Asia Secondaries Direct Opportunities EMPEA Private Equity in Emerging Markets Summit 27th October 2015 Harjit Bhatia Executive Chairman & Founding Partner Strictly Confidential

Secondary Direct Opportunities Drivers Market Dislocations: Due to market dislocation and muted IPO markets unrealized private equity exits in Asia remain at record high levels Unrealized value in Asia Pacific grew 30% annually from 2009 to 2013 reaching a high of US$ 242 bn In 2014, growth in unrealized value slowed but was still high at US$ 244 bn Fund Life Constraints: Significant portion of this unrealized capital relates to “boom period” investments of the 2005-08 vintage (~23% for buyout funds alone; figure higher for growth equity funds) Many such investments are in funds that are in “end of life” phase. However, underlying companies need few more years to fully realize valuation potential and provide exit Opportunity to unlock value by buying portfolios at “corrected” NAV levels and careful post purchase portfolio management Source: Bain Asia-Pacific Private Equity Report 2015, APER.

Secondary Direct Opportunities Drivers (cont’d) Shift in main sponsors/ corporate strategy Volker Rule Effect GP/ LP’s change of geographical focus Team Departures Inability to raise next fund No visible carry possibilities Key person departures, leading to orphan funds GP/ LP conflict of interests

Our Strategy Focus on working closely with Main Sponsors/ GPs Customized structured liquidity solutions Exclusive, targeted timeline based approach Disciplined Portfolio Underwriting Each portfolio Company separately underwritten No cherry-picking Overall portfolio purchase structure customized taking into account Seller’s liquidity needs as also new LPs return requirements Post Purchase Rigorous Portfolio Management Get on Board of the companies; hands-on direct Private Equity approach Make operational and business changes, as required Work pro-actively with portfolio companies management to create value and “win-win” outcome Prepare portfolio companies for strategic sale/ IPO exits in 18 – 24 months’ time frame Typically, don’t buy passive LP Fund positions Target IRRs: Mid twenties plus

AGCA Profile Asia Growth Capital Advisors ("AGCA") is a Pan-Asia private equity firm based in Singapore (www.asiagrowthcap.com), specializing in offering customized structured liquidity and portfolio management solutions to LPs/ financial institutions seeking exits from their private equity investments due to strategic policy shifts or fund term limitations. AGCA also offers portfolio underwriting, monitoring and investment advisory services for optimizing value from both seasoned portfolios, as also for making fresh new investments in growth sectors across Asia. AGCA can run separate pledged pool of capital for large pension funds and institutional investors, customized to their needs and focus. AGCA and its affiliates have experienced teams and presence in Seoul, Hong Kong, Shanghai, Mumbai and Singapore, working on a select number of portfolio management and advisory mandates for reputed global institutions and investors like Unity Fund I, PineBridge Investments, Canadian Pension and Investment Board, HarbourVest LLC and Axiom Asia AGCA was founded in August 2010 by Harjit Bhatia and Soma Ghosal, formerly Chairman and Managing Partner and Partner respectively at Credit Suisse Private Equity Asia Partners, LP. The AGCA team collectively has over 80 years of investing experience in the region. The firm is registered and licensed by the Monetary Authority of Singapore and current AUM exceeds USD 550 mn