According to a 2021 Cambridge Associates whitepaper: Some $3 billion+ endowments had an average allocation to private equity/venture capital of 28.2%. Institutions with higher private investment allocations experienced higher returns historically. And those returns tended to be less volatile. Relative benefits are even more dramatic for VC alone. Maureen Austin, David Thurston, William Prout, “Building Winning Portfolios Through Private Investments,” Cambridge Associates, August 2021. Data from 12/31/2020. 1. Greg Gethard, “Why College Endowments are Betting big on VC and PE,” Venture Capital Journal, February 24, 2023. 2. Suzanne Brenner and Justin Reed, “Market and Portfolio Update Q3 2022,” Brown Brothers Harriman, July 26, 2022. 3. Laxman Pai, “U.S. Institutional Investors Increase Allocation to Alternative Investments,” Opalesque, December 9, 2022. 4. Francois Botha, “6 Family Office Trends In Direct And Venture Capital Investment,” Forbes, August 20, 2020. 5. 1 Endowments of all sizes have been increasing their commitments to private funds over the last five years.” — CAMBRIDGE ASSOCIATES, 2022 3 U.S. institutional investors are looking to allocate more of their portfolios to alternative investments as a way to combat inflationary pressure.” — BOSTON-BASED CERULLI ASSOCIATES, 2022 4 In a recent study, UHNW families are allocating 10% of their total portfolios to venture capital.” — CAMPDEN WEALTH RESEARCH STUDY 5 College endowments of $1B+ on average allocated over 14% of their portfolios to venture capital in 2022.” — VENTURE CAPITAL JOURNAL, 2023 2 “ “ “ “ Sophisticated Investors Are Increasing Allocation to VC 23