Alternative Assets & Private Markets Exposure

Harrowgate Capital Partners | As of Q4 2023 | $659M Alternatives NAV (31.4% allocation)

Blended Net IRR

14.2%

+280 bps vs. CA Benchmark

Portfolio TVPI

1.76x

$502M Unrealized Value

Unfunded Coverage

1.82x

Above 1.5x Target

2023 Capital Called

$87M

68% of Projection

PME Alpha vs. S&P

+3.1%

Outperforming Public

GP Concentration

42%

Top 5 GPs — Above Limit

DPI Progression by Vintage Year — J-Curve Analysis

TVPI by Strategy Sleeve

PME Alpha by Manager (Top 8)

Capital Call Pacing vs. Commitment Schedule — 24-Month View

Geographic Concentration (NAV %)

North America58%

Europe24%

Asia-Pacific13%

Other5%

HHI Score: 3,942 (moderate concentration)

Sector Exposure Heatmap (% NAV)

Buyout

Growth

Venture

Credit

Tech/Software

18%

22%

Healthcare

12%

11%

Financials

14%

Industrials

GP Concentration

KKR18%

Apollo9%

Blackstone6%

Vista Equity5%

Thoma Bravo4%

Mgmt Fee Drag by Strategy

Blended: 142 bps on committed capital

Liquidity Reserves

Cash & Equivalents

$218M

12-Mo Unfunded Commitment

$120M

Coverage Ratio

1.82x

Fund-Level Detail — Active Positions

Fund Name	GP	Vintage	Commitment	Called	NAV	DPI	TVPI	Net IRR
KKR Americas Fund XIII	KKR	2017	$50M	$48M	$72M	1.52x	2.21x	21.3%
Apollo Fund IX	Apollo	2018	$40M	$39M	$51M	0.88x	1.74x	16.8%
Blackstone Tac Opps V	Blackstone	2019	$35M	$28M	$34M	0.39x	1.61x	13.2%
Vista Equity Fund VII	Vista	2020	$30M	$22M	$28M	0.27x	1.54x	15.1%
Thoma Bravo XIV	Thoma Bravo	2021	$25M	$14M	$16M	0.07x	1.21x	9.4%
TPG Healthcare Partners	TPG	2019	$30M	$27M	$31M	0.41x	1.56x	11.9%
Carlyle Partners VII	Carlyle	2018	$40M	$38M	$48M	1.03x	1.82x	17.2%
Advent GPE IX	Advent	2020	$35M	$24M	$29M	0.29x	1.50x	14.3%