A Comprehensive Analytics Platform for

Private Markets Investors

SM

Cobalt is a smarter business intelligence platform built specifically for the private markets.

The private markets asset class is progressively complex with an increased focus toward manager selection and portfolio construction. How is your team formulating a data strategy to handle these new challenges?

Cobalt is a smarter business intelligence platform built specifically for the private markets. We provide a modern and flexible analytics interface that includes end-to-end portfolio monitoring, due diligence analytics, personalized reports and dashboards, automated benchmarking and comprehensive, accurate, and timely market data. Cobalt provides a single analytical interface to help your team conduct smarter diligence, tactically build portfolios, and drive investment returns.

We help you discover insights that Excel and simple data sources cannot provide. We do this by integrating your data into Cobalt, where it is analyzed and benchmarked against our leading sources of market data. This provides unmatched insight and helps you integrate powerful analysis into your diligence reports and portfolio reviews.

In short, we automate the most challenging calculation and reporting tasks LPs face, so that you can spend your time making decisions.

Make the case for private markets investing

> Compare your private markets investments to public market benchmarks

> Access your opportunity cost for investing in private markets

Portfolio Intelligence Sample Features

Control a 360 degree view of performance and risk exposures

> Summarize or dive deep into key metrics and compare them to industry benchmarks

> Group and filter on custom characteristics to conduct ad-hoc analysis

Guide your organization through commitment planning decisions

> Optimize a plan to maintain or achieve a desired exposure to the asset class

> Understand how your portfolio may react to various market cycles

7PEER J-CURVE BENCHMARKING

IRR J-Curve

The IRR j-curve analysis compares First Choice Partners Fund IV's IRR progression to its close peers. The IRR j- curve highlights a manager's

ability to mitigate the impact of fees and gauges the ability to build a portfolio that creates value and generates momentum. The grey

shaded area represents the first and third quartile break points of the IRR performance of the private market peer set.

First Choice Partners Fund IV's IRR has generally performed in the top two quartiles of the peer set throughout its life and is currently top

quartile.

TVPI Progression

Momentum analysis provides further insight into side-by-side comparisons by illustrating how the fund's performance has changed over

time in relation to its close peers. The grey shaded area represents the first and third quartile break points.

Peer Range Peer Median First Choice Partners Fund IV

2009 2010 2011 2012 2013 2014 2015

-40.00%

-20.00%

0.00%

20.00%

-60.00%

40.00%

Peer Range Peer Median First Choice Partners Fund IV

Jan '13 Jan '14 Jan '15Jul '13 Jul '14 Jul '15

0.75x

1.00x

1.25x

1.50x

1.75x

2.00x

2.25x

POWERED BY© 2018 Bison

6PUBLIC MARKET EQUIVALENT BENCHMARKING

PME Benchmark

PME Trend

Since 2013, First Choice Partners Fund IV's performance has tracked the Russell 2000 Health Sector Index closely. Both First Choice

Partners Fund IV and the health sector index have out performed the general market represented by the Russell 3000 Index.

First Choice Partners Fund IV Russell 2000® Health Sector Russell 3000® Index

Jan '13 Jan '14 Jan '15Jul '13 Jul '14 Jul '15

20.00%

12.50%

15.00%

17.50%

22.50%

25.00%

POWERED BY© 2018 Bison

5VALUE GROWTH

Horizon Returns

Over the last year, First Choice Partners Fund IV's total value has grown more quickly than both the public markets and its private market

peer set. Since inception, First Choice Partners Fund IV has under performed the Russell 2000 Health Sector benchmark by 123 bps.

Note: The Private Market Benchmark is a portfolio of 40 North America buyout funds from the 2008 vintage year.

First Choice Partners Fund IV Private Market Benchmark Russell 3000® Index Russell 2000® Health Sector

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

1 years 3 year 5 year Since Inception

POWERED BY© 2018 Bison

Diligence Intelligence Sample Features

Efficiently screen investment opportunities

> Efficiently screen and diligence general partners and funds on a single interface

> Compare your investments to a predetermined or custom peer set to make better-informed decisions

Dig deep to understand the exact factors that are driving value in your portfolio

> Automate quantitative deal attribution reports

> Evaluate the value drivers down to a specific sector, geography, or deal team, or other custom tags

Strengthen investment conviction

> Understand how a manager has created value across deals

> Put into context the impact a company has on your portfolio

13RISK ANALYSIS

Total Value Curve

The total value curve illustrates what proportion each company represents as a % of the fund’s total value. A 45 degree straight line would

indicate the fund’s total value is evenly distributed across the portfolio companies. A line that is bowed downwards indicates that total

value is concentrated in fewer deals.

Dispersion of Returns

The dispersion of returns illustrates the amount of capital that is invested in each of the four TVPI multiple ranges.

The fund’s loss ratio is 32.26%, which is represented by the amount of capital valued below 1.0x. The fund’s total loss ratio is 9.09%, which

is equal to the amount of invested capital that is currently written off.

Percentages

-50.00%

-25.00%

0.00%

25.00%

50.00%

75.00%

100.00%

Acecorporation

Inc.

Injection

International

E-Financials Plumberama

Global

Drillcorporation University

Campus Corner

Mansions R Us Roundplanet

International

Supercode

% of Invested % of Total Value

0.00%

20.00%

40.00%

60.00%

80.00%

100.00%

< 1x 1x - 2x

© 2017 Bison

10OPERATIONAL PERFORMANCE

Growth by Company

EV/EBITDA by Company

STATISTIC ENTRY CURRENT

Max 11.69x 10.89x

Average 9.48x 9.36x

Min 7.27x 6.69x

Entry Multiple Current Multiple

0.00x

2.50x

5.00x

7.50x

10.00x

12.50x

Drillcorporation University

Campus

Corner

Supercode Mansions R Us Plumberama

Global

Acecorporation

Inc.

E-Financials Injection

International

Roundplanet

International

© 2017 Bison

5FUND OVERVIEW

Deal Details

The charts on this page help you understand the high level story about your portfolio.

Invested by Company

$0.00

$50.00 M

$100.00 M

$150.00 M

$200.00 M

Drillc

orpo

ratio

n

Supe

rcod

e

Uni

vers

ity C

ampu

s Cor

ner

Aceco

rpor

ation

Inc.

Man

sion

s R U

s

Plum

bera

ma

Globa

l

E-Fina

ncials

Inject

ion

Inte

rnat

iona

l

Rou

ndpl

anet

Inte

rnat

iona

l

Holding Period by Company

0

1

2

3

Drillc

orpo

r…

Supe

rcod

e

Uni

vers

ity C

ampu

s Cor

ner

Aceco

rpor

ation

Inc.

Man

sion

s R U

s

Plum

bera

ma

Globa

l

E-Fina

ncials

Inject

ion

Inte

rnat

iona

l

Rou

ndpl

anet

Inte

rnat

iona

l

TVPI by Company

0.00x

0.50x

1.00x

1.50x

2.00x

Drillc

orpo

ratio

n

Supe

rcod

e

Uni

vers

ity C

ampu

s Cor

ner

Aceco

rpor

ation

Inc.

Man

sion

s R U

s

Plum

bera

ma

Globa

l

E-Fina

ncials

Inject

ion

Inte

rnat

iona

l

Rou

ndpl

anet

Inte

rnat

iona

l

PME Alpha by Company

ACWI IMI

-100.00%

0.00%

-75.00%

-50.00%

-25.00%

25.00%

Drillc

orpo

ratio

n

Supe

rcod

e

Uni

vers

ity C

ampu

s Cor

ner

Aceco

rpor

ation

Inc.

Man

sion

s R U

s

Plum

bera

ma

Globa

l

E-Fina

ncials

Inject

ion

Inte

rnat

iona

l

Rou

ndpl

anet

Inte

rnat

iona

l

© 2017 Bison

Market Intelligence Sample Features

Identify your next investment opportunity

> Screen opportunities with a comprehensive list of funds coming to market

> Search and filter through general partner track records

Evaluate portfolio construction decisions

> Understand historical risk and return behavior by strategy, focus and geography

> Isolate market cycles, and research upside and downside potential

10PEER TRACKING

Momentum Analysis

Over the past year, FUND_NAME's TVPI momentum has been +4.9%, the 18th highest among its close peer set. The two funds with the

highest momentum were Clayton, Dubilier & Rice Fund VIII (+58%) and HgCapital 6 (+39%). TVPI momentum measures the velocity of

each fund's net multiple over a period of time.

TVPI Progression

Momentum analysis provides further insight into side-by-side comparisons by illustrating how the fund's performance has changed over

time in relation to its close peers. The grey shaded area represents the first and third quartile break points.

-40.00% -20.00% 0.00% 20.00% 40.00% 60.00% 80.00% 100.00%-60.00% 120.00%

First Choice Partners Fund IV

Insight Equity II

Brazos Equity Fund III

Relativity Fund

HGGC Fund I

Centerview Capital

Leeds Equity Partners V

Riverside Capital Appreciation Fund V

Avista Capital Partners II

Crestview Partners II

Ares Corporate Opportunities Fund III

American Securities Partners V

Evergreen Pacific Partners II

Yucaipa American Alliance Fund II

GenNx360 Capital Partners

Peer Range Peer Median First Choice Partners Fund IV

Jan '13 Jan '14 Jan '15Jul '13 Jul '14 Jul '15

1.00x

1.25x

1.50x

1.75x

2.00x

2.25x

© 2017 Bison

Keep a close eye on current trends

> Follow liquidity patterns across different market segments

> Compare quarterly movements in industry valuations

9PEER TRACKING

Side By Side Comparison

Based on the fund's characteristics, the data set has been narrowed down to Global, North America, and Europe - Western buyout funds

between $2.0 billion and $5.0 billion.

Among this peer set of 21 funds, Fund III's TVPI ranks 15th, DPI ranks 8th, and IRR ranks 13th.

IRR

-20.00% 0.00% 20.00% 40.00% 60.00%

First Choice Partners Fund IV

American Securities Partners V

Ares Corporate Opportunitie…

Avista Capital Partners II

HGGC Fund I

Wind Point Partners VII

Leeds Equity Partners V

Lovell Minnick Equity Partner…

Crestview Partners II

Banc Fund VIII

Riverside Capital Appreciatio…

Lee Equity Partners Fund

Carpenter Community Bancfu…

Corinthian Equity Fund

Harren Investors II

TVPI

0.00x 1.00x 2.00x 3.00x 4.00x

First Choice Partners Fund IV

SPC Partners IV

American Securities Partners V

Evergreen Pacific Partners II

Insight Equity II

ABRY Partners VI

Wind Point Partners VII

Banc Fund VIII

Carpenter Community Bancfu…

Lovell Minnick Equity Partner…

Riverside Capital Appreciatio…

Vance Street Capital

Lee Equity Partners Fund

GenNx360 Capital Partners

Harren Investors II

DPI

0.00x 1.00x 2.00x 3.00x 4.00x

First Choice Partners Fund IV

ABRY Partners VI

SPC Partners IV

Levine Leichtman Capital Part…

Avista Capital Partners II

Ares Corporate Opportunitie…

Centerview Capital

Evergreen Pacific Partners II

Leeds Equity Partners V

Yucaipa American Alliance Fu…

Carpenter Community Bancfu…

GenNx360 Capital Partners

Corinthian Equity Fund

Lovell Minnick Equity Partner…

Insight Equity II

© 2017 Bison

5BENCHMARKING

Bison Benchmark

Q1 Q2 Q3 Q4

IRR TVPI DPI RVPI

COUNT 33 32 33 32

UPPER FENCE 28.89% 2.05x 1.67x 1.46x

Q1 17.01% 1.67x 0.95x 0.94x

Q2 14.35% 1.53x 0.64x 0.83x

Q3 9.08% 1.42x 0.48x 0.57x

LOWER FENCE -2.81% 1.04x 0.19x 0.32x

FIRST CHOICE PARTNERS FUND IV 19.19% 2.01x 1.04x 0.98x

The benchmarking peer set selected includes Global, North America, and Europe- Western buyout funds from the 2008 vintage year.

Against the composite, First Choice Partners Fund IV is located in the first quartile.

IRR

Fund A V

-10.00%

0.00%

10.00%

20.00%

30.00%

40.00%

TVPI

Fund B V

0.75x

1.00x

1.25x

1.50x

1.75x

2.00x

2.25x

DPI

Fund C V

0.00x

0.50x

1.00x

1.50x

2.00x

RVPI

Fund D V

0.25x

0.50x

0.75x

1.00x

1.25x

1.50x

1.75x

© 2017 Bison

Discover Insights to Drive Decision Making

Cobalt for Limited Partners is a cloud-based enterprise solution for private markets investors. Cobalt’s services are provided on an annual subscription basis.

With a Cobalt subscription, clients gain unlimited access to Cobalt’s analytics tools for assessing portfolio performance and diligencing general partner track records, as well as Cobalt’s robust database of limited partner-sourced fund returns and investor profiles.

> Think tactically about portfolio construction, cash flow forecasting and scenario analysis

> Strengthen conviction and streamline decision making with advanced company level analytics

> Educate stakeholders on market trends with timely and unbiased private markets data

www.cobaltlp.com Follow Us!