Kensington Global Private Equity Fund

Current Investment Portfolio (As of November 15, 2009)

The total proceeds of the initial public offering of the Kensington Global Private Equity Fund have now been committed to underlying private equity investments. The private equity portfolio consists of twelve primary funds, two secondary fund portfolios, seven co-investments and three international funds of funds.

Primary Funds:

Novacap Industries III, L.P.: On May 30, 2007, the Investment Fund committed $750,000 to Novacap Industries III, L.P., a Canadian middle-market buyout fund based in Montreal. The fund invests in Canadian companies within traditional industries that have strong growth potential by developing their market, technology and operations, or through industry consolidations.
HarbourVest International Private Equity Partners V-Direct Fund L.P.: On June 12, 2007, the Investment Fund committed €2,000,000 to HarbourVest International Private Equity Partners V–Direct Fund L.P., a buyout and growth equity co-investment fund investing in a diversified portfolio of operating companies, primarily based in Europe.
TriWest Capital Partners III, L.P.: On June 22, 2007, the Investment Fund committed $2,500,000 to TriWest Capital Partners III, L.P., a Canadian middle-market buyout fund based in Calgary. The fund invests in a diversified portfolio of primarily western Canadian-based companies that are established and profitable, operating in traditional industries such as manufacturing, food processing, transportation and services.
Kilmer Capital Fund II, L.P.: On July 25, 2007, the Investment Fund committed $1,000,000 to Kilmer Capital Fund II, L.P., a Canadian middle-market buyout fund based in Toronto, dedicated to building companies in partnership with management, with a focus on companies seeking financing for expansion, acquisitions, management buyouts, leveraged buyouts, restructurings, recapitalizations and privatizations.
Thomas H. Lee Equity Fund VI, L.P.: On November 2, 2007, the Investment Fund committed US$1,200,000 to Thomas H. Lee Equity Fund VI, L.P., a private equity fund based in Boston focused on identifying and obtaining substantial ownership positions in large growth-oriented companies.
Kilmer Brownfield Equity Fund, L.P.: On December 21, 2007, the Investment Fund committed $2,000,000 to Kilmer Brownfield Equity Fund, L.P., a private equity fund dedicated to creating value for investors through the clean-up and reactivation of environmentally-impaired “Brownfield” properties in Canada.
Bain Capital Fund X, L.P.: On January 18, 2008, the Investment Fund committed US$1,500,000 to Bain Capital Fund X, L.P., a private equity fund managed by Bain Capital LLC pursuing investments of varying sizes around the world.
Trivest Fund IV, L.P: On August 6, 2008, the Investment Fund committed US$3,000,000 to Trivest Fund IV, L.P., a middle market private equity fund based in Coral Gables, Florida, which focuses on acquiring well-run founder/family owned businesses located in the United States and Canada. In December 2009, the Investment Fund acquired two additional positions in Trivest Fund IV, L.P. from other investors for a total purchase price of US$198,110 plus the assumption of unfunded commitments, increasing the commitment to this fund to a total of US$4.5 million.
Walden Venture Capital VII, L.P.: On September 10, 2008, the Investment Fund committed US$2,500,000 to Walden Venture Capital VII, L.P., a venture capital fund managed by Walden Venture Capital, based in San Francisco, specializing in the digital media, consumer and enterprise services, and e-commerce sectors.
KERN Energy Partners III L.P.: On October 20, 2008 the Investment Fund committed $500,000 to KERN Energy Partners III L.P., a leading independent energy sector private equity firm based in Calgary, Alberta.
Bedford Capital IVC, L.P.: On December 10, 2008 the Investment Fund committed $500,000 to Bedford Capital IVC, L.P. Bedford Capital, located in Toronto, focuses on building leading companies in partnership with outstanding management teams.

Secondary Funds:

Novacap II, L.P.: On July 12, 2007, the Investment Fund acquired a secondary portfolio of Novacap II, L.P., representing an original commitment of $10,000,000 at a cost of $6,868,099 plus the assumption of unfunded commitments. Novacap II, L.P. is a diversified private equity portfolio originally formed in 2000.
Walden VC II, L.P.: On September 10, 2008, the Investment Fund acquired a secondary portfolio of Walden VC II, L.P., representing an original commitment of US$5,000,000 at a cost of US$2,852,968 plus the assumption of unfunded commitments. Walden VC II, L.P. is managed by Walden Venture Capital, based in San Francisco, specializing in the digital media, consumer and enterprise services, and e-commerce sectors.

Direct Investments:

The Turtle Island Recycling Company: On October 17, 2007, the Investment Fund completed an investment of $131,189 in The Turtle Island Recycling Company. The Turtle Island Recycling Company is a multi-material recycling and waste removal company based in Toronto. On May 29, 2008, the Investment Fund invested a further amount of $236,098 and acquired additional shares.
Ceridian Corporation: On November 9, 2007, the Investment Fund completed an investment of US$1,000,000 in Ceridian Corporation. Ceridian Corporation’s payroll processing and human resource solutions serve 25 million employees and 110,000 companies in 38 countries worldwide, including over 75% of the Fortune 500 and 50% of the Financial Times Global 500.
KMC Mining Corporation: On February 27, 2008, the Investment Fund completed an investment of $1,850,917 in KMC Mining Corporation. KMC is involved in a wide range of mining activities in the Canadian oil sands and has been in business for almost sixty years.
OptiSolar Inc.: On March 20, 2008, the Investment Fund completed an investment of US$2,999,975 in OptiSolar Inc. OptiSolar, based in Hayward, California, had a business plan to become a fully integrated solar energy company that manufactures proprietary photovoltaic modules to produce power from its own large-scale solar farms. On April 3, 2009, OptiSolar Inc. sold certain assets to First Solar Inc. in consideration for shares of First Solar Inc. valued at approximately US$400 million on that date. OptiSolar has not yet determined whether any distribution will be made to shareholders (including the Investment Fund) as a result of that transaction.
Clear Channel Communications: On August 6, 2008, the Investment Fund completed an investment of US$665,352 in Clear Channel Communications. Clear Channel Communications, Inc. is a global media and entertainment company specializing in mobile and on-demand entertainment and information services for local communities and premiere opportunities for advertisers. Based in San Antonio, Texas, the company’s businesses include radio and outdoor displays.
ATX Networks Inc.: On September 2, 2008, the Investment Fund invested US$400,000 in ATX Networks Inc. ATX Networks Inc., based in Ajax, Ontario, designs, manufactures, markets, and delivers a broad range of solutions and services to the broadband cable and broadcast industries.
Public Mobile Holdings Inc.: On September 22, 2008, the Investment Fund invested $1,500,000 in Public Mobile Holdings Inc., a new entrant in the Canadian wireless telecom sector. On March 25, 2010, the Investment Fund invested a further amount of $200,000 and acquired additional shares.
WaldenVC SPK, LLC: On July 2, 2009, the Investment Fund invested US$510,000 in WaldenVC SPK. WaldenVC SPK is a special purpose co-investment vehicle managed by Walden Venture Capital to invest alongside other Walden funds in portfolio companies in the digital media, consumer and enterprise services, and e-commerce sectors. WaldenVC SPK has invested in one such portfolio company to date.

International Funds of Funds

Nordea Private Equity II – European Middle Market Buyout K/S: On May 3, 2007, the Investment Fund committed €2,000,000 to Nordea Private Equity II – European Middle-Market Buyout Fund K/S, a fund investing in a diversified portfolio of local and regional European middle-market buyout funds with investment strategies varying from buyouts and turnaround to special situation investments.
HarbourVest Partners VIII – Buyout Fund L.P.: On June 12, 2007, the Investment Fund committed US$850,000 to HarbourVest Partners VIII–Buyout Fund L.P., a U.S. fund building a portfolio of primary and secondary investments in U.S.-based buyout, recapitalization and other private equity funds, including a small number of direct investments in operating companies.
HarbourVest Partners VIII – Venture Fund L.P.: On June 12, 2007, the Investment Fund committed US$150,000 to HarbourVest Partners VIII–Venture Fund L.P., a U.S. fund building a portfolio of primary and secondary investments in U.S.-based venture capital funds, including a small number of direct investments in operating companies.

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