

26,715,444.73
24,494,205.17
51,209,649.90

18,462,697.82
9,201,738.49
27,664,436.31

18,591,143.26
12,184,001.86
30,775,145.12

0.69
0.38
0.54

8.31%
-3.98%
3.59%

Activum SG Capital Management

Activum SG Feeder Fund III L.P.

Activum SG Iberia Feeder Fund I, L.P.

47,058,147.33
32,458,530.75
79,516,678.08

8,630,601.94
301,973.15
8,932,575.09

38,967,608.30
32,177,040.02
71,144,648.32

0.18
0.01
0.11

1.02%
0.10%
0.78%

Advanced Technology Ventures

Advanced Technology Ventures VII, L.P.

22,502,167.19

22,500,000.82

3,375,657.74

1.00

2.22%

Agribusiness Latin America Management LLC

Mid-Market LAIF II, L.P.

3,486,114.00

0.00

3,486,114.00

0.00

0.00%

Alcion Ventures

Alcion Real Estate Tax-Exempt Parallel Fund II, LP

Alcion Real Estate Partners III-A, L.P.

66,886,529.00
14,548,843.00
81,435,372.00

71,149,442.00
15,614.00
71,165,056.00

27,002,495.03
12,189,951.79
39,192,446.82

1.06
0.00
0.87

18.30%
-28.91%
16.70%

Alpine Investors

Alpine Investors V (Co-Investment), L.P.6

Alpine Investors V, L.P.

0.00
18,001,953.12
18,001,953.12

0.00
0.00
0.00

0.00
16,116,518.19
16,116,518.19

0.00
0.00
0.00

0.00%
-9.64%
-9.64%

Altra Investments

Altra Private Equity Fund II, L.P.

26,135,676.71

0.00

23,597,009.90

0.00

-5.87%

American Industrial Partners

American Industrial Partners Capital Fund, L.P.

American Industrial Partners Capital Fund V (Co-Investment), L.P.
American Industrial Partners Capital Fund V, L.P.
American Industrial Partners Capital Fund VI, L.P.

15,975,656.67
33,609,444.00
58,105,489.41
2,509,634.89
110,200,224.97

26,311,130.36
23,179,215.09
19,796,684.78
86,303.79
69,373,334.02

0.00
26,154,315.85
52,726,075.51
1,590,870.10
80,471,261.46

1.65
0.69
0.34
0.03
0.63

12.35%
20.71%
14.25%
-43.83%
13.05%

American Securities Capital

American Securities Partners II, L.P.

American Securities Partners III, L.P.

23,832,151.56
29,152,478.69
52,984,630.25

58,146,433.09
54,163,295.89
112,309,728.98

0.00
40,118.41
40,118.41

2.44
1.86
2.12

19.92%
19.30%
19.76%

1"Capital Invested" may exceed "Commitment" amounts

2"Capital

due to the recall of previously distributed capital or other capitalized expenditures.

Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.

3 Private investment funds are fair valued by management. The fair values of these investments are estimated by management using the investment's capital account balance
at the closest available reporting date, as communicated by the investment manager, adjusted for contributions and withdrawals subsequent to the latest available reporting
date as well as consideration of any other information, which has been provided by the investment manager or other source.
4Cash-on-Cash Return is

calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."

5 IRR,

or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers the
timing and size of irregular flows of capital invested and returned to UTIMCO and the value of the remaining investments. IRRs are based on capital invested and returned
to UTIMCO through May 31, 2016 and the current value of remaining investments as of March 31, 2016. IRRs for periods of less than one year are nominalized,
not annualized.
6The

investment period for this fund has not yet commenced.

WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general
partners of the partnerships. In addition, due to a number of factors, including most importantly a lack of valuation standards in the private equity industry, differences
in the pace of investments across partnerships, and the understatement of returns in the early years of a partnership life, the IRR information contained in this report
DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare
returns across partnerships.
THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.

University of Texas Investment Management Company

Private Investments
Fund Performance (Active Relationships)
As of May 31, 2016
Capital Invested1

Capital Returned
to UTIMCO2

Current Value3

Cash-on-Cash
Return4

IRR5

Fund Manager Name

Partnership Name

Ampersand Ventures

Ampersand 1995 Limited Partnership

Ampersand 1999 Limited Partnership
Ampersand 2001 Limited Partnership
Ampersand 2006 Limited Partnership

15,002,118.75
20,001,472.50
25,006,056.25
25,000,000.00
85,009,647.50

18,163,614.45
51,035,831.39
63,762,870.10
31,919,037.00
164,881,352.94

0.00
0.00
1,083,101.05
18,334,018.08
19,417,119.13

1.21
2.55
2.55
1.28
1.94

3.36%
16.44%
16.75%
13.32%
12.78%

Angelo, Gordon & Co.

AG Capital Recovery Partners IV, L.P.

AG Capital Recovery Partners V, L.P.
AG Private Equity Partners III, L.P.

14,166,086.00
25,000,000.00
25,350,000.00
64,516,086.00

22,397,390.00
26,152,481.00
24,300,000.00
72,849,871.00

0.00
1,499,921.68
4,159,431.68
5,659,353.36

1.58
1.05
0.96
1.13

28.68%
2.59%
1.72%
5.16%

Apollo Management

Apollo Credit Opportunity Fund II, L.P.

AGRE U.S. Real Estate Fund, L.P.

115,086,965.00
53,593,195.35
168,680,160.35

156,066,572.00
43,044,603.72
199,111,175.72

6,925,473.62
26,173,932.68
33,099,406.30

1.36
0.80
1.18

10.27%
12.35%
10.62%

ARCH Venture Partners

ARCH Venture Fund VI, L.P.

ARCH Venture Fund VII, L.P.
ARCH Venture Fund VIII, L.P.
ARCH Venture Fund VIII Overage, L.P.

30,004,283.22
40,000,000.00
31,750,000.00
16,800,000.00
0.00

20,584,886.57
89,027,341.98
13,050.00
0.00
0.00

12,233,467.11
70,604,029.62
34,149,574.42
20,234,827.20
0.00

0.69
2.23
0.00
0.00
0.00

1.25%
40.69%
10.63%
36.17%
0.00%

118,554,283.22

109,625,278.55

137,221,898.35

0.92

19.10%

27,344,118.00
56,374,637.00
52,716,441.00
40,926,868.00
177,362,064.00

49,410,482.00
83,234,410.00
76,769,218.00
52,014,103.00
261,428,213.00

0.00
93,333.00
1,518,227.00
5,972,425.88
7,583,985.88

1.81
1.48
1.46
1.27
1.47

24.37%
16.16%
8.62%
11.59%
14.52%

30,000,000.00
35,220,000.00
27,918,336.50
93,138,336.50

15,769,891.00
0.00
4,256,721.00
20,026,612.00

17,359,058.15
31,635,344.72
25,751,134.64
74,745,537.51

0.53
0.00
0.15
0.22

1.95%
-3.48%
2.37%
0.47%

ARCH Venture Fund IX, L.P.6

ArcLight Capital Partners

ArcLight Energy Partners Fund I, L.P.

ArcLight Energy Partners Fund II, L.P.
ArcLight Energy Partners Fund III, L.P.
ArcLight Energy Partners Fund IV, L.P.

Artiman Ventures

Artiman Ventures II, L.P.

Artiman Ventures III, L.P.
Artiman Ventures Special Opportunities Fund, L.P.

1"Capital Invested" may exceed "Commitment" amounts

2"Capital

due to the recall of previously distributed capital or other capitalized expenditures.

Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.

3 Private investment funds are fair valued by management. The fair values of these investments are estimated by management using the investment's capital account balance
at the closest available reporting date, as communicated by the investment manager, adjusted for contributions and withdrawals subsequent to the latest available reporting
date as well as consideration of any other information, which has been provided by the investment manager or other source.
4Cash-on-Cash Return is

calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."

5 IRR,

or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers the
timing and size of irregular flows of capital invested and returned to UTIMCO and the value of the remaining investments. IRRs are based on capital invested and returned
to UTIMCO through May 31, 2016 and the current value of remaining investments as of March 31, 2016. IRRs for periods of less than one year are nominalized,
not annualized.
6The

investment period for this fund has not yet commenced.

WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general
partners of the partnerships. In addition, due to a number of factors, including most importantly a lack of valuation standards in the private equity industry, differences
in the pace of investments across partnerships, and the understatement of returns in the early years of a partnership life, the IRR information contained in this report
DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare
returns across partnerships.
THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.

University of Texas Investment Management Company

Private Investments
Fund Performance (Active Relationships)
As of May 31, 2016
Capital Invested1

Fund Manager Name

Partnership Name

Ashmore Investment Management

Ashmore Global Special Situations Fund IV, L.P.

Atlas Venture

Atlas Venture Fund VI, L.P.

Austin Ventures

Capital Returned
to UTIMCO2

Current Value3

Cash-on-Cash
Return4

IRR5

100,160,183.34

53,686,547.57

7,415,576.84

0.54

-8.65%

15,506,452.07

8,040,483.81

7,054,169.06

0.52

-0.32%

Austin Ventures IV, L.P.

Austin Ventures V, L.P.
Austin Ventures VI, L.P.
Austin Ventures VII, L.P.
Austin Ventures VIII, L.P.
Austin Ventures IX, L.P.
Austin Ventures X, L.P.

5,008,592.15
15,001,997.50
21,164,850.30
20,000,000.00
17,210,095.57
17,430,244.00
25,472,621.78
121,288,401.30

42,094,128.26
29,635,767.24
13,306,766.27
15,926,870.94
27,342,993.48
16,459,439.93
18,761,803.53
163,527,769.65

0.00
0.00
91,323.97
224,535.05
670,007.94
7,296,602.15
16,771,172.32
25,053,641.43

8.40
1.98
0.63
0.80
1.59
0.94
0.74
1.35

73.14%
31.88%
-7.83%
-2.82%
6.89%
5.52%
9.23%
26.13%

Avenue Capital Group

Avenue Asia Special Situations Fund IV, L.P.

Avenue Special Situations Fund V, L.P.

25,089,502.00
76,166,202.00
101,255,704.00

22,728,702.00
98,939,674.00
121,668,376.00

4,518,621.11
827,210.30
5,345,831.41

0.91
1.30
1.20

1.73%
10.90%
7.72%

Axxon Group

Axxon Brazil Private Equity Fund III, LP

289,456.44

0.00

289,456.44

0.00

0.00%

Azimuth Capital Management

Azimuth Energy Partners III U.S. LP

Azimuth Energy Partners IV (NR) L.P.

70,245,322.80
20,037,005.75
90,282,328.55

9,723,377.86
-194,795.79
9,528,582.07

52,713,751.03
17,958,102.02
70,671,853.05

0.14
-0.01
0.11

-3.33%
-12.06%
-4.03%

Baker Capital

Baker Communications Fund, L.P.

Baker Communications Fund II (QP), L.P.

42,964,832.37
30,929,197.33
73,894,029.70

45,119,824.06
32,413,672.51
77,533,496.57

0.00
1,764,541.93
1,764,541.93

1.05
1.05
1.05

0.57%
1.12%
0.80%

Band of Angels

Band of Angels Fund, L.P.

10,121,549.63

0.00

1,512,369.34

0.00

-12.86%

Baring Private Equity Asia

Baring Asia Private Equity Fund IV, L.P.

49,870,943.29

32,002,549.15

41,978,352.08

0.64

7.85%

Baring Vostok Capital Partners

Baring Vostok Private Equity Fund V, L.P.

23,291,647.70

744,297.14

12,528,092.85

0.03

-26.53%

1"Capital Invested" may exceed "Commitment" amounts

2"Capital

due to the recall of previously distributed capital or other capitalized expenditures.

Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.

3 Private investment

funds are fair valued by management. The fair values of these investments are estimated by management using the investment's capital account balance
at the closest available reporting date, as communicated by the investment manager, adjusted for contributions and withdrawals subsequent to the latest available reporting
date as well as consideration of any other information, which has been provided by the investment manager or other source.
4Cash-on-Cash Return is

calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."

5 IRR,

or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers the
timing and size of irregular flows of capital invested and returned to UTIMCO and the value of the remaining investments. IRRs are based on capital invested and returned
to UTIMCO through May 31, 2016 and the current value of remaining investments as of March 31, 2016. IRRs for periods of less than one year are nominalized,
not annualized.
6The

investment period for this fund has not yet commenced.

WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general
partners of the partnerships. In addition, due to a number of factors, including most importantly a lack of valuation standards in the private equity industry, differences
in the pace of investments across partnerships, and the understatement of returns in the early years of a partnership life, the IRR information contained in this report
DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare
returns across partnerships.
THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.

University of Texas Investment Management Company

Private Investments
Fund Performance (Active Relationships)
As of May 31, 2016
Capital Invested1

Capital Returned
to UTIMCO2

Current Value3

Cash-on-Cash
Return4

IRR5

Fund Manager Name

Partnership Name

Beacon Focus Value Investors

Beacon Group III - Focus Value Fund, L.P.

23,996,991.25

7,495,695.66

39,527.01

0.31

-15.19%

Benson Elliot Capital Management

Bensell US Feeder III, L.P.

Benson Elliot Real Estate Partners III, L.P.
Bensell US Feeder IV, L.P.
Bensell Host US Feeder Partners, L.P.

42,225,218.91
17,518,774.25
18,434,847.52
9,754,550.00
87,933,390.68

24,344,731.00
10,056,884.61
169,504.20
-35,583.77
34,535,536.04

24,997,044.80
10,432,795.68
2,698,325.32
9,791,920.12
47,920,085.92

0.58
0.57
0.01
-0.00
0.39

8.65%
8.64%
-46.37%
0.02%
-4.36%

Black River Asset Management

Black River Capital Partners Fund (Food) L.P.

Black River Food Fund 2 LP

69,860,838.49
20,160,453.01
90,021,291.50

3,241,796.85
15,723.25
3,257,520.10

84,556,030.93
15,805,038.28
100,361,069.21

0.05
0.00
0.04

8.27%
-22.98%
5.91%

Blackstone Real Estate

Blackstone Real Estate Partners VII, L.P.

Blackstone Real Estate Partners Europe IV L.P.
Blackstone Real Estate Partners VIII, L.P.

59,611,118.00
135,163,358.00
27,086,663.00
221,861,139.00

34,798,185.00
11,647,130.00
37,124.00
46,482,439.00

52,291,391.52
136,181,243.77
28,474,401.64
216,947,036.93

0.58
0.09
0.00
0.21

20.55%
7.90%
9.60%
13.96%

BY Capital Management GmbH

BY Capital 1 GP GmbH & Co. KG

2,035,902.00

15,289.39

1,505,737.18

0.01

-35.96%

Care Capital

Care Capital Investments III, L.P.

36,675,147.20

7,884,994.37

21,246,480.07

0.21

-5.00%

Carmel Partners

Carmel Partners Investment Fund IV, L.P.

Carmel Partners Investment Fund V, L.P.

75,472,372.00
8,240,668.00
83,713,040.00

28,319,739.00
0.00
28,319,739.00

96,310,450.03
6,799,892.92
103,110,342.95

0.38
0.00
0.34

27.27%
-16.15%
25.53%

Carrick Capital

Carrick Capital Partners, L.P.

Carrick Capital Partners II Co-Investment Fund, L.P.
Carrick Capital Partners II, L.P.

47,072,741.00
10,075,000.00
29,384,636.00
86,532,377.00

0.00
0.00
0.00
0.00

66,654,117.85
10,016,434.03
26,076,307.99
102,746,859.87

0.00
0.00
0.00
0.00

17.03%
-0.58%
-11.89%
11.45%

1"Capital Invested" may exceed "Commitment" amounts

2"Capital

due to the recall of previously distributed capital or other capitalized expenditures.

Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.

3 Private investment funds are fair valued by management. The fair values of these investments are estimated by management using the investment's capital account balance
at the closest available reporting date, as communicated by the investment manager, adjusted for contributions and withdrawals subsequent to the latest available reporting
date as well as consideration of any other information, which has been provided by the investment manager or other source.
4Cash-on-Cash Return is

calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."

5 IRR,

or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers the
timing and size of irregular flows of capital invested and returned to UTIMCO and the value of the remaining investments. IRRs are based on capital invested and returned
to UTIMCO through May 31, 2016 and the current value of remaining investments as of March 31, 2016. IRRs for periods of less than one year are nominalized,
not annualized.
6The

investment period for this fund has not yet commenced.

WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general
partners of the partnerships. In addition, due to a number of factors, including most importantly a lack of valuation standards in the private equity industry, differences
in the pace of investments across partnerships, and the understatement of returns in the early years of a partnership life, the IRR information contained in this report
DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare
returns across partnerships.
THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.

University of Texas Investment Management Company

Private Investments
Fund Performance (Active Relationships)
As of May 31, 2016

Capital Returned
to UTIMCO2

Capital Invested1

Fund Manager Name

Partnership Name

CarVal Investors

CVI Global Value Fund A, L.P.

CVI Global Value Fund A, L.P. - 2008 Top-Off

Catterton Aimara

Cash-on-Cash
Return4

Current Value3

IRR5

71,250,000.00
47,500,000.00
118,750,000.00

92,675,174.87
81,689,993.71
174,365,168.58

15,200,004.41
10,799,996.24
26,000,000.65

1.30
1.72
1.47

6.93%
16.27%
9.96%

Catterton Aimara Latin America Fund II (B), L.P.6

0.00

0.00

0.00

0.00

0.00%

Catterton Aimara Latin America Fund II, L.P.6

0.00

0.00

0.00

0.00

0.00%

0.00

0.00

0.00

0.00

0.00%

53,376,879.94

20,065,594.28

55,624,402.30

0.38

23.88%

78,102,496.03
135,764,688.00
41,737,874.00
255,605,058.03

115,227,404.00
52,605,774.00
1,573,515.00
169,406,693.00

26,761,816.04
92,902,488.64
43,906,863.23
163,571,167.91

1.48
0.39
0.04
0.66

20.53%
3.47%
13.01%
13.94%

Cendana Capital

Cendana Co-Investment Fund, L.P.

Centerbridge Partners

Centerbridge Capital Partners, L.P.

Centerbridge Capital Partners II, L.P.
Centerbridge Capital Partners III, L.P.

Cerberus Capital Management

Cerberus Institutional Partners, L.P.- Series Four

69,266,757.36

83,183,680.88

27,281,237.88

1.20

7.95%

Correlation Ventures

Correlation Ventures Executives Fund, L.P.

Correlation Ventures, L.P.

9,625,000.00
9,625,000.00
19,250,000.00

112,610.25
112,610.25
225,220.50

10,269,970.66
10,196,071.42
20,466,042.08

0.01
0.01
0.01

3.08%
2.79%
2.94%

Cortec Group

Cortec Group Fund II, L.P.

Cortec Group Fund III, L.P.
Cortec Group Fund IV, L.P.
Cortec Group Fund V, L.P.
Cortec Group Fund V (Parallel), L.P.

18,839,278.25
19,781,312.25
45,758,878.00
48,815,355.00
4,076,937.00
137,271,760.50

16,396,552.00
41,424,728.00
61,969,411.00
24,071,577.00
17,600,000.00
161,462,268.00

0.00
0.00
19,715,317.92
107,400,610.96
65,228,776.01
192,344,704.89

0.87
2.09
1.35
0.49
4.32
1.18

-1.93%
21.77%
11.64%
43.92%
120.22%
14.50%

Crescendo Ventures

Crescendo II, L.P.

Crescendo III, L.P.
Crescendo IV, L.P.

15,001,892.58
25,005,950.00
10,001,413.75
50,009,256.33

20,342,427.88
10,907,685.35
4,528,275.55
35,778,388.78

0.00
777,379.33
44,492.00
821,871.33

1.36
0.44
0.45
0.72

19.86%
-11.60%
-7.40%
-7.48%

1"Capital Invested" may exceed "Commitment" amounts

2"Capital

due to the recall of previously distributed capital or other capitalized expenditures.

Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.

3 Private investment

funds are fair valued by management. The fair values of these investments are estimated by management using the investment's capital account balance
at the closest available reporting date, as communicated by the investment manager, adjusted for contributions and withdrawals subsequent to the latest available reporting
date as well as consideration of any other information, which has been provided by the investment manager or other source.
4Cash-on-Cash Return is

calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."

5 IRR,

or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers the
timing and size of irregular flows of capital invested and returned to UTIMCO and the value of the remaining investments. IRRs are based on capital invested and returned
to UTIMCO through May 31, 2016 and the current value of remaining investments as of March 31, 2016. IRRs for periods of less than one year are nominalized,
not annualized.
6The

investment period for this fund has not yet commenced.

WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general
partners of the partnerships. In addition, due to a number of factors, including most importantly a lack of valuation standards in the private equity industry, differences
in the pace of investments across partnerships, and the understatement of returns in the early years of a partnership life, the IRR information contained in this report
DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare
returns across partnerships.
THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.

University of Texas Investment Management Company

Private Investments
Fund Performance (Active Relationships)
As of May 31, 2016
Capital Invested1

Fund Manager Name

Partnership Name

CVC Capital Partners

CVC European Equity Partners, L.P.

CVC European Equity Partners IV (C) LP
CVC European Equity Partners Tandem Fund
CVC European Equity Partners V, L.P.

DDJ Capital Management

B IV Capital Partners, L.P.

DDJ Total Return Loan Fund, L.P.

Deerfield Management Company, LP

Deerfield Healthcare Innovations Fund LP

Doughty Hanson & Co

Capital Returned
to UTIMCO2

Current Value3

Cash-on-Cash
Return4

IRR5

29,092,294.45
37,167,704.78
40,584,705.83
44,980,734.91
151,825,439.97

73,156,108.95
61,932,016.45
50,364,753.67
43,211,498.47
228,664,377.54

0.00
6,865,397.04
3,195,721.41
20,031,186.97
30,092,305.42

2.51
1.67
1.24
0.96
1.51

22.90%
16.23%
6.46%
10.87%
19.48%

13,559,445.78
25,000,000.00
38,559,445.78

15,177,887.84
30,200,118.12
45,378,005.96

9,134.26
500,621.39
509,755.65

1.12
1.21
1.18

2.19%
4.08%
3.40%

3,500,000.00

0.00

4,276,709.50

0.00

27.78%

Doughty Hanson & Co. II

Doughty Hanson III, L.P.
Doughty Hanson & Co IV, L.P.
Doughty Hanson & Co. V

27,578,599.69
42,438,012.44
48,978,839.61
93,712,915.37
212,708,367.11

58,106,736.02
68,842,237.32
66,667,542.84
87,161,700.53
280,778,216.71

0.00
10,385,191.31
7,139,186.18
23,272,032.69
40,796,410.18

2.11
1.62
1.36
0.93
1.32

48.94%
13.48%
9.98%
4.14%
17.83%

Emerald Hill Capital Partners

Emerald Hill Capital Partners I, L.P.

Emerald Hill Capital Partners II, L.P.
Emerald Hill Capital Partners II - Co-Invest A, LP
Emerald Hill Capital Partners III, L.P.
Emerald Hill Capital Partners III-A, L.P.

48,252,501.00
63,900,000.00
79,550,000.00
21,600,012.00
37,905,090.00
251,207,603.00

15,885,585.00
12,861,681.00
10,824,007.00
403,374.00
0.00
39,974,647.00

35,429,296.30
104,143,160.92
112,197,040.33
24,666,080.54
42,409,887.12
318,845,465.21

0.33
0.20
0.14
0.02
0.00
0.16

1.17%
19.12%
19.00%
12.72%
9.96%
11.99%

EnCap Investments

EnCap Energy Capital Fund III-B, L.P.

EnCap Energy Capital Fund IV-B, L.P.
EnCap Energy Capital Fund VII, L.P.
EnCap Energy Infrastructure Fund, L.P.
EnCap Flatrock Midstream Fund II, L.P.
EnCap Flatrock Midstream Fund III, L.P.

51,354,134.91
17,380,345.06
107,238,873.83
77,756,453.32
56,248,253.33
12,321,049.97
322,299,110.42

113,220,497.89
29,884,711.69
134,711,819.54
153,303,299.04
24,859,320.46
3,557,010.71
459,536,659.33

0.00
0.00
9,455,914.36
20,795,029.45
54,376,827.73
10,870,738.70
95,498,510.24

2.20
1.72
1.26
1.97
0.44
0.29
1.43

21.42%
50.53%
15.63%
52.31%
23.43%
29.56%
23.62%

1"Capital Invested" may exceed "Commitment" amounts

2"Capital

due to the recall of previously distributed capital or other capitalized expenditures.

Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.

3 Private investment funds are fair valued by management. The fair values of these investments are estimated by management using the investment's capital account balance
at the closest available reporting date, as communicated by the investment manager, adjusted for contributions and withdrawals subsequent to the latest available reporting
date as well as consideration of any other information, which has been provided by the investment manager or other source.
4Cash-on-Cash Return is

calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."

5 IRR,

or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers the
timing and size of irregular flows of capital invested and returned to UTIMCO and the value of the remaining investments. IRRs are based on capital invested and returned
to UTIMCO through May 31, 2016 and the current value of remaining investments as of March 31, 2016. IRRs for periods of less than one year are nominalized,
not annualized.
6The

investment period for this fund has not yet commenced.

WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general
partners of the partnerships. In addition, due to a number of factors, including most importantly a lack of valuation standards in the private equity industry, differences
in the pace of investments across partnerships, and the understatement of returns in the early years of a partnership life, the IRR information contained in this report
DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare
returns across partnerships.
THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.

University of Texas Investment Management Company

Private Investments
Fund Performance (Active Relationships)
As of May 31, 2016
Capital Invested1

Capital Returned
to UTIMCO2

Current Value3

Cash-on-Cash
Return4

IRR5

Fund Manager Name

Partnership Name

Energy Ventures

Energy Ventures IV, L.P.

Energy Ventures Private Equity V LP

40,778,768.88
17,873,438.44
58,652,207.32

4,468,457.68
173,112.20
4,641,569.88

23,067,052.85
11,810,785.99
34,877,838.84

0.11
0.01
0.08

-16.96%
-30.77%
-20.29%

Eos Partners

Eos Capital Partners III, L.P.

Eos Capital Partners IV, L.P.

25,351,366.00
49,277,627.00
74,628,993.00

23,586,921.00
28,625,838.00
52,212,759.00

12,849,621.02
39,939,705.21
52,789,326.23

0.93
0.58
0.70

7.11%
9.49%
8.33%

Epic Real Estate Partners

Epic Real Estate Partners I (Sponsor), L.P.

Epic Real Estate Partners I, L.P.

32,462,577.23
32,462,577.22
64,925,154.45

0.00
0.00
0.00

33,991,672.18
33,991,511.18
67,983,183.36

0.00
0.00
0.00

7.23%
7.23%
7.23%

Equis Pte Ltd

Equis Asia Fund Co-Invest, L.P.

Equis Asia Fund, L.P.
Equis Asia Fund II, LP
Equis Direct Investment Fund, LP

44,596,618.64
48,035,782.50
44,582,161.59
39,161,200.16
176,375,762.89

1,438,464.31
1,427,776.31
0.00
627,820.16
3,494,060.78

56,001,312.41
56,220,686.54
45,611,296.21
58,230,981.55
216,064,276.71

0.03
0.03
0.00
0.02
0.02

13.00%
9.13%
3.57%
66.36%
15.91%

Equistone Partners Europe

Equistone Partners Europe Fund A LP

Equistone Partners Europe Fund III E LP

28,757,196.06
70,268,374.67
99,025,570.73

69,234,282.41
86,935,129.64
156,169,412.05

0.00
10,090,044.70
10,090,044.70

2.41
1.24
1.58

34.68%
7.46%
19.54%

Escalate Capital

Escalate Capital I, L.P.

Escalate Capital Partners SBIC III LP

22,411,727.00
21,676,300.00
44,088,027.00

27,284,825.84
11.22
27,284,837.06

7,929,434.25
24,904,233.65
32,833,667.90

1.22
0.00
0.62

7.70%
18.43%
8.39%

Everstone Capital Partners

Everstone Capital Partners II, LLC

ECP TX CoInvestment LP
Everstone Capital Partners III, LLC

38,356,701.00
21,304,810.00
5,250,000.00
64,911,511.00

504,000.00
0.00
0.00
504,000.00

42,169,500.79
35,112,606.49
3,630,322.50
80,912,429.78

0.01
0.00
0.00
0.01

3.59%
46.00%
-35.94%
10.08%

Falcon House Capital Management Ltd.

Falcon House Partners Fund II, LP

8,136,986.49

0.00

8,136,986.49

0.00

0.00%

1"Capital Invested" may exceed "Commitment" amounts

2"Capital

due to the recall of previously distributed capital or other capitalized expenditures.

Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.

3 Private investment funds are fair valued by management. The fair values of these investments are estimated by management using the investment's capital account balance
at the closest available reporting date, as communicated by the investment manager, adjusted for contributions and withdrawals subsequent to the latest available reporting
date as well as consideration of any other information, which has been provided by the investment manager or other source.
4Cash-on-Cash Return is

calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."

5 IRR,

or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers the
timing and size of irregular flows of capital invested and returned to UTIMCO and the value of the remaining investments. IRRs are based on capital invested and returned
to UTIMCO through May 31, 2016 and the current value of remaining investments as of March 31, 2016. IRRs for periods of less than one year are nominalized,
not annualized.
6The

investment period for this fund has not yet commenced.

WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general
partners of the partnerships. In addition, due to a number of factors, including most importantly a lack of valuation standards in the private equity industry, differences
in the pace of investments across partnerships, and the understatement of returns in the early years of a partnership life, the IRR information contained in this report
DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare
returns across partnerships.
THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.

University of Texas Investment Management Company

Private Investments
Fund Performance (Active Relationships)
As of May 31, 2016
Capital Invested1

Capital Returned
to UTIMCO2

Current Value3

Cash-on-Cash
Return4

IRR5

Fund Manager Name

Partnership Name

Fisher Lynch Capital

Fisher Lynch Venture Partnership, L.P.

38,960,000.00

23,093,698.00

31,372,579.61

0.59

5.51%

Five Mile Capital Partners

Five Mile Capital Partners II, L.P.

50,271,647.00

46,823,414.26

23,870,729.14

0.93

7.10%

Ford Management

Ford Financial Fund II, L.P.

38,233,349.00

0.00

39,100,677.04

0.00

2.01%

Fortress Investment Group

Fortress Fund IV (Coinvestment Fund A), L.P.

Fortress Fund IV (Fund A), L.P.
Fortress Fund V (Coinvestment Fund A), L.P.
Fortress Fund V (Fund A), L.P.
Fortress Credit Opportunities Fund, L.P.
FCO MA LSS LP

20,167,004.57
20,503,608.12
29,737,708.70
29,663,494.22
188,417,501.82
458,763,073.50
747,252,390.93

7,899,527.57
7,726,855.10
7,802,346.62
12,671,289.40
225,640,632.55
343,800,106.05
605,540,757.29

8,471,645.71
9,449,173.34
12,317,143.56
28,501,050.50
27,256,206.83
236,476,631.26
322,471,851.20

0.39
0.38
0.26
0.43
1.20
0.75
0.81

-2.60%
-2.23%
-5.08%
4.68%
23.66%
12.50%
8.72%

Foundation Capital

Foundation Capital IV, L.P.

20,004,869.75

10,670,903.16

7,333,553.48

0.53

-1.16%

Foundry Group

Foundry Venture Capital 2007, L.P.

Foundry Venture Capital 2010, L.P.
Foundry Venture Capital 2013, L.P.
Foundry Group Select Fund, L.P.
Foundry Venture Capital 2010 Annex, L.P.
Foundry Venture Capital 2016, L.P.

39,400,000.01
43,312,500.02
37,575,000.00
42,500,000.00
4,387,500.02
8,268,750.00
175,443,750.05

151,388,737.76
11,634,762.01
0.00
20,461,690.69
0.00
0.00
183,485,190.46

48,205,985.81
49,862,256.79
51,137,543.99
52,922,803.88
4,107,266.01
7,752,101.96
213,987,958.44

3.84
0.27
0.00
0.48
0.00
0.00
1.05

44.68%
11.20%
17.59%
54.58%
-7.21%
-13.99%
36.50%

Francisco Partners

Francisco Partners II, L.P.

Francisco Partners III, L.P.

37,240,000.00
68,672,165.00
105,912,165.00

45,620,223.03
14,781,802.52
60,402,025.55

14,151,336.72
91,725,281.13
105,876,617.85

1.23
0.22
0.57

10.82%
15.85%
12.99%

Galena Asset Management

Galena Private Equity Resources Fund, L.P.

44,199,717.36

147,036.48

37,811,544.45

0.00

-7.10%

Gavea Investimentos

Gavea Investment Fund III, L.P.

38,400,000.00

40,018,059.40

4,741,917.45

1.04

3.71%

1"Capital Invested" may exceed "Commitment" amounts

2"Capital

due to the recall of previously distributed capital or other capitalized expenditures.

Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.

3 Private investment funds are fair valued by management. The fair values of these investments are estimated by management using the investment's capital account balance
at the closest available reporting date, as communicated by the investment manager, adjusted for contributions and withdrawals subsequent to the latest available reporting
date as well as consideration of any other information, which has been provided by the investment manager or other source.
4Cash-on-Cash Return is

calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."

5 IRR,

or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers the
timing and size of irregular flows of capital invested and returned to UTIMCO and the value of the remaining investments. IRRs are based on capital invested and returned
to UTIMCO through May 31, 2016 and the current value of remaining investments as of March 31, 2016. IRRs for periods of less than one year are nominalized,
not annualized.
6The

investment period for this fund has not yet commenced.

WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general
partners of the partnerships. In addition, due to a number of factors, including most importantly a lack of valuation standards in the private equity industry, differences
in the pace of investments across partnerships, and the understatement of returns in the early years of a partnership life, the IRR information contained in this report
DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare
returns across partnerships.
THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.

University of Texas Investment Management Company

Private Investments
Fund Performance (Active Relationships)
As of May 31, 2016

Capital Returned
to UTIMCO2

Capital Invested1

Cash-on-Cash
Return4

Current Value3

IRR5

Fund Manager Name

Partnership Name

GEC Advisors LLC

Global Energy Capital 2010 LP

GEC Partners III LP

15,140,540.00
2,953,007.00
18,093,547.00

8,812,391.00
0.00
8,812,391.00

14,598,516.17
1,318,998.97
15,917,515.14

0.58
0.00
0.49

18.01%
-67.02%
14.52%

GEI Capital

Green Equity Investors III, L.P.

Green Equity Investors IV, L.P.
Green Equity Investors V, L.P.

68,270,709.59
25,905,915.36
78,351,733.59
172,528,358.54

161,717,681.85
48,957,980.25
90,927,579.10
301,603,241.20

0.00
1,975,092.74
52,383,197.43
54,358,290.17

2.37
1.89
1.16
1.75

21.57%
11.32%
17.35%
19.78%

GEM Realty Capital

GEM Realty Fund IV, L.P.

GEM Realty Fund V, L.P.

57,830,386.97
38,267,812.50
96,098,199.47

75,785,245.71
1,312,500.00
77,097,745.71

27,354,372.74
42,640,370.71
69,994,743.45

1.31
0.03
0.80

21.76%
12.32%
20.48%

GGV Capital V L.P.

24,000,000.00
0.00

0.00
0.00

36,163,177.64
0.00

0.00
0.00

48.00%
0.00%

GGV Capital

GGV Capital VI, L.P.6

GGV Discovery Fund I, L.P.6

Gobi Partners

Gobi Fund II, L.P.

Grain Management

Grain Infrastructure Fund, L.P.

Grain Infrastructure Fund II, L.P.
Grain Communications Opportunity Fund, L.P.

Green Courte Partners

Green Courte Real Estate Partners III, LLC

Green Courte Real Estate Partners IV, LLC

1"Capital Invested" may exceed "Commitment" amounts

2"Capital

0.00

0.00

0.00

0.00

0.00%

24,000,000.00

0.00

36,163,177.64

0.00

48.00%

25,000,001.16

3,707,193.00

55,533,863.05

0.15

18.26%

36,746,707.00
65,911,839.00
1,479,624.00
104,138,170.00

59,787,408.00
11,565,259.00
0.00
71,352,667.00

0.00
65,720,147.53
1,479,624.00
67,199,771.53

1.63
0.18
0.00
0.69

25.85%
35.98%
0.00%
27.51%

37,219,821.00
2,315,505.00
39,535,326.00

17,457,227.60
0.00
17,457,227.60

39,826,251.45
1,752,691.41
41,578,942.86

0.47
0.00
0.44

18.08%
-24.31%
17.59%

due to the recall of previously distributed capital or other capitalized expenditures.

Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.

3 Private investment

funds are fair valued by management. The fair values of these investments are estimated by management using the investment's capital account balance
at the closest available reporting date, as communicated by the investment manager, adjusted for contributions and withdrawals subsequent to the latest available reporting
date as well as consideration of any other information, which has been provided by the investment manager or other source.
4Cash-on-Cash Return is

calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."

5 IRR,

or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers the
timing and size of irregular flows of capital invested and returned to UTIMCO and the value of the remaining investments. IRRs are based on capital invested and returned
to UTIMCO through May 31, 2016 and the current value of remaining investments as of March 31, 2016. IRRs for periods of less than one year are nominalized,
not annualized.
6The

investment period for this fund has not yet commenced.

WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general
partners of the partnerships. In addition, due to a number of factors, including most importantly a lack of valuation standards in the private equity industry, differences
in the pace of investments across partnerships, and the understatement of returns in the early years of a partnership life, the IRR information contained in this report
DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare
returns across partnerships.
THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.

University of Texas Investment Management Company

Private Investments
Fund Performance (Active Relationships)
As of May 31, 2016
Capital Invested1

Capital Returned
to UTIMCO2

Current Value3

Cash-on-Cash
Return4

IRR5

Fund Manager Name

Partnership Name

H.I.G. Capital

H.I.G. Bayside Debt & LBO Fund II, L.P.

H.I.G. Growth Buyouts & Equity Fund II, L.P.
H.I.G. Capital Partners V, L.P.
H.I.G. Europe Capital Partners II, L.P.
H.I.G. Middle Market LBO Fund II, L.P.

100,033,334.61
13,030,338.98
5,689,188.52
413,241.53
2,406,867.79
121,572,971.43

69,404,117.91
5,164,172.75
0.00
741.53
0.00
74,569,032.19

80,522,303.32
7,965,508.50
4,960,691.05
-398,626.90
2,009,754.71
95,059,630.68

0.69
0.40
0.00
0.00
0.00
0.61

15.04%
0.29%
-8.03%
N/M
-17.57%
-17.57%

Helios Investment Partners

Helios Investors II, L.P.

Helios Investors III, L.P.

102,643,272.00
29,045,257.00
131,688,529.00

11,046,785.00
875,288.00
11,922,073.00

120,420,884.82
22,385,246.77
142,806,131.59

0.11
0.03
0.09

7.37%
-24.72%
5.71%

Hillhouse Capital

Hillhouse Fund II Feeder, LP

Hillhouse Fund III Feeder, LP

62,617,719.53
3,741,700.38
66,359,419.91

86,022.00
682,006.70
768,028.70

76,185,755.68
2,488,920.41
78,674,676.09

0.00
0.18
0.01

19.39%
-14.85%
18.34%

Horizon Capital

Emerging Europe Growth Fund II, L.P.

27,651,960.15

9,949,664.56

13,430,493.93

0.36

-4.60%

IA Ventures

IA Venture Strategies Fund I, L.P.

IA Venture Strategies Fund II, L.P.
IA Venture Strategies Fund III, L.P.

7,107,090.50
27,273,174.31
1,836,148.65
36,216,413.46

88,020.00
0.00
0.00
88,020.00

19,488,643.73
53,734,806.91
1,526,059.87
74,749,510.51

0.01
0.00
0.00
0.00

34.97%
33.86%
-16.89%
33.86%

Intellectual Ventures

Invention Development Fund I, LLC

Invention Investment Fund II, L.L.C.

42,521,373.00
47,578,967.04
90,100,340.04

985,610.92
17,541,719.20
18,527,330.12

9,993,246.37
14,266,031.03
24,259,277.40

0.02
0.37
0.21

-33.96%
-13.08%
-22.03%

Inverness Group

Inverness/Phoenix Partners, L.P.

Inverness Partners II LP

38,161,016.57
26,324,966.18
64,485,982.75

46,904,387.21
31,383,737.04
78,288,124.25

0.00
18,833,668.49
18,833,668.49

1.23
1.19
1.21

5.29%
8.31%
6.98%

Jaguar Growth Partners

Jaguar Real Estate Partners, L.P.

7,103,026.00

0.00

4,076,895.42

0.00

-39.16%

1"Capital Invested" may exceed "Commitment" amounts

2"Capital

due to the recall of previously distributed capital or other capitalized expenditures.

Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.

3 Private investment

funds are fair valued by management. The fair values of these investments are estimated by management using the investment's capital account balance
at the closest available reporting date, as communicated by the investment manager, adjusted for contributions and withdrawals subsequent to the latest available reporting
date as well as consideration of any other information, which has been provided by the investment manager or other source.
4Cash-on-Cash Return is

calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."

5 IRR,

or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers the
timing and size of irregular flows of capital invested and returned to UTIMCO and the value of the remaining investments. IRRs are based on capital invested and returned
to UTIMCO through May 31, 2016 and the current value of remaining investments as of March 31, 2016. IRRs for periods of less than one year are nominalized,
not annualized.
6The

investment period for this fund has not yet commenced.

WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general
partners of the partnerships. In addition, due to a number of factors, including most importantly a lack of valuation standards in the private equity industry, differences
in the pace of investments across partnerships, and the understatement of returns in the early years of a partnership life, the IRR information contained in this report
DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare
returns across partnerships.
THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.

University of Texas Investment Management Company

Private Investments
Fund Performance (Active Relationships)
As of May 31, 2016
Capital Invested1

Fund Manager Name

Partnership Name

JatoTech Ventures

JatoTech Ventures, L.P.

Kerogen Capital Limited

Kerogen Energy Fund, L.P.

Kerogen Energy Fund II UT Co-Investment, L.P.
Kerogen Energy Fund II, L.P.

Knightsbridge Advisors

Capital Returned
to UTIMCO2

Cash-on-Cash
Return4

Current Value3

IRR5

9,639,607.44

958,287.10

0.00

0.10

-33.20%

171,184,183.00
22,181,919.00
23,834,834.00
217,200,936.00

0.00
79,296.00
78,517.00
157,813.00

257,306,016.40
21,610,246.58
21,610,924.81
300,527,187.79

0.00
0.00
0.00
0.00

17.94%
-6.96%
-24.47%
17.04%

Knightsbridge Venture Capital VI, L.P.

Knightsbridge Venture Completion 2005, L.P.

22,833,333.00
22,401,322.00
45,234,655.00

13,342,431.00
25,051,393.33
38,393,824.33

20,036,996.66
0.00
20,036,996.66

0.58
1.12
0.85

5.64%
9.11%
6.26%

KSL Capital Partners

KSL Capital Partners III TE, L.P.

KSL Capital Partners Fund IV, L.P.

78,460,771.51
4,086,774.95
82,547,546.46

55,754,216.40
0.00
55,754,216.40

36,698,144.87
3,406,829.59
40,104,974.46

0.71
0.00
0.68

11.44%
-16.64%
10.92%

Lake Partners

Lake Capital Partners LP

Lake Capital Partners II LP

27,336,029.02
41,902,816.60
69,238,845.62

19,067,031.65
38,177,318.65
57,244,350.30

7,605,443.75
18,817,200.12
26,422,643.87

0.70
0.91
0.83

-0.64%
7.74%
4.67%

LFM Capital

LFM Capital Partners, L.P.

1,284,547.11

0.00

-1,121,491.00

0.00

N/M

Lineage Capital

Lineage Capital II, L.P.

5,125,000.00

0.00

3,031,934.63

0.00

-91.02%

LNK Partners

LNK Partners II, L.P.

LNK Partners II (Co-Investment LSS), LP

46,396,182.00
16,380,618.00
0.00

4,499,036.00
3,607,528.00
0.00

49,723,416.92
23,228,888.34
0.00

0.10
0.22
0.00

8.56%
24.23%
0.00%

62,776,800.00

8,106,564.00

72,952,305.26

0.13

13.65%

LNK Partners III, L.P.6

1"Capital Invested" may exceed "Commitment" amounts

2"Capital

due to the recall of previously distributed capital or other capitalized expenditures.

Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.

3 Private investment

funds are fair valued by management. The fair values of these investments are estimated by management using the investment's capital account balance
at the closest available reporting date, as communicated by the investment manager, adjusted for contributions and withdrawals subsequent to the latest available reporting
date as well as consideration of any other information, which has been provided by the investment manager or other source.
4Cash-on-Cash Return is

calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."

5 IRR,

or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers the
timing and size of irregular flows of capital invested and returned to UTIMCO and the value of the remaining investments. IRRs are based on capital invested and returned
to UTIMCO through May 31, 2016 and the current value of remaining investments as of March 31, 2016. IRRs for periods of less than one year are nominalized,
not annualized.
6The

investment period for this fund has not yet commenced.

WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general
partners of the partnerships. In addition, due to a number of factors, including most importantly a lack of valuation standards in the private equity industry, differences
in the pace of investments across partnerships, and the understatement of returns in the early years of a partnership life, the IRR information contained in this report
DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare
returns across partnerships.
THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.

University of Texas Investment Management Company

Private Investments
Fund Performance (Active Relationships)
As of May 31, 2016

Fund Manager Name

Partnership Name

Mandala Capital Limited

Mandala Ag SPV
Mandala Agribusiness Fund
Mandala FF SPV
Mandala Food Fund II

MatlinPatterson Global Advisors

Capital Invested1

Capital Returned
to UTIMCO2

Current Value3

Cash-on-Cash
Return4

IRR5

26,420,917.55
26,138,866.22
18,715,558.41
18,715,558.41
89,990,900.59

0.00
9,489.70
0.00
0.00
9,489.70

26,050,866.41
25,835,817.40
18,715,558.41
18,715,558.41
89,317,800.63

0.00
0.00
0.00
0.00
0.00

-0.89%
-0.72%
0.00%
0.00%
-0.66%

MatlinPatterson Global Opportunities Partners L.P.

MatlinPatterson Global Opportunities Partners II
Matlin Patterson Global Opportunities Partners III

25,828,684.85
43,739,426.27
70,885,124.00
140,453,235.12

45,016,849.31
24,656,112.20
44,727,401.99
114,400,363.50

0.00
1,260,250.95
37,262,768.69
38,523,019.64

1.74
0.56
0.63
0.81

15.97%
-21.66%
3.68%
2.74%

Meadow Partners

Meadow Real Estate Fund II LP

Meadow Fund II Co-Investment LP
Meadow Fund III Co-Investment LP
Meadow Real Estate Fund III LP

75,010,388.91
17,494,705.22
6,257,812.50
39,815,759.76
138,578,666.39

57,070,511.57
890,000.00
0.00
0.00
57,960,511.57

59,989,148.85
27,477,355.26
8,189,255.04
47,151,943.76
142,807,702.91

0.76
0.05
0.00
0.00
0.42

22.59%
24.80%
30.89%
31.39%
24.11%

Mercer Real Estate Partners

MREP II (No.2) L.P.

28,924,388.07

-555,769.07

25,605,851.47

-0.02

-13.96%

Morgenthaler Management Partners

Morgenthaler Venture Partners III, L.P.

Morgenthaler Venture Partners IV, L.P.
Morgenthaler Venture Partners V, L.P.
Morgenthaler Partners VI, L.P.
Morgenthaler Partners VII, L.P.
Morgenthaler Partners VII, L.P. (Secondary)
Morgenthaler Partners VIII, L.P.
Morgenthaler Venture Partners IX, L.P.

15,000,000.00
15,002,334.86
25,681,391.01
10,109,226.16
25,005,700.00
1,439,502.00
35,000,000.00
38,400,000.00
165,638,154.03

45,304,680.22
31,965,815.29
45,121,261.73
5,616,589.51
20,429,300.81
1,288,755.02
33,967,455.58
54,973,624.36
238,667,482.52

0.00
0.00
0.00
135,279.19
1,518,784.13
145,241.90
22,252,528.57
34,906,562.73
58,958,396.52

3.02
2.13
1.76
0.56
0.82
0.90
0.97
1.43
1.44

27.53%
33.13%
11.53%
-10.86%
-2.38%
-0.09%
9.62%
29.83%
21.75%

Mosaic Ventures

Mosaic Ventures I, L.P.

6,937,843.13

0.00

5,519,049.99

0.00

-21.99%

1"Capital Invested" may exceed "Commitment" amounts

2"Capital

due to the recall of previously distributed capital or other capitalized expenditures.

Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.

3 Private investment

funds are fair valued by management. The fair values of these investments are estimated by management using the investment's capital account balance
at the closest available reporting date, as communicated by the investment manager, adjusted for contributions and withdrawals subsequent to the latest available reporting
date as well as consideration of any other information, which has been provided by the investment manager or other source.
4Cash-on-Cash Return is

calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."

5 IRR,

or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers the
timing and size of irregular flows of capital invested and returned to UTIMCO and the value of the remaining investments. IRRs are based on capital invested and returned
to UTIMCO through May 31, 2016 and the current value of remaining investments as of March 31, 2016. IRRs for periods of less than one year are nominalized,
not annualized.
6The

investment period for this fund has not yet commenced.

WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general
partners of the partnerships. In addition, due to a number of factors, including most importantly a lack of valuation standards in the private equity industry, differences
in the pace of investments across partnerships, and the understatement of returns in the early years of a partnership life, the IRR information contained in this report
DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare
returns across partnerships.
THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.

University of Texas Investment Management Company

Private Investments
Fund Performance (Active Relationships)
As of May 31, 2016
Capital Invested1

Fund Manager Name

Partnership Name

Mount Kellett Capital Partners

Mount Kellett Capital Partners II LP

MKCP CI TX, L.P.
MKCP MA TX, L.P.

MSouth Equity Partners

Capital Returned
to UTIMCO2

Current Value3

Cash-on-Cash
Return4

IRR5

87,631,907.00
10,000,000.00
28,471,370.00
126,103,277.00

63,603,517.00
0.00
5,450,732.87
69,054,249.87

26,376,189.06
14,712,082.46
15,973,272.09
57,061,543.61

0.73
0.00
0.19
0.55

1.21%
20.88%
-15.72%
0.00%

MSouth Equity Partners, L.P.

MSouth Equity Partners II, L.P.
MSouth Equity Partners III, L.P.

45,589,198.57
42,632,443.95
4,607,774.11
92,829,416.63

87,516,333.46
11,278,267.58
0.00
98,794,601.04

20,604,439.96
42,559,317.78
4,099,785.45
67,263,543.19

1.92
0.26
0.00
1.06

27.58%
11.98%
-16.69%
24.39%

Natural Gas Partners

Natural Gas Partners IX, L.P.

NGP Natural Resources X, L.P.

53,724,241.13
68,488,390.00
122,212,631.13

63,380,109.64
22,505,759.00
85,885,868.64

10,124,252.18
42,100,394.89
52,224,647.07

1.18
0.33
0.70

10.11%
-2.74%
5.07%

NewMargin Ventures

NewMargin Growth Fund, L.P.

48,236,907.04

13,117,728.85

14,717,913.90

0.27

-9.35%

Niam AB

Niam Nordic V L.P.

37,864,738.48

6,492,448.69

36,240,725.26

0.17

5.51%

Northstar Capital

Northstar Seidler Mezzanine Partners II, L.P.

25,007,518.00

29,925,775.00

4,247,330.30

1.20

6.65%

Northstar Equity Partners

Northstar Equity Partners II Limited

Northstar Equity Partners III Limited
Northstar Equity Partners IV Limited

43,322,932.26
89,184,201.26
20,648,162.68
153,155,296.20

24,277,432.09
7,727,297.77
114,296.31
32,119,026.17

16,564,881.45
70,982,951.08
21,688,788.78
109,236,621.31

0.56
0.09
0.01
0.21

-1.58%
-3.88%
7.09%
-2.71%

Northwood Investors

Northwood Real Estate Co-Investors, L.P.

Northwood Real Estate Partners, L.P.
Northwood Real Estate Co-Investors L.P. (Series 2)
Northwood Real Estate Partners L.P. (Series 2)
Northwood Real Estate Partners L.P. (Series 4)
Northwood Real Estate Partners L.P. (Series 5)

30,713,099.80
41,270,397.80
21,356,794.00
82,464,588.00
38,632,945.00
14,611,384.00
229,049,208.60

24,738,915.00
27,657,497.00
15,834,166.00
45,039,712.00
3,904,945.00
461,045.00
117,636,280.00

18,755,595.35
28,948,945.15
13,272,106.62
64,531,168.99
40,392,151.93
14,518,054.33
180,418,022.37

0.81
0.67
0.74
0.55
0.10
0.03
0.51

12.69%
10.81%
14.36%
13.89%
9.06%
2.92%
12.21%

1"Capital Invested" may exceed "Commitment" amounts

2"Capital

due to the recall of previously distributed capital or other capitalized expenditures.

Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.

3 Private investment funds are fair valued by management. The fair values of these investments are estimated by management using the investment's capital account balance
at the closest available reporting date, as communicated by the investment manager, adjusted for contributions and withdrawals subsequent to the latest available reporting
date as well as consideration of any other information, which has been provided by the investment manager or other source.
4Cash-on-Cash Return is

calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."

5 IRR,

or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers the
timing and size of irregular flows of capital invested and returned to UTIMCO and the value of the remaining investments. IRRs are based on capital invested and returned
to UTIMCO through May 31, 2016 and the current value of remaining investments as of March 31, 2016. IRRs for periods of less than one year are nominalized,
not annualized.
6The

investment period for this fund has not yet commenced.

WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general
partners of the partnerships. In addition, due to a number of factors, including most importantly a lack of valuation standards in the private equity industry, differences
in the pace of investments across partnerships, and the understatement of returns in the early years of a partnership life, the IRR information contained in this report
DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare
returns across partnerships.
THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.

University of Texas Investment Management Company

Private Investments
Fund Performance (Active Relationships)
As of May 31, 2016

Fund Manager Name

Partnership Name

Oaktree Capital Management

OCM Opportunities Fund III, L.P.

OCM Opportunities Fund IV, L.P.
OCM Opportunities Fund V, L.P.
OCM Opportunities Fund VI, L.P.
OCM/GFI Power Opportunities Fund II, L.P.
OCM Opportunities Fund VII, L.P.
OCM Opportunities Fund VIIB, L.P.
Oaktree Loan Fund 2x, L.P.
Oaktree Opportunities Fund VIII, L.P.
Oaktree Opportunities Fund VIIIB, L.P.
Oaktree Power Opportunities Fund III, L.P.
Oaktree Opportunities Fund IX, L.P.
Oaktree Power Opportunities Fund IV, L.P.

Paine & Partners, LLC

Capital Invested1

Capital Returned
to UTIMCO2

Current Value3

Cash-on-Cash
Return4

IRR5

50,005,479.46
40,000,000.00
25,000,000.00
25,000,000.00
16,685,196.82
35,000,000.00
31,500,000.00
250,000,000.00
20,000,000.00
10,000,000.00
49,280,188.00
25,000,000.00
5,053,559.00
582,524,423.28

74,555,189.59
65,955,027.82
40,470,071.20
38,205,460.00
50,529,832.90
44,201,559.90
50,615,874.31
251,829,846.56
19,420,858.22
3,962,696.03
39,189,507.00
0.00
0.00
678,935,923.53

750,936.16
131,206.88
813,677.58
1,434,600.22
214,064.32
3,915,468.65
3,162,759.19
0.00
7,505,572.21
7,467,332.71
29,618,964.36
23,912,184.79
4,671,525.10
83,598,292.17

1.49
1.65
1.62
1.53
3.03
1.26
1.61
1.01
0.97
0.40
0.80
0.00
0.00
1.17

11.97%
28.03%
14.15%
8.80%
58.32%
7.53%
16.64%
0.32%
8.19%
3.97%
13.57%
-2.15%
-7.56%
10.79%

Paine & Partners Capital Fund IV, L.P.

22,088,446.00

717,739.00

17,595,429.57

0.03

-21.90%

Parthenon Capital

Parthenon Investors II, L.P.

28,403,376.25

45,405,844.00

891,741.55

1.60

12.29%

Patria Investimentos S.A. and Grupo Promom S.A.

P2 Brasil Private Infrastructure Fund II, L.P.

P2 Brasil Private Infrastructure Fund III, L.P.

91,682,884.48
14,582,319.43
106,265,203.91

20,112,467.82
91,655.77
20,204,123.59

88,489,179.07
11,034,511.88
99,523,690.95

0.22
0.01
0.19

6.22%
-20.92%
4.74%

Pennybacker Capital

Pennybacker III, LP

84,931,821.00

8,711,522.00

81,773,754.31

0.10

7.62%

Polaris Venture Partners

Polaris Venture Partners IV, L.P.

Polaris Venture Partners V, L.P.

19,904,267.50
24,500,000.00
44,404,267.50

15,043,848.58
16,621,659.00
31,665,507.58

8,692,717.51
20,383,939.11
29,076,656.62

0.76
0.68
0.71

2.38%
8.26%
5.07%

Pomona Capital

Pomona Capital V, L.P.

Pomona Capital VI, L.P.

24,796,744.99
35,641,546.00
60,438,290.99

34,154,711.92
34,279,871.00
68,434,582.92

1,804,755.00
12,948,813.80
14,753,568.80

1.38
0.96
1.13

12.45%
5.14%
7.67%

1"Capital Invested" may exceed "Commitment" amounts

2"Capital

due to the recall of previously distributed capital or other capitalized expenditures.

Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.

3 Private investment

funds are fair valued by management. The fair values of these investments are estimated by management using the investment's capital account balance
at the closest available reporting date, as communicated by the investment manager, adjusted for contributions and withdrawals subsequent to the latest available reporting
date as well as consideration of any other information, which has been provided by the investment manager or other source.
4Cash-on-Cash Return is

calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."

5 IRR,

or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers the
timing and size of irregular flows of capital invested and returned to UTIMCO and the value of the remaining investments. IRRs are based on capital invested and returned
to UTIMCO through May 31, 2016 and the current value of remaining investments as of March 31, 2016. IRRs for periods of less than one year are nominalized,
not annualized.
6The

investment period for this fund has not yet commenced.

WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general
partners of the partnerships. In addition, due to a number of factors, including most importantly a lack of valuation standards in the private equity industry, differences
in the pace of investments across partnerships, and the understatement of returns in the early years of a partnership life, the IRR information contained in this report
DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare
returns across partnerships.
THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.

University of Texas Investment Management Company

Private Investments
Fund Performance (Active Relationships)
As of May 31, 2016
Capital Invested1

Capital Returned
to UTIMCO2

Current Value3

Cash-on-Cash
Return4

IRR5

Fund Manager Name

Partnership Name

Post Oak Energy Capital

POEP Co-Invest, LP
Post Oak Energy Partners, LP
Post Oak Energy Partners II, L.P.

136,830,237.60
101,243,714.26
31,355,902.74
269,429,854.60

59,195,802.47
58,046,183.52
0.00
117,241,985.99

139,142,246.05
77,695,385.86
30,274,946.92
247,112,578.83

0.43
0.57
0.00
0.44

24.21%
19.05%
-4.17%
20.82%

Prospect Venture Partners

Prospect Venture Partners II, L.P.

23,142,577.93

28,953,862.78

541,783.07

1.25

5.01%

PTV Healthcare Capital

PTV Sciences, L.P.

PTV Sciences II, L.P.
Pinto TV Annex Fund, L.P.
PTV Special Opportunities I, L.P.

29,881,725.31
49,372,207.24
7,262,274.07
5,976,379.33
92,492,585.95

41,274,752.02
49,505,661.14
11,775,840.26
0.00
102,556,253.42

61,822.08
33,266,730.48
99,700.82
10,223,224.59
43,651,477.97

1.38
1.00
1.62
0.00
1.11

6.01%
9.49%
9.58%
25.63%
8.51%

Quintana Minerals Corporation

Quintana Resources Holdings, LP

33,006,518.90

0.00

31,290,840.05

0.00

-5.20%

RCF Management LLC

RCF V Annex Fund L.P.

2,720,073.36

0.00

2,720,073.36

0.00

0.00%

Realterm Everstone

IndoSpace Logistics Parks II, L.P.

18,000,000.00

36,337.50

14,956,715.08

0.00

-17.02%

Reservoir Capital Group

Reservoir Capital Partners (Cayman), L.P.

Reservoir Capital Investment Partners (Cayman), L.P.

40,000,000.00
100,000,000.00
140,000,000.00

18,801,218.00
66,562,391.00
85,363,609.00

31,738,660.61
73,493,123.31
105,231,783.92

0.47
0.67
0.61

2.77%
8.28%
5.73%

Resource Capital Funds

Resource Capital Fund V L.P.

Resource Capital Fund VI L.P.

50,082,502.09
50,808,823.52
100,891,325.61

13,292,191.38
0.00
13,292,191.38

16,962,792.20
45,080,445.77
62,043,237.97

0.27
0.00
0.13

-17.32%
-8.30%
-13.48%

The Roxborough Group, LLC

Roxborough Fund I, L.P.

Roxborough Sponsor Fund I, L.P.

17,005,449.08
17,005,449.08
34,010,898.16

210,963.89
210,963.89
421,927.78

17,520,255.04
17,511,344.18
35,031,599.22

0.01
0.01
0.01

10.06%
9.93%
10.00%

Russia Partners Management

Russia Partners III, L.P.

44,937,471.55

13,084,200.75

22,952,005.87

0.29

-6.74%

1"Capital Invested" may exceed "Commitment" amounts

2"Capital

due to the recall of previously distributed capital or other capitalized expenditures.

Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.

3 Private investment funds are fair valued by management. The fair values of these investments are estimated by management using the investment's capital account balance
at the closest available reporting date, as communicated by the investment manager, adjusted for contributions and withdrawals subsequent to the latest available reporting
date as well as consideration of any other information, which has been provided by the investment manager or other source.
4Cash-on-Cash Return is

calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."

5 IRR,

or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers the
timing and size of irregular flows of capital invested and returned to UTIMCO and the value of the remaining investments. IRRs are based on capital invested and returned
to UTIMCO through May 31, 2016 and the current value of remaining investments as of March 31, 2016. IRRs for periods of less than one year are nominalized,
not annualized.
6The

investment period for this fund has not yet commenced.

WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general
partners of the partnerships. In addition, due to a number of factors, including most importantly a lack of valuation standards in the private equity industry, differences
in the pace of investments across partnerships, and the understatement of returns in the early years of a partnership life, the IRR information contained in this report
DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare
returns across partnerships.
THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.

University of Texas Investment Management Company

Private Investments
Fund Performance (Active Relationships)
As of May 31, 2016
Capital Invested1

Capital Returned
to UTIMCO2

Current Value3

Cash-on-Cash
Return4

IRR5

Fund Manager Name

Partnership Name

Sante Ventures

Sante Health Ventures II, LP

24,438,953.92

11,424,775.57

27,698,394.09

0.47

24.06%

SCF Partners

SCF Partners, L.P.

OFS Investments
SCF-III, L.P.
SCF-IV, L.P.
SCF-V, L.P.
SCF-VI, L.P.
SCF-VII, L.P.
SCF-VIII, L.P.

11,541,715.05
11,536,728.30
22,737,242.65
35,078,338.84
19,932,635.99
33,481,968.20
41,993,672.39
17,282,339.63
0.00

35,957,844.65
30,714,905.07
55,965,515.39
110,644,257.64
51,996,589.02
70,384,846.53
24,617,605.60
0.00
0.00

0.00
0.00
0.00
0.00
11,043,263.26
10,034,207.74
31,700,466.54
10,152,750.23
0.00

3.12
2.66
2.46
3.15
2.61
2.10
0.59
0.00
0.00

33.71%
15.91%
14.65%
25.55%
33.92%
26.89%
9.43%
-23.28%
0.00%

193,584,641.05

380,281,563.90

62,930,687.77

1.96

24.04%

SCF-VII (A), L.P.6

Secured Capital Investment Management

Secured Capital Japan Real Estate Partners IV, L.P

Secured Capital Real Estate Partners V, L.P.

49,030,185.60
34,494,407.11
83,524,592.71

70,826,681.60
22,440,974.15
93,267,655.75

30,857.00
20,531,742.22
20,562,599.22

1.44
0.65
1.12

10.27%
34.23%
12.13%

Shorenstein Properties

Shorenstein Realty Investors Nine, L.P.

40,395,923.00

51,798,979.00

7,627,924.53

1.28

10.35%

Sindicatum Carbon & Energy Management

International Sindicatum Climate Change Partners

48,006,130.00

943,258.03

16,231,241.46

0.02

-17.26%

Sofinnova Ventures

Sofinnova Venture Partners VII, L.P.

Sofinnova Venture Partners VIII, L.P.

20,000,000.00
34,400,000.00
54,400,000.00

25,412,872.34
31,818,466.18
57,231,338.52

9,483,769.87
20,611,791.40
30,095,561.27

1.27
0.92
1.05

16.64%
28.54%
20.13%

Spark Management Partners

Spark Capital II, L.P.

24,895,000.00

88,812,043.09

10,538,021.16

3.57

52.42%

Taurus Fund Management Pty Limited

Taurus Resources Fund No. 2 Ltd

65,131,322.95

5,401,957.07

33,559,464.11

0.08

-18.48%

TDR Capital

TDR Capital II 'A' L.P.

66,466,338.77

35,846,822.78

41,318,346.16

0.54

3.14%

1"Capital Invested" may exceed "Commitment" amounts

2"Capital

due to the recall of previously distributed capital or other capitalized expenditures.

Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.

3 Private investment

funds are fair valued by management. The fair values of these investments are estimated by management using the investment's capital account balance
at the closest available reporting date, as communicated by the investment manager, adjusted for contributions and withdrawals subsequent to the latest available reporting
date as well as consideration of any other information, which has been provided by the investment manager or other source.
4Cash-on-Cash Return is

calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."

5 IRR,

or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers the
timing and size of irregular flows of capital invested and returned to UTIMCO and the value of the remaining investments. IRRs are based on capital invested and returned
to UTIMCO through May 31, 2016 and the current value of remaining investments as of March 31, 2016. IRRs for periods of less than one year are nominalized,
not annualized.
6The

investment period for this fund has not yet commenced.

WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general
partners of the partnerships. In addition, due to a number of factors, including most importantly a lack of valuation standards in the private equity industry, differences
in the pace of investments across partnerships, and the understatement of returns in the early years of a partnership life, the IRR information contained in this report
DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare
returns across partnerships.
THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.

University of Texas Investment Management Company

Private Investments
Fund Performance (Active Relationships)
As of May 31, 2016
Capital Invested1

Fund Manager Name

Partnership Name

Teakwood Capital

Teakwood Capital III Co-Investment, L.P.

Teakwood Capital III, L.P.

Technology Crossover Ventures

TCV V, L.P.
TCV VI, L.P.
TCV VII, L.P.

Techstars

Capital Returned
to UTIMCO2

Current Value3

Cash-on-Cash
Return4

IRR5

4,000,000.00
1,000,000.00
5,000,000.00

0.00
0.00
0.00

3,834,752.00
-1,594,773.00
2,239,979.00

0.00
0.00
0.00

-4.37%
N/M
N/M

29,745,000.00
34,835,500.00
49,080,000.00
113,660,500.00

42,106,130.48
47,956,852.05
57,384,282.29
147,447,264.82

13,123,531.70
9,171,180.32
47,523,589.65
69,818,301.67

1.42
1.38
1.17
1.30

11.36%
13.92%
21.67%
15.04%

Techstars Ventures 2014, L.P.

24,862,500.00

111,126.20

24,077,865.85

0.00

-3.23%

Tembo Capital LLP

Tembo Capital Mining Co-Investment LP

Tembo Capital Mining Fund LP
Tembo Capital Mining Co-Investment II LP
Tembo Capital Mining Fund II LP

32,753,493.57
31,961,852.39
3,219,039.92
3,219,039.92
71,153,425.80

0.00
0.00
0.00
0.00
0.00

31,003,114.26
31,079,131.81
3,219,039.92
3,219,039.92
68,520,325.91

0.00
0.00
0.00
0.00
0.00

-4.87%
-2.50%
0.00%
0.00%
-3.70%

Tenaska

TPF II, L.P.

54,081,774.00

46,433,244.00

2,896,896.71

0.86

-2.26%

Texas Pacific Group

TPG Partners IV, L.P.

TPG Partners V, L.P.
TPG Partners VI, L.P.
TPG Star, L.P.

21,955,069.00
78,704,136.00
94,990,572.00
52,575,115.00
248,224,892.00

39,626,463.40
68,718,919.00
71,395,763.00
52,155,233.00
231,896,378.40

3,623,151.70
36,719,416.52
64,440,506.09
31,403,593.86
136,186,668.17

1.80
0.87
0.75
0.99
0.93

15.69%
4.97%
10.79%
11.88%
9.13%

TGF Management Corporation

The Texas Growth Fund - 1991 Trust

The Texas Growth Fund - 1995 Trust
Southwest Opportunity Partners, L.P.

8,997,176.96
6,338,483.57
23,490,011.00
38,825,671.53

22,161,318.88
3,943,453.17
46,806,111.27
72,910,883.32

0.00
0.00
571,351.86
571,351.86

2.46
0.62
1.99
1.88

21.20%
-10.65%
19.60%
15.90%

TLV Partners

TLV Partners, L.P.

2,410,285.00

0.00

1,744,839.06

0.00

-27.61%

1"Capital Invested" may exceed "Commitment" amounts

2"Capital

due to the recall of previously distributed capital or other capitalized expenditures.

Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.

3 Private investment funds are fair valued by management. The fair values of these investments are estimated by management using the investment's capital account balance
at the closest available reporting date, as communicated by the investment manager, adjusted for contributions and withdrawals subsequent to the latest available reporting
date as well as consideration of any other information, which has been provided by the investment manager or other source.
4Cash-on-Cash Return is

calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."

5 IRR,

or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers the
timing and size of irregular flows of capital invested and returned to UTIMCO and the value of the remaining investments. IRRs are based on capital invested and returned
to UTIMCO through May 31, 2016 and the current value of remaining investments as of March 31, 2016. IRRs for periods of less than one year are nominalized,
not annualized.
6The

investment period for this fund has not yet commenced.

WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general
partners of the partnerships. In addition, due to a number of factors, including most importantly a lack of valuation standards in the private equity industry, differences
in the pace of investments across partnerships, and the understatement of returns in the early years of a partnership life, the IRR information contained in this report
DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare
returns across partnerships.
THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.

University of Texas Investment Management Company

Private Investments
Fund Performance (Active Relationships)
As of May 31, 2016
Capital Invested1

Capital Returned
to UTIMCO2

Current Value3

Cash-on-Cash
Return4

IRR5

Fund Manager Name

Partnership Name

Tree Line Capital Partners

Tree Line Direct Lending Co-investment, L.P.

Tree Line Direct Lending, L.P.

5,000,000.00
9,174,274.64
14,174,274.64

287,806.67
1,334,930.74
1,622,737.41

5,945,020.00
10,401,232.96
16,346,252.96

0.06
0.15
0.11

31.62%
27.53%
31.14%

Triton Managers II Limited

Triton Fund II L.P.

52,722,845.92

88,422,976.12

10,733,268.14

1.68

18.76%

Trophy Property

Trophy Property (TE), L.P.

54,035,194.00

17,184,791.00

18,175,560.73

0.32

-5.77%

True Ventures

True Ventures III, L.P.

True Ventures IV, L.P.
True Ventures Select I, L.P.
True Ventures V, L.P.

32,660,005.36
25,600,000.00
24,400,000.00
2,000,000.00
84,660,005.36

1,108,895.84
3,095,322.56
0.00
0.00
4,204,218.40

36,744,342.37
27,665,383.14
25,516,519.60
2,000,000.00
91,926,245.11

0.03
0.12
0.00
0.00
0.05

5.08%
19.81%
6.13%
0.00%
7.71%

Turk Venture Partners

Turkish Private Equity Fund III L.P.

25,860,069.38

0.00

20,857,149.77

0.00

-7.22%

Union Park Capital

Union Park Capital I (Co-Investment), L.P.

Union Park Capital I, L.P.

22,209.93
25,854,151.18
25,876,361.11

0.00
3,397.50
3,397.50

3,939.02
23,174,770.13
23,178,709.15

0.00
0.00
0.00

-79.83%
-8.29%
-8.34%

Union Square Ventures

Union Square Ventures 2004, L.P.

Union Square Ventures 2008, L.P.
Union Square Ventures Opportunity Fund, L.P.
Union Square Ventures 2012 Fund, L.P.
Union Square Ventures 2014, L.P.
Union Square Ventures Opportunity 2014, L.P.

22,250,000.00
22,750,000.00
16,125,000.00
21,450,000.00
8,868,750.00
5,981,250.00
0.00

301,051,685.61
851,917.00
41,601,427.74
2,909,419.00
0.00
0.00
0.00

8,252,202.98
64,670,288.69
11,883,798.36
36,636,794.34
8,106,068.03
5,521,357.74
0.00

13.53
0.04
2.58
0.14
0.00
0.00
0.00

66.53%
21.49%
63.03%
25.19%
-8.72%
-5.03%
0.00%

97,425,000.00

346,414,449.35

135,070,510.14

3.56

59.82%

15,872,221.00
21,741,958.00
37,614,179.00

0.00
0.00
0.00

8,419,619.33
13,544,280.81
21,963,900.14

0.00
0.00
0.00

-20.98%
-13.58%
-16.43%

USV 2016, L.P.6

University Ventures

University Ventures Fund I UTIMCO-Investment, L.P.

University Ventures Fund I, L.P.

1"Capital Invested" may exceed "Commitment" amounts

2"Capital

due to the recall of previously distributed capital or other capitalized expenditures.

Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.

3 Private investment funds are fair valued by management. The fair values of these investments are estimated by management using the investment's capital account balance
at the closest available reporting date, as communicated by the investment manager, adjusted for contributions and withdrawals subsequent to the latest available reporting
date as well as consideration of any other information, which has been provided by the investment manager or other source.
4Cash-on-Cash Return is

calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."

5 IRR,

or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers the
timing and size of irregular flows of capital invested and returned to UTIMCO and the value of the remaining investments. IRRs are based on capital invested and returned
to UTIMCO through May 31, 2016 and the current value of remaining investments as of March 31, 2016. IRRs for periods of less than one year are nominalized,
not annualized.
6The

investment period for this fund has not yet commenced.

WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general
partners of the partnerships. In addition, due to a number of factors, including most importantly a lack of valuation standards in the private equity industry, differences
in the pace of investments across partnerships, and the understatement of returns in the early years of a partnership life, the IRR information contained in this report
DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare
returns across partnerships.
THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.

University of Texas Investment Management Company

Private Investments
Fund Performance (Active Relationships)
As of May 31, 2016

Fund Manager Name

Partnership Name

Upfront Ventures

Upfront V, L.P.

Varde Partners

Varde Fund VIII, L.P.

Varde Fund IX, L.P.
Varde Fund X, L.P.

Viburnum Funds Ply Ltd

Capital Invested1

Capital Returned
to UTIMCO2

Current Value3

Cash-on-Cash
Return4

IRR5

12,607,135.00

63,313.00

11,568,445.75

0.01

-14.42%

60,000,000.00
200,000,000.00
100,000,000.00
360,000,000.00

70,645,103.53
342,970,710.00
49,727,100.00
463,342,913.53

8,378,196.94
62,350,740.34
117,273,751.72
188,002,689.00

1.18
1.71
0.50
1.29

4.86%
14.30%
11.36%
11.92%

Viburnum Equity 3

12,953,776.30

-250,731.48

8,528,799.87

-0.02

-29.59%

Victoria Capital Partners

Victoria South American Partners II L.P.

27,548,671.95

517,317.00

18,120,635.94

0.02

-17.23%

Wand Partners

Wand Equity Portfolio II, L.P.

Wand Secondary Interests

40,377,661.00
10,007,706.10
50,385,367.10

31,677,491.86
11,068,791.00
42,746,282.86

5,835,067.05
0.00
5,835,067.05

0.78
1.11
0.85

-0.82%
2.62%
-0.47%

Warburg, Pincus & Co.

Warburg Pincus Private Equity VIII, L.P.

Warburg Pincus Private Equity IX, L.P.
Warburg Pincus Private Equity X, L.P.

30,227,138.75
50,017,142.36
74,879,017.56
155,123,298.67

60,105,038.69
80,041,207.10
67,524,078.97
207,670,324.76

7,852,747.50
7,355,632.35
38,423,470.63
53,631,850.48

1.99
1.60
0.90
1.34

14.56%
9.99%
7.40%
10.54%

Warwick Energy Investment Group

Warwick Partners III, L.P.

30,252,273.32

1,928,369.90

28,126,597.34

0.06

-0.38%

Wheelock Street Capital

WS/UT Co-Investment Fund I LP

Wheelock Street Real Estate Fund, L.P.
Wheelock Street Real Estate Fund II LP

14,794,629.95
96,274,787.00
54,645,880.00
165,715,296.95

24,978,785.04
123,829,572.00
4,170,641.00
152,978,998.04

4,819,690.84
45,547,358.01
56,295,443.10
106,662,491.95

1.69
1.29
0.08
0.92

28.03%
26.32%
14.61%
25.72%

1"Capital Invested" may exceed "Commitment" amounts

2"Capital

due to the recall of previously distributed capital or other capitalized expenditures.

Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.

3 Private investment

funds are fair valued by management. The fair values of these investments are estimated by management using the investment's capital account balance
at the closest available reporting date, as communicated by the investment manager, adjusted for contributions and withdrawals subsequent to the latest available reporting
date as well as consideration of any other information, which has been provided by the investment manager or other source.
4Cash-on-Cash Return is

calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."

5 IRR,

or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers the
timing and size of irregular flows of capital invested and returned to UTIMCO and the value of the remaining investments. IRRs are based on capital invested and returned
to UTIMCO through May 31, 2016 and the current value of remaining investments as of March 31, 2016. IRRs for periods of less than one year are nominalized,
not annualized.
6The

investment period for this fund has not yet commenced.

WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general
partners of the partnerships. In addition, due to a number of factors, including most importantly a lack of valuation standards in the private equity industry, differences
in the pace of investments across partnerships, and the understatement of returns in the early years of a partnership life, the IRR information contained in this report
DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare
returns across partnerships.
THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.

University of Texas Investment Management Company

Private Investments
Fund Performance (Active Relationships)
As of May 31, 2016
Capital Invested1

Capital Returned
to UTIMCO2

Current Value3

Cash-on-Cash
Return4

IRR5

Fund Manager Name

Partnership Name

Wingate Partners

Wingate Partners, L.P.

Wingate Partners II, L.P.
Wingate Partners III, L.P.
Wingate Partners IV, L.P.
Wingate Partners V, L.P.
Wingate Partners V (TX Co-Investment), L.P.

9,634,328.36
12,622,734.59
16,983,865.62
48,237,921.68
61,780,434.00
12,533,721.00
161,793,005.25

58,575,959.44
25,210,932.52
55,648,732.72
29,713,225.29
4,741.00
0.00
169,153,590.97

0.00
0.00
0.00
64,073,714.37
35,619,788.06
9,998,921.18
109,692,423.61

6.08
2.00
3.28
0.62
0.00
0.00
1.05

30.34%
23.58%
23.54%
11.38%
-27.18%
-11.48%
29.12%

The Woodlands

The Woodlands Venture Fund, L.P.

The Woodlands/Essex Venture Fund III, L.P.

5,350,000.00
6,008,852.50
11,358,852.50

8,603,862.28
3,090,493.77
11,694,356.05

0.00
388,625.43
388,625.43

1.61
0.51
1.03

7.21%
-6.01%
1.17%

1"Capital Invested" may exceed "Commitment" amounts

2"Capital

due to the recall of previously distributed capital or other capitalized expenditures.

Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.

3 Private investment funds are fair valued by management. The fair values of these investments are estimated by management using the investment's capital account balance
at the closest available reporting date, as communicated by the investment manager, adjusted for contributions and withdrawals subsequent to the latest available reporting
date as well as consideration of any other information, which has been provided by the investment manager or other source.
4Cash-on-Cash Return is

calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."

5 IRR,

or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers the
timing and size of irregular flows of capital invested and returned to UTIMCO and the value of the remaining investments. IRRs are based on capital invested and returned
to UTIMCO through May 31, 2016 and the current value of remaining investments as of March 31, 2016. IRRs for periods of less than one year are nominalized,
not annualized.
6The

investment period for this fund has not yet commenced.

WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general
partners of the partnerships. In addition, due to a number of factors, including most importantly a lack of valuation standards in the private equity industry, differences
in the pace of investments across partnerships, and the understatement of returns in the early years of a partnership life, the IRR information contained in this report
DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare
returns across partnerships.
THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.