Head officeBranch office505 Montgomery StreetLondon, United KingdomSuite 2100San FranciscoCA 94111Tel: +1 415 986 7733Fax: +1 415 986 7744ASSETS / FUNDS UNDER MANAGEMENT$6.6 billion (as of 2004)YEAR FIRST INVESTED IN PRIVATE EQUITY1983AL LOCATION TO PRIVATE EQUITY / ALTERNATIVES100%PRIVATE EQUITY AL LOCATION BREAKDOWNProvides a breakdown in percentage terms of the institution'sallocation to private equity, in terms of geography, fund typeand investment opportunities.GEOGRAPHY: Largely focused on US venture capital funds, butinvestment activity encompasses European and Israeli vehicles.FUND TYPE: The focus is on venture capital funds but buyoutand later-stage vehicles are included.SELECTED FUNDS

FUND NAME manager size year fund type region
Alpha Private Equity Fund 3 Alpha Group $350m 1999 Buyout EUR
Atlas Ventures V Atlas Venture $758m 2000 Venture Capital NA
BC European Capital VII BC Partners o4200m 2000 Buyout EUR
Brentwood Associates IX Brentwood Venture Capital $300m 1998 Venture Capital NA
Centrepoint III CenterPoint Ventures $272m 2001 Venture Capital NA
CVC European Equity Partners II CVC Capital Partners $3000m 1998 Buyout EUR
DCM IV DCM-Doll Capital Management $375m 2004 Early-Stage NA
Duke Street Capital IV Duke Street Capital $650m 1999 Buyout EUR
Gemini Israel III Gemini Israel Funds $200m 2000 Diversified Private Equity ROW
Geocapital V Geocapital Partners $230m 1998 Venture Capital NA
Industri Kapital 2000 Fund Industri Kapital o1800m 2000 Buyout EUR
Israel Seed Partners IV Israel Seed Partners $200m 2000 Seed ROW
Italian Private Equity Fund III BS Private Equity o300m 2000 Buyout EUR
Jerusalem Venture Partners III Jerusalem Venture Partners $160m 1999 Venture Capital ROW
Jerusalem Venture Partners IV Jerusalem Venture Partners $400m 2001 Venture Capital ROW
Menlo Ventures IX Menlo Ventures $1515m 2001 Venture Capital NA
Mohr Davidow Ventures VII Mohr Davidow Ventures $450m 2000 Venture Capital NA
Outlook Ventures III Outlook Ventures $140m 2002 Early-Stage NA
PacVen Walden Ventures V Walden International $741m 2001 Diversified Private Equity INT
Redpoint Ventures II Redpoint Ventures $750m 2000 Venture Capital NA
Segulah III Segulah L.P. $312m 2004 Buyout EUR
TA Associates IX TA Associates $2000m 2000 Venture Capital NA
Terra Firma Capital Partners II Terra Firma Capital Partners o 2000m 2003 Buyout EUR
Waterland Private Equity Fund II Waterland Private Equity Investments BV o170m 2004 Buyout EUR
Worldview Technology Partners I Worldview Technology Partners $107m 1996 Venture Capital NA
Worldview Technology Partners II Worldview Technology Partners $167m 1998 Venture Capital NA
Worldview Technology Partners III Worldview Technology Partners $476m 1999 Venture Capital NA
Worldview Technology Partners IV Worldview Technology Partners $600m 2001 Venture Capital NA

Ms. Kathryn Abbott Mr. Fred Berkowitz
Managing Director Managing Director
London, fred@horsley.com
United Kingdom Head Office
Mr. Gary Bridge Mr. Alfred Giuffrida
Managing Director Managing Director
gary@horsley.com fredg@horsley.com
Head Office Head Office
Mr. Phillip Horsley Mr. Dan Reeve
Managing Director Managing Director
phil@horsley.com dan@horsley.com
Head Office Head Office