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The Regents of the University of California

Alternative Investments as of March 31, 2013

Since inception in 1979 through March 31, 2013, the Private Equity portfolio has consisted of $8.8
billion in commitments with 210 active partnerships. As of March 31, 2013, $6.5 billion of these
commitments have been called by the partnerships and $6.0 billion of distributions have been
received from the partnerships. Including the Current Net Asset Value of $4.4 billion as of March
31, 2013, the Private Equity portfolio has produced $3.9 billion in profits and a 1.6x multiple on
contributed capital. The Private Equity portfolio has generated a total return of 12.5% for the 10year period ended March 31, 2013.
Since the beginning of 2001, Cambridge Associates, LLC (CA) has been retained by The Regents of
the University of California (The Regents) to advise on the Private Equity portfolio and to calculate the
Net Internal Rate of Return (IRR) for each partnership held in the Private Equity portfolio. Prior to the
engagement of CA, the Office of the Treasurer did not calculate IRRs for individual partnerships. The
historical returns for all portfolios reported by the Regents and the Office of the Treasurer are based on
the annualized Total Returns methodology. Total Return calculations are based on the changing value of
a portfolio and any cash flows received during the specified time period.
The Private Equity portfolio was historically less than 2% of the total investment portfolio; therefore, the
Regents evaluated the portfolio in its entirety and as part of the total equity portfolio. Moreover, Private
Equity partnerships are 10 to 13 year investments, and the only relevant return measure is the amount
returned at the end of the partnership compared to the capital invested. This has been the basis for
investment decisions in the Private Equity asset class, and this long-term horizon has produced
exceptional returns.
Private Equity partnerships are subject to a J-Curve Effect; meaning returns are often low or negative
during the first several years. A 30% IRR or a 0.5x Investment Multiple might make for interesting
headlines; however, it says little about the current performance of the partnership or the expected returns
over the life of the investment. Most of the fully realized partnerships, which demonstrate strong returns
on invested capital, previously demonstrated significantly negative IRRs. Low or negative returns in the
early years of a partnership are inherent to the asset class, and the expected returns do not become readily
apparent until the latter years of a partnerships life.
On July 24, 2003, the Alameda County Superior Court ruled in the Coalition of University Employees, et
al. v. The Regents of the University of California lawsuit. In this ruling, the Court has ordered The
Regents to disclose fund-level internal rates of return under the California Public Records Act. To be
consistent with the disclosure provided by other California-based institutional limited partners subject to
the California Public Records Act, The Regents are disclosing detailed fund-level performance
information for the most recent period available. This information should allow for more meaningful
interpretation of fund performance than IRR information alone.
A number of General Partners have informed CA that performance information will no longer be
provided to CA as a result of the Courts ruling. Consequently, it is uncertain whether or not The Regents
will be able to provide IRRs for all partnerships in the Private Equity portfolio in future periods.

The attached performance information is sorted by Type and Vintage Year. In reviewing the attached
information, please consider the following:
Type
Consistent with historical reporting by sub-asset class, partnerships are categorized as Venture Capital or Leveraged
Buyout (LBO).
Vintage Year
Represents the year each partnership commenced investment activities according to CA; note, this may be different
than the year in which The Regents committed to invest in the partnership.
UC Commitment
Represents the total commitment made by The Regents to each partnership, adjusted for any subsequent reductions
to partnership commitments by the General Partners.
Cash In
Represents the total portion of The Regents commitment that has been contributed to the partnership from inception
through March 31, 2013 (except where noted).
Current NAV
Represents the net asset value of The Regents interest in each partnership as determined by the General Partners in
financial statements dated March 31, 2013 (except where noted).
Cash Out
Represents the total distributions received by The Regents from inception through March 31, 2013 (except where
noted).
Cash Out + Current NAV
Represents the sum of distributions received by The Regents from inception through March 31, 2013 and the net
asset value of The Regents interest in each partnership as determined by the General Partners in financial
statements dated March 31, 2013 (except where noted).
Investment Multiple
Represents each partnerships total value as a multiple of invested capital; the multiple is calculated by dividing
Cash Out + Current NAV by Cash In.
Net IRR
Represents the cash-on-cash return net of fees, expenses, and carried interest from inception through March 31, 2013
as well as the net asset value of The Regents interest in each partnership as determined by the General Partners in
financial statements dated March 31, 2013 (except where noted).

Private Equity partnerships represent long-term commitments of typically 10 to 13 years. The majority of
capital commitments are contributed to each partnership during the initial five- to six-year period when
the General Partners are actively making new investments. Differences in the investment pace of each
partnership have a significant impact on the Investment Multiple and Net IRR calculations. Since fees
and expenses are paid on a regular schedule, partnerships with a relatively slower investment pace will
tend to produce lower Investment Multiple and Net IRR figures. In addition, each General Partner uses
different valuation policies to determine the net asset value of the partnership, as no industry standard
currently exists. While each General Partners valuation policy is different, conservatism often results in
early write-downs for underperforming investments. In addition, write-ups are typically limited to an
independent valuation event such as a third party financing or an initial public offering. All of these
issues contribute to the J-Curve Effect and limit the comparability of returns across partnerships.

Type

Vintage Year

Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital/LBO
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital/LBO
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital/LBO
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital

1988
1994
1996
1996
1996
1998
1999
1999
1999
1999
1999
1999
1999
1999
2000
2000
2000
2000
2000
2000
2000
2001
2001
2001
2001
2002
2002
2003
2003
2003
2003
2003
2003
2004
2004
2004
2004
2004
2004
2004
2005
2005
2005
2005
2005
2005
2005
2005
2005
2005
2005
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2007
2007
2007
2007
2007
2007
2007
2007
2008
2008
2008
2008
2008
2009
2009
2009
2010
2010
2010
2010
2011
2011

VENTURE CAPITAL
Institutional Venture Partners IV, L.P.
Kleiner Perkins Caufield & Byers VII
Institutional Venture Partners VII, L.P.
InterWest Partners VI, L.P.
Kleiner Perkins Caufield & Byers VIII
Institutional Venture Partners VIII, L.P.
InterWest Partners VII, L.P.
Kleiner Perkins Caufield & Byers IX-A
Oxford Bioscience Partners III, L.P.
Perseus-Soros BioPharmaceutical Fund L.P.
Redpoint Ventures I, L.P.
Sequoia Capital Franchise Fund
Sequoia Capital IX
Versant Venture Capital I, L.P.
Accel VIII, L.P.
Intersouth Partners V, L.P.
InterWest Partners VIII, L.P.
Kleiner Perkins Caufield & Byers X-A, L.P.
Polaris Venture Partners III, L.P.
Redpoint Ventures II, L.P.
Sequoia Capital X
Oxford Bioscience Partners IV, L.P.
Polaris Venture Partners IV, L.P.
Versant Venture Capital II, L.P.
Warburg Pincus Private Equity VIII, L.P.
Globespan Capital Partners Fund IV, L.P.
Lighthouse Capital Partners V, L.P.
ARCH Venture Fund VI, L.P.
Darwin Venture Fund of Funds
De Novo Ventures II, L.P.
Domain Partners VI, L.P.
Intersouth Partners VI, L.P.
Novak Biddle Venture Partners IV, L.P.
Clearstone Venture Partners III-A, L.P.
DCM Fund IV, L.P.
Granite Global Ventures II, L.P.
InterWest Partners IX, L.P.
Kodiak Venture Partners III, L.P.
Palomar Ventures III, L.P.
Updata Venture Partners III, L.P.
Aisling Capital II, L.P.
BlueRun Ventures, L.P.
Canaan Equity Partners VII
Claremont Creek Ventures, LP
Granite Ventures II, LP
Insight Venture Partners V Coinvestment Fund, L.P.
Insight Venture Partners V, L.P.
Lightspeed Venture Partners VII, L.P.
The Column Group, L.P.
Trinity Ventures IX, L.P.
Warburg Pincus Private Equity IX, L.P.
Darwin Venture Capital Fund of Funds II LP
DCM Fund V, L.P.
De Novo Ventures III, L.P.
Domain Partners VII, L.P.
Globespan Capital Partners V, L.P.
Granite Global Ventures III, L.P.
Intersouth Partners VII, L.P.
Novak Biddle Venture Partners V, L.P.
OrbiMed Private Investments III, LP
Polaris Venture Partners V L.P.
ARCH Venture Fund VII, L.P.
Bessemer Venture Partners VII Institutional
Bluerun Ventures IV, L.P.
Canaan VIII, L.P.
Insight Venture Partners VI, L.P.
Updata Venture Partners IV, L.P.
W Capital Partners II, LP
Warburg Pincus Private Equity X, L.P.
Aisling Capital III, LP
Claremont Creek Ventures II, LP
DCM VI, L.P.
Energy Special Situations Fund II, L.P.
RockPort Capital Partners III, L.P.
Khosla Ventures Fund III, L.P.
Khosla Ventures Seed, L.P.
OrbiMed Private Investments IV, L.P.
Insight Coinvest II, L.P.
Insight Venture Partners VII, L.P.
Polaris Venture Partners VI, L.P.
Sequoia Capital 2010, L.P.
Bessemer Venture Partners VIII
GGV Capital IV, L.P.
1

2
3

NM

UC Commitment

Cash In

Current NAV

Cash Out

Cash Out +
Current NAV

Investment
Multiple2

Net
IRR1,2,3

Dollars in Thousands

$12,000
$20,000
$18,000
$15,000
$20,000
$30,000
$15,000
$20,000
$20,000
$10,000
$30,000
$22,000
$18,000
$20,000
$14,586
$20,000
$50,000
$20,000
$20,000
$30,000
$28,000
$26,500
$25,000
$30,000
$50,000
$20,000
$20,000
$25,000
$8,424
$25,000
$15,000
$15,000
$10,000
$20,000
$10,000
$25,000
$40,000
$20,000
$30,000
$25,000
$15,000
$30,000
$35,000
$15,000
$25,000
$8,400
$27,000
$25,000
$25,000
$20,000
$160,000
$13,890
$18,000
$30,000
$30,000
$35,000
$45,075
$40,000
$11,000
$20,000
$38,000
$40,000
$10,000
$35,000
$35,000
$50,000
$36,000
$60,000
$175,000
$30,000
$27,000
$25,000
$20,000
$25,000
$60,000
$17,143
$25,000
$13,000
$50,000
$20,000
$30,000
$26,850
$35,000

($12,000)
($15,000)
($18,000)
($15,000)
($20,000)
($30,000)
($15,000)
($17,000)
($20,000)
($10,000)
($29,400)
($16,280)
($15,444)
($20,000)
($8,070)
($20,000)
($50,000)
($9,500)
($19,800)
($29,100)
($17,500)
($25,437)
($24,875)
($30,000)
($50,000)
($19,500)
($18,600)
($24,375)
($7,168)
($24,375)
($15,000)
($14,025)
($9,600)
($18,400)
($9,500)
($23,875)
($32,000)
($18,950)
($25,650)
($24,388)
($14,539)
($28,200)
($31,500)
($14,138)
($23,125)
($8,400)
($26,868)
($24,010)
($18,959)
($18,880)
($158,606)
($10,834)
($18,000)
($25,800)
($28,650)
($30,625)
($44,087)
($31,400)
($7,882)
($18,930)
($32,680)
($22,800)
($7,490)
($26,250)
($25,725)
($49,507)
($30,636)
($53,442)
($171,325)
($15,609)
($13,703)
($12,500)
($9,951)
($17,788)
($48,600)
($13,543)
($14,500)
($8,567)
($39,138)
($4,800)
NA
($6,283)
($12,250)

$10,823
$4,674
$703
$137
$10,074
$234
$5,484
$6,879
$837
$655
$4,193
$5,633
$3,908
$10,804
$4,126
$4,126
$15,774
$5,631
$5,185
$9,735
$9,171
$3,938
$18,090
$19,201
$37,403
$13,106
$822
$38,288
$7,272
$9,088
$7,365
$8,751
$6,429
$23,596
$8,650
$19,098
$32,004
$8,398
$11,301
$23,354
$10,056
$19,971
$48,272
$6,511
$19,556
$11,123
$28,066
$27,314
$19,576
$14,752
$116,620
$16,522
$22,994
$17,513
$20,760
$37,021
$47,544
$21,460
$8,408
$15,751
$31,389
$19,554
$9,515
$35,637
$26,966
$67,309
$38,838
$35,527
$171,877
$13,063
$16,830
$11,783
$7,078
$10,801
$72,239
$16,738
$15,675
$8,784
$38,686
$6,988
NA
$5,980
$11,191

$17,309
$482,985
$120,266
$44,438
$329,915
$30,604
$6,745
$0
$7,134
$16,867
$18,827
$5,966
$9,327
$29,988
$0
$11,359
$19,314
$0
$10,291
$32,449
$379
$14,213
$10,927
$19,265
$74,891
$14,846
$21,164
$1,650
$2,578
$116
$5,454
$7,755
$2,602
$214
$5,297
$10,807
$2,213
$3,079
$4,186
$13,730
$4,294
$9,968
$16,865
$972
$4,934
$10,744
$28,140
$8,229
$0
$10,902
$148,605
$21
$900
$0
$7,629
$12,612
$10,845
$0
$459
$16,194
$15,620
$11,534
$297
$6,349
$7,959
$16,959
$2,998
$43,658
$33,382
$672
$0
$500
$9,769
$449
$2,625
$0
$1,345
$0
$4,180
$0
NA
$0
$233

$28,132
$487,658
$120,969
$44,575
$339,989
$30,838
$12,229
$6,879
$7,971
$17,522
$23,020
$11,598
$13,236
$40,792
$4,126
$15,485
$35,088
$5,631
$15,476
$42,183
$9,549
$18,151
$29,017
$38,466
$112,295
$27,952
$21,986
$39,938
$9,850
$9,204
$12,819
$16,506
$9,031
$23,810
$13,947
$29,905
$34,217
$11,477
$15,487
$37,084
$14,350
$29,939
$65,137
$7,483
$24,490
$21,867
$56,206
$35,543
$19,576
$25,653
$265,224
$16,544
$23,894
$17,513
$28,388
$49,633
$58,388
$21,460
$8,867
$31,945
$47,009
$31,088
$9,812
$41,986
$34,926
$84,268
$41,836
$79,185
$205,259
$13,734
$16,830
$12,283
$16,847
$11,250
$74,865
$16,738
$17,020
$8,784
$42,867
$6,988
NA
$5,980
$11,425

Fund level data and IRR calculations for Accel, Kleiner Perkins Caufield & Byers, and Sequoia Capital are based on March 31, 2003 as determined by Cambridge Associates LLC and are no longer provided by
Cambridge Associates LLC.
As determined by Cambridge Associates, funds with NM (not meaningful) are too young to have produced meaningful returns. Funds with NA (not applicable) have not yet commenced operations.
Net IRR (internal rate of return) includes the cash-on-cash return net of fees, expenses, and carried interest as well as the net asset value of University of California Regents' interest in the partnership as determined by the General
Partners. Differences in the valuation policies employed by General Partners (for which no industry standard currently exists) and differences in the investment pace of each partnership materially affect the IRR calculations. As
such, IRRs should not be used to measure a fund's performance until all investments have been fully realized. In addition, a comparison of IRRs across funds would fail to account for these inherent differences.
Cambridge Associates LLC methodology assumes a mid-quarter convention for all cash flows within the IRR calculation. In the case of Versant Venture Capital I and Versant Venture Capital II the actual cash flow dates
were utilized.
For funds formed in a vintage year of 2009 or later, the Investment Multiple and Net IRR are not yet meaningful as these funds are still in the process of making new investments and the performance of new and existing investments
will not be determined for several years to come.

THESE FOOTNOTES ARE AN INTEGRAL PART OF THIS REPORT. ANY DISCLOSURE OF THE INFORMATION CONTAINED IN THIS REPORT MUST INCLUDE THESE FOOTNOTES. A FAILURE TO INCLUDE
THESE FOOTNOTES WHEN DISCLOSING THIS INFORMATION TO ANY THIRD PARTY WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.

2.34x
32.51x
6.72x
2.97x
17.00x
1.03x
0.82x
0.40x
0.40x
1.75x
0.78x
0.71x
0.86x
2.04x
0.51x
0.77x
0.70x
0.59x
0.78x
1.45x
0.55x
0.71x
1.17x
1.28x
2.25x
1.43x
1.18x
1.64x
1.37x
0.38x
0.85x
1.18x
0.94x
1.29x
1.47x
1.25x
1.07x
0.61x
0.60x
1.52x
0.99x
1.06x
2.07x
0.53x
1.06x
2.60x
2.09x
1.48x
1.03x
1.36x
1.67x
1.53x
1.33x
0.68x
0.99x
1.62x
1.32x
0.68x
1.13x
1.69x
1.44x
1.36x
1.31x
1.60x
1.36x
1.70x
1.37x
1.48x
1.20x
0.88x
1.23x
0.98x
1.69x
0.63x
NM
NM
NM
NM
NM
NM
NA
NM
NM

10.5%
121.7%
96.2%
49.0%
286.6%
0.7%
-2.2%
-23.3%
-12.6%
20.9%
-2.8%
-17.0%
-6.1%
10.5%
-26.8%
-3.5%
-5.6%
-17.5%
-3.3%
6.0%
-31.0%
-6.6%
2.6%
3.8%
16.0%
7.7%
4.0%
9.7%
6.3%
-14.5%
-3.8%
3.2%
-1.1%
4.4%
6.9%
4.2%
1.4%
-10.3%
-11.9%
7.9%
-0.3%
1.4%
17.2%
-16.7%
1.8%
25.2%
20.1%
9.6%
1.2%
8.4%
10.6%
13.6%
7.2%
-10.6%
-0.3%
12.9%
9.5%
-12.5%
3.6%
16.0%
10.1%
13.3%
9.9%
23.3%
13.0%
17.4%
12.5%
15.5%
6.0%
-8.2%
11.9%
-1.0%
27.3%
-20.2%
NM
NM
NM
NM
NM
NM
NA
NM
NM

note

Fund Name

note

The Regents of the University of California


Alternative Investments as of March 31, 2013

Type

Vintage Year

VENTURE CAPITAL
Khosla Ventures IV, L.P.
Sequoia U.S. Growth V, L.P.
W Capital Partners III, L.P.
Canaan IX, L.P.
Khosla Seed B
Sequoia Global Growth, L.P.
Warburg Pincus Private Equity Fund XI, L.P.
Insight Venture Partners VIII, L.P.

2
3

NM

Cash In

Current NAV

Cash Out

Cash Out +
Current NAV

Investment
Multiple2

Net
IRR1,2,3

Dollars in Thousands

Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital/LBO
Venture Capital

2011
2011
2011
2012
2012
2012
2012
2013

LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO

1987
1990
1993
1993
1996
1997
2000
2000
2001
2001
2001
2001
2002
2002
2002
2002
2003
2003
2003
2003
2004
2004
2004
2004
2004
2004
2004
2004
2005
2005
2005
2005
2005
2005
2005
2005
2005
2005
2005
2005
2005
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2008
2008

LEVERAGED BUYOUTS
Golder, Thoma, Cressey Fund III
WCAS Capital Partners II, L.P.
Golder, Thoma, Cressey, Rauner Fund IV, L.P.
Welsh, Carson, Anderson & Stowe VI
The SKM Equity Fund II, L.P.
WCAS Capital Partners III, L.P.
Calera Capital
Madison Dearborn Capital Partners IV, L.P.
Arsenal Capital Partners Fund, L.P.
Blackstone Capital Partners IV, L.P.
Glencoe Capital Partners III, L.P.
Ripplewood Partners II
Glencoe Capital Institutional Partners III, L.P.
Inverness Partners II, L.P.
Lake Capital Partners L.P.
Lindsay, Goldberg, & Bessemer, L.P.
Kelso Investment Associates VII, L.P.
Olympus Growth Fund IV, L.P.
SPC Partners III, L.P.
Wicks Communications & Media Partners III, L.P.
Bain Capital Fund VIII - Coinvestment Fund, L.P.
Bain Capital Fund VIII, L.P.
Eos Capital Partners III, L.P.
Fortress Investment Fund III, LLC
Genstar Capital Partners IV, L.P.
Graham Partners II, L.P.
JLL Partners Fund V, L.P.
Perseus 2000 Expansion Fund, L.L.C.
Apollo Investment Fund VI L.P.
Blackstone Capital Partners Fund V
Charlesbank Equity Fund VI, L.P.
KRG Capital Partners III
Madison Dearborn Capital Partners V, L.P.
Quad-C Partners VII, LP
Shamrock Capital Growth Fund II L.P.
STAR Capital Partners II, L.P.
SUN Capital Partners IV, LP
Vestar Capital Partners V, L.P.
Water Street Capital Partners, LP
Wellspring Capital Partners IV, LP
Wind Point Partners VI
Ares Corporate Opportunities Fund II, L.P.
Arsenal Capital Partners II, L.P.
Bain Capital Fund IX Co-Invest L.P.
Bain Capital Fund IX, L.P.
Berkshire Fund VII L.P.
Cerberus Institutional Partners, Series IV, L.P.
First Reserve Fund XI, L.P.
Fortress Investment Fund IV, L.P.
HIG Capital IV
J.C. Flowers II, L.P.
Lindsay, Goldberg & Bessemer II, L.P.
Paine & Partners Capital Fund III, L.P.
Perseus Partners VII L.P.
Terra Firma Capital Partners III, L.P.
Apollo Investment Fund VII
Bain Capital Europe III
Bain Capital Fund X Co-Invest, L.P.
Bain Capital Fund X, L.P.
Blackstone Capital Partners VI, L.P.
Eos Capital Partners IV, L.P.
Fortress Investment Fund V, L.P.
Genstar Capital Partners V, LP
Kelso Investment Associates VIII, L.P.
KRG Capital Fund IV, L.P.
Madison Dearborn Capital Partners VI, L.P.
Olympus Growth Fund V, LP
Pine Brook Road Partners, LLC
Segulah IV, L.P.
SUN Capital Partners V, L.P.
Vector Capital IV, L.P.
WLR Recovery Fund IV, LP
4D Global Energy Investments Fund, PLC
Ares Corporate Opportunities Fund III, L.P.

UC Commitment

$60,000
$30,000
$50,000
$25,000
$20,000
$35,000
$90,000
$50,000

($20,100)
NA
($6,495)
($4,875)
($3,800)
NA
($19,575)
$0

$19,149
NA
$7,848
$4,365
$3,287
NA
$20,575
$0

$3,054
NA
$0
$0
$0
NA
$0
$0

$22,203
NA
$7,848
$4,365
$3,287
NA
$20,575
$0

NM
NA
NM
NM
NM
NA
NM
NM

NM
NA
NM
NM
NM
NA
NM
NM

5.59x
1.60x
2.12x
2.07x
0.96x
1.72x
0.95x
1.98x
1.90x
2.57x
1.36x
1.41x
1.53x
1.94x
0.94x
2.45x
1.63x
1.68x
1.92x
1.46x
1.83x
1.77x
1.35x
1.40x
1.46x
1.40x
1.56x
0.54x
1.59x
1.23x
1.43x
0.77x
1.32x
1.41x
1.21x
1.46x
1.48x
1.12x
1.45x
1.40x
1.38x
1.78x
1.73x
1.50x
1.45x
1.34x
1.46x
1.16x
1.20x
2.03x
0.38x
1.50x
1.20x
0.48x
0.62x
1.74x
1.02x
1.02x
1.11x
1.08x
1.10x
0.97x
1.33x
1.04x
1.14x
1.13x
1.58x
1.46x
0.98x
1.36x
1.11x
1.21x
1.09x
1.66x

31.3%
10.1%
25.7%
14.1%
-0.3%
13.1%
-1.3%
16.7%
19.2%
36.6%
6.4%
7.8%
10.1%
10.0%
-2.2%
33.9%
12.1%
9.9%
14.6%
10.2%
13.8%
12.0%
7.1%
6.4%
7.5%
6.9%
11.0%
-14.1%
9.6%
4.3%
10.2%
-5.9%
5.6%
9.5%
8.5%
21.1%
7.6%
3.1%
8.4%
8.5%
7.8%
13.9%
17.0%
7.8%
7.4%
13.6%
8.1%
4.1%
3.2%
41.6%
-18.3%
9.4%
5.5%
-21.0%
-13.2%
24.4%
1.0%
0.5%
4.3%
8.6%
5.1%
-0.7%
7.7%
1.9%
7.1%
9.4%
24.0%
16.5%
-0.8%
10.3%
4.1%
6.7%
10.7%
24.8%

Dollars in Thousands

$15,000
$20,000
$25,000
$50,000
$60,000
$200,000
$25,000
$50,000
$20,000
$50,000
$20,000
$20,000
$10,000
$13,125
$20,000
$20,000
$40,000
$25,000
$25,000
$25,000
$7,500
$20,000
$25,000
$10,369
$20,000
$25,000
$50,000
$20,000
$50,000
$125,000
$16,000
$35,000
$100,000
$25,000
$40,500
$31,726
$15,750
$64,000
$35,000
$30,000
$30,000
$35,000
$63,000
$15,000
$45,000
$30,000
$40,000
$50,000
$20,000
$4,500
$50,000
$35,000
$50,000
$90,380
$46,955
$25,000
$50,668
$12,500
$75,000
$30,000
$50,000
$45,000
$110,000
$100,000
$25,000
$130,000
$98,000
$50,000
$20,283
$66,667
$25,000
$100,000
$20,000
$50,000

($15,000)
($20,000)
($25,000)
($50,000)
($51,202)
($200,000)
($23,575)
($45,981)
($20,000)
($50,000)
($18,308)
($20,000)
($3,602)
($9,733)
($19,948)
($18,774)
($40,000)
($25,000)
($22,297)
($22,370)
($7,044)
($19,850)
($23,840)
($10,348)
($20,000)
($24,501)
($47,238)
($19,977)
($44,726)
($119,787)
($14,694)
($32,477)
($90,216)
($23,645)
($40,019)
($23,559)
($15,614)
($63,848)
($34,577)
($29,598)
($26,000)
($30,661)
($57,835)
($14,625)
($43,762)
($26,611)
($34,703)
($50,000)
($19,921)
($3,288)
($48,088)
($31,701)
($44,238)
($90,380)
($42,354)
($18,796)
($30,046)
($3,062)
($68,063)
($7,407)
($36,544)
($44,489)
($91,083)
($70,540)
($21,291)
($82,000)
($80,491)
($35,269)
($15,369)
($45,252)
($14,573)
($86,639)
($11,910)
($39,333)

$181
$384
$121
$191
$24,588
$18,659
$14,585
$20,028
$1,741
$27,655
$10,544
$9,127
$2,663
$12,289
$3,787
$3,637
$23,034
$15,919
$21,265
$22,287
$4,515
$10,221
$14,965
$10,522
$13,472
$27,205
$45,687
$5,174
$53,615
$121,350
$15,775
$12,765
$93,038
$19,730
$26,789
$27,351
$16,795
$56,080
$20,694
$19,563
$22,052
$16,045
$91,850
$11,805
$36,226
$20,944
$36,810
$42,944
$21,792
$4,247
$13,679
$27,879
$37,479
$35,736
$25,486
$21,743
$23,517
$3,067
$68,665
$7,966
$31,860
$41,782
$100,774
$64,029
$16,022
$61,768
$91,372
$38,907
$15,060
$59,130
$16,155
$71,792
$7,506
$40,072

$83,698
$31,656
$52,875
$103,379
$24,580
$325,538
$7,723
$71,224
$36,269
$100,688
$14,411
$18,974
$2,866
$6,617
$14,865
$42,311
$42,294
$26,101
$21,642
$10,468
$8,396
$24,826
$17,127
$3,999
$15,648
$7,198
$28,132
$5,561
$17,322
$25,463
$5,236
$12,339
$26,369
$13,546
$21,645
$6,984
$6,252
$15,451
$29,373
$21,956
$13,925
$38,495
$8,381
$10,114
$27,205
$14,689
$13,794
$15,105
$2,172
$2,421
$4,765
$19,675
$15,818
$7,740
$855
$11,032
$7,109
$42
$6,687
$35
$8,327
$1,312
$19,987
$9,040
$8,162
$30,700
$35,633
$12,504
$0
$2,243
$0
$33,189
$5,505
$25,246

$83,879
$32,041
$52,996
$103,569
$49,169
$344,197
$22,308
$91,252
$38,010
$128,343
$24,955
$28,100
$5,528
$18,906
$18,652
$45,948
$65,328
$42,019
$42,907
$32,754
$12,911
$35,047
$32,092
$14,521
$29,121
$34,402
$73,819
$10,735
$70,937
$146,813
$21,011
$25,104
$119,406
$33,277
$48,434
$34,335
$23,048
$71,531
$50,067
$41,518
$35,977
$54,539
$100,231
$21,919
$63,431
$35,633
$50,604
$58,049
$23,964
$6,668
$18,444
$47,554
$53,297
$43,477
$26,341
$32,775
$30,626
$3,109
$75,352
$8,002
$40,187
$43,094
$120,760
$73,069
$24,183
$92,468
$127,005
$51,411
$15,060
$61,373
$16,155
$104,981
$13,011
$65,318

Fund level data and IRR calculations for Accel, Kleiner Perkins Caufield & Byers, and Sequoia Capital are based on March 31, 2003 as determined by Cambridge Associates LLC and are no longer provided by
Cambridge Associates LLC.
As determined by Cambridge Associates, funds with NM (not meaningful) are too young to have produced meaningful returns. Funds with NA (not applicable) have not yet commenced operations.
Net IRR (internal rate of return) includes the cash-on-cash return net of fees, expenses, and carried interest as well as the net asset value of University of California Regents' interest in the partnership as determined by the General
Partners. Differences in the valuation policies employed by General Partners (for which no industry standard currently exists) and differences in the investment pace of each partnership materially affect the IRR calculations. As
such, IRRs should not be used to measure a fund's performance until all investments have been fully realized. In addition, a comparison of IRRs across funds would fail to account for these inherent differences.
Cambridge Associates LLC methodology assumes a mid-quarter convention for all cash flows within the IRR calculation. In the case of Versant Venture Capital I and Versant Venture Capital II the actual cash flow dates
were utilized.
For funds formed in a vintage year of 2009 or later, the Investment Multiple and Net IRR are not yet meaningful as these funds are still in the process of making new investments and the performance of new and existing investments
will not be determined for several years to come.

THESE FOOTNOTES ARE AN INTEGRAL PART OF THIS REPORT. ANY DISCLOSURE OF THE INFORMATION CONTAINED IN THIS REPORT MUST INCLUDE THESE FOOTNOTES. A FAILURE TO INCLUDE
THESE FOOTNOTES WHEN DISCLOSING THIS INFORMATION TO ANY THIRD PARTY WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.

note

Fund Name

note

The Regents of the University of California


Alternative Investments as of March 31, 2013

Type

Vintage Year

LEVERAGED BUYOUTS
Bain Sankaty Credit Opportunities IV, L.P.
Flexpoint Ford Fund II, L.P.
FountainVest China Growth Capital Fund, L.P.
H.I.G. Bayside Debt & LBO Fund II, L.P.
JLL Partners Fund VI, L.P.
Lime Rock Partners V, L.P.
Lindsay, Goldberg & Bessemer III, L.P.
Sentient Global Resources Fund III, L.P.
SG Growth Capital Partners I, L.P.
Water Street Healthcare Partners II, L.P.
Charlesbank Equity Fund VII, L.P.
Francisco Partners III, L.P.
Lombard Odier Private Equity Euro Choice IV
RoundTable Healthcare Capital Partners II, LP
Roundtable Healthcare Partners III, LP
SFC Energy Partners II
Shamrock Capital Growth Fund III, L.P.
WLR Recovery Fund V, L.P.
Alpha Private Equity Fund 6
Apollo European Principal Finance Fund II (US)
Berkshire Fund VIII, L.P.
Clyde Blowers Capital Fund III, L.P.
EQT VI, L.P.
Genstar Capital Partners VI, L.P.
Lime Rock Partners VI, L.P.
Sentient Global Resources Fund IV, L.P.
SG Growth Capital Partners II, L.P.
Sycamore Partners, L.P.
Vestar Capital Partners VI, L.P.
Yellow Wood Partners, L.P.
Advent International GPE VII-B, L.P.
Ares Corporate Opportunities Fund IV, L.P.
Arsenal Capital Partners III
Bain Sankaty Credit Opportunities V, L.P.
FountainVest China Growth Capital Fund II, L.P.
Lyceum Capital Fund III, LP
Pine Brook Capital Partners II, L.P.
Water Street Healthcare Partners III, L.P.
Bain Capital Fund XI, L.P.
H.I.G. Europe Capital Partners II
HIG Capital V
Marlin Equity IV, L.P.
Olympus Growth Fund VI, L.P.
Sun Capital Partners VI, L.P.
1

2
3

NM

UC Commitment

Cash In

Current NAV

Cash Out

Cash Out +
Current NAV

Investment
Multiple2

Net
IRR1,2,3

Dollars in Thousands

LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO
LBO

2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2009
2009
2009
2010
2010
2010
2010
2010
2011
2011
2011
2011
2011
2011
2011
2011
2011
2011
2011
2011
2012
2012
2012
2012
2012
2012
2012
2012
2013
2013
2013
2013
2013
2013

$105,000
$50,000
$25,000
$30,000
$65,000
$30,000
$70,000
$50,000
$20,000
$60,000
$50,000
$25,000
$31,726
$5,000
$20,000
$22,500
$65,000
$25,000
$31,726
$25,000
$62,500
$40,226
$41,975
$50,000
$30,000
$50,000
$40,000
$54,550
$30,000
$58,250
$50,000
$50,000
$61,000
$35,000
$75,000
$39,553
$60,000
$50,000
$50,000
$13,197
$10,000
$25,000
$50,000
$35,000

($99,750)
($30,156)
($15,553)
($15,010)
($41,612)
($25,294)
($40,137)
($48,842)
($17,069)
($42,792)
($24,286)
($9,938)
($16,915)
($1,245)
($5,427)
($1,856)
($18,553)
($12,771)
($8,824)
($5,259)
($26,576)
($13,603)
($12,582)
($6,898)
($7,887)
($21,817)
($7,335)
($25,176)
($689)
($27,445)
($9,675)
($1,891)
($23,124)
($3,500)
($816)
($0)
($5,592)
$0
$0
$0
$0
$0
$0
$0

$58,620
$10,732
$18,689
$15,554
$32,776
$26,717
$39,230
$45,176
$28,188
$38,816
$24,979
$9,549
$15,893
$1,093
$4,719
$4,304
$29,831
$13,364
$9,973
$5,064
$25,693
$11,506
$10,814
$6,887
$7,580
$20,233
$6,108
$23,303
$0
$21,179
$9,281
$1,542
$27,355
$3,622
$4
$0
$5,071
$0
$0
$0
$0
$0
$0
$0

$82,354
$36,398
$388
$3,995
$15,374
$0
$3,913
$19,044
$311
$31,615
$2,987
$0
$80
$172
$0
$0
$0
$1,126
$39
$0
$0
$4
$0
$0
$4
$0
$0
$76
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0

$140,973
$47,130
$19,077
$19,548
$48,150
$26,717
$43,143
$64,221
$28,499
$70,430
$27,966
$9,549
$15,974
$1,265
$4,719
$4,304
$29,831
$14,490
$10,012
$5,064
$25,693
$11,511
$10,814
$6,887
$7,583
$20,233
$6,108
$23,378
$0
$21,179
$9,281
$1,542
$27,355
$3,622
$4
$0
$5,071
$0
$0
$0
$0
$0
$0
$0

Fund level data and IRR calculations for Accel, Kleiner Perkins Caufield & Byers, and Sequoia Capital are based on March 31, 2003 as determined by Cambridge Associates LLC and are no longer provided by
Cambridge Associates LLC.
As determined by Cambridge Associates, funds with NM (not meaningful) are too young to have produced meaningful returns. Funds with NA (not applicable) have not yet commenced operations.
Net IRR (internal rate of return) includes the cash-on-cash return net of fees, expenses, and carried interest as well as the net asset value of University of California Regents' interest in the partnership as determined by the General
Partners. Differences in the valuation policies employed by General Partners (for which no industry standard currently exists) and differences in the investment pace of each partnership materially affect the IRR calculations. As
such, IRRs should not be used to measure a fund's performance until all investments have been fully realized. In addition, a comparison of IRRs across funds would fail to account for these inherent differences.
Cambridge Associates LLC methodology assumes a mid-quarter convention for all cash flows within the IRR calculation. In the case of Versant Venture Capital I and Versant Venture Capital II the actual cash flow dates
were utilized.
For funds formed in a vintage year of 2009 or later, the Investment Multiple and Net IRR are not yet meaningful as these funds are still in the process of making new investments and the performance of new and existing investments
will not be determined for several years to come.

THESE FOOTNOTES ARE AN INTEGRAL PART OF THIS REPORT. ANY DISCLOSURE OF THE INFORMATION CONTAINED IN THIS REPORT MUST INCLUDE THESE FOOTNOTES. A FAILURE TO INCLUDE
THESE FOOTNOTES WHEN DISCLOSING THIS INFORMATION TO ANY THIRD PARTY WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.

1.41x
1.56x
1.23x
1.30x
1.16x
1.06x
1.07x
1.31x
1.67x
1.65x
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM

13.7%
27.1%
8.6%
10.4%
11.0%
2.0%
4.3%
12.4%
24.2%
30.8%
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM

note

Fund Name

note

The Regents of the University of California


Alternative Investments as of March 31, 2013