U.S. Partnership Fund of Funds Portfolio

Approximately 15-30 primary partnership investments will be made by a U.S. partnership portfolio during each investment year, diversified by subclass as charted below. A U.S. partnership portfolio is expected to achieve the following subclass targets as compared to the industry norm:

In a U.S. partnership portfolio, we actively overweight those subclasses and stages where we estimate higher returns can be achieved and underweight those in which we estimate lower returns will be generated. Adams Street Partners believes a portfolio diversified by time, subclass and manager should produce superior returns with lower risk.