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*Disclaimer Private Equity Index vs S&P 500 index: Past performance is no guarantee of future returns. CA US Private Equity (PE) Index as sourced by Cambridge Associates’ Q4 2020 “Index and Selected Benchmark Statistics” report. The Cambridge Associates Private Equity Index is a pooled horizon IRR calculation based on quarterly data compiled from over 8,300 private equity funds, including fully liquidated partnerships, formed between 1986 and 2020. S&P 500 Total Return Index as sourced from Yahoo Finance. S&P 500 TR Index data are annual compounded return calculations which are time weighted measures and are shown for reference and directional purposes only. The CA PE Index is not an investable index and is used solely for illustrative purposes. The CA PE Index includes only Buyout and Growth Equity funds. Due to the fundamental differences between the two calculations, direct comparison of IRRs to time weighted returns is not recommended. The chart shows the net growth of a $100 hypothetical initial investment in the referenced indexes on December 31, 1993. Index data does not include the effect fees, that are levied on top of the private equity funds offered and are estimated to decrease their net returns by 1% on an annual basis. The index is denominated in USD and so the returns that an investor receives may increase or decrease depending on FX changes. Although returns for the Cambridge Associates U.S. Private Equity Index in the graph above show returns of more than 3500% from 1993-2017, this does not mean that results are guaranteed. In order to prevent fraud, the graph on the left shows hypothetical performance based on a Cambridge Associates U.S. Private Equity Index.