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University of Texas Investment Management Company

Private Investments
Fund Performance (Active Relationships)
As of February 28, 2011
Capital Returned Cash-on-Cash
Fund Manager Name Partnership Name Capital Invested1 to UTIMCO2 Current Value3 Return4 IRR5
Actis Capital Actis Africa 3, L.P. 12,274,158.84 1,198,423.48 15,899,497.16 0.10 23.64%
Actis India 3, L.P. 10,209,081.34 277,116.46 10,689,397.84 0.03 7.92%
22,483,240.18 1,475,539.94 26,588,895.00 0.07 18.71%

Advanced Technology Ventures Advanced Technology Ventures VII, L.P. 21,489,424.19 10,253,434.68 12,363,947.17 0.48 1.14%

American Securities Capital American Securities Partners II, L.P. 23,832,151.56 58,146,433.09 0.00 2.44 19.92%
American Securities Partners III, L.P. 28,756,358.49 37,769,257.38 14,548,278.95 1.31 20.88%
52,588,510.05 95,915,690.47 14,548,278.95 1.82 20.15%

Ampersand Ventures Ampersand 1995 Limited Partnership 15,002,118.75 18,163,611.76 0.00 1.21 3.36%
Ampersand 1999 Limited Partnership 20,001,472.50 37,228,710.79 11,883,189.95 1.86 16.17%
Ampersand 2001 Limited Partnership 25,006,056.25 19,078,609.00 33,861,470.75 0.76 15.65%
Ampersand 2006 Limited Partnership 19,750,000.00 5,900,401.00 17,373,931.24 0.30 5.93%
79,759,647.50 80,371,332.55 63,118,591.94 1.01 11.66%

Angelo, Gordon & Co. AG Capital Recovery Partners IV, L.P. 14,166,086.00 22,111,746.00 275,323.02 1.56 28.72%
AG Capital Recovery Partners V, L.P. 25,000,000.00 17,950,000.00 9,094,102.19 0.72 2.59%
AG Private Equity Partners III, L.P. 25,200,000.00 1,200,000.00 15,378,826.70 0.05 -12.19%
64,366,086.00 41,261,746.00 24,748,251.91 0.64 1.09%

Apollo Management Apollo Credit Opportunity Fund II, L.P. 112,858,868.00 22,580,388.00 117,455,621.70 0.20 12.96%

ARCH Venture Partners ARCH Venture Fund VI, L.P. 26,554,283.22 1,060,122.86 40,177,025.16 0.04 12.62%
ARCH Venture Fund VII, L.P. 12,600,000.00 258.28 11,092,384.80 0.00 -7.88%
39,154,283.22 1,060,381.14 51,269,409.96 0.03 9.96%

ArcLight Capital Partners ArcLight Energy Partners Fund I, L.P. 27,344,118.00 49,134,152.00 285,535.62 1.80 24.42%
ArcLight Energy Partners Fund II, L.P. 56,374,637.00 67,693,769.00 17,973,321.68 1.20 17.99%
ArcLight Energy Partners Fund III, L.P. 52,716,441.00 16,887,750.00 46,542,443.47 0.32 6.42%
ArcLight Energy Partners Fund IV, L.P. 36,452,306.00 16,601,842.00 27,632,030.01 0.46 9.99%
172,887,502.00 150,317,513.00 92,433,330.78 0.87 15.43%

1"Capital Invested" may exceed "Commitment" amounts due to the recall of previously distributed capital or other capitalized expenditures.
2"Capital Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.
3 Private investment funds are fair valued by management. The fair values of these investments are estimated by management using the investment's capital account balance
at the closest available reporting date, as communicated by the investment manager, adjusted for contributions and withdrawals subsequent to the latest available reporting
date as well as consideration of any other information, which has been provided by the investment manager or other source.
4Cash-on-Cash Return is calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."
5 IRR, or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers the
timing and size of irregular flows of capital invested and returned to UTIMCO and the value of the remaining investments. IRRs are based on capital invested and returned
to UTIMCO through February 28, 2011 and the current value of remaining investments as of December 31, 2010. IRRs for periods of less than one year are nominalized,
not annualized.
6The investment period for this fund has not yet commenced.
WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general
partners of the partnerships. In addition, due to a number of factors, including most importantly a lack of valuation standards in the private equity industry, differences
in the pace of investments across partnerships, and the understatement of returns in the early years of a partnership life, the IRR information contained in this report
DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare
returns across partnerships.
THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.
University of Texas Investment Management Company
Private Investments
Fund Performance (Active Relationships)
As of February 28, 2011
Capital Returned Cash-on-Cash
Fund Manager Name Partnership Name Capital Invested1 to UTIMCO2 Current Value3 Return4 IRR5
Artiman Ventures Artiman Ventures II, L.P. 20,700,000.00 0.00 17,522,023.93 0.00 -7.86%
Artiman Ventures III, L.P. 2,300,000.00 0.00 1,329,140.10 0.00 -57.44%
23,000,000.00 0.00 18,851,164.03 0.00 -10.26%

Ashmore Investment Management Ashmore Global Special Situations Fund IV, L.P. 100,160,183.34 16,469,877.98 76,338,245.47 0.16 -2.75%

Atlas Venture Atlas Venture Fund VI, L.P. 15,506,452.07 3,482,480.81 6,785,249.43 0.22 -8.08%

Austin Ventures Austin Ventures IV, L.P. 5,008,592.15 42,094,130.36 0.00 8.40 73.14%
Austin Ventures V, L.P. 15,001,997.50 29,402,273.79 337,946.59 1.96 31.91%
Austin Ventures VI, L.P. 21,001,952.63 10,185,526.80 3,899,496.46 0.48 -7.50%
Austin Ventures VII, L.P. 20,000,000.00 8,382,757.03 6,474,416.84 0.42 -4.86%
Austin Ventures VIII, L.P. 17,210,095.57 5,391,484.64 13,565,477.60 0.31 1.97%
Austin Ventures IX, L.P. 14,719,531.00 1,293,390.90 12,780,722.99 0.09 -1.74%
Austin Ventures X, L.P. 10,528,175.00 236,111.00 9,927,678.32 0.02 -2.97%
103,470,343.85 96,985,674.52 46,985,738.80 0.94 27.95%

Avenue Capital Group Avenue Asia Special Situations Fund IV, L.P. 25,399,850.00 6,936,935.00 19,699,819.04 0.27 1.91%
Avenue Special Situations Fund V, L.P. 76,166,202.00 71,169,347.00 21,940,274.63 0.93 8.65%
101,566,052.00 78,106,282.00 41,640,093.67 0.77 6.94%

Baker Capital Baker Communications Fund, L.P. 42,964,832.37 20,913,788.56 23,754,228.85 0.49 0.48%
Baker Communications Fund II (QP), L.P. 30,929,197.33 9,190,739.55 16,188,430.54 0.30 -3.20%
73,894,029.70 30,104,528.11 39,942,659.39 0.41 -0.74%

Band of Angels Band of Angels Fund, L.P. 10,121,549.63 0.00 2,721,395.59 0.00 -14.29%

Barclays Private Equity Barclays Private Equity European Fund A, L.P. 28,745,623.61 57,590,265.21 10,462,454.34 2.00 34.98%
Barclays Private Equities European Fund III, L.P. 60,391,799.39 923,377.45 62,063,941.60 0.02 1.80%
89,137,423.00 58,513,642.66 72,526,395.94 0.66 22.21%

Baring Private Equity Asia Baring Asia Private Equity Fund IV, L.P. 40,340,430.55 12,448.93 50,199,794.47 0.00 10.80%

1"Capital Invested" may exceed "Commitment" amounts due to the recall of previously distributed capital or other capitalized expenditures.
2"Capital Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.
3 Private investment funds are fair valued by management. The fair values of these investments are estimated by management using the investment's capital account balance
at the closest available reporting date, as communicated by the investment manager, adjusted for contributions and withdrawals subsequent to the latest available reporting
date as well as consideration of any other information, which has been provided by the investment manager or other source.
4Cash-on-Cash Return is calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."
5 IRR, or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers the
timing and size of irregular flows of capital invested and returned to UTIMCO and the value of the remaining investments. IRRs are based on capital invested and returned
to UTIMCO through February 28, 2011 and the current value of remaining investments as of December 31, 2010. IRRs for periods of less than one year are nominalized,
not annualized.
6The investment period for this fund has not yet commenced.
WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general
partners of the partnerships. In addition, due to a number of factors, including most importantly a lack of valuation standards in the private equity industry, differences
in the pace of investments across partnerships, and the understatement of returns in the early years of a partnership life, the IRR information contained in this report
DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare
returns across partnerships.
THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.
University of Texas Investment Management Company
Private Investments
Fund Performance (Active Relationships)
As of February 28, 2011
Capital Returned Cash-on-Cash
Fund Manager Name Partnership Name Capital Invested1 to UTIMCO2 Current Value3 Return4 IRR5
Beacon Focus Value Investors Beacon Group III - Focus Value Fund, L.P. 23,996,991.25 6,801,304.88 574,675.08 0.28 -16.10%

Benson Elliot Capital Management Bensell US Feeder III, L.P. 1,172,409.21 -9,896.38 891,506.70 -0.01 -75.62%
Benson Elliot Real Estate Partners III, L.P. 480,998.13 -4,060.13 464,850.69 -0.01 -4.17%
1,653,407.34 -13,956.51 1,356,357.39 -0.01 -64.38%

Black River Asset Management Black River Capital Partners Fund (Food) L.P. 8,737,042.90 0.00 8,654,652.59 0.00 -0.94%

Care Capital Care Capital Investments III, L.P. 18,575,810.50 125,122.81 12,744,329.24 0.01 -15.17%

CarVal Investors CVI Global Value Fund A, L.P. 71,250,000.00 1,312,527.49 80,599,961.79 0.02 3.94%
CVI Global Value Fund A, L.P. - 2008 Top-Off 47,500,000.00 192,831.35 67,300,015.09 0.00 19.44%
118,750,000.00 1,505,358.84 147,899,976.88 0.01 8.02%

Centerbridge Partners Centerbridge Capital Partners, L.P. 71,503,610.03 39,480,162.00 49,310,990.62 0.55 14.72%
Centerbridge Capital Partners II, L.P. 6 0.00 0.00 0.00 0.00 0.00%
71,503,610.03 39,480,162.00 49,310,990.62 0.55 14.72%

Cerberus Capital Management Cerberus Institutional Partners, L.P.- Series Four 64,375,236.00 0.00 80,117,206.62 0.00 7.56%

Clayton, Dubilier, Rice & Associates Clayton, Dubilier & Rice Fund V, L.P. 18,003,711.37 17,842,223.00 1,929,043.84 0.99 1.36%

Cortec Group Cortec Group Fund II, L.P. 18,839,278.25 16,396,552.00 0.00 0.87 -1.93%
Cortec Group Fund III, L.P. 19,774,401.25 35,324,790.00 7,626,802.56 1.79 22.53%
Cortec Group Fund IV, L.P. 38,271,170.00 0.00 42,190,633.69 0.00 3.60%
76,884,849.50 51,721,342.00 49,817,436.25 0.67 6.43%

Cravey, Green & Wahlen CGW Southeast Partners IV, L.P. 26,135,750.90 39,080,868.80 2,071,049.18 1.50 8.68%

1"Capital Invested" may exceed "Commitment" amounts due to the recall of previously distributed capital or other capitalized expenditures.
2"Capital Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.
3 Private investment funds are fair valued by management. The fair values of these investments are estimated by management using the investment's capital account balance
at the closest available reporting date, as communicated by the investment manager, adjusted for contributions and withdrawals subsequent to the latest available reporting
date as well as consideration of any other information, which has been provided by the investment manager or other source.
4Cash-on-Cash Return is calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."
5 IRR, or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers the
timing and size of irregular flows of capital invested and returned to UTIMCO and the value of the remaining investments. IRRs are based on capital invested and returned
to UTIMCO through February 28, 2011 and the current value of remaining investments as of December 31, 2010. IRRs for periods of less than one year are nominalized,
not annualized.
6The investment period for this fund has not yet commenced.
WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general
partners of the partnerships. In addition, due to a number of factors, including most importantly a lack of valuation standards in the private equity industry, differences
in the pace of investments across partnerships, and the understatement of returns in the early years of a partnership life, the IRR information contained in this report
DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare
returns across partnerships.
THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.
University of Texas Investment Management Company
Private Investments
Fund Performance (Active Relationships)
As of February 28, 2011
Capital Returned Cash-on-Cash
Fund Manager Name Partnership Name Capital Invested1 to UTIMCO2 Current Value3 Return4 IRR5
Crescendo Ventures Crescendo II, L.P. 15,001,892.58 20,342,427.88 0.00 1.36 19.86%
Crescendo III, L.P. 25,005,950.00 9,321,857.65 1,395,063.24 0.37 -16.76%
Crescendo IV, L.P. 10,001,413.75 548,421.23 3,378,255.27 0.05 -10.84%
50,009,256.33 30,212,706.76 4,773,318.51 0.60 -10.91%

CVC Capital Partners CVC European Equity Partners, L.P. 29,092,294.45 73,046,004.26 5,180,740.16 2.51 23.22%
CVC European Equity Partners IV (C) LP 36,714,629.51 20,170,880.37 28,314,581.98 0.55 11.36%
CVC European Equity Partners Tandem Fund 37,483,570.39 4,464,871.62 36,452,906.85 0.12 4.12%
CVC European Equity Partners V, L.P. 23,381,539.94 687,465.07 25,111,324.55 0.03 9.41%
126,672,034.29 98,369,221.32 95,059,553.54 0.78 20.72%

DDJ Capital Management B IV Capital Partners, L.P. 13,559,445.78 9,806,584.66 4,688,360.01 0.72 1.46%
DDJ Total Return Loan Fund, L.P. 25,000,000.00 16,828,282.39 11,451,049.38 0.67 2.92%
38,559,445.78 26,634,867.05 16,139,409.39 0.69 2.38%

Doughty Hanson & Co Doughty Hanson & Co. II 27,578,599.69 58,106,736.02 0.00 2.11 48.94%
Doughty Hanson III, L.P. 41,280,765.44 68,842,237.32 11,935,990.24 1.67 14.64%
Doughty Hanson & Co IV, L.P. 47,267,129.14 29,947,984.50 39,628,384.69 0.63 13.92%
Doughty Hanson & Co. V 59,454,268.60 4,468,358.08 61,651,829.95 0.08 4.63%
175,580,762.87 161,365,315.92 113,216,204.88 0.92 22.00%

Emerald Hill Capital Partners Emerald Hill Capital Partners I, L.P. 32,251,082.00 634,093.00 31,306,424.89 0.02 -0.45%
Emerald Hill Capital Partners II, L.P. 11,400,000.00 734,181.00 9,575,211.33 0.06 -6.23%
43,651,082.00 1,368,274.00 40,881,636.22 0.03 -1.64%

EnCap Investments EnCap Energy Capital Fund III-B, L.P. 51,354,134.91 113,220,497.89 0.00 2.20 21.42%
EnCap Energy Capital Fund IV-B, L.P. 17,380,345.06 29,345,294.29 466,230.26 1.69 50.57%
EnCap Energy Capital Fund VII, L.P. 64,475,593.83 22,716,906.99 58,214,147.43 0.35 16.53%
EnCap Energy Infrastructure Fund, L.P. 26,304,978.53 4,631,126.38 22,794,134.57 0.18 8.84%
159,515,052.33 169,913,825.55 81,474,512.26 1.07 22.25%

1"Capital Invested" may exceed "Commitment" amounts due to the recall of previously distributed capital or other capitalized expenditures.
2"Capital Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.
3 Private investment funds are fair valued by management. The fair values of these investments are estimated by management using the investment's capital account balance
at the closest available reporting date, as communicated by the investment manager, adjusted for contributions and withdrawals subsequent to the latest available reporting
date as well as consideration of any other information, which has been provided by the investment manager or other source.
4Cash-on-Cash Return is calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."
5 IRR, or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers the
timing and size of irregular flows of capital invested and returned to UTIMCO and the value of the remaining investments. IRRs are based on capital invested and returned
to UTIMCO through February 28, 2011 and the current value of remaining investments as of December 31, 2010. IRRs for periods of less than one year are nominalized,
not annualized.
6The investment period for this fund has not yet commenced.
WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general
partners of the partnerships. In addition, due to a number of factors, including most importantly a lack of valuation standards in the private equity industry, differences
in the pace of investments across partnerships, and the understatement of returns in the early years of a partnership life, the IRR information contained in this report
DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare
returns across partnerships.
THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.
University of Texas Investment Management Company
Private Investments
Fund Performance (Active Relationships)
As of February 28, 2011
Capital Returned Cash-on-Cash
Fund Manager Name Partnership Name Capital Invested1 to UTIMCO2 Current Value3 Return4 IRR5
Eos Partners Eos Capital Partners III, L.P. 21,699,911.00 7,572,842.00 16,844,068.14 0.35 3.72%
Eos Capital Partners IV, L.P. 12,869,223.00 1,172,971.00 10,903,226.03 0.09 -3.18%
34,569,134.00 8,745,813.00 27,747,294.17 0.25 1.99%

Escalate Capital Escalate Capital I, L.P. 22,411,727.00 9,352,256.84 18,461,976.04 0.42 5.98%

Fisher Lynch Capital Fisher Lynch Venture Partnership, L.P. 30,220,000.00 2,605,140.00 24,467,869.40 0.09 -3.87%

Five Mile Capital Partners Five Mile Capital Partners II, L.P. 35,268,471.00 0.00 26,839,184.82 0.00 -12.31%

Fortress Investment Group Fortress Fund IV (Coinvestment Fund A), L.P. 20,167,004.57 167,005.70 15,355,573.82 0.01 -6.58%
Fortress Fund IV (Fund A), L.P. 20,503,608.12 618,398.82 16,308,206.68 0.03 -5.02%
Fortress Fund V (Coinvestment Fund A), L.P. 28,144,691.16 0.00 16,122,489.29 0.00 -17.33%
Fortress Fund V (Fund A), L.P. 28,577,692.59 12,870.91 19,026,582.88 0.00 -15.62%
Fortress Credit Opportunities Fund, L.P. 137,645,824.66 126,553,949.36 48,754,457.88 0.92 33.40%
FCO MA LSS LP 90,376,015.99 6,899,804.43 85,074,029.73 0.08 3.43%
325,414,837.09 134,252,029.22 200,641,340.28 0.41 2.16%

Foundation Capital Foundation Capital IV, L.P. 20,004,869.75 1,517,513.15 24,419,662.27 0.08 4.98%

Foundry Group Foundry Venture Capital 2007, L.P. 28,050,000.01 6,638,605.16 61,837,520.81 0.24 57.25%
Foundry Venture Capital 2010, L.P. 4,500,000.00 0.00 4,047,448.50 0.00 -15.23%
32,550,000.01 6,638,605.16 65,884,969.31 0.20 56.24%

Francisco Partners Francisco Partners II, L.P. 35,700,000.00 11,424,850.00 32,985,013.40 0.32 9.65%
Francisco Partners III, L.P. 6 0.00 0.00 0.00 0.00 0.00%
35,700,000.00 11,424,850.00 32,985,013.40 0.32 9.65%

Gavea Investimentos Gavea Investment Fund III, L.P. 34,000,000.00 0.00 53,093,726.17 0.00 27.51%

GEC Global LTD Global Energy Capital, L.P. 2,231,086.00 0.00 2,231,086.00 0.00 0.00%

1"Capital Invested" may exceed "Commitment" amounts due to the recall of previously distributed capital or other capitalized expenditures.
2"Capital Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.
3 Private investment funds are fair valued by management. The fair values of these investments are estimated by management using the investment's capital account balance
at the closest available reporting date, as communicated by the investment manager, adjusted for contributions and withdrawals subsequent to the latest available reporting
date as well as consideration of any other information, which has been provided by the investment manager or other source.
4Cash-on-Cash Return is calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."
5 IRR, or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers the
timing and size of irregular flows of capital invested and returned to UTIMCO and the value of the remaining investments. IRRs are based on capital invested and returned
to UTIMCO through February 28, 2011 and the current value of remaining investments as of December 31, 2010. IRRs for periods of less than one year are nominalized,
not annualized.
6The investment period for this fund has not yet commenced.
WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general
partners of the partnerships. In addition, due to a number of factors, including most importantly a lack of valuation standards in the private equity industry, differences
in the pace of investments across partnerships, and the understatement of returns in the early years of a partnership life, the IRR information contained in this report
DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare
returns across partnerships.
THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.
University of Texas Investment Management Company
Private Investments
Fund Performance (Active Relationships)
As of February 28, 2011
Capital Returned Cash-on-Cash
Fund Manager Name Partnership Name Capital Invested1 to UTIMCO2 Current Value3 Return4 IRR5
GEI Capital Green Equity Investors III, L.P. 68,270,709.59 150,284,488.48 6,987,196.65 2.20 21.58%
Green Equity Investors IV, L.P. 25,214,808.46 10,304,837.31 21,805,988.31 0.41 6.12%
Green Equity Investors V, L.P. 43,378,966.98 10,036,916.22 41,346,741.40 0.23 10.58%
136,864,485.03 170,626,242.01 70,139,926.36 1.25 19.54%

GEM Realty Capital GEM Realty Fund IV, L.P. 9,080,386.97 1,312,066.55 9,012,892.45 0.14 14.72%

Gobi Partners Gobi Fund II, L.P. 11,448,746.16 436,262.00 11,485,156.75 0.04 2.43%

Grain Management Grain Infrastructure Fund, L.P. 12,151,102.00 0.00 12,151,102.00 0.00 0.00%

GSO Capital Partners Texas Liquidity Capital, L.L.C. 72,106,593.66 2,832,778.70 87,280,296.23 0.04 9.23%

H.I.G. Capital H.I.G. Bayside Debt & LBO Fund II, L.P. 38,500,000.00 6,455,272.42 35,752,992.36 0.17 6.48%

Helios Investment Partners Helios Investors II, L.P. 20,133,274.00 156,217.00 18,748,064.48 0.01 -10.89%

Hellman & Friedman Investors Hellman & Friedman Capital Partners II, L.P. 8,837,541.25 26,747,342.31 7,549.00 3.03 25.01%

Horizon Capital Emerging Europe Growth Fund II, L.P. 12,926,348.35 47,132.44 10,954,056.40 0.00 -17.24%

Integral Capital Partners Integral Capital Partners VII, L.P. 1,882,683.00 1,549,954.00 481,307.90 0.82 2.37%

Intellectual Ventures Invention Development Fund I, LLC 16,948,135.00 0.00 3,753,748.50 0.00 -74.87%
Invention Investment Fund II, L.L.C. 19,886,317.37 6,861,656.76 10,202,664.16 0.35 -11.42%
36,834,452.37 6,861,656.76 13,956,412.66 0.19 -37.52%

Inverness Group Inverness/Phoenix Partners, L.P. 38,086,017.57 34,606,923.21 11,984,467.36 0.91 5.96%
Inverness Partners II LP 25,336,054.18 11,409,108.04 37,849,229.42 0.45 12.36%
63,422,071.75 46,016,031.25 49,833,696.78 0.73 9.08%

JatoTech Ventures JatoTech Ventures, L.P. 9,639,607.44 840,116.46 416,002.55 0.09 -38.95%

1"Capital Invested" may exceed "Commitment" amounts due to the recall of previously distributed capital or other capitalized expenditures.
2"Capital Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.
3 Private investment funds are fair valued by management. The fair values of these investments are estimated by management using the investment's capital account balance
at the closest available reporting date, as communicated by the investment manager, adjusted for contributions and withdrawals subsequent to the latest available reporting
date as well as consideration of any other information, which has been provided by the investment manager or other source.
4Cash-on-Cash Return is calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."
5 IRR, or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers the
timing and size of irregular flows of capital invested and returned to UTIMCO and the value of the remaining investments. IRRs are based on capital invested and returned
to UTIMCO through February 28, 2011 and the current value of remaining investments as of December 31, 2010. IRRs for periods of less than one year are nominalized,
not annualized.
6The investment period for this fund has not yet commenced.
WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general
partners of the partnerships. In addition, due to a number of factors, including most importantly a lack of valuation standards in the private equity industry, differences
in the pace of investments across partnerships, and the understatement of returns in the early years of a partnership life, the IRR information contained in this report
DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare
returns across partnerships.
THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.
University of Texas Investment Management Company
Private Investments
Fund Performance (Active Relationships)
As of February 28, 2011
Capital Returned Cash-on-Cash
Fund Manager Name Partnership Name Capital Invested1 to UTIMCO2 Current Value3 Return4 IRR5
Kern Energy Partners Kern Energy Partners III, L.P. 13,912,329.62 181,386.87 13,761,907.97 0.01 0.21%

Knightsbridge Advisors Knightsbridge Venture Capital VI, L.P. 19,125,000.00 0.00 16,082,306.58 0.00 -5.64%
Knightsbridge Venture Completion 2005, L.P. 22,401,322.00 25,051,393.33 0.00 1.12 9.11%
41,526,322.00 25,051,393.33 16,082,306.58 0.60 -0.52%

Lake Partners Lake Capital Partners LP 24,177,048.43 15,923,050.62 11,227,231.99 0.66 3.96%
Lake Capital Partners II LP 29,926,129.49 7,691,012.69 24,076,426.77 0.26 2.50%
54,103,177.92 23,614,063.31 35,303,658.76 0.44 3.25%

MatlinPatterson Global Advisors MatlinPatterson Global Opportunities Partners L.P. 25,828,684.85 44,600,614.01 295,520.91 1.73 15.95%
MatlinPatterson Global Opportunities Partners II 43,739,426.27 24,656,112.20 8,700,342.70 0.56 -12.51%
Matlin Patterson Global Opportunities Partners III 57,035,972.00 12,791,087.18 35,045,241.36 0.22 -9.54%
126,604,083.12 82,047,813.39 44,041,104.97 0.65 -0.23%

Morgenthaler Management Partners Morgenthaler Venture Partners III, L.P. 15,000,000.00 45,304,682.34 0.00 3.02 27.53%
Morgenthaler Venture Partners IV, L.P. 15,002,334.86 31,965,815.29 0.00 2.13 33.13%
Morgenthaler Venture Partners V, L.P. 25,681,391.01 43,349,799.98 6,455,235.14 1.69 12.75%
Morgenthaler Partners VI, L.P. 10,007,031.25 4,714,557.28 816,833.35 0.47 -14.57%
Morgenthaler Partners VII, L.P. 25,005,700.00 12,701,753.77 9,723,535.25 0.51 -2.44%
Morgenthaler Partners VII, L.P. (Secondary) 1,439,502.00 807,883.79 657,077.28 0.56 0.52%
Morgenthaler Partners VIII, L.P. 26,950,000.00 6,470,396.72 20,987,550.42 0.24 0.72%
Morgenthaler Venture Partners IX, L.P. 10,000,000.00 869,448.33 8,966,916.07 0.09 -1.41%
129,085,959.12 146,184,337.50 47,607,147.51 1.13 21.76%

MSouth Equity Partners MSouth Equity Partners, L.P. 34,638,665.33 1,011,693.89 43,507,228.23 0.03 19.31%

Natural Gas Partners Natural Gas Partners IX, L.P. 31,815,507.30 2,498,203.22 29,162,586.33 0.08 -0.37%

NewMargin Ventures NewMargin Growth Fund, L.P. 45,258,493.15 1,538,838.91 52,737,389.94 0.03 13.26%

Northstar Capital Northstar Seidler Mezzanine Partners II, L.P. 25,000,470.00 28,823,906.00 3,160,914.20 1.15 6.25%

1"Capital Invested" may exceed "Commitment" amounts due to the recall of previously distributed capital or other capitalized expenditures.
2"Capital Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.
3 Private investment funds are fair valued by management. The fair values of these investments are estimated by management using the investment's capital account balance
at the closest available reporting date, as communicated by the investment manager, adjusted for contributions and withdrawals subsequent to the latest available reporting
date as well as consideration of any other information, which has been provided by the investment manager or other source.
4Cash-on-Cash Return is calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."
5 IRR, or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers the
timing and size of irregular flows of capital invested and returned to UTIMCO and the value of the remaining investments. IRRs are based on capital invested and returned
to UTIMCO through February 28, 2011 and the current value of remaining investments as of December 31, 2010. IRRs for periods of less than one year are nominalized,
not annualized.
6The investment period for this fund has not yet commenced.
WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general
partners of the partnerships. In addition, due to a number of factors, including most importantly a lack of valuation standards in the private equity industry, differences
in the pace of investments across partnerships, and the understatement of returns in the early years of a partnership life, the IRR information contained in this report
DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare
returns across partnerships.
THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.
University of Texas Investment Management Company
Private Investments
Fund Performance (Active Relationships)
As of February 28, 2011
Capital Returned Cash-on-Cash
Fund Manager Name Partnership Name Capital Invested1 to UTIMCO2 Current Value3 Return4 IRR5
Northstar Equity Partners Northstar Equity Partners II Limited 33,447,551.96 2,455,615.16 30,428,209.75 0.07 -2.31%

Northwood Real Estate Partners Northwood Real Estate Co-Investors, L.P. 7,250,086.80 1,297,813.00 6,275,704.98 0.18 4.61%
Northwood Real Estate Partners, L.P. 13,310,275.80 1,438,930.00 11,015,885.54 0.11 -6.47%
20,560,362.60 2,736,743.00 17,291,590.52 0.13 -2.62%

Oaktree Capital Management OCM Opportunities Fund III, L.P. 50,005,479.46 74,219,814.59 518,602.22 1.48 11.94%
OCM Opportunities Fund IV, L.P. 40,000,000.00 65,917,014.82 74,835.02 1.65 28.03%
OCM Opportunities Fund V, L.P. 25,000,000.00 33,702,390.00 5,938,163.38 1.35 14.33%
OCM Opportunities Fund VI, L.P. 25,000,000.00 19,128,966.00 17,321,180.80 0.77 8.89%
OCM/GFI Power Opportunities Fund II, L.P. 16,685,196.82 41,027,040.90 6,866,031.78 2.46 58.64%
OCM Opportunities Fund VII, L.P. 35,000,000.00 14,204,792.00 29,245,857.62 0.41 7.54%
OCM Opportunities Fund VIIB, L.P. 31,500,000.00 9,599,779.00 38,636,118.08 0.30 21.67%
Oaktree Loan Fund 2x, L.P. 250,000,000.00 249,905,053.00 1,930,818.10 1.00 0.32%
Oaktree Opportunities Fund VIII, L.P. 11,000,000.00 94,904.00 11,808,104.00 0.01 11.50%
Oaktree Opportunities Fund VIIIB, L.P. 6 0.00 0.00 0.00 0.00 0.00%
Oaktree Power Opportunities Fund III, L.P. 7,125,000.00 0.00 7,125,000.00 0.00 0.00%
491,315,676.28 507,799,754.31 119,464,711.00 1.03 11.19%

Parthenon Capital Parthenon Investors II, L.P. 28,228,476.25 26,214,184.00 14,224,707.90 0.93 11.39%

Patria Investimentos S.A. and Grupo Promom S.A. P2 Brasil Private Infrastructure Fund II, L.P. 15,396,952.88 0.00 15,396,952.88 0.00 0.00%

Pinto Technology Ventures PTV Sciences, L.P. 29,767,837.49 22,637,829.30 12,662,440.35 0.76 4.19%
PTV Sciences II, L.P. 35,413,206.75 53,181.89 39,749,373.78 0.00 4.73%
Pinto TV Annex Fund, L.P. 6,909,780.51 0.00 7,996,986.57 0.00 5.22%
72,090,824.75 22,691,011.19 60,408,800.70 0.31 4.47%

Polaris Venture Partners Polaris Venture Partners IV, L.P. 19,904,267.50 4,995,322.71 17,032,219.74 0.25 2.22%
Polaris Venture Partners V, L.P. 18,250,000.00 1,410,750.00 18,355,705.87 0.08 3.49%
38,154,267.50 6,406,072.71 35,387,925.61 0.17 2.61%

1"Capital Invested" may exceed "Commitment" amounts due to the recall of previously distributed capital or other capitalized expenditures.
2"Capital Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.
3 Private investment funds are fair valued by management. The fair values of these investments are estimated by management using the investment's capital account balance
at the closest available reporting date, as communicated by the investment manager, adjusted for contributions and withdrawals subsequent to the latest available reporting
date as well as consideration of any other information, which has been provided by the investment manager or other source.
4Cash-on-Cash Return is calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."
5 IRR, or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers the
timing and size of irregular flows of capital invested and returned to UTIMCO and the value of the remaining investments. IRRs are based on capital invested and returned
to UTIMCO through February 28, 2011 and the current value of remaining investments as of December 31, 2010. IRRs for periods of less than one year are nominalized,
not annualized.
6The investment period for this fund has not yet commenced.
WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general
partners of the partnerships. In addition, due to a number of factors, including most importantly a lack of valuation standards in the private equity industry, differences
in the pace of investments across partnerships, and the understatement of returns in the early years of a partnership life, the IRR information contained in this report
DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare
returns across partnerships.
THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.
University of Texas Investment Management Company
Private Investments
Fund Performance (Active Relationships)
As of February 28, 2011
Capital Returned Cash-on-Cash
Fund Manager Name Partnership Name Capital Invested1 to UTIMCO2 Current Value3 Return4 IRR5
Pomona Capital Pomona Capital V, L.P. 24,796,744.99 28,551,741.92 6,881,506.45 1.15 13.60%
Pomona Capital VI, L.P. 35,641,546.00 12,043,479.00 27,381,722.45 0.34 3.35%
60,438,290.99 40,595,220.92 34,263,228.90 0.67 8.11%

Prime Genpar Asian Corporate Finance Fund, L.P. 11,453,912.46 8,776,616.00 0.00 0.77 -4.52%
Prime Enterprises II, L.P. 10,642,848.64 2,740,168.10 2,085,942.62 0.26 -9.00%
22,096,761.10 11,516,784.10 2,085,942.62 0.52 -7.08%

Prospect Venture Partners Prospect Venture Partners II, L.P. 22,642,577.93 19,703,742.51 6,798,087.14 0.87 3.76%

Reservoir Capital Group Reservoir Capital Partners (Cayman), L.P. 40,000,000.00 3,838.00 46,718,989.76 0.00 3.83%
Reservoir Capital Investment Partners (Cayman), L. 50,000,000.00 0.00 53,479,993.69 0.00 4.58%
90,000,000.00 3,838.00 100,198,983.45 0.00 4.05%

Resource Capital Funds Resource Capital Fund V, L.P. 11,482,998.58 0.00 24,855,007.84 0.00 157.72%

Russia Partners Management Russia Partners III, L.P. 19,657,471.55 54,231.51 19,151,604.11 0.00 -2.08%

Sandefer Capital Energy Asset Option Fund 14,294,519.99 35,284,708.46 1,739,903.45 2.47 25.99%

Saratoga Partners Saratoga Partners II, L.P. 10,000,000.00 15,448,127.65 0.00 1.54 10.10%

Saunders Karp & Megrue SKM Equity Fund II, L.P. 36,359,311.00 18,129,852.00 16,843,683.18 0.50 -0.36%
SKM Equity Fund III, L.P. 21,913,926.37 29,864,883.65 0.00 1.36 9.62%
58,273,237.37 47,994,735.65 16,843,683.18 0.82 1.40%

1"Capital Invested" may exceed "Commitment" amounts due to the recall of previously distributed capital or other capitalized expenditures.
2"Capital Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.
3 Private investment funds are fair valued by management. The fair values of these investments are estimated by management using the investment's capital account balance
at the closest available reporting date, as communicated by the investment manager, adjusted for contributions and withdrawals subsequent to the latest available reporting
date as well as consideration of any other information, which has been provided by the investment manager or other source.
4Cash-on-Cash Return is calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."
5 IRR, or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers the
timing and size of irregular flows of capital invested and returned to UTIMCO and the value of the remaining investments. IRRs are based on capital invested and returned
to UTIMCO through February 28, 2011 and the current value of remaining investments as of December 31, 2010. IRRs for periods of less than one year are nominalized,
not annualized.
6The investment period for this fund has not yet commenced.
WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general
partners of the partnerships. In addition, due to a number of factors, including most importantly a lack of valuation standards in the private equity industry, differences
in the pace of investments across partnerships, and the understatement of returns in the early years of a partnership life, the IRR information contained in this report
DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare
returns across partnerships.
THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.
University of Texas Investment Management Company
Private Investments
Fund Performance (Active Relationships)
As of February 28, 2011
Capital Returned Cash-on-Cash
Fund Manager Name Partnership Name Capital Invested1 to UTIMCO2 Current Value3 Return4 IRR5
SCF Partners SCF Partners, L.P. 11,541,715.05 35,957,844.65 0.00 3.12 33.71%
OFS Investments 11,536,728.30 30,714,904.26 0.00 2.66 15.91%
SCF-III, L.P. 22,737,242.65 55,965,515.39 0.00 2.46 14.65%
SCF-IV, L.P. 35,078,338.84 110,635,741.42 0.00 3.15 25.55%
SCF-V, L.P. 19,357,997.20 26,003,743.03 15,837,112.03 1.34 34.54%
SCF-VI, L.P. 31,035,405.82 19,830,800.32 32,639,218.91 0.64 25.18%
SCF-VII, L.P. 15,799,120.29 0.00 16,385,887.92 0.00 6.13%
147,086,548.15 279,108,549.07 64,862,218.86 1.90 24.17%

Secured Capital Japan Secured Capital Japan Real Estate Partners IV, L.P 36,303,094.39 714,285.71 32,954,036.42 0.02 -8.26%

Shorenstein Properties Shorenstein Realty Investors Nine, L.P. 27,452,376.00 9,368,880.00 13,529,889.23 0.34 -9.38%

Sindicatum Carbon & Energy Management International Sindicatum Climate Change Partners 38,478,897.00 943,258.03 40,644,416.37 0.02 5.08%

Sofinnova Ventures Sofinnova Venture Partners VII, L.P. 12,492,626.67 2,779,542.85 9,238,648.47 0.22 -1.87%

Spark Management Partners Spark Capital II, L.P. 14,668,500.00 6,963,789.00 24,015,032.26 0.47 56.89%

TDR Capital TDR Capital II 'A' L.P. 35,275,063.76 -235,101.24 32,227,427.53 -0.01 -5.25%

Technology Crossover Ventures TCV V, L.P. 27,441,000.00 21,078,409.81 21,780,805.44 0.77 11.20%
TCV VI, L.P. 31,885,000.00 15,076,297.04 22,962,818.24 0.47 7.38%
TCV VII, L.P. 20,370,000.00 0.00 20,563,593.50 0.00 1.00%
79,696,000.00 36,154,706.85 65,307,217.18 0.45 9.25%

Tenaska Tenaska Power Fund II, L.P. 39,831,381.00 2,214,875.00 34,846,649.82 0.06 -4.18%

1"Capital Invested" may exceed "Commitment" amounts due to the recall of previously distributed capital or other capitalized expenditures.
2"Capital Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.
3 Private investment funds are fair valued by management. The fair values of these investments are estimated by management using the investment's capital account balance
at the closest available reporting date, as communicated by the investment manager, adjusted for contributions and withdrawals subsequent to the latest available reporting
date as well as consideration of any other information, which has been provided by the investment manager or other source.
4Cash-on-Cash Return is calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."
5 IRR, or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers the
timing and size of irregular flows of capital invested and returned to UTIMCO and the value of the remaining investments. IRRs are based on capital invested and returned
to UTIMCO through February 28, 2011 and the current value of remaining investments as of December 31, 2010. IRRs for periods of less than one year are nominalized,
not annualized.
6The investment period for this fund has not yet commenced.
WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general
partners of the partnerships. In addition, due to a number of factors, including most importantly a lack of valuation standards in the private equity industry, differences
in the pace of investments across partnerships, and the understatement of returns in the early years of a partnership life, the IRR information contained in this report
DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare
returns across partnerships.
THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.
University of Texas Investment Management Company
Private Investments
Fund Performance (Active Relationships)
As of February 28, 2011
Capital Returned Cash-on-Cash
Fund Manager Name Partnership Name Capital Invested1 to UTIMCO2 Current Value3 Return4 IRR5
Texas Pacific Group TPG Partners IV, L.P. 21,851,599.00 17,892,063.00 16,618,682.22 0.82 15.18%
TPG Partners V, L.P. 74,892,570.00 16,784,560.00 45,673,982.89 0.22 -6.67%
TPG Partners VI, L.P. 40,603,084.00 4,138,179.00 33,088,094.70 0.10 -9.05%
TPG Star, L.P. 37,961,945.00 4,176,156.00 40,038,213.22 0.11 10.10%
175,309,198.00 42,990,958.00 135,418,973.03 0.25 0.86%

TGF Management Corporation The Texas Growth Fund - 1991 Trust 8,997,176.96 22,161,318.88 0.00 2.46 21.20%
The Texas Growth Fund - 1995 Trust 6,338,483.57 3,943,453.17 0.00 0.62 -10.65%
Southwest Opportunity Partners, L.P. 15,350,236.00 246,330.46 15,512,656.76 0.02 1.27%
30,685,896.53 26,351,102.51 15,512,656.76 0.86 13.65%

Triton Managers II Limited Triton Fund II L.P. 43,364,984.58 19,467,748.27 17,711,659.39 0.45 -7.86%

Trophy Property Trophy Property (TE), L.P. 51,251,497.00 0.00 60,488,888.67 0.00 6.89%

Union Square Ventures Union Square Ventures 2004, L.P. 22,250,000.00 14,287,506.00 125,583,593.20 0.64 73.39%
Union Square Ventures 2008, L.P. 12,000,000.00 0.00 13,934,714.85 0.00 15.51%
Union Square Ventures Opportunity Fund, L.P. 3,375,000.00 0.00 3,375,000.00 0.00 0.00%
37,625,000.00 14,287,506.00 142,893,308.05 0.38 70.93%

Varde Partners Varde Fund VIII, L.P. 60,000,000.00 0.00 70,163,072.76 0.00 4.32%
Varde Fund IX, L.P. 200,000,000.00 0.00 301,468,989.40 0.00 18.35%
Varde Fund X, L.P. 50,000,000.00 0.00 53,129,100.00 0.00 9.31%
310,000,000.00 0.00 424,761,162.16 0.00 13.91%

Wand Partners Wand Equity Portfolio II, L.P. 40,367,909.35 23,643,748.86 15,872,427.02 0.59 -0.29%
Wand Secondary Interests 10,007,706.10 10,966,362.49 68,302.52 1.10 2.56%
50,375,615.45 34,610,111.35 15,940,729.54 0.69 0.05%

1"Capital Invested" may exceed "Commitment" amounts due to the recall of previously distributed capital or other capitalized expenditures.
2"Capital Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.
3 Private investment funds are fair valued by management. The fair values of these investments are estimated by management using the investment's capital account balance
at the closest available reporting date, as communicated by the investment manager, adjusted for contributions and withdrawals subsequent to the latest available reporting
date as well as consideration of any other information, which has been provided by the investment manager or other source.
4Cash-on-Cash Return is calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."
5 IRR, or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers the
timing and size of irregular flows of capital invested and returned to UTIMCO and the value of the remaining investments. IRRs are based on capital invested and returned
to UTIMCO through February 28, 2011 and the current value of remaining investments as of December 31, 2010. IRRs for periods of less than one year are nominalized,
not annualized.
6The investment period for this fund has not yet commenced.
WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general
partners of the partnerships. In addition, due to a number of factors, including most importantly a lack of valuation standards in the private equity industry, differences
in the pace of investments across partnerships, and the understatement of returns in the early years of a partnership life, the IRR information contained in this report
DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare
returns across partnerships.
THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.
University of Texas Investment Management Company
Private Investments
Fund Performance (Active Relationships)
As of February 28, 2011
Capital Returned Cash-on-Cash
Fund Manager Name Partnership Name Capital Invested1 to UTIMCO2 Current Value3 Return4 IRR5
Warburg, Pincus & Co. Warburg Pincus Private Equity VIII, L.P. 30,248,593.68 32,222,272.74 29,892,822.42 1.07 16.07%
Warburg Pincus Private Equity IX, L.P. 50,017,142.36 14,026,975.00 52,237,277.28 0.28 7.61%
Warburg Pincus Private Equity X, L.P. 51,712,500.00 2,947,101.51 50,234,356.93 0.06 1.58%
131,978,236.04 49,196,349.25 132,364,456.63 0.37 10.40%

Windjammer Capital PMI Mezzanine Fund, L.P. 26,178,202.94 40,422,230.01 4,878.00 1.54 9.91%
Windjammer Mezzanine & Equity Fund II, L.P. 21,435,776.34 28,682,100.52 0.00 1.34 7.49%
Windjammer Senior Equity Partners III, L.P. 15,722,755.91 17,979,236.00 0.00 1.14 5.49%
63,336,735.19 87,083,566.53 4,878.00 1.37 8.79%

Wingate Partners Wingate Partners, L.P. 9,634,328.36 58,575,959.44 0.00 6.08 30.34%
Wingate Partners II, L.P. 12,622,734.59 22,371,872.52 1,545,468.78 1.77 23.32%
Wingate Partners III, L.P. 16,983,865.62 20,012,250.24 18,295,775.30 1.18 19.14%
Wingate Partners IV, L.P. 36,514,737.68 122,746.29 28,180,657.70 0.00 -13.29%
75,755,666.25 101,082,828.49 48,021,901.78 1.33 29.30%

The Woodlands The Woodlands Venture Fund, L.P. 5,350,000.00 8,603,862.28 0.00 1.61 7.21%
The Woodlands/Essex Venture Fund III, L.P. 6,008,852.50 2,766,788.53 1,077,331.15 0.46 -5.55%
11,358,852.50 11,370,650.81 1,077,331.15 1.00 1.72%

ZN Mexico General Partner ZN Mexico II, L.P. 25,132,546.71 74,219,170.76 3,007,075.87 2.95 27.24%

1"Capital Invested" may exceed "Commitment" amounts due to the recall of previously distributed capital or other capitalized expenditures.
2"Capital Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.
3 Private investment funds are fair valued by management. The fair values of these investments are estimated by management using the investment's capital account balance
at the closest available reporting date, as communicated by the investment manager, adjusted for contributions and withdrawals subsequent to the latest available reporting
date as well as consideration of any other information, which has been provided by the investment manager or other source.
4Cash-on-Cash Return is calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."
5 IRR, or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers the
timing and size of irregular flows of capital invested and returned to UTIMCO and the value of the remaining investments. IRRs are based on capital invested and returned
to UTIMCO through February 28, 2011 and the current value of remaining investments as of December 31, 2010. IRRs for periods of less than one year are nominalized,
not annualized.
6The investment period for this fund has not yet commenced.
WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general
partners of the partnerships. In addition, due to a number of factors, including most importantly a lack of valuation standards in the private equity industry, differences
in the pace of investments across partnerships, and the understatement of returns in the early years of a partnership life, the IRR information contained in this report
DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare
returns across partnerships.
THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.