Expanding Retail Access to Private Markets

Expanding Retail Investor Access to Private Markets Private Capital Net IRRS Private Capital median net IRRs have, on average, exceeded 10% (Excluding Natural Resources) Median Net IRR since Inception 25% 20% 15% 10% 5% 0% Private Capital: Median Net IRRs by Strategy and Vintage Year (Most Up to Date) Pre-2006 2006 Private Equity 2007 2008 Private Debt 2009 2010 Vintage Year Real Estate 2011 2012 Infrastructure 2013 2014 Natural Resources* Source: Preqin, "The Future of Alternatives Report" (October 2018). *Natural Resources includes Natural Resources and Timberland funds only to avoid double counting. 2015 3

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