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E-NEWS UPDATE

June 22, 2015

NAIC Member Spotlight

Firm Description
Auldbrass Partners (AP) provides bespoke solutions for private investors. Founded in 2011 as a spinout from Citigroup, Auldbrass has offices in New York and Chicago, and assists investors with managing, acquiring or disposing assets across all alternative asset classes (Private Equity, Real Estate and Hedge Funds) through separate accounts and co-mingled funds. AP currently advises/manages over $1.3 Bn in alternative assets.

Leadership
Howard Sanders, Founder & Managing Director
Howard Sanders is the Founder and a Managing Director of Auldbrass Partners. Prior to founding AP, Howard was responsible for managing Citi Holding's proprietary investments in private equity directs and funds. In this capacity, he completed in excess of $3.0 Bn in secondary transactions. Before joining this effort, Howard was responsible for the Private Investments of Citi's $11 Bn pension plan. This portfolio included liquid and illiquid investments. Howard serves on the Board of Directors for The New York City Partnership Foundation. He has also served as a Trustee of the Riverside Church in New York City and taught "Private Equity: The Asset Class" as an Adjunct Professor at Columbia University School of Business for several years.

Ahmad Ali, Managing Director
Before joining AP, Ahmad was Director & Head of Private Equity at Cornell's Office of University Investments from 2003-2012, where he co-managed the University?s $6.2Bn endowment. During his tenure, the private equity portfolio was the single largest asset class within the Cornell endowment at approximately $1.1Bn of NAV. Ahmad held responsibility across several allocations within the endowment (including his remit in private equity) such as real estate and technology hedged-equity. Ahmad was responsible for allocating $1.9 Bn in commitments to 100 general partnerships across buyouts, growth equity, venture capital and real assets (real estate and energy) strategies globally. Ahmad initiated and developed 48 new manager relationships representing $1.0 Bn, or roughly 50% of new dollars invested. Until recently, Ahmad was an Adjunct Faculty Member at Johnson School of Management (Cornell University).

Christopher Salley, Managing Director
Before joining AP, Chris was a Senior Vice President and head of the asset management group at Greenfield Partners, a real estate private equity firm based in Norwalk, Connecticut. At Greenfield Partners, Chris oversaw all acquired properties, which consisted of over 50 investments with a gross investment value of $3Bn across 5 funds. He also played an integral role in the servicing of client and consultant relationships and assisted in the underwriting, due diligence and negotiation of several property acquisitions, particularly in the firm's first fund.

Member Since
2013

Deal Announcements
In its first three years, Auldbrass has completed in excess of $110 million of Secondary transactions, acquiring over 100 funds with an average purchase price of $1.1 million and an average discount of 32.5%. To date, Auldbrass has an all-inclusive track record of 1.6x (net multiple of invested capital) and a net IRR of 29%.

What's Next
Auldbrass expects to continue its highly successful "small lot" strategy with the launch of its second co-mingled secondary opportunity fund in the fourth quarter of this year (2015) with targeted commitments of $50 million.

NAIC Member News

Pearson to sell PowerSchool to Vista Equity Partners

June 17, 2015 ? Pearson plc ("Pearson") today announces that it has agreed the sale of its PowerSchool business to private equity firm Vista Equity Partners ("Vista") for a gross consideration of $350 million, payable in cash. Pearson had announced its intention to explore a sale of PowerSchool in February 2015.
View full announcement

New Mainstream Capital Announces Partnership and Investment in AAD Dermatology Management

June 8, 2015, Annapolis, MD and New York ? New Mainstream Capital ("NMS"), announced today that, in partnership with Dr. Angela Peterman and Dr. Richard PFAU, it has formed AAD Dermatology Management, LLC ("ADM") to provide practive management services to Anne Arundel Dermatology, P.A. ("AAD"). In connection with the transaction, NMS will invest in ADM alongside management, and provide additional capiatal to further support AAD's future growth through De Novo office openings and acquisitions.
View full announcement

Argyle Announces Investment by the Wicks Group of Companies

June 15, 2015, New York ? Argyle Executive Forum LLC ("Argyle"), a leading provider of C-level executive events for Fortune 500 business leaders, today announced that New York-based investment firm, The Wicks Group of Companies ("Wicks"), entered into a definitive agreement to acquire a majority position in the company, alongside management. Terms of the transaction were not disclosed.
View full announcement

Upcoming NAIC Event

NAIC 45th Annual Meeting & Convention

NAIC's 45th Annual Meeting & Convention will be held October 5-6, 2015 in New York, NY. Please save the date for this unique event that highlights the performance of diverse and emerging managers and examine best practices in the private equity industry. The agenda will include a diverse lineup of panels, guest speakers, and general sessions that will address significant industry issues, trends, challenges, and opportunities.

Registration will be opening soon.

Call for Nominations

The National Association of Investment Companies recognizes trailblazers and individuals who have made significant contributions to the private equity industry.

NAIC invites you to honor your colleague's achievements and nominate them for a 2015 Annual Award. Nominations are currently being accepted for the following awards:

Deal of the Year Award
The NAIC Deal of the Year Award recognizes an entrepreneur, corporation or private equity fund that has consummated a deal best representing the tremendous insight, extraordinary talent, and investment opportunities resident within the U.S. Emerging Domestic Market (EDM).
Download the Deal of the Year Award nomination form

Rising Star Award
The EDM has a wealth of talented young professionals. The Rising Star Award celebrates an individual that exemplifies excellence and dedication as a financial industry professional, and has made outstanding contributions to the industry early in their career.
Download the Rising Star Award nomination form

All applicants must submit the applicable nomination form by July 15, 2015. Nominations received after that date will not be eligible for consideration of an award.

If you have questions regarding the process, please contact Jennell Lynch at (202) 204-3001 or jlynch@naicpe.com.

Upcoming Industry Events

2015 GCM Grosvenor Small and Emerging Managers Conference

Please mark your calendar for the 2015 GCM Grosvenor Small and Emerging Managers Conference on Private Equity, Hedge Funds, Real Estate and In-State Investments.

Agenda and registration details to follow.

7th Annual Women's Alternative Investment Summit

The 7th annual Women's Alternative Investment Summit will be held Thursday and Friday, November 5 - 6, 2015, at The Pierre, New York City. More than 400 of the top women in private equity and alternatives ? fund managers, institutional investors and advisors to the industry ? will gather in New York for this timely, indispensable industry conference. Join us for a unique opportunity to build trusted networks that provide access to raise funds, generate deals, manage the portfolio, realize exits, and advance your firm.

Click here to register by September 24 and save 200!
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