Ranking Disclaimers

PitchBook

Source: PitchBook report from 7/30/2024. Ranking conducted by an unbiased third party. Union Grove Venture Partners did not compensate PitchBook. Performance scores based on data as of 12/31/2023. The Scores represent the degree to which a fund family has outperformed or underperformed the benchmark, whereas quartiles have limited interpretability. The Scores take into consideration the uncertainty of each fund’s current IRR figure. The uncertainty is a function of how much LPs have received in distributions, the fund’s age, and a mean reversion term based on the extent to which a fund’s IRR is an outlier relative to its benchmark. The Scores are comparable across families even with track records made up of different vintage years and numbers of predecessor funds. Methodology: Fund families are scored from 0 to 100. A score of 50 is considered neutral, with the family neither underperforming nor outperforming its peer groups in aggregate. When interpreting the results, it is also important to note that the Scores are relatively normally distributed, not evenly distributed as they would be with percentile ranking. Across all strategies, top-quartile families have Scores of 58.3 or higher, and the top-decile Scores are 66.2 and above. This report provides top family rankings for 10 fund strategies after employing additional filtration criteria. To qualify for inclusion in this report, a family must have at least two funds that are five years or older and have recent performance data available from a 2011 vintage or later. The family must also have a fund with a vintage year of 2015 or later (regardless of available returns information) or have an open fund to ensure that the manager is still active. Emerging managers, or fund families for which PitchBook did not captured the requisite information, will be missed in these rankings. A total of 255 FOF fund families received Performance Scores. Data availability will limit the comprehensiveness of the Scores. All private fund peer group benchmarking is opaque and incomplete in this regard. Past performance is not indicative of future returns.

HEC/Dow Jones

Source: HEC/Dow Jones reports from 6/13/2022 and 7/4/2023. Rankings conducted by an unbiased third party. Union Grove Venture Partners did not compensate HEC/Dow Jones. Methodology: The ranking draws on data on private equity fund performance provided by Preqin and enhanced with data sourced directly from the private equity firms, themselves. It calculates the aggregate performance of a private equity firm, based on a range of performance measures applied to all of the qualifying funds managed by the respective firms. The performance is aggregated into one overall performance score. PE firms with average performance have a score of 0. A score of one means a firm has an aggregate performance one standard deviation above the average, or better than roughly 85% of all firms. A score of two means performance is twice as high as a firm that scores one. The method aggregates performance across vintage years, and considers both relative and absolute returns. In total, HEC Paris analysed performance data from 109 private fund-of-funds firms and the 733 funds they raised between 2008 and 2017, with an aggregate equity volume of $223b in 2021, and 99 fund-of-funds firms and 454 funds they raised between 2009 and 2018 with an aggregate equity volume of $131b in 2022. From this sample, HEC selected those firms that met the following objective criteria: at least two funds raised over the 2008 to 2017 period (2021) and 2009 to 2018 (2022) for which full performance information is available; performance data available on all of these the funds; more than $200m raised during this time; investments in US, Europe or global; and at least 10 observation years (i.e. the sum of the ‘age’ of all funds). Full report available by request. Past performance is not indicative of future returns.