Private Income Investments| June 30, 2020

Investment Currency Vintage Year Commitment (USD)

Actis Energy 4 LP USD 2017 75,000,000
Activate Capital Partners LP USD 2018 50,000,000
Alchemy Special Opportunities Fund IV LP GBP 2018 37,489,099
American Homes 4 Rent II USD 2014 160,000,000
Atalaya Asset Income Fund III USD 2016 29,000,000
Atalaya Asset Income Fund IV LP USD 2018 50,000,000
Atalaya Special Opportunities Fund VII LP USD 2019 50,000,000
Athyrium Opportunities Fund III LP USD 2017 25,000,000
Audax Direct Lending Solutions Fund LP USD 2017 125,000,000
Audax Mezzanine Fund II LP USD 2010 250,000,000
Audax Mezzanine Fund IV-A LP USD 2015 50,000,000
Aurelius Capital Partners II LP USD 2018 200,000,000
BroadRiver III LP USD 2018 100,000,000
CIM Infrastructure II USD 2016 250,000,000
Clearlake Opportunities Partners (E) LP USD 2015 15,000,000
Clearlake Opportunities Partners II LP USD 2019 75,000,000
Crestline AK Credit Opportunities Fund USD 2009 781,601,772
Crestline AK Opportunistic Fund LP USD 2016 250,000,000
Crestline Opportunity Fund IV Onshore STE LP USD 2019 75,000,000
Crestline Specialty Lending Fund II LP USD 2017 75,000,000
Diligere Co-Investment Partners LLC USD 2018 16,320,000
EFM Moda Holdings LP USD 2018 50,000,000
EnCap Flatrock Midstream Fund IV LP USD 2017 22,500,000
Energy Spectrum Partners VIII LP USD 2018 75,000,000
EQT Infrastructure II (No2) Feeder LP EUR 2013 47,188,433
EQT Infrastructure IV Co-Investment (A) SCSp USD 2019 30,000,000
EQT Infrastructure IV SCSp EUR 2019 175,000,000
Gateway Infrastructure Investments LP USD 2009 426,470,588
GIP II Co-Invest Holding 2 (MP Guernsey) LP USD 2013 49,150,936
GIP Stetson Co-Invest LP USD 2018 49,000,000
GIP Zenith Co-invest I LP USD 2018 100,000,000
Global Infrastructure Partners II-A LP USD 2012 330,175,690
Global Infrastructure Partners A LP USD 2007 350,000,000
Global Infrastructure Partners III USD 2015 462,000,870
Global Infrastructure Partners III Canary Co-Invest LP EUR 2016 101,227,856
Global Infrastructure Partners IV LP USD 2019 500,000,000
H.I.G. WhiteHorse Direct Lending Fund - 2020 USD 2020 50,000,000
HIG WhiteHorse Direct Lending Fund LP USD 2016 50,000,000
HPS Mezzanine Partners 2019 USD 2019 40,000,000
ICG Europe Fund VII SCSp EUR 2018 112,512,482
InfraRed Infrastructure V LP USD 2017 100,000,000
King Street Capital LP USD 2018 200,000,000
 Private Income Investments| June 30, 2020

Investment Currency Vintage Year Commitment (USD)

KKR Global Infrastructure Investors III LP USD 2018 200,000,000
KKR Starlight Co-Invest II LP USD 2018 50,000,000
Kreos Capital VI LP EUR 2019 71,278,136
LBC Credit Partners IV LP USD 2016 100,000,000
LBC Credit Partners V LP USD 2020 75,000,000
LS Power Bolt USD 2019 61,116,279
LS Power Equity Partners IV LP USD 2018 200,000,000
LS Power Fund III USD 2013 200,000,000
Meridiam Infrastructure North America Fund III (Domestic) LP USD 2017 80,000,000
Monroe Capital Private Credit Fund II LP USD 2015 15,000,000
Monroe Capital Private Credit Fund III LP USD 2018 50,000,000
NHIP II Bison Co-Investment LP USD 2018 55,774,357
North Haven India Infrastructure Partners LP USD 2018 75,000,000
North Haven Infrastructure Partners II LP USD 2014 210,104,878
North Haven Infrastructure Partners III SCSP USD 2019 225,000,000
Oaktree Mezzanine Fund III LP Class A USD 2010 62,712,004
Oaktree Mezzanine Fund III LP Class B USD 2010 82,013,250
Oaktree Opportunities Fund VIII LP USD 2009 250,000,000
Oaktree Power Opportunities Fund V LP USD 2018 75,000,000
Pathway AK Credit Co-Investment Fund USD 2018 500,000,000
Peppertree Capital Fund VIII LP USD 2020 75,000,000
Permira Credit Solutions IV SCSP EUR 2019 84,136,695
Sprott Private Resource Lending II (US) LP USD 2020 75,000,000
Togiak Investors II LLC USD 2018 34,650,000
Togiak Investors LLC USD 2017 99,400,000
TSSP Adjacent Opportunities Partners USD 2016 150,000,000
TSSP Agriculture Partners (A) LP USD 2020 50,000,000
TSSP Capital Solutions USD 2018 100,000,000
TSSP Opportunities Partners IV LP USD 2019 50,000,000
Twin Creeks Timber USD 2015 118,603,218
Whitehorse Liquidity Partners IV LP USD 2020 50,000,000

Total Commitments: $                9,584,426,543

Cummulative Contributions*: $                6,800,948,809

Cummulative Distributions*: $                5,582,500,621

Remaining Fair Market Value: $                3,735,170,232

*Includes liquidated investments
Source Data: Pathway Capital Management & The Burgiss Group, June 30, 2020
All figures stated in USD