TAILIEUCHUNG - 2013 Private Equity Fund Outlook In search of firm footing

The distribution of this Prospectus and the offering of the Shares may be restricted in certain jurisdictions. It is the responsibility of any persons in possession of this Prospectus and any persons wishing to apply for Shares to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdictions. Prospective applicants for Shares should inform themselves as to legal requirements so applying and any applicable exchange control regulations and taxes in the countries of their respective citizenship, residence or domicile. The key investor information document of each Class of each sub-fund ("Key Investor Information Document"), the latest annual and any semi-annual reports. | Deloitte 2013 Private Equity Fund Outlook In search of firm footing Deloitte Center for Financial Services Table of contents 1 Introduction 2 Managing regulatory compliance and tax uncertainties 3 Pursuing new growth opportunities amidst elusive exits 4 Identifying operational efficiencies to combat cost pressures 5 Conclusion 6 Contacts Introduction As 2013 approaches private equity firms find themselves navigating new ground as limited partners LPs regulators legislators the public and equity shareholders dissect the industry s business practices and look for changes. The industry is fielding tough questions from regulators on operational areas like marketing documents the safety of client assets and various conflicts of interest. It is being thrown into the political debate as legislators and the public scrutinize fee structures and profitability as part of the tax debate. In addition LPs are demanding better alignment of terms more insight into distribution and expense allocations and customized relationships. Complicating matters further deal making remains elusive as competition for quality investments remains high and those willing to sell are demanding bigger Continued economic weakness and market volatility is clouding the investment environment slowing the pace of initial public offerings and making it more difficult for prior investments to recover their value. And yet the industry continues on its upward trek. Assets under management2 AuM climbed to a record 3 trillion in 2012 3 and LPs are still attracted to private equity given the industry s historic ability to generate returns across various economic environments. We expect the industry to continue attracting fresh capital during 2013 but we expect that growth to be uneven. Investors are being increasingly selective about where they re putting cash. While a handful of general partners GPs will likely raise significant capital we believe much of the industry may struggle to raise new .

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