Presentation to San Diego County Employees Retirement ...

Presentation to San Diego County Employees Retirement Association

October 20, 2016

Intent of Public Pension CapitalCreate a platform to improve the Private Equity modelfor public pension plans and other long term investorsin four areas: Investment Performance

Economics to the Investors

Alignment

Governance

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Public Pension Capital Today Total Commitments – $530 million

Number of Investors – 8 including the public pensionplans of Oregon, Minnesota, Kentucky Teachers andMichigan

Leadership – Perry Golkin and Michael Tokarz, twoformer General Partners at Kohlberg Kravis Roberts &Co with over 65 years of combined private equityexperience

Team – 19 professionals located in offices in New Yorkand Chicago

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PPC Organization Chart

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Perry Golkin(CEO & Co-founder)

Investment Committee

James Fisher(Partner – Head of Financial Services Investments Group)

Investment Committee

Jeffrey Krauss(Partner – Head of Healthcare Services Investments Group)

Bruce Shewmaker(Sr. Managing Director)Investment Committee

Michael Tokarz(Co-founder)

Investment Committee

Max Alper(Managing Director)

James Lynch (Managing Director)

Puneet Sanan (Co-Head Specialty Chemicals

Group)

Peter Seidenberg (Managing Director)

Thomas Uger(Partner)

Kevin Byrne Christopher Ferguson Phillip Muller Michael Noonan

Scott Schuenke (Chief Financial Officer) Kevin Scoby Kashyap Shah

Annette Guarnaccio(Managing Director)

Shivani Khurana(Co-Head Specialty Chemicals

Group)

The Investment Team Building a successful private equity program involves a long term

commitment. Having an investment team committed to the firm’s longterm success is essential. Long term is not measured in years butdecades.

PPC’s leadership is comprised of 5 executives with, on average, over 25years of private equity experience. Two of these executives, Jim Fisherand Jeff Krauss head industry teams.

Six additional investment executives, the “next generation”, each have aminimum of 15 years of private equity experience. One of theseexecutives, Jim Lynch, heads our Chicago office, and three others, TomUger, Shivani Khurana and Puneet Sanan, lead or co-lead an industryteam.

Our goal is to have world class investment executives. Additionally, thecharacter of our people will be of the highest order and they will be heldto the highest ethical standards. Most importantly, everyone mustunderstand that we work for our investors and we have dedicated ourfirm to creating an improved private equity platform.

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PPC’s Investment Approach Focus on companies in North America.

Focus on the lower middle market.

Type of investments: small buyout and growth equity. Focus on specific industries:

Primary target sectors: financial services, business and industrialservices, specialty chemicals, and specific segments of the healthcareindustry, such as healthcare services, healthcare information and medicaltechnology.

Will also opportunistically pursue investments in additional industries inwhich the investment team has experience and industry expertise and inwhich PPC believes that opportunities exist to profit from the applicablemarket dynamics.

Seek to provide operational support to portfolio companies to achievesuperior returns.

Apply over 80 years of KKR expertise and experience to the middlemarket.

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Sustainable Sources of Excess Return

Sourcing. Given our uniqueexperiences and relationships ineach industry segment, our Fundcan locate and secure attractiveinvestments.

Complexity is the main source ofinformational asymmetry and itexists in financial services,healthcare and specialty chemicalsbusinesses. Most private equityfirms are not equipped to properlyand promptly understand theopportunities in these industries.

Behavioral opportunities arise as aresult of misalignment. In someinstances, General Partners areincentivized to put capital to workregardless of returns and to generatefee related income. Additionally, thereis reluctance to invest in opportunitieswhere proper due diligence isexpensive or an investment of time isrequired to fully develop anyinvestment thesis.

Frictional sources of alpha arise out ofmarkets that trade inefficiently due tocertain legal, regulatory or policy ruleswhich prevent investors from acting ina purely economic rational manner.Financial services and healthcarebusinesses are burdened by many ofthese inefficiencies.

The Fund will work to identify investment opportunities which will generate excess returns within each industry group.

ExcessReturn

Operational

Excess return often comes from the successfulexecution of a value creation strategy. Ourfirm will provide, when needed, operationalexpertise to assist management in maximizingreturns.

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Case Study: Kramer Van Kirk Credit Strategies LPBusiness Description Kramer Van Kirk Credit Strategies L.P. (“KVK”) is a Chicago-based, multi-discipline credit asset

manager. KVK has structured and issued eight Collateralized Loan Obligations (“CLO”) since inception with

approximately $4.1bn of assets under management. KVK has a proprietary credit portfolio management software platform that is being commercialized

as a standalone business. PPC structured a 40% investment with strong governance rights, including veto rights on key

business decisions and the right to explore strategic alternatives after five years. Investment in KVK closed on May 8, 2015.Investment Rationale KVK required risk retention capital for purposes of growing its business. Initial investment thesis is to organically grow AUM of the CLO management business. Diversify into new investment strategies to drive AUM and fee growth.

Value Creation Plan Leverage PPC investment team’s experience, knowledge and contacts in the asset management

industry to drive strategy, create value and increase AUM. Use PPC’s experience in commercializing technology to assist in the strategy and licensing of

KVK’s technology platform.

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Case Study: Hospitality eBusinessStrategies, Inc. Business Description Hospitality eBusiness Strategies, Inc. (“HeBS”) is a leading provider of content management and

digital media technology and services to 4 and 5 star independent hotels and small hotel chains. HeBS’ primary offerings include: Content Management System (design and operation of

chain/property websites), Digital Marketing System (management of digital marketing campaigns)and Consulting (strategic and tactical assistance with all facets of digital marketing).

PPC made an investment for a 51% ownership stake in HeBS. The investment closed onFebruary 11, 2016.

Investment Rationale Independent hotels are focused on maximizing bookings directly via their websites rather than via

online travel agencies and other intermediaries. Independent hotels lack the capabilities to accomplish these goals by themselves and rely upon

assistance from technology partners. Hotel technology is underpenetrated and inadequately integrated. HeBS will serve as a platform to acquire related companies and create an integrated, differentiated

provider of critical technology / services to independent hotels.

Value Creation Plan Leverage PPC investment team’s experience, knowledge and contacts in the hospitality

technology industry to drive strategy and complete acquisitions. Support founding management team in scaling the platform, including additional hires,

implementation of systems and establishment of more comprehensive business metrics.

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Investment Performance - Summary Senior executives focus on investing. Distractions from administration, fundraising and regulatory

compliance are minimized as a result of improved privateequity model.

Senior KKR executives apply lessons learned to the middlemarket.

Value creation and exits are the primary concern for allinvestment professionals after investments are made.

No conflicting objectives: Seek to achieve high returns and multiple of capital. No incentive to execute transactions for fees. No incentive to focus on assets under management. There are no other businesses, such as capital markets,

which provide conflicting motives for pursing a transaction.10

Modified Private Equity Fund Model Economics to the Investors – Management Fee

The Management Fee is budgeted for each fiscal year commencingApril 1st. The budget is based on what fee is appropriate to run thebusiness for that fiscal year. The Management fee requires annualapproval of the Board of Investors.

All transaction fees and portfolio Company monitoring fees are fulloffsets to the budget.

The current Management Fee is 1.49% of committed capital. AsPublic Pension Capital increases its capital base the ManagementFee percentage is expected to decline since the Management Fee isset by budget and is not proportionate to the size of the Fund.

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Modified Private Equity Fund Model Economics to the Investors – Profit Participation (Carry)

Carry Structure

10% maximum.

Provides incentive, in all scenarios, to maximize value. 0-4% annual IRR: 0% Carry

4-8% annual IRR: 5% Carry

>8% annual IRR: 10% Carry

Netting of carry gains against losses is not limited byindividual fund structures.

The combination of reduced management fees and reducedcarry, as compared to the market standard, reduces the gapbetween gross and net returns and produces enhancedannual returns to the investors.

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Modified Private Equity Fund Model Alignment

There is one small sophisticated investor base.

Investors can either increase or, after an initial 3-year investmentperiod, decrease their unfunded commitments each year.

Public Pension Caiptal has only one business and one set ofinvestors which avoids conflicts.

The executives of Public Pension Capital have committed $50 millionto the Fund.

The budgeting process keeps incentives properly aligned. Conflictsare minimized since portfolio company and transaction fees are fullyoffset. Expenses are subject to Board of Investor review through thebudgeting process.

The Carry structure creates the right incentives – maximizes theprofitability of each deal.

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Modified Private Equity Fund Model Governance

Board controlled by investors.

Board approves the admission of additional investors and sets thesize of the Fund each fiscal year.

Board annually approves the budget (Management Fee).

After April 1, 2018, Board has the power to dismiss the ChiefExecutive Officer of the Manager and approve a replacement.

Each investor can unilaterally withdraw its unfunded commitmenteach year after an initial 3-year investment period.

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Recent Development in California California Governor Jerry Brown signed into law a Bill intended to

provide transparency with respect to fees and expenses paid byCalifornia public pension or retirement systems (“Plans”) to privateequity funds commencing January 1, 2017.

A fund must provide the Plans: (i) the fees that the Plans pay directlyto the fund, fund manager or related parties; (ii) the Plan’s pro ratashare of the carried interest paid to the fund manager or relatedparties; and (iii) the Plan’s pro rata share of the aggregate fees andexpenses paid by all of the portfolio companies held by the fund to thefund manager or related parties.

Public Pension Capital already provides full transparency with respectto its fees and will comply fully with the new legislation.

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The Public Pension Capital Approach We work for our clients, so it does not require legislation for us to

provide information needed by our investors.

Our structure requires that all portfolio company and other fees fullyoffset management fees to be paid by our investors. This occursannually in our budgeting process.

Public Pension Capital’s goal is to have meaningful substantivechange in the relationship between fund manager and investors.

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Sustainability of PPC’s Model Our goal is to have 15 – 20 investors provide an ongoing pool of

capital of approximately $1 billion.

PPC’s cost structure is determined by what is required to run thebusiness and therefore declines as a percentage of the capital undermanagement as the capital pool grows and investments are made.

Since our business model allows the investors to adjust their capitalcommitments each year, PPC will be more effective in having capitalwhen needed rather than charging investors additional fees on capitalthat is not required.

Investments will liquidate in approximately 5 years, on average.Thus, investors will be able to recycle capital and build theirrespective investment programs with PPC.

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Apendix

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MANAGEMENT OF THE FUND

Investment Team

Perry Golkin

Mr. Golkin is a senior investment professional with over 25 years of private equity experience and prior experience as a corporate lawyer. He is also a certified public accountant. Mr. Golkin was an executive with KKR from 1986-2011 and a general partner or member from 1995 through 2009. During his career at KKR he held various positions with the firm including: (1) serving on KKR’s Operating Committee; (2) serving on KKR’s first Portfolio Management Committee and chairing that committee for 5 years; (3) serving as KKR’s New York Administrative Partner; (4) leading KKR’s investor relations and fundraising group; and (5) leading KKR’s financial services and homebuilding industry groups. Mr. Golkin served on numerous corporate boards for transactions on which he worked including American Reinsurance, Willis Group, Rockwood Chemicals and Primedia. Prior to KKR he practiced corporate law with Simpson Thacher & Bartlett, was a staff accountant at Price Waterhouse & Co. and taught financial and management accounting at the University of Pennsylvania’s Wharton School of Business. Currently Mr. Golkin is an Adjunct Professor of Law at the University of Pennsylvania, serves as a trustee at the University of Pennsylvania and serves on the boards of both its Law School and health system. Additionally, in the spring term he teaches an interdisciplinary course at the University of Pennsylvania’s Wharton School of Business and Law School entitled Business Strategy and Corporate Law. Mr. Golkin graduated with a B.S., summa cum laude, and M.S. from the University of Pennsylvania’s Wharton School of Business and also received a J.D. from the University of Pennsylvania’s Law School.

Michael T. Tokarz

Mr. Tokarz is a senior investment professional with over 30 years of lending and investment experience. From November 2003 through today, Mr. Tokarz has served as Chairman and Portfolio Head of MVC. Prior to founding TTGA in 2002, he was a general partner with KKR. During his 17-year tenure at KKR, he participated in diverse leveraged buyouts, financings, restructurings and dispositions. At KKR, among other responsibilities, Mr. Tokarz served as New York Administrative Partner, a member of KKR’s first Portfolio Management Committee and head of the commercial banking industry group. He also had roles in some of KKR’s most successful investments including Beatrice Foods, Safeway Stores and Bank of New England. Mr. Tokarz currently serves on corporate boards including Walter Energy, Inc., Mueller Water Products, Inc., Walter Investment Management Corp. and CNO Financial. Mr. Tokarz also served as the Chairman of the Board of the University of Illinois Foundation. Prior to his tenure at KKR, Mr. Tokarz was a commercial banker at Continental Illinois where he was known for innovation and buyout financings. Mr. Tokarz rose to run the East Coast operation of Continental Illinois from New York. He received his undergraduate degree with High Distinction in Economics and an MBA in Finance from the University of Illinois and is a certified public accountant. He was selected as one of the “Ten Best Corporate Directors in America” by Outstanding Directors Exchange in 2007. In addition to the roles described above, Mr. Tokarz is also a senior investment professional at MVC Private Equity Fund, L.P. (the “Existing MVC PE Fund”).

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James Fisher

Mr. Fisher is a senior investment professional with over 22 years of financial services and investment experience. From April 1, 1997, through April 1, 2012, Mr. Fisher served as Managing Member of Fisher Capital Corp. LLC, an affiliate of KKR, where he assisted in identifying and analyzing investment opportunities in financial services. Mr. Fisher has also spent a large portion of his career as an insurance executive at various companies. He was Chairman and CEO of Bristol West Holdings, Inc., a non-standard automobile insurer and a KKR portfolio company from 2000 to 2006, and prior to that, he was at American Reinsurance Corporation from 1986 to 1997, where his roles included Chief Financial Officer of American Re Corporation, President of American Reinsurance Financial Products and President and Chief Executive Officer of American Reinsurance Asset Managers. As a key member of KKR’s financial services team, Mr. Fisher also served on the boards of Willis Group Holdings Limited (global insurance and reinsurance broker), First Data Corporation (one of the largest credit card processing companies in the U.S.), and Alea Group Holdings (a Bermuda-based international reinsurance company). Prior to American Re Corporation, he was a Director of Insurance Industry Services at Price Waterhouse. Currently he is a Trustee for The National World War II Museum and the American Foundation for the Blind, and is a member of the Standing Committee of Lafayette College Board of Trustees. Mr. Fisher received a B.A. in Economics from Lafayette College, and is a certified public accountant.

Jeffrey Krauss

Mr. Krauss is a senior investment professional with over 25 years of private equity experience. Prior to joining PPC, Mr. Krauss was a member of Psilos Group Managers, LLC, from 2000 to 2012 with a focus on investments in healthcare services, healthcare information technology, and medical technology segments. Prior to joining Psilos Group Managers, LLC, Mr. Krauss was a general partner at Nazem & Company, a New York-based venture capital firm, from 1990 to 2000, where he specialized in investments in the healthcare services and healthcare information technology segments. Prior to joining Nazem & Company, Mr. Krauss was an attorney with the law firm of Simpson Thacher & Bartlett, where he specialized in private equity transactions. Mr. Krauss was an auditor with the accounting firm of Ernst & Young before joining Simpson Thacher & Bartlett. Mr. Krauss is currently a volunteer with the New York City Investment Fund in the Fund’s Healthcare Sector Group, as well as several healthcare-related not-for-profit entities. Mr. Krauss received a B.S. in Accounting, magna cum laude, from the State University of New York at Albany and received a J.D., cum laude, from Harvard Law School. He currently serves on the board of Tegal Corporation, a public company, and several private companies.

Bruce Shewmaker

Mr. Shewmaker is a senior investment professional with over 30 years of private equity and investment banking experience. He joined TTGA in 2006, where he is currently a Senior Managing Director. Mr. Shewmaker was a Managing Director of MVC from 2003 to 2006. He also served as a member of the Board of MVC. Mr. Shewmaker was a Co-Founder of Merrill Lynch Venture Capital, Inc. where he initiated several private equity investment partnerships, including three business development companies. During his 10 year career at Merrill Lynch, he participated in sourcing, negotiating and monitoring over 40 private equity transactions including leveraged

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buyouts and venture capital investments, of which seven companies completed initial public offerings. More recently, Mr. Shewmaker served as President and Chief Executive Officer of The US Russia Investment Fund, where he managed a staff of 60 people, including eight private equity professionals, in seven offices across the Russian Federation. As a Managing Director of E*OFFERING Corp., he helped this investment banking firm participate in underwriting more than 50 initial public offerings of domestic companies and was responsible for organizing a global investment banking network. While Mr. Shewmaker has spent the majority of his career with registered investment companies or investment management divisions of NYSE listed firms (divisions of The Chase Manhattan Bank and Time Inc.), in the late 1990s Mr. Shewmaker Co-founded Crossbow Ventures, a regionally focused private equity partnership located in Florida. Mr. Shewmaker received a B.S. in Finance from The Ohio State University. In addition to the roles described above, Mr. Shewmaker is also a senior investment professional at the Existing MVC PE Fund and currently serves as a director of Foliofn, Inc. and Advantage Insurance Holdings. Since 2011, Mr. Shewmaker has been serving as an Independent Director and Chairman of the Valuation Committee of Garrison Capital, Inc.

Thomas Uger

Mr. Uger is a senior investment professional with over 17 years of private equity experience. Prior to joining PPC, Mr. Uger was a partner and head of merchant banking at LionTree LLC, a boutique investment bank. Prior to LionTree, Mr. Uger was a partner and co-head of North America Media and Communications at KKR, where he worked for 16 years. While at KKR, Mr. Uger served on the Boards of Ipreo, Weld North, Primedia and Evenflo. Mr. Uger was also involved in numerous other KKR investments, including in PanAmSat, KSL Holdings and Nexstar Financial. Mr. Uger currently serves on the Board of Directors of New Alternatives for Children, a not-for-profit organization that provides health and social services to children with disabilities and chronic illnesses. Mr. Uger received a B.A. in Government from Dartmouth College.

Max Alper

Mr. Alper is a senior investment professional with over 16 years of private equity experience. Prior to joining PPC, Mr. Alper was a senior executive at KKR, where he led private equity investments in the services, chemicals, and consumer sectors. He has served on the boards of directors and audit committees of Del Monte Corporation, Big Heart Pet Brands, BrightView Landscape, and The Brickman Group, and was also involved with KKR’s investment in The Nielsen Company. Prior to joining KKR Mr. Alper was with SAB Capital, Madison Dearborn Partners, and Morgan Stanley Capital Partners. Mr. Alper graduated from the University of Texas at Austin with a B.B.A./B.A. in Plan II and Business Honors, and received his MBA from Harvard Business School.

Annette Guarnaccio

Ms. Guarnaccio is responsible for the day-to-day management of the PPC offices. She is involved in managing the budget, obtaining service contracts and developing policies. Ms. Guarnaccio is also responsible for investor relations including maintaining communication

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and coordination with the investors. Prior to PPC, Mrs. Guarnaccio spent 32 years at KKR where she worked in a number of capacities including Director of Fund Administration.

Shivani Khurana Ms. Khurana is a senior investment professional with over 15 years of experience in private equity, leveraged finance, investment banking and investment management. Ms. Khurana is the co-head of the Specialty Chemicals industry group at PPC. Ms. Khurana joined MVC in March 2004 and then moved to TTGA in 2006, and has played a key role in MVC’s growth by sourcing and monitoring several of MVC’s equity and debt investments across a variety of industries. Before joining MVC, Ms. Khurana worked at Cadigan Investment Partners, a middle-market leveraged buyout firm where she was involved in originating, structuring, financing and negotiating buyout transactions. Previously, Ms. Khurana worked in the leveraged finance group of Wachovia Securities where she specialized in restructuring advisory, distressed debt investing and turnaround financing; and the investment banking group of Merrill Lynch. Ms. Khurana received a Bachelor of Commerce with accounting honors from Panjab University, India; an MBA in Finance from University of Sheffield, United Kingdom; and an M.S. in Finance from University of Rochester, New York. In addition to the roles described above, Ms. Khurana is also a senior investment professional at the Existing MVC PE Fund. Ms. Khurana currently serves as a director of U.S. Spray Drying Holding Company, Inc., Plymouth Rock Energy, LLC, Advanced Oilfield Services, Inc. and Turf Products, LLC. James D. Lynch Mr. Lynch is a senior investment professional with over 19 years of consulting, operations and private equity experience. Mr. Lynch is a Managing Director of TTGA with responsibilities for deal sourcing, execution and monitoring of portfolio investments. Prior to joining TTGA in 2007, Mr. Lynch was a Managing Director at FTI Consulting (NYSE:FCN) and a Leader of the Intellectual Property Transactions practice. Previously, Mr. Lynch worked at Deloitte & Touche Financial Advisory Services as a Practice Leader of Deloitte’s Intellectual Asset Management service line and the Venture Strategy Group. At both Deloitte and FTI, he managed global teams that performed innovation and corporate finance engagements for Fortune 500 corporations, financial institutions, entrepreneurial ventures and public sector institutions. The client engagements included corporate finance, M&A and intellectual property transactions, strategic innovation and operational consulting, technology commercialization and the creation of new business enterprises. Before Deloitte, Mr. Lynch worked in business competitive intelligence and internal audit for Owens Corning Corporation (NYSE:OC). Mr. Lynch is a member of the Board of Advisors of Quantum Ventures and Illinois Business Consulting. Mr. Lynch received a B.S. in Accounting from Purdue University and an MBA from the University of Illinois. In addition to the roles described above, Mr. Lynch is also a senior investment professional at the Existing MVC PE Fund. Puneet Sanan Mr. Sanan is co-head of the Specialty Chemicals industry group at PPC and a Managing Director of TTGA. Mr. Sanan is a senior investment professional with over 18 years of experience in

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private equity, corporate finance and investment banking; and has played a key role in MVC’s growth, debt and equity capital raise, and sourcing, execution and monitoring of investments. Before joining MVC, Mr. Sanan worked at Cadigan Investment Partners, a leveraged buyout firm, and was involved in originating, developing, analyzing, structuring, financing and negotiating leveraged and management buyouts, recapitalizations and growth capital financing for middle-market companies. Previously, Mr. Sanan was a Vice President and managed the investment Banking Division of Fano Securities, where he received international recognition for financial advisory work in alternative energy technology. Prior to joining Fano Securities, Mr. Sanan was an Associate Director at UBS Warburg’s Leveraged Finance/Financial Sponsors group where he advised leading private equity firms on leveraged buyouts, mergers and acquisitions and private equity investments. Mr. Sanan has held various other corporate finance and industry positions. Mr. Sanan received a Bachelor of Engineering with Honors in Chemical Engineering from Panjab University, India and an MBA in Finance from The University of Texas at Austin. In addition to the roles described above, Mr. Sanan is also a senior investment professional at the Existing MVC PE Fund. Mr. Sanan currently serves as Chairman of U.S. Gas & Electric, Inc. and as a director of Summit Custom Spray Drying, Inc., Turf Products, LLC, Security Holdings, MVC Automotive, and Gibdock Ltd. Peter F. Seidenberg Mr. Seidenberg is a senior investment professional with over 22 years of experience in private equity and venture capital investing, corporate finance, operations and general management. Mr. Seidenberg joined MVC in 2005 and joined TTGA in 2006 and has played a key role in MVC’s growth, debt and equity capital raises, execution and monitoring of investments. Prior to joining MVC, he served as a Principal and Chief Financial Officer of Nebraska Heavy Industries and worked on engagements including serving as Chief Operating Officer of Commerce One, Inc. (NASDAQ: CMRC). Prior to his tenure at Nebraska Heavy Industries, Mr. Seidenberg served as the Director of Finance and Business Development and as Corporate Controller for Plumtree Software, Inc. (NASDAQ: PLUM) where he was responsible for driving strategic initiatives and managing the finance and accounting staff. Before joining Plumtree, Mr. Seidenberg worked at AlliedSignal. While at AlliedSignal, Mr. Seidenberg held a variety of roles including Controller and Manager of Financial Operations for the Electronic Materials Strategic Business Unit. Mr. Seidenberg has served in a variety of roles including General Manager at several small manufacturing companies. Mr. Seidenberg received a B.S. and an MBA from Cornell University. In addition to the roles described above, Mr. Seidenberg is also a senior investment professional at the Existing MVC PE Fund. Mr. Seidenberg currently serves as a director of AccuMED Corporation and Hospitality eBusiness Strategies, Inc. Kevin Byrne Mr. Byrne is the Deputy Chief Compliance Officer of Public Pension Capital, the Chief Compliance Officer of MVC Capital and TTGA, responsible for overseeing the compliance programs. Since 1998, Mr. Byrne has been a Member of Fisher Capital Corp. LLC. where he assists in analyzing investment opportunities in financial services and oversees all compliance and administrative functions. Prior to Fisher Capital, Mr. Byrne was an executive in the Financial Services Division of American Re-Insurance Company in Princeton, NJ where he headed up the

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Tax Consulting and Administration Department. Prior to American Re, he worked in public accounting. Mr. Byrne holds a B.S. Degree in Accounting from Georgetown University, an M.S. Degree in Taxation from the Villanova University School of Law and is a member of the American Institute of Certified Public Accountants. Christopher Ferguson Mr. Ferguson joined TTGA in 2012 and is responsible for sourcing, executing and monitoring investments. Prior to joining TTGA, Mr. Ferguson has worked in Private Equity at CCMP Capital, from 2010 to 2011, and as a member of a corporate cash management team at Credit Suisse from 2007 to 2008. Mr. Ferguson received a B.A. in Government from Franklin and Marshall College in Lancaster Pennsylvania and an MBA with a dual concentration in Finance and Management from Seton Hall University’s Stillman School of Business. Mr. Ferguson currently serves as a director of AccuMED, Inc. and Hospitality eBusiness Solutions, Inc. Phillip Müller Mr. Müller is an investment professional responsible for sourcing, executing and monitoring investments. Prior to joining PPC, Mr. Müller was an Associate at Corsair Capital, a private equity firm focused on investing in the global financial services industry. Mr. Müller began his career as an investment banking Analyst at Morgan Stanley, where he advised companies on mergers and acquisitions and capital raising transactions. Mr. Müller graduated from the Huntsman Program in International Studies and Business at the University of Pennsylvania, magna cum laude, where he received a B.S. in Economics from the Wharton School and a B.A. in International Studies from the College of Arts and Sciences. Michael Noonan Mr. Noonan is an investment professional responsible for sourcing, executing and monitoring investments. Prior to joining PPC, Mr. Noonan was a senior manager at Northrop Grumman, where he worked in the office of the CFO. Mr. Noonan has extensive middle market investing experience, having held positions at private equity funds Eos Partners and Graham Partners. He was also an investment banking professional at J.P. Morgan and Greenhill & Co. Mr. Noonan received a B.A. in Political Science from Duke University, an MBA from the University of Pennsylvania’s Wharton School of Business and a JD from the University of Pennsylvania’s Law School. Prior to obtaining his graduate degrees, Mr. Noonan was a Fulbright Scholar lecturing on foreign direct investments in emerging markets at the University of Tartu in Tartu, Estonia. Scott Schuenke Mr. Schuenke joined TTGA in 2006 and is the Chief Financial Officer of each of the Fund, MVC and TTGA. He is responsible for overseeing the financial operations of TTGA, MVC and its wholly-owned subsidiaries. He also provides financial expertise and monitoring to various portfolio companies and assists investment professionals in deal sourcing, due diligence, modeling and closing activities. From 2004 to 2006, he was employed by MVC, first as its Corporate Controller and then as its Chief Compliance Officer. Prior to joining MVC, Mr. Schuenke was a compliance officer with US Bancorp Fund Services, LLC, where he was responsible for financial

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reporting and compliance oversight of more than 15 open- and closed-end registered investment companies. Mr. Schuenke also worked in the audit and assurance services area with PricewaterhouseCoopers, LLP. Mr. Schuenke received a B.B.A. from the University of Wisconsin, Milwaukee, an M.P.A. from the University of Wisconsin, Whitewater, and an MBA from the Northwestern University Kellogg School of Management. Mr. Schuenke is a Certified Public Accountant licensed in the State of Wisconsin. Mr. Schuenke currently serves as a director of NPWT Corporation. Kevin Scoby Mr. Scoby joined TTGA full time in 2012 and is responsible for sourcing, executing and monitoring investments. Prior to joining TTGA on a full time basis, Mr. Scoby had interned at Connaught Real Estate Finance. Mr. Scoby received a B.S. in Economics with a concentration in Finance from The Wharton School of the University of Pennsylvania. Mr. Scoby currently serves as a director of Centile Holding BV and Focus Pointe Holdings, Inc. Kashyap Shah Mr. Shah is an investment professional with over eleven years of experience in private equity, investment banking and equity capital markets. Mr. Shah joined TTGA in 2010 and has been involved in sourcing, evaluating and executing investment opportunities. Before joining TTGA, Mr. Shah held several roles at Edelweiss Capital Limited in Mumbai, India, from 2004 to 2009 where he was most recently the Chief Operating Officer of its investment banking group. In that capacity, Mr. Shah was responsible for high priority strategic initiatives including setting-up the financial sponsors and country coverage groups and establishing strategic alliances. Mr. Shah was the youngest employee to be inducted to Edelweiss’ Senior Leadership Group. Prior to this role, Mr. Shah was a Senior Manager responsible for managing investment banking transactions across product and sector groups. His experience spans across M&A, private placements, structured finance and ECM transactions. Prior to Edelweiss Capital, Mr. Shah worked with KPMG in its Mumbai office (local affiliate). Mr. Shah received a Bachelor of Commerce from Mumbai University, India where he was on the Dean’s list and is a rank holder Chartered Accountant from The Institute of Chartered Accountants of India, and an MBA with concentrations in Finance, Strategic Management and Entrepreneurship from The University of Chicago Booth School of Business.

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