What follows is a case study exemplifying standard analysis of an asset manager that institutional investors undertake on a regular basis. Please read the introduction carefully, review the Track Record on tab 2 and follow the instructions below. A private equity asset manager specializing in digital infrastructure is coming into the TMRS offices to present their investment opportunity. They are raising money for their 4th Fund, looking to raise $2 billion to continue the strategy from their previous funds. Their track record is available on tab 2 detailing the individual performances of their deals as well as the fund level performance of their 3 predecessor funds.

Analyze the track record on tab 2:

i - Identify areas of high performance and areas of low performance

ii - Identify any concerns about the investments made

iii - Identify any concerns about investments this firm will make in their next fund

iv - Identify 2 pieces of information you would need to help determine the quality of this asset manager.

D E K M N O P Q Private Asset Manager, LP Fund Vintage: 2014 Size: 110MM 3 4 5 Remaining NAV (MM) 6 7 8 9 .0 Asset Project North Project South Project East Project West Project Center Geography Nashville Boise Chicago Boston Albany Date Committed Sep-14 Nov-14 Jun-16 Mar-06 Apr-16 Exit Mar-15 Feb-16 Dec-06 Jun-17 Dec-16 Status Realized Realized Realized Realized Realized Sector Spectrum Licensing Spectrum Licensing Spectrum Licensing Spectrum Licensing Spectrum Licensing Investment Type Equity Equity Equity Equity Equity Ownership % 100% 100% 100% 100% 100% GROSS Total Committed Capital (MM) 7.4 12.4 28.2 47.6 10.25 105.85 Invested Capital (MM) 7.4 12.4 28.2 47.6 10.25 105.85 Realized Proceeds (MM) 12.58 22.32 47.94 114.24 25.625 222.705 Total Value (MM) 12.58 22.32 47.94 114.24 25.625 222.705 MOIC 1.7x 1.8x 1.7x 2.4x 2.5x 2.1x IRR 44% 21% 46% 66% 63% 56% NET Total 37.6% 4 Private Asset Manager, LP -5 Fund II 6 Vintage 2016 .7 Size: 325MM .8 Exit Ownership % 100% Asset Project Blue Project Green Project Red Project White 9 20 ?1 12 23 Geography New York City San Juan Tallahassee New York City Date Committed Dec-16 Jan-17 Apr-18 May-18 Status Active Realized Active Active Jun-19 Sector Spectrum Licensing Data Centers Spectrum Licensing Cell Towers Investment Type Equity Equity Equity Debt / Warrants Invested Capital (MM) 53.6 45.0 5.0 32.5 136.1 Realized Proceeds (MM) 15.0 43.8 1.3 1.9 62.0 Committed Capital (MM) 56.0 90.0 21.0 135.8 302.8 100% 100% Remaining NAV (MM) 117.0 0.0 15.3 55.1 187.4 Total Value (MM) 132.0 43.8 16.6 57.0 249.4 MOIC 2.5x 1.Ox 3.3x 1.8x 1.8x IRR 44% -6% 24% 12% 19% GROSS Total NET Total 8.2% 25 26 Private Asset Manager, LP 17 Fund III 28 Vintage 2018 19 Size: 950MM 30 Realized Proceeds (MM) Exit 31 32 33 34 35 Asset Project Blue Project Green Project Red Project White Geography New York City Dublin Mexico City Washington DC Date Committed Oct-18 Oct-19 Jan-20 Apr-20 Status Active Active Active Active Sector Cell Towers Fiber Data Centers Data Centers Investment Type Equity Equity Equity Debt Ownership % 100% 49% 15% Committed Capital (MM) 175 210 160 115 660.0 Invested Capital (MM) 113.3 150.5 158.9 35.7 458.4 Remaining NAV (MM) 147.1 162.8 158.9 35.7 504.5 Total Value (MM) 147.1 162.8 158.9 35.7 504.5 MOIC 1.3x 1.1x 1.OX 1.0x IRR 17.90% 12.60% NM NM 8.6% GROSS Total 0.0 1.1x 37 NET Total 3.7% Term Committed Capital Date Committed Exit Gross Invested Capital IRR MOIC Net Ownership % Realized Proceeds Remaining NAV Size Total Value Vintage Definition The capital committed to that individual deal. The date the money was contractually committed to a deal or project. The date the deal or project was sold. Calculation prior to fees and profit share. The capital actaully invested to that individual deal. Internal Rate of Return Multiple on invested capital Calculation post fees and profit share. Percent of the deal the asset manager owns. The amount of money that the deal or project has already returned to investors. The remaining net asset value or remaining value that investors still own in the deal or project. Amount of money raised to invest at the outset of the fund, prior to investments actually being made. Total value of returned money and remaining value. The year in which the fund began investing the raised capital. D E K M N O P Q Private Asset Manager, LP Fund Vintage: 2014 Size: 110MM 3 4 5 Remaining NAV (MM) 6 7 8 9 .0 Asset Project North Project South Project East Project West Project Center Geography Nashville Boise Chicago Boston Albany Date Committed Sep-14 Nov-14 Jun-16 Mar-06 Apr-16 Exit Mar-15 Feb-16 Dec-06 Jun-17 Dec-16 Status Realized Realized Realized Realized Realized Sector Spectrum Licensing Spectrum Licensing Spectrum Licensing Spectrum Licensing Spectrum Licensing Investment Type Equity Equity Equity Equity Equity Ownership % 100% 100% 100% 100% 100% GROSS Total Committed Capital (MM) 7.4 12.4 28.2 47.6 10.25 105.85 Invested Capital (MM) 7.4 12.4 28.2 47.6 10.25 105.85 Realized Proceeds (MM) 12.58 22.32 47.94 114.24 25.625 222.705 Total Value (MM) 12.58 22.32 47.94 114.24 25.625 222.705 MOIC 1.7x 1.8x 1.7x 2.4x 2.5x 2.1x IRR 44% 21% 46% 66% 63% 56% NET Total 37.6% 4 Private Asset Manager, LP -5 Fund II 6 Vintage 2016 .7 Size: 325MM .8 Exit Ownership % 100% Asset Project Blue Project Green Project Red Project White 9 20 ?1 12 23 Geography New York City San Juan Tallahassee New York City Date Committed Dec-16 Jan-17 Apr-18 May-18 Status Active Realized Active Active Jun-19 Sector Spectrum Licensing Data Centers Spectrum Licensing Cell Towers Investment Type Equity Equity Equity Debt / Warrants Invested Capital (MM) 53.6 45.0 5.0 32.5 136.1 Realized Proceeds (MM) 15.0 43.8 1.3 1.9 62.0 Committed Capital (MM) 56.0 90.0 21.0 135.8 302.8 100% 100% Remaining NAV (MM) 117.0 0.0 15.3 55.1 187.4 Total Value (MM) 132.0 43.8 16.6 57.0 249.4 MOIC 2.5x 1.Ox 3.3x 1.8x 1.8x IRR 44% -6% 24% 12% 19% GROSS Total NET Total 8.2% 25 26 Private Asset Manager, LP 17 Fund III 28 Vintage 2018 19 Size: 950MM 30 Realized Proceeds (MM) Exit 31 32 33 34 35 Asset Project Blue Project Green Project Red Project White Geography New York City Dublin Mexico City Washington DC Date Committed Oct-18 Oct-19 Jan-20 Apr-20 Status Active Active Active Active Sector Cell Towers Fiber Data Centers Data Centers Investment Type Equity Equity Equity Debt Ownership % 100% 49% 15% Committed Capital (MM) 175 210 160 115 660.0 Invested Capital (MM) 113.3 150.5 158.9 35.7 458.4 Remaining NAV (MM) 147.1 162.8 158.9 35.7 504.5 Total Value (MM) 147.1 162.8 158.9 35.7 504.5 MOIC 1.3x 1.1x 1.OX 1.0x IRR 17.90% 12.60% NM NM 8.6% GROSS Total 0.0 1.1x 37 NET Total 3.7% Term Committed Capital Date Committed Exit Gross Invested Capital IRR MOIC Net Ownership % Realized Proceeds Remaining NAV Size Total Value Vintage Definition The capital committed to that individual deal. The date the money was contractually committed to a deal or project. The date the deal or project was sold. Calculation prior to fees and profit share. The capital actaully invested to that individual deal. Internal Rate of Return Multiple on invested capital Calculation post fees and profit share. Percent of the deal the asset manager owns. The amount of money that the deal or project has already returned to investors. The remaining net asset value or remaining value that investors still own in the deal or project. Amount of money raised to invest at the outset of the fund, prior to investments actually being made. Total value of returned money and remaining value. The year in which the fund began investing the raised capital