General Partner Ownership Interest

(a.k.a. Carried Interest)

James H. Grossman, Jr., CPA, CFA
Chief Investment Officer

Michael Benson, CPA, CAIA

Investment Risk Manager

December 2, 2020
 Example of General Partner Ownership Interest (Carried Interest)

A contractor and an investor buy a fixer upper house and want

to improve and sell it for a profit. The contractor and investor
negotiate terms.

• The investor agrees to commit some of its own money to the

project and pay the contractor’s costs for building supplies,
labor cost, and other site management fees as the house is
renovated. After the house is renovated it is sold for a profit.

• The sales proceeds are shared pro rata until the investor and the contractor each receive their
initial investment; which for the investor includes all of the building supplies, labor cost and other
site management fees it paid during the renovation.

• The investor then gets a portion of the profits (preferred return) before the contractor receives any
profit. If the profit does not exceed the preferred return the contractor does not get any profit.

• Assuming the profit exceeds the preferred return, the contractor then receives the next dollars of
profit (catch up) until the ratio of the profit has been shared 80% to the investor and 20% to the
contractor.

• Once the investor and the contractor receive all of the payments as noted above THEN the
investor and the contractor will split any additional remaining profit as negotiated (generally
80/20 split). This is known as general partner ownership interest (or carried interest).

1
 Typical Private Equity Fund

PSERS

•PS
ERS

•Source(s): Tax Policy Center

2
 What is General Partner Ownership Interest (a.k.a. Carried Interest)?

Carried Interest - is the amount the General Partner (Investment Manager) retains as an ownership
or capital interest in the investment profits of a partnership. Generally, general partners retain 20%
of the investment profits in a limited liability partnership while the limited partners receive the other
80%. Carried interest is only earned by the general partner after the limited partners receive 100%
of the capital they have contributed to the partnership, including the cost of investments,
fees and partnership expenses plus a preferred return, usually 8%, on the contributed
capital. This General Partner ownership interest may be based on each individual investment as it
is realized or the partnership as a whole.

What does carried interest represent? Two views of what carried interest are:
1. A general partner’s profit share on the sale of a capital asset (capital gain); or
2. A performance fee for the manager

The first looks more to the legal form of the arrangement. The second more to the perceived
substance of the arrangement.

No uniform consensus exists today.

3
 How Do Public Pension Funds Report Investment Expenses
Two examples - Note the significant differences
▪ Types of fees
▪ Readily separable – fees directly paid
▪ Not readily separable – fees netted from investment income
▪ GASB Requirement
▪ Under GASB statement No. 25, paragraph 29, footnote 12, plans are not
required to include in the reported amount of investment expense those
investment related costs that are not readily separable from investment
income (where the income is reported net of related expenses)
▪ Common Practice is to NOT disclose certain investment-related costs and
offsets. Why?
▪ Financial statements become less comparable with other plans
▪ Cost – it is much more costly to break these fees out than to just report a
net number
▪ Impact on the bottom line
▪ None – Net investment income in dollars does not change, the Statement
of Changes does not change, performance in dollars does not change

4
 Statement of Changes in Fiduciary Net Position (Pension Fund)
Illustrative Example of Recording Only Readily Separable Expenses in FY 2019

Amounts in thousands As Reported Adjustment Adjusted

Amounts
Investment income:
From investing activities
Total investment activity income 5,457,998 (405,773) 5,052,225
Investment Expenses (474,441) 405,773 (68,668)
Net income from investing activities 4,983,557 - 4,983,557
Net income from securities lending 11,805 - 11,805
activities
Total net investment income 4,995,362 - 4,995,362
Assumptions:
• All base fees from private credit, private equity, absolute return, and risk parity are not readily separable (they’re not)
• All performance fees for private credit, absolute return, and risk parity are not readily separable (again, they’re not)
• The base fees are invoiced via capital calls or net distribution notices, however, carried interest are paid out of the
funds, not directly invoiced
• PSERS’ professionals manually break these costs out to verify the accuracy of them
Observations:
• Gross investment income (total investment activity income) and investment expenses both decreased
• Total net investment income is unchanged
• Issue is it will only be a reclassification within the financial statements
• No impact on the actual net of fee earnings
5
 Statement of Changes in Fiduciary Net Position (Pension Fund)
Illustrative Example of Recording Ownership Interest Payments in FY 2019
Amounts in thousands As Reported Adjustment Adjusted
Amounts
Investment income:
From investing activities
Total investment activity income 5,457,998 800,000 6,257,998
Investment Expenses (474,441) (800,000) (1,274,441)
Net income from investing activities 4,983,557 - 4,983,557
Net income from securities lending 11,805 - 11,805
activities
Total net investment income 4,995,362 - 4,995,362

Assumptions:
• Partners earned $700 million in ownership interest payments (carry)
• Partnerships had $100 million in other operating expenses
Observations:
• Gross investment income (total investment activity income) and investment expenses both increased
• Total net investment income is unchanged
• Issue is it will only be a reclassification within the financial statements
• No impact on the actual net of fee earnings
• Irony of issue: The better the performance, the higher the investment expenses and chance of public confusion in
this model
• Every dollar made generates 80 cents for investor (PSERS) and 20 cents for general partner
6 • Excellent alignment of interest
 Carried Interest Analysis – Inception to Date as of 12/31/19
Analysis of Carry and Total Fee, Expense, and Carry Load
Private Equity, Private Real Estate and Private Credit
Since Inception of Program (ending December 31, 2019)
Dollar Amounts in Millions
Program Inception Date May 1985 Dec 1980 Oct 2007
Private Equity Private Real Estate Private Credit Total

Net Asset Value at December 31, 2019 $ 8,619 $ 5,409 $ 5,313 $ 19,341

Plus: Distributions $ 36,009 $ 26,647 $ 7,326 $ 69,982

Less: Contributed Capital (1) $ (29,613) $ (22,867) $ (9,868) $ (62,348)

Net Income to PSERS (after all fees, other expenses, and carried interest) $ 15,015 $ 9,586 $ 2,771 $ 27,372

Plus: Carried Interest $ 3,730 $ 1,827 $ 487 $ 6,044

Income gross of carried interest $ 18,745 $ 11,413 $ 3,258 $ 33,416

Carry as a % of Income gross of carried interest 19.90% 16.01% 14.95% 18.09%

Net Multiple on Contributed Capital 1.51 1.40 1.28 1.43

Net Management Fees $ 2,360 $ 1,171 $ 495 $ 4,026

Other Fund Level Expenses $ 560 $ 302 $ 175 $ 1,037

Total Net Management Fees and Other Fund Level Expenses $ 2,920 $ 1,473 $ 670 $ 5,063

7 (1) Includes Net Management Fees and Other Fund Level Expenses
 Carried Interest Analysis – Inception to Date as of 12/31/18
Analysis of Carry and Total Fee, Expense, and Carry Load
Private Equity, Private Real Estate and Private Credit
Since Inception of Program (ending December 31, 2018)
Dollar Amounts in Millions
Program Inception Date May 1985 Dec 1980 Oct 2007
Private Equity Private Real Estate Private Credit Total

Net Asset Value at December 31, 2018 $ 8,224 $ 5,358 $ 5,016 $ 18,598

Plus: Distributions $ 34,041 $ 25,624 $ 6,451 $ 66,116

Less: Contributed Capital (1) $ (28,180) $ (21,969) $ (9,009) $ (59,158)

Net Income to PSERS (after all fees, other expenses, and carried interest) $ 14,085 $ 9,013 $ 2,458 $ 25,556

Plus: Carried Interest $ 3,451 $ 1,712 $ 433 $ 5,596

Income gross of carried interest $ 17,536 $ 10,725 $ 2,891 $ 31,152

Carry as a % of Income gross of carried interest 19.68% 15.96% 14.98% 17.96%

Net Multiple on Contributed Capital 1.50 1.41 1.27 1.43

Net Management Fees $ 2,260 $ 1,129 $ 432 $ 3,821

Other Fund Level Expenses $ 512 $ 286 $ 150 $ 948

Total Net Management Fees and Other Fund Level Expenses $ 2,772 $ 1,415 $ 582 $ 4,769

8 (1) Includes Net Management Fees and Other Fund Level Expenses
 Carried Interest Analysis – Calendar Year 2019
Analysis of Carry and Total Fee, Expense, and Carry Load
Private Equity, Private Real Estate, and Private Credit
Calendar Year 2019
Dollar Amounts in Millions
Private Equity Private Real Estate Private Credit Total

Net Asset Value at December 31, 2019 $ 8,619 $ 5,409 $ 5,313 $ 19,341

Net Asset Value at December 31, 2018 (2) $ 8,224 $ 4,961 $ 5,016 $ 18,201

Change in Net Asset Value for the Year $ 395 $ 448 $ 297 $ 1,140

Plus: Distributions $ 1,968 $ 1,023 $ 875 $ 3,866

Less: Contributed Capital (1) $ (1,433) $ (898) $ (859) $ (3,190)

Net Income to PSERS (after all fees, other expenses, and carried interest) $ 930 $ 573 $ 313 $ 1,816

Plus: Carried Interest $ 279 $ 115 $ 54 $ 448

Income gross of carried interest $ 1,209 $ 688 $ 367 $ 2,264

Carry as a % of Income gross of carried interest 23.08% 16.72% 14.71% 19.78%

Net Multiple on Contributed Capital 1.65 1.64 1.36 1.57

Net Management Fees $ 100 $ 42 $ 63 $ 204

Other Fund Level Expenses $ 48 $ 16 $ 25 $ 89

Total Net Management Fees and Other Fund Level Expenses $ 148 $ 58 $ 88 $ 293

(1) Includes Net Management Fees and Other Fund Level Expenses
9 (2) PTRES-REIT mandates were migrated to Traditional Group as of 4Q2018.
 Carried Interest Analysis – Calendar Year 2018
Analysis of Carry and Total Fee, Expense, and Carry Load
Private Equity, Private Real Estate, and Private Credit
Calendar Year 2018
Dollar Amounts in Millions
Private Equity Private Real Estate Private Credit Total

Net Asset Value at December 31, 2018 $ 8,224 $ 5,358 $ 5,016 $ 18,598

Net Asset Value at December 31, 2017 $ 7,644 $ 5,710 $ 4,822 $ 18,176

Change in Net Asset Value for the Year $ 580 $ (352) $ 194 $ 422

Plus: Distributions $ 1,878 $ 1,532 $ 932 $ 4,342

Less: Contributed Capital (1) $ (1,761) $ (710) $ (857) $ (3,328)

Net Income to PSERS (after all fees, other expenses, and carried interest) $ 697 $ 470 $ 269 $ 1,436

Plus: Carried Interest $ 214 $ 128 $ 68 $ 410

Income gross of carried interest $ 911 $ 598 $ 337 $ 1,846

Carry as a % of Income gross of carried interest 23.49% 21.40% 20.18% 22.21%

Net Multiple on Contributed Capital 1.40 1.66 1.31 1.43

Net Management Fees $ 114 $ 44 $ 65 $ 223

Other Fund Level Expenses $ 46 $ 26 $ 24 $ 96

Total Net Management Fees and Other Fund Level Expenses $ 160 $ 70 $ 89 $ 319

10
(1) Includes Net Management Fees and Other Fund Level Expenses
 Private Equity, Private Credit, Private RE Management Fees, Carried Interest & Other Expenses
Presentation Methodology

• PSERS used a best efforts approach to gathering the data necessary for this presentation.

• PSERS canvassed our active funds for Carried Interest, Mgt Fee Offsets and Other Fund Expenses detail by fund. These amounts have
not been tracked separately for financial statement presentation.

• PSERS added performance fees to Carried Interest estimates for Private Debt funds structured as “evergreen funds”. These fees are
separately accounted for and disclosed within the CAFR. We included these fees in the analysis for comparative purposes.

• PSERS also did not have any Carried Interest, Other Fund Expenses or Mgt Fee detail by fund for liquidated funds prior to CY 2016
included in Inception to Date as of December 31, 2019 amounts presented. The Mgt Fees for Private Equity liquidated funds were not
available due to document retention policies and/or the fact that funds were no longer in existence. Therefore, good faith estimates were
used to calculate Private Markets, Private Credit, and Private Real Estate funds as detailed below:

• Liquidated Private Equity, Private Credit and Private Real Estate fund’s carried interest was estimated by applying 25% to the
combined Net Cash / Net Asset Value gain for those funds with an IRR of 8% or higher since inception.

• Liquidated Private Real Estate fund’s Mgt Fees were provided by Courtland Advisors via their internal records.

• Liquidated Private Equity and Private Credit funds’ Mgt Fees were estimated in 2016 by applying the Mgt Fee rate on record to the
Average Quarterly Commitment over PSERS first 16 quarters PSERS invested in those funds, these amounts were then rolled
forward into 2019 inception to date. For the remaining quarters PSERS invested in these funds, the Mgt Fee reported by each fund
was used.

Note: It took more than 220 staff hours from PSERS and Hamilton Lane to provide this analysis.

11
 Private Equity, Private Credit, Private RE Management Fees, Carried Interest & Other Expenses
(Dollars in Millions)
A - B = C + D = E F G F–G=H G/F

Total Direct Exp. of Total Dollars Carried Net Dollars

Mgt Net Mgt Other Fund Carry as % of
2019 Calendar Year Offsets Managing Earned Incl. Interest 1 Earned to
Fees Fees Exp 2 Gross
Partnership Carried Interest PSERS

Private Equity
$ 117 $ (17) $ 100 $ 48 $ 148 $ 1,209 $ 279 $ 930 23.08%

Private Credit
72 (9) 63 25 88 367 54 313 14.71%

Private Real Estate

45 (3) 42 16 58 688 115 573 16.72%

Total
$ 234 $ (29) $ 204 $ 89 $ 293 $2,264 $ 448 $ 1,816 19.78%

1980 - 2019 Total Direct Exp. of Total Dollars Carried Net Dollars
Mgt Net Mgt Other Fund Carry as % of
(Inception to Date as of Offsets Managing Earned Incl. Interest 1 Earned to
Fees Fees Exp 2 Gross
12/31/19) Partnership Carried Interest PSERS

Private Equity
$ 2,616 $ (256) $ 2,360 $ 560 $ 2,920 $ 18,745 $ 3,730 $ 15,015 19.90%

Private Credit
Not Collected Not Collected 495 175 670 3,258 487 2,771 14.95%

Private Real Estate

Not Collected Not Collected 1,171 302 1,473 11,413 1,827 9,586 16.01%

Total
$ 4,021 $ 1,035 $ 5,063 $ 33,416 $ 6,044 $ 27,372 18.09%

See Footnotes on next page.

12
 Private Equity, Private Credit, Private RE Management Fees, Carried Interest & Other Expenses
(Dollars in Millions)
A - B = C + D = E F G F–G=H G/F

Total Direct Exp. of Total Dollars Carried Net Dollars

Mgt Net Mgt Other Fund Carry as % of
2018 Calendar Year Offsets Managing Earned Incl. Interest 1 Earned to
Fees Fees Exp 2 Gross
Partnership Carried Interest PSERS

Private Equity
$ 139 $ (25) $ 114 $ 46 $ 160 $ 911 $ 214 $ 697 23.49%

Private Credit
68 (3) 65 24 89 337 68 269 20.18%

Private Real Estate

48 (4) 44 26 70 598 128 470 21.40%

Total
$ 255 $ (32) $ 223 $ 96 $ 319 $ 1,846 $ 410 $ 1,436 22.21%

1980 - 2018 Total Direct Exp. of Total Dollars Carried Net Dollars
Mgt Net Mgt Other Fund Carry as % of
(Inception to Date as of Offsets Managing Earned Incl. Interest 1 Earned to
Fees Fees Exp 2 Gross
12/31/18) Partnership Carried Interest PSERS

Private Equity
$ 2,499 $ (239) $ 2,260 $ 512 $ 2,772 $ 17,536 $ 3,451 $ 14,085 19.68%
Private Credit
Not Collected Not Collected 432 150 582 2,891 433 2,458 14.98%

Private Real Estate

Not Collected Not Collected 1,129 286 1,345 10,725 1,712 9,013 15.96%

Total
$ 3,821 $ 948 $ 4,769 $ 31,152 $ 5,596 $ 25,556 17.96%
See Footnotes on next page.

13
 Private Equity, Private Debt, Private RE Management Fees, Carried Interest & Other Expenses
Footnotes to schedule

•1 Carried interest includes carried interest paid and accrued, offset by clawbacks. Carried interest for all active funds and for all
periods presented were verified for reasonableness by applying a carry of 20% to cash / Net Asset Value gains for those funds with
an Internal Rate of Return in excess of 6% and inquiring about outliers for additional documentation and substantiation.

2
Other fund level expenses are partnership expenses per the Limited Partnership Agreement and are reimbursed to General
Partner for services rendered and in some cases offset against Mgt Fees.

14
 Appendix

Carried Interest Reported by Managers CY 2019

15
 Carried Interest Reported by Managers CY 2019

Net Management Partnership

Manager Fees Net Carried Interest Expenses Total
Actis Emerging Markets 3, L.P. $ - $ - $ 255,000 $ 255,000
Actis Global 4, L.P. $ 1,281,000 $ - $ 259,000 $ 1,540,000
Adams Capital Management, L.P. $ - $ - $ 5,818 $ 5,818
Aisling Capital II, L.P. $ - $ - $ 29,149 $ 29,149
Aisling Capital III, L.P. $ (31,554) $ 10,289,173 $ 42,055 $ 10,299,674
Aisling Capital IV, L.P. $ 775,615 $ 7,181,737 $ 268,205 $ 8,225,557
Allegheny New Mountain Partners, L.P. $ - $ (131,210) $ - $ (131,210)
Apax Digital L.P. $ 1,632,040 $ 668,904 $ 586,597 $ 2,887,541
Private Equity

Apax Europe VII-A, L.P. $ - $ 5,584,683 $ 16,144 $ 5,600,827

Apollo Investment Fund IX, L.P. $ 2,471,522 $ - $ 1,102,455 $ 3,573,977
Apollo Investment Fund VIII, L.P. $ 776,196 $ 10,676,688 $ 513,471 $ 11,966,355
Avenue Special Situations Fund VI, L.P. $ - $ - $ 19,808 $ 19,808
Bain Capital Asia Fund II, L.P. $ 657,192 $ 2,212,258 $ 362,693 $ 3,232,143
Bain Capital Asia Fund III, L.P. $ 2,600,000 $ 775,779 $ 1,835,962 $ 5,211,741
Bain Capital Asia Fund IV, L.P. $ 625,000 $ - $ 205,943 $ 830,943
Bain Capital Fund XI, L.P. $ 458,433 $ 9,340,776 $ 67,383 $ 9,866,592
Bain Capital Fund XII, L.P. $ 1,875,000 $ - $ 1,201,020 $ 3,076,020
Baring Asia Private Equity Fund III, L.P. $ - $ 2,019,210 $ 494,139 $ 2,513,349
Baring Asia Private Equity Fund IV, L.P. $ 341,402 $ (168,555) $ 364,030 $ 536,877
Baring Asia Private Equity Fund V, L.P. $ 3,170,005 $ (5,772,862) $ 2,870,649 $ 267,792
Baring Asia Private Equity Fund VI, L.P. $ 951,777 $ 4,080,454 $ 935,907 $ 5,968,138
BDC III, L.P. $ 925,805 $ 1,292,509 $ 259,803 $ 2,478,118
Blue Point Capital Partners I, L.P. $ - $ - $ 9,417 $ 9,417
Blue Point Capital Partners II, L.P. $ 49,051 $ 2,152,588 $ 21,183 $ 2,222,822
Blue Point Capital Partners III, L.P. $ 385,272 $ 376,711 $ 155,416 $ 917,398
Blue Point Capital Partners IV, L.P. $ 976,222 $ - $ 238,858 $ 1,215,080
Bridgepoint Capital II (Secondary) $ - $ - $ - $ -
Bridgepoint Europe I $ - $ - $ - $ -
Bridgepoint Europe II, L.P. $ - $ 624,781 $ 10,617 $ 635,398

16
 Carried Interest Reported by Managers CY 2019

Net Management Partnership

Manager Fees Net Carried Interest Expenses Total
Bridgepoint Europe III, L.P. $ - $ - $ 113,594 $ 113,594
Bridgepoint Europe IV, L.P. $ (5,719,019) $ 2,635,812 $ (554,939) $ (3,638,146)
Bridgepoint Europe V, L.P. $ 1,052,022 $ 5,543,344 $ 826,813 $ 7,422,179
Bridgepoint Europe VI, L.P. $ 1,263,809 $ 825,066 $ 506,272 $ 2,595,147
Capital International Private Equity Fund V, L.P. $ 107,589 $ - $ 140,267 $ 247,856
Capital International Private Equity Fund VI, L.P. $ 509,332 $ - $ 511,629 $ 1,020,961
Catterton Growth Partners II, L.P. $ 1,077,443 $ - $ 125,561 $ 1,203,004
Catterton Growth Partners, L.P. $ 507,509 $ (2,349,663) $ 103,326 $ (1,738,828)
Private Equity

Catterton Partners V, L.P. $ - $ - $ 7,576 $ 7,576

Catterton Partners VI, L.P. $ 706,197 $ (1,442,747) $ 67,407 $ (669,143)
Catterton Partners VII, L.P. $ 1,528,286 $ 3,988,656 $ 127,106 $ 5,644,048
Cerberus Institutional Partners V, L.P. $ 656,136 $ 4,856,700 $ 483,990 $ 5,996,826
Cerberus Institutional Partners VI, L.P. $ 2,374,858 $ - $ 1,564,342 $ 3,939,201
Cerberus Institutional Partners, L.P. - Series 3 $ (32,143) $ 73,967 $ 7,698 $ 49,522
Cerberus Institutional Partners, L.P. (Series 4) $ (342,380) $ 2,428,801 $ 423,526 $ 2,509,947
Cinven Fifth Fund, L.P. $ 566,411 $ 7,492,472 $ 2,404,056 $ 10,462,939
Cinven Fourth Fund $ - $ - $ - $ -
Cinven Sixth Fund $ 1,004,964 $ 2,885,728 $ 465,588 $ 4,356,280
Clearlake Capital Partners IV, L.P. $ 583,625 $ 4,453,571 $ 102,946 $ 5,140,142
Clearlake Capital Partners V, L.P. $ 524,540 $ 7,211,676 $ 427,599 $ 8,163,815
Clearlake Capital Partners VI, L.P. $ - $ - $ - $ -
Co-Investment 2000 Fund, L.P. $ - $ - $ 206,818 $ 206,818
Co-Investment Fund II, L.P. $ - $ - $ 232,800 $ 232,800
Coller International Partners VI, L.P. $ 820,082 $ 2,031,850 $ 47,252 $ 2,899,184
Coller International Partners VII, L.P. $ 1,341,703 $ 363,635 $ 137,411 $ 1,842,749
Crestview Capital Partners $ 249,664 $ 4,549,815 $ 242,509 $ 5,041,988
Crestview Partners II, L.P. $ 902,341 $ 3,805,096 $ 464,929 $ 5,172,366
Crestview Partners III, L.P. $ 905,541 $ 5,677,418 $ 377,886 $ 6,960,845
Cross Atlantic Technology Fund II, L.P. $ - $ - $ 4,155 $ 4,155

17
 Carried Interest Reported by Managers CY 2019

Net Management Partnership

Manager Fees Net Carried Interest Expenses Total
Cross Atlantic Technology Fund, L.P. $ - $ - $ 19,206 $ 19,206
CVC Capital Partners Asia Pacific III, L.P. $ - $ 730,596 $ 603,377 $ 1,333,973
CVC European Equity Partners V, L.P. $ 18,878 $ 25,336,343 $ 24,934 $ 25,380,155
DCPF VI Oil and Gas Coinvestment Fund LP $ 113,886 $ 1,871,415 $ 16,948 $ 2,002,249
Denham Commodity Partners Fund VI, L.P. $ 736,018 $ (28,539) $ 120,014 $ 827,493
Denham Mining Fund, L.P. $ 1,817,660 $ (1) $ 304,519 $ 2,122,178
Equistone Partners Europe Fund V, L.P. $ 820,304 $ - $ 91,434 $ 911,738
Equistone Partners Europe Fund VI, L.P. $ 1,312,915 $ - $ 380,324 $ 1,693,239
Private Equity

Evergreen Pacific Partners II, L.P. $ - $ 18,340 $ 43,407 $ 61,748

Evergreen Pacific Partners, L.P. $ - $ - $ 99,548 $ 99,548
First Reserve Fund XII, L.P. $ 206,126 $ - $ 91,427 $ 297,553
Gleacher Mezzanine Fund II, L.P. $ - $ 20,965 $ 23,293 $ 44,258
Gold Hill Venture Lending 03, L.P. $ 35,040 $ 11,249 $ 14,868 $ 61,157
GoldPoint Partners Co-Investment V, L.P. $ 368,596 $ 1,221,010 $ 24,453 $ 1,614,059
GSC Recovery II, L.P. $ - $ - $ - $ -
GSC Recovery III (Parallel Fund), L.P. $ - $ - $ - $ -
Hahn & Company III, L.P. $ 3,264,947 $ - $ 935,376 $ 4,200,323
Hahn & Company III-S, L.P. $ 172,412 $ - $ 315,353 $ 487,765
HgCapital 7, L.P. $ 811,252 $ - $ 93,419 $ 904,671
HgCapital 8, L.P. $ 1,643,102 $ - $ 430,049 $ 2,073,151
HGGC Fund II, L.P. $ 1,154,233 $ 4,273,073 $ 102,526 $ 5,529,832
HGGC Fund III, L.P. $ 313,557 $ 7,480,924 $ 636,766 $ 8,431,247
Incline Elevate Fund, L.P. $ 918,990 $ - $ 584,578 $ 1,503,568
Incline Equity Partners III, L.P. $ - $ 14,671,939 $ 29,790 $ 14,701,729
Incline Equity Partners IV, L.P. $ 1,126,342 $ 2,152,326 $ 71,651 $ 3,350,319
Incline Equity Partners V, L.P. $ - $ - $ - $ -
Insight Partners XI, L.P. $ 189,583 $ - $ 339,032 $ 528,615
Insight Venture Partners X, L.P. $ 390,971 $ 895,858 $ 102,781 $ 1,389,609
Irving Place Capital III SPV, L.P. $ - $ - $ 90,192 $ 90,192

18
 Carried Interest Reported by Managers CY 2019

Net Management Partnership

Manager Fees Net Carried Interest Expenses Total
Irving Place Capital MB-PSERS II, L.P. $ - $ (3,648,960) $ 37,166 $ (3,611,794)
K4 Private Investors, L.P. $ 1,927,820 $ - $ 167,573 $ 2,095,393
KBL Partnership, L.P. $ - $ - $ 7,879 $ 7,879
L Catterton Growth Partners III, L.P. $ 1,129,621 $ 5,994,534 $ 485,489 $ 7,609,644
L Catterton VIII, L.P. $ 1,595,889 $ 3,052,718 $ 704,743 $ 5,353,350
Landmark Equity Partners XIII, L.P. $ 206,324 $ - $ 19,494 $ 225,818
Landmark Equity Partners XIV, L.P. $ 341,195 $ 169,626 $ 53,995 $ 564,816
Lindsay Goldberg V, L.P. $ - $ - $ - $ -
Private Equity

LLR Equity Partners II, L.P. $ - $ 86,980 $ 42,740 $ 129,720

LLR Equity Partners III, L.P. $ 378,764 $ 9,690,886 $ 140,110 $ 10,209,760
LLR Equity Partners IV, L.P. $ 2,159,315 $ 17,765,871 $ 192,447 $ 20,117,633
LLR Equity Partners V, L.P. $ 3,500,000 $ 4,200,656 $ 1,379,364 $ 9,080,020
Milestone Partners FS 2, L.P. $ 8,078 $ - $ 350,151 $ 358,229
Milestone Partners III, L.P. $ 239,169 $ - $ 41,408 $ 280,577
Milestone Partners IV, L.P. $ 333,521 $ (506,810) $ 265,705 $ 92,416
NEPA Venture Fund II $ - $ - $ 2,931 $ 2,931
New Mountain Partners III, L.P. $ - $ 9,115,620 $ - $ 9,115,620
New Mountain Partners IV, L.P. $ 423,136 $ 16,164,701 $ 40,428 $ 16,628,265
New Mountain Partners V, L.P. $ 2,372,147 $ 4,788,912 $ 1,753,701 $ 8,914,760
New York Life Capital Partners I, L.P. $ - $ - $ 29,437 $ 29,437
New York Life Capital Partners II, L.P. $ - $ 13,955 $ 34,032 $ 47,987
New York Life Capital Partners III-A, L.P. $ - $ (1,084,084) $ 54,770 $ (1,029,314)
New York Life Capital Partners IV-A. L.P. $ 77,072 $ 455,886 $ 96,303 $ 629,261
NGP Natural Resources X, L.P. $ 749,934 $ - $ 63,995 $ 813,929
NGP Natural Resources XI, L.P. $ 1,340,409 $ (6,018,533) $ 53,795 $ (4,624,329)
NGP Natural Resources XII, L.P. $ 3,001,730 $ - $ 111,923 $ 3,113,653
North Haven Private Equity Asia IV, L.P. $ 1,143,167 $ 4,315,645 $ 584,439 $ 6,043,251
NYLIM Mezzanine Partners II (Parallel Fund) LP $ - $ - $ - $ -
OCM Opportunities Fund VII, L.P. $ - $ - $ 21,492 $ 21,492

19
 Carried Interest Reported by Managers CY 2019

Net Management Partnership

Manager Fees Net Carried Interest Expenses Total
OCM Opportunities Fund VII-B, L.P. $ 4,611 $ 2,205 $ 25,043 $ 31,859
Odyssey Investment Partners Fund V, L.P. $ 969,221 $ - $ 422,125 $ 1,391,347
Orchid Asia Fund VI, L.P. $ 1,188,802 $ 1,063,589 $ 41,837 $ 2,294,228
Orchid Asia V, L.P. $ 150,307 $ 127,839 $ 4,171 $ 282,317
Orchid Asia VII, L.P. $ 1,498,357 $ 451,550 $ 573,583 $ 2,523,490
PAI Europe IV $ - $ 35,201 $ (15,062) $ 20,138
PAI Europe V $ 179,831 $ (860,643) $ 238,447 $ (442,365)
PAI Europe VI $ 979,125 $ 4,037,037 $ 826,110 $ 5,842,273
Private Equity

PAI Europe VII $ 1,430,936 $ - $ 1,807,613 $ 3,238,550

Palladium Equity Partners IV, L.P. $ 627,857 $ (41,257) $ 426,951 $ 1,013,551
Partners Group Secondary 2008 S.C.A., SICAR $ 997,038 $ 144,359 $ 55,629 $ 1,197,026
Partners Group Secondary 2011 (USD), L.P. Inc. $ 1,012,500 $ (119,939) $ 467,781 $ 1,360,342
Partners Group Secondary 2015 (USD) A, L.P. $ 1,250,000 $ 510,944 $ 284,167 $ 2,045,112
Permira IV, L.P. $ - $ 1,007,577 $ 21,348 $ 1,028,925
Perseus-Soros BioPharmaceutical Fund, L.P. $ - $ - $ - $ -
Platinum Equity Capital Partners II, L.P. $ - $ 2,904,650 $ 194,352 $ 3,099,002
Platinum Equity Capital Partners III, L.P. $ - $ (2,204,625) $ 215,574 $ (1,989,051)
Platinum Equity Capital Partners IV, L.P. $ - $ 5,512,326 $ 1,135,462 $ 6,647,788
Platinum Equity Capital Partners V, L.P. $ 1,022,876 $ - $ 291,690 $ 1,314,566
Platinum Equity Capital Partners, L.P. $ - $ - $ 88,137 $ 88,137
Platinum Equity Small Cap Fund, L.P. $ 3,777,671 $ - $ 924,106 $ 4,701,777
PNC Equity Partners II, L.P. $ - $ 79,603 $ 38,010 $ 117,613
Portfolio Advisors Secondary Fund III, L.P. $ 1,146,754 $ 2,699,091 $ 265,971 $ 4,111,816
Psilos Group Partners III, L.P. $ - $ - $ - $ -
Quaker BioVentures II, L.P. $ 279,182 $ - $ 28,660 $ 307,843
Quaker Bio-Ventures, L.P. $ - $ - $ 16,248 $ 16,248
Sante Health Ventures III, L.P. $ - $ - $ 209,933 $ 209,933
SCP Private Equity Partners I, L.P. $ - $ - $ - $ -
SCP Private Equity Partners II, L.P. $ - $ - $ - $ -

20
 Carried Interest Reported by Managers CY 2019

Net Management Partnership

Manager Fees Net Carried Interest Expenses Total
Searchlight Capital Partners II, L.P. $ 1,317,893 $ 1,468,502 $ 467,884 $ 3,254,279
Searchlight Capital Partners III, L.P. $ - $ - $ - $ -
StarVest $ 425 $ - $ 19,587 $ 20,012
StarVest Partners II (Parallel), L.P. $ 267,953 $ - $ 62,099 $ 330,052
StepStone International Investors III L.P. $ 248,141 $ - $ 131,217 $ 379,358
Sterling Capital Partners, L.P. $ - $ - $ 32,111 $ 32,111
Sterling Venture Partners I, L.P. $ - $ - $ 9,280 $ 9,280
Strategic Partners Fund II, L.P. $ - $ - $ - $ -
Private Equity

Strategic Partners Fund III VC, L.P. $ - $ - $ 90,524 $ 90,524

Strategic Partners Fund III-B, L.P. $ - $ - $ 202,241 $ 202,241
Strategic Partners Fund IV VC, L.P. $ 123,100 $ 968,732 $ 27,990 $ 1,119,822
Strategic Partners Fund IV, L.P. $ 94,813 $ 560,252 $ 21,121 $ 676,186
Strategic Partners Fund V, L.P. $ 283,297 $ 1,846,469 $ 127,508 $ 2,257,274
Strategic Partners Fund VI, L.P. $ 593,084 $ 271,375 $ 177,851 $ 1,042,310
Strategic Partners Fund VII, L.P. $ 1,250,000 $ 3,999,350 $ 588,415 $ 5,837,765
Summit Partners Growth Equity Fund IX, L.P. $ - $ 5,314,764 $ 138,266 $ 5,453,030
Summit Partners Growth Equity Fund VIII, L.P. $ 1,210,629 $ 11,203,632 $ 79,056 $ 12,493,317
Summit Partners Growth Equity Fund X, L.P. $ - $ - $ 267,657 $ 267,657
Summit Partners Venture Capital Fund III, L.P. $ 246,605 $ 2,099,712 $ 17,157 $ 2,363,474
Summit Partners Venture Capital Fund IV, L.P. $ 783,643 $ 3,138,363 $ 107,033 $ 4,029,039
TDH III, L.P. $ - $ - $ - $ -
Tenaya Capital IV-P, L.P. $ - $ (3,729,553) $ 69,496 $ (3,660,057)
Tenaya Capital VI, L.P. $ 764,048 $ (1,436,434) $ 55,244 $ (617,141)
Tenaya Capital VII, L.P. $ 2,000,000 $ 5,251,090 $ 105,699 $ 7,356,789
Tenaya Capital V-P, L.P. $ 431,261 $ 461,085 $ 71,139 $ 963,485
The Energy & Minerals Group Fund III, L.P. $ 1,189,580 $ - $ 24,521 $ 1,214,101
Trilantic Capital Partners IV L.P. $ 51,846 $ (408,492) $ 46,069 $ (310,577)
Trilantic Capital Partners V (North America), L.P. $ 594,455 $ 3,481,737 $ 134,027 $ 4,210,219

21
 Carried Interest Reported by Managers CY 2019

Net Management Partnership

Private Equity

Manager Fees Net Carried Interest Expenses Total

Trilantic Capital Partners VI (North America), L.P. $ 2,248,673 $ - $ 265,659 $ 2,514,332
Tulco LLC $ - $ - $ - $ -
U.S. Equity Partners II, L.P. $ - $ - $ (31,619) $ (31,619)
Venor Special Situations Fund II, L.P. $ 717,862 $ - $ 314,927 $ 1,032,789
Versa Capital Fund I, L.P. $ - $ - $ 171,957 $ 171,957
Versa Capital Fund II, L.P. $ 1,544,074 $ - $ 547,631 $ 2,091,705
Versa Capital Fund III, L.P. $ 286,530 $ - $ 1,149,922 $ 1,436,452
Webster Capital IV, L.P. $ 348,310 $ (250,677) $ 125,198 $ 222,831
Windjammer Senior Equity Fund III, L.P. $ - $ - $ - $ -
Windjammer Senior Equity Fund IV, L.P. $ - $ - $ - $ -
Private Equity Total $ 99,961,882 $ 279,037,337 $ 48,228,370 $ 427,227,589

22
 Carried Interest Reported by Managers CY 2019

Net Management Net Carried

Manager Fees Interest Operating Expense Total
Apollo European Principal Finance Fund II (Dollar A), L.P. $ 515,825 $ 80,775 $ (6,524) $ 590,075
Apollo European Principal Finance Fund III (Dollar A), LP $ 2,142,340 $ 5,272,772 $ 1,391,629 $ 8,806,741
Avenue Energy Opportunities Fund II, L.P. $ 840,279 $ - $ 406,170 $ 1,246,449
Avenue Energy Opportunities Fund, L.P. $ 1,800,000 $ - $ 441,214 $ 2,241,214
Avenue Europe Special Situations Fund III (U.S.), L.P. $ 1,863,703 $ - $ 769,905 $ 2,633,608
Bain Capital Credit Managed Account (PSERS), L.P. $ 1,806,603 $ - $ 430,293 $ 2,236,896
Bain Capital Credit Managed Account (PSERS), L.P. (SCF) $ - $ - $ - $ -
Bain Capital Credit Managed Account (PSERS), L.P. (SSA) $ 431,174 $ 731,238 $ 429,896 $ 1,592,308
Private Credit

Bain Capital Distressed and Special Situations 2013 (A) AIV, L.P. $ 1,247,508 $ - $ 253,760 $ 1,501,268
Bain Capital Distressed and Special Situations 2013 (A), L.P. $ 526,128 $ - $ 101,376 $ 627,504
Bain Capital Distressed and Special Situations 2016 (A), L.P. $ 2,686,715 $ 14,756 $ 2,431,377 $ 5,132,848
Bain Capital Distressed and Special Situations 2019, L.P. $ 76,027 $ - $ 1,833,412 $ 1,909,439
Bain Capital Middle Market Credit 2010, L.P. $ 198,042 $ 757,934 $ 77,970 $ 1,033,946
Bain Capital Middle Market Credit 2014, LP $ 1,030,604 $ 7,495,557 $ 170,897 $ 8,697,058
Brigade Distressed Value Offshore Fund $ 1,688,029 $ - $ 677,901 $ 2,365,930
Brigade Structured Credit Offshore Fund $ 2,860,307 $ 175,606 $ 246,076 $ 3,281,988
Carlyle Energy Mezzanine Opportunities Fund II, L.P. $ 2,305,799 $ - $ 667,474 $ 2,973,273
Carlyle Energy Mezzanine Opportunities Fund-Q, L.P. $ 1,243,820 $ - $ 559,032 $ 1,802,852
Cerberus Levered Loan Opportunities Fund I, L.P. $ - $ - $ - $ -
Cerberus Levered Loan Opportunities Fund II, L.P. $ - $ - $ - $ -
Cerberus PSERS Levered Loan Opportunities Fund, L.P. $ 7,705,541 $ 5,341,554 $ 1,470,022 $ 14,517,117
Clearlake Opportunities Partners II, L.P. $ 201,262 $ 84,062 $ 516,888 $ 802,212
Galton Onshore Mortgage Recovery Fund III, L.P. $ 73,706 $ - $ 246,437 $ 320,143
Galton Onshore Mortgage Recovery Fund IV, L.P. $ 972,945 $ - $ 710,268 $ 1,683,213
Galton Residential Mortgage-Backed Securities $ 1,240,471 $ 1,221,784 $ - $ 2,462,255
Hayfin SOF II USD Co-Invest, L.P. $ 88,302 $ - $ 73,938 $ 162,240
Hayfin SOF II USD, L.P. $ 2,064,659 $ - $ 665,041 $ 2,729,700
HayFin Special Opportunities Credit Fund (Parallel), L.P. $ 582,326 $ 100,702 $ 94,044 $ 777,072
ICG Europe Fund V, L.P. $ 649,394 $ 582,335 $ 390,785 $ 1,622,514

23
 Carried Interest Reported by Managers CY 2019

Net Management Net Carried

Manager Fees Interest Operating Expense Total
ICG Europe Fund VI, L.P. $ 1,184,217 $ 3,142,284 $ 219,372 $ 4,545,873
ICG Europe Fund VII Feeder SCSp $ 1,785,921 $ 2,920,256 $ 132,639 $ 4,838,817
International Infrastructure Finance Company Fund II, L.P. $ 585,330 $ 1,806,400 $ 368,372 $ 2,760,102
International Infrastructure Finance Company Fund, L.P. $ 997,501 $ 1,251,119 $ 325,832 $ 2,574,451
Latitude Management Real Estate Capital IV, Inc. $ 803,251 $ - $ 115,664 $ 918,915
LBC Credit Partners II, LP $ - $ - $ - $ -
LBC Credit Partners III, L.P. $ 1,276,556 $ - $ 244,424 $ 1,520,980
LBC-P Credit Fund, L.P. $ 5,359,796 $ 3,182,023 $ 641,576 $ 9,183,395
Private Credit

Oaktree Loan Fund 2X, LP $ - $ - $ 91,980 $ 91,980

Pacific Investment Management Company, LLC $ (7) $ 194,354 $ 43,988 $ 238,335
Park Square - PSERS Credit Opportunities Fund, L.P. (COPS) $ 2,349,134 $ - $ 714,108 $ 3,063,242
Park Square - PSERS Credit Opportunities Fund, L.P. (ELP) $ 254,646 $ 915,288 $ 1,414,776 $ 2,584,710
PIMCO BRAVO Fund III Onshore Feeder, LP $ 1,549,642 $ 4,631,838 $ 870,677 $ 7,052,157
PSERS TAO Partners Parallel Fund, L.P. - (TAO 2.0) $ 1,668,780 $ 3,458,906 $ 973,939 $ 6,101,625
PSERS TAO Partners Parallel Fund, L.P. - (TAO 3.0) $ 1,577,957 $ 3,276,808 $ 992,027 $ 5,846,792
PSERS TAO Partners Parallel Fund, L.P. - (TAO Contingent) $ - $ - $ - $ -
Sankaty Credit Opportunities IV, L.P. $ 570,404 $ 1,215,420 $ 134,534 $ 1,920,358
SSG Capital Partners V Sidecar, L.P. $ 1,403,246 $ - $ 267,385 $ 1,670,631
SSG Capital Partners V, L.P. $ - $ - $ 66,240 $ 66,240
Summit Partners Credit Fund II, L.P. $ - $ 850,876 $ 584,321 $ 1,435,197
TCI Real Estate Partners Fund III, L.P. $ - $ 1,419,729 $ 98,501 $ 1,518,230
TOP NPL (A), L.P. $ 25,979 $ 519,105 $ 188,604 $ 733,688
TPG Opportunities Partners II (A), L.P. $ 104,742 $ 260,505 $ 162,168 $ 527,415
TPG Opportunities Partners III (A), L.P. $ 884,697 $ 2,841,868 $ 351,015 $ 4,077,580
TSSP Opportunities Partners IV, L.P. $ 2,243,835 $ 14,885 $ 479,769 $ 2,738,489
Varde Scratch and Dent Feeder I-A, L.P., The $ 774,271 $ 226,073 $ 330,659 $ 1,331,002
Varde Scratch and Dent Feeder, L.P., The $ 629,788 $ 9,585 $ 209,214 $ 848,587
Private Credit Total $ 62,871,194 $ 53,996,395 $ 25,071,066 $ 141,938,655

24
 Carried Interest Reported by Managers CY 2019

Net Management Partnership

Manager Fees Net Carried Interest Expenses Total
812 Market Street $ 29,940 $ - $ - $ 29,940
AG Core Plus Realty Fund III, L.P. $ 201,642 $ 374,928 $ 62,949 $ 639,518
AG Europe Realty Fund II, L.P. $ 1,010,764 $ 2,660,065 $ 868,406 $ 4,539,235
AG Europe Realty Fund III, L.P. $ - $ - $ - $ -
AG Realty Fund X, L.P. $ 885,987 $ - $ 762,292 $ 1,648,279
Almanac Realty Securities V, L.P. $ 27,598 $ 386,172 $ 6,110 $ 419,880
Private Real Estate

Almanac Realty Securities VI, L.P. $ 100,752 $ (603,967) $ 10,912 $ (492,303)

Almanac Realty Securities VII, L.P. $ 406,984 $ 937,966 $ 32,834 $ 1,377,784
Almanac Realty Securities VIII, L.P. $ 929,795 $ - $ 65,353 $ 995,148
Angelo Gordon Core Plus Realty Fund IV, L.P. $ 1,184,228 $ 582,289 $ 412,861 $ 2,179,378
Apollo Real Estate Finance Corporation $ - $ - $ 37,460 $ 37,460
Ares European Real Estate Fund III, L.P. $ - $ - $ 67,246 $ 67,246
Ares European Real Estate Fund IV, L.P. $ 401,142 $ 736,840 $ 265,174 $ 1,403,156
Ares U.S. Real Estate Fund IX, L.P. $ 352,625 $ - $ 140,377 $ 493,002
Ares U.S. Real Estate Fund VII, L.P. $ - $ - $ 293,870 $ 293,870
Ares U.S. Real Estate Fund VIII, L.P. $ 365,889 $ 692,921 $ 38,426 $ 1,097,236
Atlanta Marriott $ 131,000 $ - $ - $ 131,000
Avenue Real Estate Fund (Parallel) L.P. $ 743,846 $ - $ 255,528 $ 999,374
Bell Institutional Fund IV, LLC $ - $ 4,082 $ 76,077 $ 80,159
Bell Institutional Fund V, L.P. $ 888,457 $ 1,792,146 $ 732,940 $ 3,413,543
Bell Institutional Fund VI, L.P. $ 763,614 $ - $ 1,013,406 $ 1,777,020
Bell Institutional Fund VII, L.P. $ 322,222 $ - $ 38,682 $ 360,904
Big Valley Ranch $ 247,500 $ - $ - $ 247,500
BlackRock Asia Property Fund III L.P. $ - $ - $ (16,322) $ (16,322)
BlackRock Europe Property Fund III L.P. $ - $ - $ 889,053 $ 889,053
Blackstone Real Estate Debt Strategies II, L.P. $ 30,049 $ 710 $ 2,660 $ 33,419
Blackstone Real Estate Debt Strategies III, L.P. $ 605,991 $ 413,839 $ 6,858 $ 1,026,688
Blackstone Real Estate Partners Europe III, L.P. $ 282,474 $ 30,670 $ 60,756 $ 373,900
Blackstone Real Estate Partners Europe IV, L.P. (USD) $ 286,742 $ 517,058 $ 25,414 $ 829,214

25
 Carried Interest Reported by Managers CY 2019

Net Management Partnership

Manager Fees Net Carried Interest Expenses Total
Blackstone Real Estate Partners V, L.P. $ - $ 611,901 $ 3,188 $ 615,089
Blackstone Real Estate Partners VI, L.P. $ - $ 1,200,518 $ (13,196) $ 1,187,322
Blackstone Real Estate Partners VII, L.P. $ 875,325 $ 4,025,217 $ 80,315 $ 4,980,857
Blackstone Real Estate Partners VIII, L.P. $ 1,005,941 $ 3,024,087 $ 428,303 $ 4,458,331
BPG/PSERS Co-Investment Fund $ - $ 5,999 $ 2,804 $ 8,803
Brookfield Strategic Real Estate Partners II, L.P. $ 2,359,237 $ 5,836,222 $ 158,380 $ 8,353,839
Private Real Estate

Brookfield Strategic Real Estate Partners III, L.P. $ 5,234,573 $ - $ 710,111 $ 5,944,684
Brookfield Strategic Real Estate Partners, L.P. $ 950,000 $ 28,259,595 $ 339,000 $ 29,548,595
Cabot Industrial Core Fund, L.P. $ 677,704 $ 10,198 $ 99,121 $ 787,023
Cabot Industrial Value Fund IV, L.P. $ - $ 154 $ 7,241 $ 7,395
Cabot Industrial Value Fund V, L.P. $ 750,000 $ 348,116 $ 105,418 $ 1,203,534
Cabot Industrial Value Fund VI, L.P. $ - $ - $ - $ -
Cabot U.K. Core-Plus Industrial Fund SCSp $ - $ - $ - $ -
Carlyle Realty Partners III, L.P. $ - $ 4,257,667 $ 108,959 $ 4,366,626
Carlyle Realty Partners IV, L.P. $ 14,767 $ - $ 126,634 $ 141,400
Carlyle Realty Partners V, L.P. $ 137,940 $ 17,204,526 $ 77,003 $ 17,419,469
Carlyle Realty Partners VI, L.P. $ 155,374 $ 71,916 $ 228,313 $ 455,603
Carlyle Realty Partners VII, L.P. $ 546,810 $ 1,889,383 $ 131,846 $ 2,568,039
Carlyle Realty Partners VIII, L.P. $ 828,545 $ - $ 127,735 $ 956,280
Centerline High Yield CMBS III - Loan/Stock $ 26,652 $ - $ - $ 26,652
DRA Growth and Income Fund IX, LLC $ 1,898,251 $ - $ 160,542 $ 2,058,793
DRA Growth and Income Fund VI, L.P. $ - $ 1,191,069 $ 37,264 $ 1,228,333
DRA Growth and Income Fund VII, LLC $ 620,297 $ 9,780,271 $ 232,968 $ 10,633,536
DRA Growth and Income Fund VIII, LLC $ 1,500,353 $ 225,235 $ 136,866 $ 1,862,454
DRA Growth and Income Fund X, L.P. $ 19,818 $ - $ 105,714 $ 125,532
Exeter Core Industrial Club Fund II, L.P. $ 638,381 $ 544,620 $ 123,797 $ 1,306,798
Exeter Core Industrial Fund III, L.P. $ - $ - $ - $ -
Exeter Industrial Value Fund II, L.P. $ 1,190 $ 6,006 $ 43,588 $ 50,783
Exeter Industrial Value Fund III, L.P. $ 229,673 $ 3,198,947 $ 83,528 $ 3,512,148

26
 Carried Interest Reported by Managers CY 2019

Net Management Partnership

Manager Fees Net Carried Interest Expenses Total
Exeter Industrial Value Fund IV, L.P. $ 1,150,000 $ 2,090,312 $ 150,450 $ 3,390,762
Exeter Industrial Value Fund V, L.P. $ - $ - $ - $ -
Five North 5th Street $ 52,275 $ - $ - $ 52,275
Fortress Investment Fund IV, L.P. $ - $ - $ 72,274 $ 72,274
Fortress Investment Fund V, L.P. $ - $ - $ 250,739 $ 250,739
Private Real Estate

Fortress Investment Fund, L.P. $ - $ - $ 15,186 $ 15,186

Golden Hills Ranch $ 150,750 $ - $ - $ 150,750
Keystone Portfolio $ 719,175 $ - $ 1,192,495 $ 1,911,670
LAI Strategic Realty Investors, L.P. $ - $ - $ 14,527 $ 14,527
Latitude Management Real Estate Capital III, L.P. $ 876,355 $ (25,334) $ 94,790 $ 945,811
Legg Mason Real Estate Capital II $ - $ - $ - $ -
LEM Multifamily Senior Equity Fund IV, L.P. $ 562,500 $ 3,752,605 $ 144,732 $ 4,459,836
LEM Multifamily Senior Equity Fund V, L.P. $ 1,000,000 $ - $ 1,861,862 $ 2,861,862
LEM RE HY Debt & Pfd Equity Fund III, L.P. $ 64,654 $ 415,031 $ 50,541 $ 530,226
LEM Real Estate Mezzanine Fund II, L.P. $ - $ - $ 92,392 $ 92,392
Lorida Groves $ 351,699 $ - $ - $ 351,699
Maricopa Citrus $ 41,625 $ - $ - $ 41,625
Paramount Group Real Estate Fund VII, L.P. $ 5,987 $ - $ 46,657 $ 52,644
Peabody Global Real Estate Partners $ - $ - $ - $ -
Pramerica Real Estate Capital VI, L.P. $ 476,690 $ 382,887 $ - $ 859,577
Prudential Senior Housing Partners IV, L.P. $ 516,625 $ 16,840 $ 61,067 $ 594,532
Prudential Senior Housing V, L.P. $ 656,173 $ 489,630 $ 216,601 $ 1,362,404
PSERS YES Holdings, L.P. $ - $ - $ 90,037 $ 90,037
RCG Longview Debt Fund V, L.P. $ 54,958 $ - $ 180,059 $ 235,017
RCG Longview Debt Fund VI, L.P. $ 277,397 $ 153,887 $ 323,640 $ 754,924
RCG Longview Equity Fund, L.P. $ 13,835 $ - $ 33,483 $ 47,318
Rivercenter Mall $ 57,236 $ - $ - $ 57,236

27
 Carried Interest Reported by Managers CY 2019
Private Real Estate

Net Management Partnership

Manager Fees Net Carried Interest Expenses Total
Security Capital Preferred Growth (Public) $ 1,204,579 $ - $ 210,822 $ 1,415,401
Silverpeak Legacy/PSERS, L.P. $ - $ 2,456,178 $ 164,329 $ 2,620,507
Stockbridge Real Estate Fund II, L.P. $ 189,284 $ - $ 66,252 $ 255,536
Stockbridge Real Estate Fund III, L.P. $ 298,097 $ - $ 71,537 $ 369,634
Stockbridge Real Estate Fund, L.P. $ 3,028,118 $ 14,866,222 $ 426,404 $ 18,320,744
Strategic Partners Fund IV RE, L.P. $ - $ - $ - $ -
Strategic Partners III RE, L.P. $ - $ - $ - $ -
The Galleria at Ft Lauderdale $ 571,400 $ - $ - $ 571,400
Townsend Grove $ 198,386 $ - $ - $ 198,386
UBS Trumbull Property Income Fund $ 329,733 $ - $ 21,442 $ 351,175
Real Estate Total $ 41,517,602 $ 114,815,624 $ 15,647,078 $ 171,980,304

Grand Total $ 204,350,678 $ 447,849,355 $ 88,946,515 $ 741,146,548

28