27/10/2016 HorizonIRRsSummaryBenchmarksPrivateEquityPreqin

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Analysispreparedon27Oct2016
ForEjiroAgbeyiatARMCapitalPartners

Horizon IRRs - Summary

Summary
HorizonIRRsindicatehowtheprivateequityindustryisperformingduringadefinedperiod(i.e.during1year,3years,5yearsand10years).HorizonIRRsare
calculatedusingthefundsnetassetvalueasanegativeoutflowatthebeginningoftheperiod,anycashpaidorreceivedduringtheperiodandthefundsresidual
valueasapositiveinflowattheendoftheperiod.PreqincalculateshorizonIRRsusingcashflowdataforover3,000privateequityfunds.

PrivateequityhorizonIRRsshouldbeviewedwithsomecautionashorizonreturnsarecalculatedusingcashtransactionsaswellasportfoliovaluations,whichare
anestimatedvaluecalculatedandprovidedbythegeneralpartners.Asanilliquidasset,privateequityinvestorsarecommittedforalongperiodoftimeandcannot
cashintheirreturnsonsuchshortperiods.

Private Equity Horizon IRRs as at 31 Mar 2016

17

14
AnnualizedReturn(%)

12

10

2
1yeartoMar2016 3yearstoMar2016 5yearstoMar2016 10yearstoMar2016

AllPrivateEquity Buyout DistressedPE FundofFunds

Mezzanine Venture

Preqin2016

Horizon All Buyout Venture FundofFunds Mezzanine DistressedPE

1yeartoMar2016 6.6 9.3 2.5 8.9 7.6 1.0

3yearstoMar2016 13.7 15.7 15.0 14.0 13.7 6.3

5yearstoMar2016 12.1 13.5 10.0 11.7 13.8 8.0

10yearstoMar2016 10.2 12.4 4.4 7.4 11.2 9.9

Private Equity Regional Horizon IRRs as at 31 Mar 2016

16

14

12
AnnualizedReturn(%)

10

0
1yeartoMar2016 3yearstoMar2016 5yearstoMar2016

NorthAmerica Europe Asia

Preqin2016

Horizon NorthAmerica Europe Asia

1yeartoMar2016 5.2 11.4 9.7

3yearstoMar2016 13.7 15.3 12.7

5yearstoMar2016 12.4 12.8 9.0

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27/10/2016 HorizonIRRsSummaryBenchmarksPrivateEquityPreqin

1 Year Rolling Horizon IRRs by Fund Type

65

58

51

44

37

AnnualizedReturn(%)
30

23

16

2
0
5

12

19

26

33

40
1yeartoDec2000

1yeartoDec2001

1yeartoDec2002

1yeartoDec2003

1yeartoDec2004

1yeartoDec2005

1yeartoDec2006

1yeartoDec2007

1yeartoDec2008

1yeartoDec2009

1yeartoDec2010

1yeartoDec2011

1yeartoDec2012

1yeartoDec2013

1yeartoDec2014

1yeartoDec2015

1yeartoMar2016
AllPrivateEquity Buyout FundofFunds RealEstate Venture

Preqin2016

Horizon All Buyout Venture FundofFunds Mezzanine RealEstate

1yeartoDec2000 10.1 3.6 38.1 1.3 14.0 11.4

1yeartoDec2001 2.7 3.2 34.3 5.2 13.8 7.8

1yeartoDec2002 9.1 4.0 31.6 23.2 2.1 6.7

1yeartoDec2003 17.5 24.3 6.0 15.1 6.8 14.9

1yeartoDec2004 25.0 30.3 7.1 7.5 20.4 19.8

1yeartoDec2005 27.0 29.7 4.5 16.9 13.6 60.8

1yeartoDec2006 29.1 32.3 15.8 17.9 31.7 42.6

1yeartoDec2007 26.0 30.7 21.3 23.2 18.8 13.5

1yeartoDec2008 27.6 31.0 16.2 12.0 4.0 39.9

1yeartoDec2009 13.8 16.7 5.0 0.2 2.3 25.3

1yeartoDec2010 18.8 22.6 10.9 13.3 8.6 4.7

1yeartoDec2011 9.2 8.4 8.4 7.8 15.7 14.6

1yeartoDec2012 12.9 15.1 7.0 8.7 10.0 6.5

1yeartoDec2013 18.0 19.2 19.7 13.1 10.4 17.9

1yeartoDec2014 14.4 14.5 21.7 18.3 14.6 18.8

1yeartoDec2015 11.3 17.1 12.4 12.3 10.2 12.9

1yeartoMar2016 6.6 9.3 2.5 8.9 7.6 12.9

3 Year Rolling Horizon IRRs by Fund Type

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27/10/2016 HorizonIRRsSummaryBenchmarksPrivateEquityPreqin
100

90

80

70

AnnualizedReturn(%)
60

50

40

30

20

10

10

20
3yearstoDec2000

3yearstoDec2001

3yearstoDec2002

3yearstoDec2003

3yearstoDec2004

3yearstoDec2005

3yearstoDec2006

3yearstoDec2007

3yearstoDec2008

3yearstoDec2009

3yearstoDec2010

3yearstoDec2011

3yearstoDec2012

3yearstoDec2013

3yearstoDec2014

3yearstoDec2015

3yearstoMar2016
AllPrivateEquity Buyout FundofFunds Mezzanine
RealEstate Venture

Preqin2016

Horizon All Buyout Venture FundofFunds Mezzanine RealEstate

3yearstoDec2000 14.9 11.7 62.4 21.9 16.8 3.2

3yearstoDec2001 10.6 4.0 87.3 8.9 12.2 7.3

3yearstoDec2002 4.9 4.9 17.6 13.1 1.2 7.4

3yearstoDec2003 4.3 6.0 19.0 10.6 5.4 8.6

3yearstoDec2004 10.2 15.8 8.5 4.5 7.2 12.5

3yearstoDec2005 23.0 27.8 3.0 8.3 12.6 23.4

3yearstoDec2006 26.2 30.4 8.6 20.3 19.0 38.0

3yearstoDec2007 30.2 34.4 14.3 23.5 21.1 36.9

3yearstoDec2008 11.3 14.1 5.4 7.0 26.5 0.0

3yearstoDec2009 0.3 0.2 0.3 1.3 6.5 18.3

3yearstoDec2010 0.8 0.9 0.7 0.8 3.4 12.2

3yearstoDec2011 13.9 15.7 7.0 8.0 9.3 2.6

3yearstoDec2012 13.3 15.3 8.9 10.4 10.0 6.4

3yearstoDec2013 13.9 14.8 11.7 10.6 12.6 12.9

3yearstoDec2014 15.7 17.3 16.4 13.9 15.3 16.3

3yearstoDec2015 15.5 18.1 18.2 14.9 15.2 16.4

3yearstoMar2016 13.7 15.7 15.0 14.0 13.7 16.5

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