1. Private Equity Trends 1Q 2012 Presentation Slide Deck
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3. Private Equity
Deal Flow

4. 2011 PE Investment Above 2009 Lows
Number of Deals Closed (red line) and Total Capital Invested by Year (blue bars)

5. Number of Deals Closed and Total Capital Invested by Quarter
2011: The Year of Two Halves
Number of Deals Closed and Total Capital Invested by Quarter

6. Midwest Led PE Deal Flow with 360 Deals Percentage of Deal Volume (count) by Region

7. B2B and B2C Dominate PE Deal Activity Percentage of Deal Volume (count) by Industry

8. B2B and B2C Deal Flow Increased in 2011 Percentage of Deal Volume (count) by Industry

9. Capital Investment Continued Shift to IT, Healthcare & Energy
Percentage of Deal Volume (capital) by Industry

10. Deals Under $250M Accounted for 75% of Deal Flow Percentage of Deal Volume (count) by Deal Size Range

11. Large Deals Attracted More Capital Investment Percentage of Deal Volume (capital) by Deal Size Range

12. Add-ons Continue to Sweeten Deals Add-on Deals as Percentage of Buyout Deals

13. Median Buyout Size Hit New Record
Median Capital Invested in U.S. PE Transactions

14. Still Low Leverage in the Middle Market Percentage of Debt Used in Buyouts

15. Buyout Multiples Finished Close to 2008 High EBITDA Multiples of Buyout Transactions

16. Private Equity
Exits

17. Private Equity Exits on Par with 2010 Annual PE Exits by Corporate Acquisition, IPO and Secondary Sale

18. Exit Strategies Consistent with Long Term Averages Percentage of P. E
Exit Strategies Consistent with Long Term Averages Percentage of P.E. Exit Volume (count) by Exit Type

19. Private Equity Investors Exited $108B of Investments
Quarterly PE Exits by Corporate Acquisition, IPO and Secondary Sale

20. Corporate Acquisitions Dominated Exits
Median Exit Size ($M)

21. PE Exits Likely to Stay Strong in 2012 Number of U. S
PE Exits Likely to Stay Strong in Number of U.S. Private Equity Company Inventory by Deal Year

22. Inventory Buildup Resulted in Increased Holding Length Median Time from Buyout to Exit

23. Private Equity
Fundraising

24. Company Inventory & Capital Overhang Stall Fundraising Number of Funds Closed and Total Capital Raised by Year

25. Fundraising Remained Flat
Number of Funds Closed and Total Capital Raised by Quarter

26. Funds Under $1B Accounted for 39% of U. S
Funds Under $1B Accounted for 39% of U.S. PE Fundraising Percentage of U.S. P.E. Funds (capital) by Fund Size

27. Middle Market Funds Dominate Fundraising Percentage of U. S. P. E
Middle Market Funds Dominate Fundraising Percentage of U.S. P.E. Funds (count) by Fund Size

28. PE Investors Sitting on $425B of Dry Powder Capital Overhang of US PE Investors by Vintage Year

29. New GPs are Entering the Private Equity Industry Number of Funds Closed by Year

30. Funds are Closing Faster
Average Time to Close U.S. PE Funds

31. Average 2011 Vintage Fund 13% Larger than 2010
Average Fund Size ($M)

32. Greater Private Equity
Performance

33. PE Led in Average IRR For 7 Consecutive Vintages Average Fund IRR by Vintage Year and Fund Type

34. Fund Performances Bounced Back
Median 1-Year Rolling Horizon IRR by Fund Type

35. Private Equity Outperforming in the Long Run Horizon IRR – Private Equity, Venture Capital and Public Index

36. Private Equity
Performance

37. Larger Funds Lead Returns Across Vintages Private Equity Average Fund IRR by Vintage Year

38. Larger Funds Recently Yielded Higher Returns Private Equity Horizon IRR by Fund Size

39. Recent PE Funds Hit Positive IRR in 2010 Median IRR by Years Since First Investment

40. LPs Waiting for Distribution for 2003 & Younger Funds Average Private Equity Return Multiples by Vintage Year

41. Dramatic Quartile Differences Private Equity IRR Quartiles by Vintage Year
Top Quartile
3rd Quartile
2nd Quartile
BottomQuartile
Source:PitchBook

42. Matured Funds Called 92% of Committed Capital Private Equity Capital Call

43. Venture Capital
Performance

44. Mid-Sized VC Funds Showed Growth Trend
Venture Capital Average Fund IRR by Vintage Year

45. $150M-$250M Funds Generated 2nd Highest Returns Venture Capital Horizon IRR by Fund Size

46. Economy Impacted Returns More than Fund Age Median IRR by Years Since First Investment

47. TVPI Shows Improvement, DPI Remains Low Average Venture Capital Return Multiples by Vintage Year

48. VC Funds in Upper Quartiles Show Positive Returns Venture Capital IRR Quartiles by Vintage
Top Quartile
3rd Quartile
2nd Quartile
Bottom
Quartile

49. High % of Committed Capital for New Investments Venture Capital Call

50. Fund of Funds
Performance

51. Fund of Funds Delivered Returns Across Vintages
Fund of Funds IRR Quartiles by Vintage
Top Quartile
3rd Quartile
2nd Quartile
Bottom
Quartile

52. Fund of Funds Slower to Distribute Capital Average Fund of Funds Return Multiples by Vintage Year

53. Mezzanine
Performance

54. Strong and Consistent Performance Across Vintages
Mezzanine IRR Quartiles by Vintage
Top Quartile
3rd Quartile
2nd Quartile
Bottom
Quartile

55. Mezzanine Funds Fastest in Distribution of Capital Average Fund of Funds Return Multiples by Vintage Year

56. Real Estate
Performance

57. Top Quartiles Show Slow Recovery
Real Estate IRR Quartiles by Vintage
Top Quartile
3rd Quartile
2nd Quartile
Bottom
Quartile

58. 2004 – 2008 Funds Still Recovering
Average Real Estate Return Multiples by Vintage Year

59. Non-U.S. Investor
Performance

60. PE Vintages Under 2004 Perform Closely to U.S. Counterparts
Average Non-U.S. PE Return Multiples by Vintage Year

61. VC 2001-2004 Vintages Perform Better than U.S. Counterparts
Average Non-U.S. VC Return Multiples by Vintage Year

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