We congratulate our clients on the successfulclosing of their funds. Capstone is proud to beassociated with such an exclusive group. Global private equity fundraising Capstone Partners (csplp) is a leading independent placement agent focused on raising capital for private equity, credit, real assets and infrastructure rms. The Capstone team includes 35 experienced professionals in North America, Europe and Asia. csplp Americas — Europe — Middle East — Asia Pacic Securities placed through CSP Securities, LP Member FINRA/SIPC Authorised by FINMACMS license holder from the MAS Preqin Ltd. 2017 / preqin3 PREQIN QUARTERLY UPDATE: PRIVATE EQUITY & VENTURE CAPITAL, Q1 2018 FOREWORD - Christopher Elvin, Preqin I n Q1 2018, 180 private equity funds reached anal close raising an aggregate $80bn, therst quarter since Q3 2016 in which capitalcommitments totalled less than $100bn. Therst quarter of each year typically sees a slowdown in fundraising activity following aurryof fund closures at the end of the year; however, Q1 2018 saw the lowest number of funds closed in ave-year period. Capital remainsconcentrated among the top managers: over half (59%) of capital raised in Q1 was secured by the 10 largest funds. At the start of Q2 2018, there are a record 2,575 funds in market collectively targeting $844bn in capital commitments. Despite the varietyof investment opportunities, fund manager and fund selection remains critical, and from a GP perspective, competition for investor capitalremainserce. Fundraising has become even more competitive at the top end of the industry with the launch of two mega funds in Q12018: Sino-Singapore Connectivity Private Equity Fund, targeting $15.8bn, and Asian Institutional Investor Joint Overseas Investment Fund,targeting $15bn.Strong fundraising and a challenging deal environment has resulted in dry powder levels reaching $1.09tn. Although private equity-backedbuyout deal activity in Q1 was 6% lower in comparison to Q1 2017, deal value was 90% higher. No doubt deal value was buoyed by themerger of Keurig and Dr Pepper, valued at $21bn, and the takeover of the Financial and Risk Business of Thomson Reuters Corporationled by Blackstone Group, with participation from CPP Investment Board and GIC, valued at $17bn. Encouragingly, Q1 2018 marked an 11%increase in the number of venture capital-backednancings compared to Q1 2017, and a 57% increase in deal value.Buyout exit activity fell for thefth consecutive quarter, with 354 exits valued at an aggregate $52bn, representing the lowest quarterlynumber of exits since 2010. Despite this, investor appetite for private equity is still strong: with nearly $2.0tn in capital distributed since2013, investors have more liquidity in their portfolios and the majority (59%) of those interviewed by Preqin at the end of 2017 planned tocommit to four or more funds in the next 12 months. We hope yound this report useful and welcome any feedback you may have. For more information, please visit preqin orcontact info@preqin. p4Fundraising p6Funds in Market p7Institutional Investors p8Buyout Deals and Exits p9Venture Capital Deals p10Fund Performance and Dry Powder All rights reserved. The entire contents of Preqin Quarterly Update: Private Equity & Venture Capital, Q1 2018 are the Copyright of Preqin Ltd. No part of this publication or any information contained in it may be copied, transmitted by any electronic means, or stored in any electronic or other data storage medium, or printed or published in any document, report or publication, without the express prior written approval of Preqin Ltd. The information presented in Preqin Quarterly Update: Private Equity & Venture Capital, Q1 2018 is forinformation purposes only and does not constitute and should not be construed as a solicitation or other o er, or recommendation to acquire or dispose of any investment or to engage in any other transaction, or as advice of any nature whatsoever. If the reader seeks advice rather than information then he should seek an independentnancial advisor and hereby agrees that he will not hold Preqin Ltd. responsible in law or equity for any decisions of whatever nature the reader makes or refrains from making following its use of PreqinQuarterly Update: Private Equity & Venture Capital, Q1 2018. While reasonable e orts have been made to obtain information from sources that are believed to be accurate, and to con rm the accuracy of such information wherever possible, Preqin Ltd. does not make any representation or warranty that the information or opinions contained in Preqin Quarterly Update: Private Equity & Venture Capital, Q1 2018 are accurate, reliable, up-to-date or complete. Although every reasonable e ort has been made to ensure the accuracy ofthis publication Preqin Ltd. does not accept any responsibility for any errors or omissions within Preqin Quarterly Update: Private Equity & Venture Capital, Q1 2018 or for any expense or other loss alleged to have arisen in any way with a reader’s use of this publication.4 DOWNLOAD DATA PACK: preqin/quarterlyupdate FUNDRAISING I n Q1 2018, 180 private equity funds reached anal close,collectively securing $80bn in capital commitments (Fig. 1).Fundraising has slowed in comparison to the previous quarter,when 252 funds raised $102bn. In fact, Q1 2018 saw the smallestamount of capital raised in therst quarter of any year since 2015,when $74bn in aggregate capital was secured by 279 vehicles.Both buyout and venture capital totals have experienced similardeclines when looking at Q1 fundraising over the past six years: 39buyout funds reached anal close in Q1 2018, representing ave- year low (Fig. 2). Yet the $52bn in buyout capital is on par with bothQ1 2017 and Q1 2016 levels and well above the $39bnve-yearhistorical average (2013-2017). As in Q1 2017, venture capital fundraising in Q1 2018 accounted for14% of aggregate private equity capital raised, although this markeda signi cant decline in the amount of capital raised and numberof funds closed compared to prior years. Similar Q1 totals to the$11bn raised across 92 venture capital vehicles in Q1 2018 havenot been seen since Q1 2013, when $7.0bn was raised across 83venture capital funds (Fig. 3).Growth funds and funds of funds in Q1 2018 also saw a drop infundraising activity: there was a six-percentage-point decline in theproportion of aggregate capital secured by growth funds in Q1 2017(14%) to Q1 2018 (8%). Funds of funds experienced an even greaterslowdown compared to Q1 2017: aggregate capital raised dropped66% from $13bn in Q1 2017 to $4.6bn in Q1 2018 (Fig. 4).0 50 100 150 200 250 300 350 400 450 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1 201320142015201620172018 No. of Funds ClosedAggregate Capital Raised ($bn) Source: Preqin Fig. 1: Global Quarterly Private Equity Fundraising,Q1 2013 - Q1 2018 41 4648 5860 39 24 31 36 525352 0 10 20 30 40 50 60 70 Q1 2013 Q1 2014 Q1 2015 Q1 2016 Q1 2017 Q1 2018 No. of Funds ClosedAggregate Capital Raised ($bn) Source: Preqin Fig. 2: Q1 Buyout Fundraising, 2013 - 2018 83 123 140143140 92 71313151411 0 20 40 60 80 100 120 140 160 Q1 2013 Q1 2014 Q1 2015 Q1 2016 Q1 2017 Q1 2018 No. of Funds ClosedAggregate Capital Raised ($bn) Source: Preqin Fig. 3: Q1 Venture Capital Fundraising, 2013 - 2018 39 92 612 22 9 51.9 10.55.34.66.7 1.3010 20 30 40 50 60 70 80 90 100 BuyoutVentureCapital SecondariesFund ofFunds GrowthOther No. of Funds ClosedAggregate Capital Raised ($bn) Source: Preqin Fig. 4: Private Equity Fundraising in Q1 2018 by Fund Type Fund Type Date of Final CloseDate of Final Close Date of Final Close 。。。。。。