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"gemini_markdown": "**Warana Capital**\n\n# Disclosures / Definitions / Calculation Methodologies\n\nThis presentation shall not constitute an offer to sell nor the solicitation of any offer to buy any securities or interest in any entities described herein. Any such offer will be made solely by the appropriate offering and disclosure documents. These materials have been prepared by Warana Capital, LLC and affiliates (“Warana Capital”) from sources and data believed to be reliable. Warana Capital makes no express or implied warranty as to the completeness or accuracy of the information in this presentation. Any projections, market outlooks or estimates in this presentation are based on certain assumptions. Other events which were not taken into account may occur and may significantly affect the risk profile, returns or performance of the Fund. Any projections, outlooks and assumptions should not be construed as indicative of the actual events that will occur. Past performance is not a guarantee, nor necessarily indicative, of future results. There is no assurance that the portfolio characteristics, ranges and limitations referenced in these materials will be achieved and such information provided herein is subject to change without further notice. Furthermore, the terms of the Fund and the offering are subject to change. We have no obligation (express or implied) to update any of the information or to advise you of any changes. The information presented herein is for illustrative purposes only and does not constitute an exhaustive explanation of the investment process, investment strategies or risk management. These materials contain non-public and proprietary information and are being shared with you on the express condition that such materials not be disclosed, reproduced or distributed, in whole or in part, for any purposes without the express prior written consent of Warana Capital. Any reproduction or disclosure of these materials without Warana Capital’s express prior written consent is strictly prohibited. These materials do not constitute investment, legal, tax, accounting or other advice. Potential investors should consult with their own professional advisors for advice on any investment, legal, tax, accounting or other issues relating to an investment in the Fund. Before making a decision to invest in the Fund, prospective investors should carefully review the appropriate offering and disclosure documents (including the risk factors described therein). It is possible that the performance goals will not be achieved and that you could lose all of your investment. Market index information shown herein, such as that of the S&P 500 Index and MSCI World Index, is included to show relative market performance for the periods indicated and not as standards of comparison, since these are unmanaged, broadly based indices which differ in numerous respects from the portfolio composition of the Fund. Market index information was compiled from sources that Warana Capital believes to be reliable. No representation or guarantee is made hereby with respect to the accuracy or completeness of such data.\n\n<u>Definitions and Calculation Methodologies Notes:</u>\n* Unless otherwise stated, all data is as of June 30, 2023, is in US Dollars (“USD”), is unaudited and shown net of all applicable management, performance, and other fund expenses.\n* Prior to the Warana 2023 Fund, all references to each vintage Warana fund (e.g. “Warana 2021 Fund”) refer to that vintage’s respective segregated portfolio within the Warana SP Master Fund Segregated Portfolio Company (e.g. “Warana SP Master Fund SPC – 2021 Segregated Portfolio”). The Warana 2023 Master Fund LP is a Cayman Islands Exempted Limited Partnership. Please note that each respective Warana fund is only accessible via one of its feeder funds.\n* Throughout this presentation, “Predecessor Dakota Funds” or simply “Dakota Funds” includes all of the Dakota and Axle related funds, except as otherwise noted. All Dakota Funds are in harvest mode. Timothy Ivers was CEO of both Axle Capital Pty Limited (“Axle”) and Dakota Capital Pty Limited (“Dakota”) and his role included primary day-to-day responsibility for investment decisions for both firms across all vehicles. As of July 1, 2021, Warana was appointed trustee of the Dakota Funds. Warana funds are managed in a substantially similar manner as the Dakota Funds.\n* Raised capital amounts in Dakota Funds, which used Australian Dollars (“AUD”) as their functional currency, have been converted to USD from AUD at Reserve Bank of Australia (“RBA”) closing exchange rates on relevant dates. Dakota Fund projections, where applicable, reflect the latest RBA USD:AUD rate of 0.6630.\n* Warana Funds’ functional currency is USD and returns include both actual cash returned and projections based upon internal estimates and calculations.\n* NAV = Net Asset Value as determined by the underlying funds’ investment manager or general partner.\n* IRRs = Internal Rates of Return. IRRs have been calculated using XIRR function in Microsoft Excel by combining dates / amounts of actual and projected cash flows from each fund.\n* DPI = Distributions to Paid-In capital, excluding any future value or return projections; TVPI = Total value (cash plus future value projections) to Paid-In capital.\n* IRR, DPI and TVPI are reported net of all applicable management, performance, and other fees and expenses.\n\nStrictly Confidential.\nNot for Public Distribution.\n1",
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Past performance is not a guarantee, nor necessarily indicative, of future results. There is no assurance that the portfolio characteristics, ranges and limitations referenced in these materials will be achieved and such information provided herein is subject to change without further notice. Furthermore, the terms of the Fund and the offering are subject to change. We have no obligation (express or implied) to update any of the information or to advise you of any changes. The information presented herein is for illustrative purposes only and does not constitute an exhaustive explanation of the investment process, investment strategies or risk management. These materials contain non-public and proprietary information and are being shared with you on the express condition that such materials not be disclosed, reproduced or distributed, in whole or in part, for any purposes without the express prior written consent of Warana Capital. Any reproduction or disclosure of these materials without Warana Capital’s express prior written consent is strictly prohibited. These materials do not constitute investment, legal, tax, accounting or other advice. Potential investors should consult with their own professional advisors for advice on any investment, legal, tax, accounting or other issues relating to an investment in the Fund. Before making a decision to invest in the Fund, prospective investors should carefully review the appropriate offering and disclosure documents (including the risk factors described therein). It is possible that the performance goals will not be achieved and that you could lose all of your investment. Market index information shown herein, such as that of the S&P 500 Index and MSCI World Index, is included to show relative market performance for the periods indicated and not as standards of comparison, since these are unmanaged, broadly based indices which differ in numerous respects from the portfolio composition of the Fund. Market index information was compiled from sources that Warana Capital believes to be reliable. No representation or guarantee is made hereby with respect to the accuracy or completeness of such data.\n\n<u>Definitions and Calculation Methodologies Notes:</u>\n* Unless otherwise stated, all data is as of June 30, 2023, is in US Dollars (“USD”), is unaudited and shown net of all applicable management, performance, and other fund expenses.\n* Prior to the Warana 2023 Fund, all references to each vintage Warana fund (e.g. “Warana 2021 Fund”) refer to that vintage’s respective segregated portfolio within the Warana SP Master Fund Segregated Portfolio Company (e.g. “Warana SP Master Fund SPC – 2021 Segregated Portfolio”). The Warana 2023 Master Fund LP is a Cayman Islands Exempted Limited Partnership. Please note that each respective Warana fund is only accessible via one of its feeder funds.\n* Throughout this presentation, “Predecessor Dakota Funds” or simply “Dakota Funds” includes all of the Dakota and Axle related funds, except as otherwise noted. All Dakota Funds are in harvest mode. Timothy Ivers was CEO of both Axle Capital Pty Limited (“Axle”) and Dakota Capital Pty Limited (“Dakota”) and his role included primary day-to-day responsibility for investment decisions for both firms across all vehicles. As of July 1, 2021, Warana was appointed trustee of the Dakota Funds. Warana funds are managed in a substantially similar manner as the Dakota Funds.\n* Raised capital amounts in Dakota Funds, which used Australian Dollars (“AUD”) as their functional currency, have been converted to USD from AUD at Reserve Bank of Australia (“RBA”) closing exchange rates on relevant dates. 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"gemini_markdown": "# Warana Capital – Track Record\n\n**Core Strategy & Value Proposition**\n* Warana Capital’s core strategy involves buying existing investors out of illiquid funds at a discount to NAV published by the manager of those funds\n* By offering liquidity to investors who are otherwise “trapped” in illiquid funds, Warana is able to invest at discounts to underlying asset values in an inefficient market\n* Value is created through capturing a portion of the purchase discount over the longer-term\n* Opportunity set provides an attractive risk / return profile and low correlation with broader public markets\n\n**INVESTMENT TRACK RECORD¹**\n\n| | USD RAISED | % Cash Calls | AVG. PURCHASE PRICE² | PROJ. NET IRR | NET TVPI | NET DPI | NET CASH MULT.³ |\n| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |\n| **Warana 2023 Fund** | $106.0mm | NA | 59% | Targeting Net <br>>15-20% | Targeting Net 1.3x | NA | NA |\n| **Warana 2021 Fund** | $106.0mm | 78% | 59% | 22% | 1.62x | 0.55x | 1.79x |\n| **Warana 2019 Fund** | $77.5mm | 66% | 24% / 38%⁴ | 18% | 1.44x | 0.93x | 1.66x |\n| **Warana 2018 Fund** | $50.5mm | 70% | 51% | 15% | 1.40x | 1.19x | 1.55x |\n| **Warana 2017 Fund** | $34.4mm | 89% | 56% | 12% | 1.29x | 1.29x | 1.32x |\n| **Dakota Funds** | $252.6mm | NA | 40% | 28% | 1.70x | 1.69x | NA |\n\n*Warana 2017 is fully closed; Dakota funds have <1% NAV remaining*\n\n***\n\n¹ Data is as of June 30, 2023 (except DPI which is as of October 18, 2023) is unaudited and shown net of all applicable management, performance, and other expenses. Past performance is not a guarantee, nor necessarily indicative, of future results. There is no assurance that portfolio characteristics, ranges or limitations referenced in these materials will be achieved. All figures in USD.\n² Average purchase price as a percentage of Manager NAV on a look-through, unadjusted basis as at the time of purchase, including trades agreed as of June 30, 2023.\n³ Net Cash Multiple is defined as the ratio of an investor’s net profit (realized and projected) divided by total cash funded calls (i.e. drawn capital less distributions during Investment Period) and is shown net of all fees/expenses.\n⁴ 2019 Fund included an outlier trade acquired at a large discount, skewing the average purchase price to 24%. Excluding that trade, the average purchase price would have been 38%.\n\n*Strictly Confidential. Not for Public Distribution.*\n*3*",
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"markdown": "# Warana Capital – Track Record\n\n**Core Strategy & Value Proposition**\n* Warana Capital’s core strategy involves buying existing investors out of illiquid funds at a discount to NAV published by the manager of those funds\n* By offering liquidity to investors who are otherwise “trapped” in illiquid funds, Warana is able to invest at discounts to underlying asset values in an inefficient market\n* Value is created through capturing a portion of the purchase discount over the longer-term\n* Opportunity set provides an attractive risk / return profile and low correlation with broader public markets\n\n**INVESTMENT TRACK RECORD¹**\n\n| | USD RAISED | % Cash Calls | AVG. PURCHASE PRICE² | PROJ. NET IRR | NET TVPI | NET DPI | NET CASH MULT.³ |\n| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |\n| **Warana 2023 Fund** | $106.0mm | NA | 59% | Targeting Net <br>>15-20% | Targeting Net 1.3x | NA | NA |\n| **Warana 2021 Fund** | $106.0mm | 78% | 59% | 22% | 1.62x | 0.55x | 1.79x |\n| **Warana 2019 Fund** | $77.5mm | 66% | 24% / 38%⁴ | 18% | 1.44x | 0.93x | 1.66x |\n| **Warana 2018 Fund** | $50.5mm | 70% | 51% | 15% | 1.40x | 1.19x | 1.55x |\n| **Warana 2017 Fund** | $34.4mm | 89% | 56% | 12% | 1.29x | 1.29x | 1.32x |\n| **Dakota Funds** | $252.6mm | NA | 40% | 28% | 1.70x | 1.69x | NA |\n\n*Warana 2017 is fully closed; Dakota funds have <1% NAV remaining*\n\n***\n\n¹ Data is as of June 30, 2023 (except DPI which is as of October 18, 2023) is unaudited and shown net of all applicable management, performance, and other expenses. Past performance is not a guarantee, nor necessarily indicative, of future results. There is no assurance that portfolio characteristics, ranges or limitations referenced in these materials will be achieved. All figures in USD.\n² Average purchase price as a percentage of Manager NAV on a look-through, unadjusted basis as at the time of purchase, including trades agreed as of June 30, 2023.\n³ Net Cash Multiple is defined as the ratio of an investor’s net profit (realized and projected) divided by total cash funded calls (i.e. drawn capital less distributions during Investment Period) and is shown net of all fees/expenses.\n⁴ 2019 Fund included an outlier trade acquired at a large discount, skewing the average purchase price to 24%. Excluding that trade, the average purchase price would have been 38%.\n\n*Strictly Confidential. Not for Public Distribution.*\n*3*",
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"gemini_markdown": "**Warana Investment Philosophy**\nWarana Capital\n\n---\n\n### **Target Investment Criteria**\n\n* **Gross Returns of >20% IRR & 1.3x MOIC**\n* **Avg. ~50% Discount to NAV**\n* **Downside Protection / Wide Margin of Safety**\n* **No/Limited Reliance on NAV Growth**\n* **\"Fund\" Related**\n\n---\n\n### **Selected Circumstances That Give Rise to Deep Discounts**\n\n* Target fund has been in liquidation for an extended period, limited visibility to finish line, investors feel trapped\n* Existing investors offered no other ways to get liquidity, often initially had redemption rights\n* Asset quality can be mixed but consists of some “underwritable” positions that can meet target return threshold within 2-3 years\n* Ideally situations with limited buyer interest (possibly) due to:\n * Small Size / Sub $10mm\n * Out of favor asset classes / strategies\n * Hedge funds or “leftover” private equity\n * Multi-asset portfolios outside of others’ buy boxes\n * Seller confidentiality requirements / discretion\n * Complex (re)structuring requirements\n\n---\n\n### **Returns Driven by Discount Capture and Arbitrage (willingness to deal with complexity) – Asset Price Growth is Bonus**\n\n**[Bar Chart: Track Record Realized & Projected Net Results]**\n* **Y-axis:** Multiplier values from 0.00x to 1.20x, with gridlines at 0.20x increments.\n* **X-axis:** Three categories: NAV, Cost, Recovery.\n* **Data Series & Estimated Values:**\n * **NAV:** A single solid blue bar reaching exactly **1.00x**.\n * **Cost:** A single solid blue bar reaching approximately **0.45x**.\n * **Recovery:** A stacked graphical representation consisting of three parts:\n * A solid blue base reaching approximately **0.60x**.\n * A solid green section stacked on top of the blue, reaching approximately **0.75x**. This section contains the text \"Recovery\".\n * A red dashed box stacked on top of the green section, extending from **0.75x** to exactly **1.00x** (level with the NAV bar). Inside this box is a red warning triangle with an exclamation point. An arrow from the text box on the right points directly to this red dashed section.\n\n*(Chart Annotations / Callout Boxes to the right of the chart)*\n* **Top Callout Box** *(pointing to the red dashed box in the chart)*: Warana rarely forecasts recovery above a given fund manager’s current net asset value\n* **Bottom Callout Box**:\n * Warana targets >1.3x gross multiples\n * Net TVPIs for all funds >1.4x\n\n*Source: Dakota and Warana internal data as of June 30, 2023*\n\n---\nStrictly Confidential.\nNot for Public Distribution.\n4",
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"markdown": "**Warana Investment Philosophy**\nWarana Capital\n\n---\n\n### **Target Investment Criteria**\n\n* **Gross Returns of >20% IRR & 1.3x MOIC**\n* **Avg. ~50% Discount to NAV**\n* **Downside Protection / Wide Margin of Safety**\n* **No/Limited Reliance on NAV Growth**\n* **\"Fund\" Related**\n\n---\n\n### **Selected Circumstances That Give Rise to Deep Discounts**\n\n* Target fund has been in liquidation for an extended period, limited visibility to finish line, investors feel trapped\n* Existing investors offered no other ways to get liquidity, often initially had redemption rights\n* Asset quality can be mixed but consists of some “underwritable” positions that can meet target return threshold within 2-3 years\n* Ideally situations with limited buyer interest (possibly) due to:\n * Small Size / Sub $10mm\n * Out of favor asset classes / strategies\n * Hedge funds or “leftover” private equity\n * Multi-asset portfolios outside of others’ buy boxes\n * Seller confidentiality requirements / discretion\n * Complex (re)structuring requirements\n\n---\n\n### **Returns Driven by Discount Capture and Arbitrage (willingness to deal with complexity) – Asset Price Growth is Bonus**\n\n**[Bar Chart: Track Record Realized & Projected Net Results]**\n* **Y-axis:** Multiplier values from 0.00x to 1.20x, with gridlines at 0.20x increments.\n* **X-axis:** Three categories: NAV, Cost, Recovery.\n* **Data Series & Estimated Values:**\n * **NAV:** A single solid blue bar reaching exactly **1.00x**.\n * **Cost:** A single solid blue bar reaching approximately **0.45x**.\n * **Recovery:** A stacked graphical representation consisting of three parts:\n * A solid blue base reaching approximately **0.60x**.\n * A solid green section stacked on top of the blue, reaching approximately **0.75x**. This section contains the text \"Recovery\".\n * A red dashed box stacked on top of the green section, extending from **0.75x** to exactly **1.00x** (level with the NAV bar). Inside this box is a red warning triangle with an exclamation point. An arrow from the text box on the right points directly to this red dashed section.\n\n*(Chart Annotations / Callout Boxes to the right of the chart)*\n* **Top Callout Box** *(pointing to the red dashed box in the chart)*: Warana rarely forecasts recovery above a given fund manager’s current net asset value\n* **Bottom Callout Box**:\n * Warana targets >1.3x gross multiples\n * Net TVPIs for all funds >1.4x\n\n*Source: Dakota and Warana internal data as of June 30, 2023*\n\n---\nStrictly Confidential.\nNot for Public Distribution.\n4",
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"gemini_markdown": "Here is the extracted text and detailed structural description of the visual data from the slide, preserving the reading order and hierarchy.\n\n# Warana Capital\n## Favorable Market Environment for Significant Secondary Activity\n\n---\n\n### Left Panel: U.S. SEC Restrictions\n\n**U.S. SEC: RESTRICTIONS ON HEDGE FUND ASSETS ($bn)**\n*Hedge funds are increasingly restricting investor redemptions…*\n\n#### Visual Data Description: Stacked Bar Chart\n* **Chart Type:** Stacked Bar Chart\n* **X-axis:** Years (2017 to 2022)\n* **Y-axis:** Dollar amount in billions, ranging from $- to $200 in increments of $50.\n* **Legend:**\n * Dark Blue (Bottom portion): Side-Pocketed\n * Light Gray (Top portion): Gated / Suspended\n* **Chart Trend:** The chart shows relatively stable total restricted assets from 2017 to 2019, followed by a noticeable increase from 2020 to 2022, primarily driven by a significant expansion in side-pocketed assets. \n\n**Estimated Values Table:**\n\n| Year | Side-Pocketed (Estimated $bn) | Gated / Suspended (Estimated $bn) | Total Restricted Assets (Estimated $bn) |\n| :--- | :--- | :--- | :--- |\n| 2017 | $45 | $55 | $100 |\n| 2018 | $45 | $55 | $100 |\n| 2019 | $50 | $60 | $110 |\n| 2020 | $75 | $65 | $140 |\n| 2021 | $110 | $70 | $180 |\n| 2022 | $95 | $85 | $180 |\n\n**Summary Text Box (Dark Gray Background):**\n> *U.S. SEC hedge fund reporting data reflects a 15% annualized growth rate resulting in a 2x increase of gated/suspended and side-pocketed assets to **$191 billion** as of December 2022*\n\n**Source Note:**\n*Source: United States Securities & Exchange Commission Q42022 Private Fund Statistics, July 18, 2023*\n\n---\n\n### Right Panel: Hedge Fund Participation\n\n**HEDGE FUND PARTICIPATION IN PRIVATE MARKETS**\n*…and, importantly, have larger illiquid exposures*\n\n#### Visual Data Description: Combination Bar and Line Chart\n* **Chart Type:** Combination Bar (Light Gray) and Line (Dark Blue) Chart.\n* **X-axis:** Years (2011 to 2021)\n* **Left Y-axis (Bar):** Deal Count, ranging from 0 to 1,600 in increments of 200.\n* **Right Y-axis (Line):** Capital Invested ($bn), ranging from $0 to $200 in increments of $50.\n* **Legend:**\n * Light Gray Bars: Deal Count (lhs)\n * Dark Blue Line with circular markers: Capital Invested ($bn, rhs)\n* **Line Graph Trajectory (Peaks and Valleys):**\n * **2011 - 2013:** Starts low (~$20bn), dips to a minor valley in 2012 (~$10bn), and begins to rise.\n * **2014 - 2015:** Reaches a local peak at roughly $50bn-$55bn.\n * **2016:** Drops to a local valley at roughly $30bn.\n * **2018:** Climbs sharply to a significant peak of roughly $80bn.\n * **2019:** Drops back down to a valley of roughly $55bn.\n * **2020 - 2021:** Climbs steeply, ending at a massive peak of roughly $185bn in 2021.\n\n**Estimated Values Table:**\n\n| Year | Deal Count (lhs, Light Gray Bars) | Capital Invested (rhs, Blue Line, $bn) |\n| :--- | :--- | :--- |\n| 2011 | 180 | $20 |\n| 2012 | 200 | $10 |\n| 2013 | 200 | $25 |\n| 2014 | 250 | $50 |\n| 2015 | 350 | $55 |\n| 2016 | 300 | $30 |\n| 2017 | 350 | $40 |\n| 2018 | 550 | $80 |\n| 2019 | 450 | $55 |\n| 2020 | 800 | $75 |\n| 2021 | 1,500 | $185 |\n\n**Summary Text Box (Dark Gray Background):**\n> *Hedge funds participated in significantly more private market transactions presumably to enhance returns in a competitive, low-interest rate environment*\n\n**Source Note:**\n*Source: Pitchbook, Morgan Stanley Research. Data as of December 31, 2021.*\n\n---\n\n### Footer\n* Strictly Confidential. Not for Public Distribution.\n* Page Number: 5",
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"markdown": "Here is the extracted text and detailed structural description of the visual data from the slide, preserving the reading order and hierarchy.\n\n# Warana Capital\n## Favorable Market Environment for Significant Secondary Activity\n\n---\n\n### Left Panel: U.S. SEC Restrictions\n\n**U.S. SEC: RESTRICTIONS ON HEDGE FUND ASSETS ($bn)**\n*Hedge funds are increasingly restricting investor redemptions…*\n\n#### Visual Data Description: Stacked Bar Chart\n* **Chart Type:** Stacked Bar Chart\n* **X-axis:** Years (2017 to 2022)\n* **Y-axis:** Dollar amount in billions, ranging from $- to $200 in increments of $50.\n* **Legend:**\n * Dark Blue (Bottom portion): Side-Pocketed\n * Light Gray (Top portion): Gated / Suspended\n* **Chart Trend:** The chart shows relatively stable total restricted assets from 2017 to 2019, followed by a noticeable increase from 2020 to 2022, primarily driven by a significant expansion in side-pocketed assets. \n\n**Estimated Values Table:**\n\n| Year | Side-Pocketed (Estimated $bn) | Gated / Suspended (Estimated $bn) | Total Restricted Assets (Estimated $bn) |\n| :--- | :--- | :--- | :--- |\n| 2017 | $45 | $55 | $100 |\n| 2018 | $45 | $55 | $100 |\n| 2019 | $50 | $60 | $110 |\n| 2020 | $75 | $65 | $140 |\n| 2021 | $110 | $70 | $180 |\n| 2022 | $95 | $85 | $180 |\n\n**Summary Text Box (Dark Gray Background):**\n> *U.S. SEC hedge fund reporting data reflects a 15% annualized growth rate resulting in a 2x increase of gated/suspended and side-pocketed assets to **$191 billion** as of December 2022*\n\n**Source Note:**\n*Source: United States Securities & Exchange Commission Q42022 Private Fund Statistics, July 18, 2023*\n\n---\n\n### Right Panel: Hedge Fund Participation\n\n**HEDGE FUND PARTICIPATION IN PRIVATE MARKETS**\n*…and, importantly, have larger illiquid exposures*\n\n#### Visual Data Description: Combination Bar and Line Chart\n* **Chart Type:** Combination Bar (Light Gray) and Line (Dark Blue) Chart.\n* **X-axis:** Years (2011 to 2021)\n* **Left Y-axis (Bar):** Deal Count, ranging from 0 to 1,600 in increments of 200.\n* **Right Y-axis (Line):** Capital Invested ($bn), ranging from $0 to $200 in increments of $50.\n* **Legend:**\n * Light Gray Bars: Deal Count (lhs)\n * Dark Blue Line with circular markers: Capital Invested ($bn, rhs)\n* **Line Graph Trajectory (Peaks and Valleys):**\n * **2011 - 2013:** Starts low (~$20bn), dips to a minor valley in 2012 (~$10bn), and begins to rise.\n * **2014 - 2015:** Reaches a local peak at roughly $50bn-$55bn.\n * **2016:** Drops to a local valley at roughly $30bn.\n * **2018:** Climbs sharply to a significant peak of roughly $80bn.\n * **2019:** Drops back down to a valley of roughly $55bn.\n * **2020 - 2021:** Climbs steeply, ending at a massive peak of roughly $185bn in 2021.\n\n**Estimated Values Table:**\n\n| Year | Deal Count (lhs, Light Gray Bars) | Capital Invested (rhs, Blue Line, $bn) |\n| :--- | :--- | :--- |\n| 2011 | 180 | $20 |\n| 2012 | 200 | $10 |\n| 2013 | 200 | $25 |\n| 2014 | 250 | $50 |\n| 2015 | 350 | $55 |\n| 2016 | 300 | $30 |\n| 2017 | 350 | $40 |\n| 2018 | 550 | $80 |\n| 2019 | 450 | $55 |\n| 2020 | 800 | $75 |\n| 2021 | 1,500 | $185 |\n\n**Summary Text Box (Dark Gray Background):**\n> *Hedge funds participated in significantly more private market transactions presumably to enhance returns in a competitive, low-interest rate environment*\n\n**Source Note:**\n*Source: Pitchbook, Morgan Stanley Research. Data as of December 31, 2021.*\n\n---\n\n### Footer\n* Strictly Confidential. Not for Public Distribution.\n* Page Number: 5",
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"gemini_markdown": "Warana Formula for Success\nWarana Capital\n\n---\n\n### Left Column\n\n**Growing Target Market**\n* The ‘liquidity mismatch’ seen when investors want money out of private funds earlier than available has grown over the years as private market investments, including hedge funds, have grown in investors’ allocations\n* Overall pipeline <u>volumes have increased 3.7x</u> since the closure of our first fund in 2017\n\n**[ + ]**\n\n**Consistent, Conservative Underwriting**\n* Remain discipline in our underwriting approach\n* As the pipeline has grown, so have deals with exposure outside our core criteria. We attempt to avoid style drift by passing on more deals earlier in the process, allowing us to focus our efforts on the most attractive opportunities\n* <u>Winning bids have been ~5% or lower of total NAV volume</u> across our funds\n\n**[ + ]**\n\n**Pick Up “Free” Optionality**\n* Can often price funds in portfolio at zero or nominal cost\n* Most ultimately recover minimal value, but some do generate meaningful upside\n* Examples include:\n * Litigation claims / Cash held for contingent liabilities\n * Agricultural land in emerging markets (e.g. Brazil)\n * Levered real estate\n\n---\n\n### Right Column\n\n**WARANA CAPITAL BID VOLUME & STATISTICS**\n\n*Chart Description:* \nA combination clustered bar chart and scatter plot. \n* **X-axis:** Funds (2017 Fund, 2018 Fund, 2019 Fund, 2021 Fund).\n* **Primary Y-axis (Left):** Bid Volume in billions ($0 bn to $10 bn, in increments of $2 bn). This corresponds to the clustered bars.\n* **Secondary Y-axis (Right):** Won / Total (%) from 0% to 6%, in increments of 2%. This corresponds to the diamond scatter markers.\n* **Legend:** Total Volume (Dark Gray bar), Passed (Light Gray bar), Lost (Very Light Gray bar), Won (Dark Blue bar), Won / Total (%) (Dark Blue diamond).\n\n*Estimated Values:*\n\n| Fund | Total Volume ($ bn) | Passed ($ bn) | Lost ($ bn) | Won ($ bn) | Won / Total (%) |\n| :--- | :--- | :--- | :--- | :--- | :--- |\n| **2017 Fund** | ~3.6 | ~1.8 | ~1.0 | ~0.2 | ~3.8% |\n| **2018 Fund** | ~5.9 | ~3.5 | ~2.0 | ~0.1 | ~1.8% |\n| **2019 Fund** | ~8.0 | ~5.0 | ~2.5 | ~0.4 | ~5.3% |\n| **2021 Fund** | 10.0 | ~6.0 | ~3.5 | ~0.4 | ~4.2% |\n\n*Source: Internal Warana Data as of September 30, 2023*\n\n---\n\n**# OF “OPTIONS” PER FUND; COST 0% OF NAV**\n\n*Chart Description:*\nA standard column/bar chart showing the number of options for each fund.\n* **X-axis:** Funds (2017 Fund, 2018 Fund, 2019 Fund, 2021 Fund).\n* **Y-axis:** Count of options, ranging from 0 to 60 in increments of 10.\n\n*Estimated Values:*\n\n| Fund | Number of \"Options\" |\n| :--- | :--- |\n| **2017 Fund** | ~9 |\n| **2018 Fund** | ~32 |\n| **2019 Fund** | ~48 |\n| **2021 Fund** | ~46 |\n\n*Source: Warana internal data as of September 30, 2023*\n\n---\n\nStrictly Confidential.\nNot for Public Distribution.\n6",
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"markdown": "Warana Formula for Success\nWarana Capital\n\n---\n\n### Left Column\n\n**Growing Target Market**\n* The ‘liquidity mismatch’ seen when investors want money out of private funds earlier than available has grown over the years as private market investments, including hedge funds, have grown in investors’ allocations\n* Overall pipeline <u>volumes have increased 3.7x</u> since the closure of our first fund in 2017\n\n**[ + ]**\n\n**Consistent, Conservative Underwriting**\n* Remain discipline in our underwriting approach\n* As the pipeline has grown, so have deals with exposure outside our core criteria. We attempt to avoid style drift by passing on more deals earlier in the process, allowing us to focus our efforts on the most attractive opportunities\n* <u>Winning bids have been ~5% or lower of total NAV volume</u> across our funds\n\n**[ + ]**\n\n**Pick Up “Free” Optionality**\n* Can often price funds in portfolio at zero or nominal cost\n* Most ultimately recover minimal value, but some do generate meaningful upside\n* Examples include:\n * Litigation claims / Cash held for contingent liabilities\n * Agricultural land in emerging markets (e.g. Brazil)\n * Levered real estate\n\n---\n\n### Right Column\n\n**WARANA CAPITAL BID VOLUME & STATISTICS**\n\n*Chart Description:* \nA combination clustered bar chart and scatter plot. \n* **X-axis:** Funds (2017 Fund, 2018 Fund, 2019 Fund, 2021 Fund).\n* **Primary Y-axis (Left):** Bid Volume in billions ($0 bn to $10 bn, in increments of $2 bn). This corresponds to the clustered bars.\n* **Secondary Y-axis (Right):** Won / Total (%) from 0% to 6%, in increments of 2%. This corresponds to the diamond scatter markers.\n* **Legend:** Total Volume (Dark Gray bar), Passed (Light Gray bar), Lost (Very Light Gray bar), Won (Dark Blue bar), Won / Total (%) (Dark Blue diamond).\n\n*Estimated Values:*\n\n| Fund | Total Volume ($ bn) | Passed ($ bn) | Lost ($ bn) | Won ($ bn) | Won / Total (%) |\n| :--- | :--- | :--- | :--- | :--- | :--- |\n| **2017 Fund** | ~3.6 | ~1.8 | ~1.0 | ~0.2 | ~3.8% |\n| **2018 Fund** | ~5.9 | ~3.5 | ~2.0 | ~0.1 | ~1.8% |\n| **2019 Fund** | ~8.0 | ~5.0 | ~2.5 | ~0.4 | ~5.3% |\n| **2021 Fund** | 10.0 | ~6.0 | ~3.5 | ~0.4 | ~4.2% |\n\n*Source: Internal Warana Data as of September 30, 2023*\n\n---\n\n**# OF “OPTIONS” PER FUND; COST 0% OF NAV**\n\n*Chart Description:*\nA standard column/bar chart showing the number of options for each fund.\n* **X-axis:** Funds (2017 Fund, 2018 Fund, 2019 Fund, 2021 Fund).\n* **Y-axis:** Count of options, ranging from 0 to 60 in increments of 10.\n\n*Estimated Values:*\n\n| Fund | Number of \"Options\" |\n| :--- | :--- |\n| **2017 Fund** | ~9 |\n| **2018 Fund** | ~32 |\n| **2019 Fund** | ~48 |\n| **2021 Fund** | ~46 |\n\n*Source: Warana internal data as of September 30, 2023*\n\n---\n\nStrictly Confidential.\nNot for Public Distribution.\n6",
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"gemini_markdown": "**What Do We Buy? Investment Criteria**\nWarana Capital\n\n***\n\n### <u>SITUATIONS / FUND ASSETS WE TARGET</u>\n\n✔️ <u>Private Equity</u> – Equity manager awaiting liquidity event or credit manager who owns post-restructuring equity\n\n✔️ <u>Listed Equity</u> – Manager may not be willing / able to sell if below valuation or under sale restrictions (post-IPO related lock-up, too large relative to trading volume, board seat\n\n✔️ <u>Corporate Debt</u> - Debt that has yet to mature or has defaulted but not yet resolved and / or in midst of bankruptcy / restructure\n\n✔️ <u>Real Estate</u> - Commonly a direct purchase out of funds or in credit funds where RE was used as collateral but borrower defaulted\n\n✔️ <u>Cash</u> - Funds frequently hold excess cash reserves against future fees, operating expenses, taxes and potential litigation claims\n\n✔️ <u>Legal / Liquidation Claims</u> - Lehman estate claims historically popular; sizeable lawsuits, bankruptcy claims, tax claims and other leftover litigation\n\n***\n\n### Center Graphic: Deal Flow & Philosophy Flowchart\n*The center of the slide features a flowchart-like structure representing the core investment filter. An inverted gray triangle labeled \"**Deal Flow**\" acts as a funnel at the top, pointing downwards into a solid blue rectangular block. Two tall gray triangles flank the left and right sides of this central block, pointing outward towards the \"Target\" (left) and \"Avoid\" (right) columns.*\n\n**<u>Warana</u>**\n**<u>Approach / Philosophy</u>**\n\n* There is generally a price (which may be zero) for everything, especially when pricing a portfolio\n* Bottom-up, earnings / asset – based approach creates wide margin of safety and a floor for any losses:\n * Limited binary outcomes\n * Also means upsides tend to be range-bound\n* Our focus on shorter dated trades helps manager risk profile and get cash off the table\n\n***\n\n### <u>SITUATIONS WE AVOID / PRICE NOMINALLY</u>\n\n✖️ <u>No Earnings or Asset Value</u> – Tangible assets and cash flow are crucial to assigning value\n\n✖️ <u>Binary Outcomes</u> – Particularly energy, biotech - those dependent on commodity prices or regulatory approvals\n\n✖️ <u>Early Stage / Venture</u> – We generally do not like valuations based on revenue multiples or previous financing rounds\n\n✖️ <u>Emerging or frontier Markets</u> – need to be able to rely on rule of law and avoid currency exposure\n\n✖️ <u>Longer Recovery Timelines</u> – Avoid longer dated recoveries where path to liquidity is >4 years\n\n✖️ <u>Suspicion of Fraud or Other Illegal Activity</u> – unless we see a clear path to whistle-blowing or manager replacement\n\n***\n\n**Footer**\nStrictly Confidential.\nNot for Public Distribution.\n7",
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"markdown": "**What Do We Buy? Investment Criteria**\nWarana Capital\n\n***\n\n### <u>SITUATIONS / FUND ASSETS WE TARGET</u>\n\n✔️ <u>Private Equity</u> – Equity manager awaiting liquidity event or credit manager who owns post-restructuring equity\n\n✔️ <u>Listed Equity</u> – Manager may not be willing / able to sell if below valuation or under sale restrictions (post-IPO related lock-up, too large relative to trading volume, board seat\n\n✔️ <u>Corporate Debt</u> - Debt that has yet to mature or has defaulted but not yet resolved and / or in midst of bankruptcy / restructure\n\n✔️ <u>Real Estate</u> - Commonly a direct purchase out of funds or in credit funds where RE was used as collateral but borrower defaulted\n\n✔️ <u>Cash</u> - Funds frequently hold excess cash reserves against future fees, operating expenses, taxes and potential litigation claims\n\n✔️ <u>Legal / Liquidation Claims</u> - Lehman estate claims historically popular; sizeable lawsuits, bankruptcy claims, tax claims and other leftover litigation\n\n***\n\n### Center Graphic: Deal Flow & Philosophy Flowchart\n*The center of the slide features a flowchart-like structure representing the core investment filter. An inverted gray triangle labeled \"**Deal Flow**\" acts as a funnel at the top, pointing downwards into a solid blue rectangular block. Two tall gray triangles flank the left and right sides of this central block, pointing outward towards the \"Target\" (left) and \"Avoid\" (right) columns.*\n\n**<u>Warana</u>**\n**<u>Approach / Philosophy</u>**\n\n* There is generally a price (which may be zero) for everything, especially when pricing a portfolio\n* Bottom-up, earnings / asset – based approach creates wide margin of safety and a floor for any losses:\n * Limited binary outcomes\n * Also means upsides tend to be range-bound\n* Our focus on shorter dated trades helps manager risk profile and get cash off the table\n\n***\n\n### <u>SITUATIONS WE AVOID / PRICE NOMINALLY</u>\n\n✖️ <u>No Earnings or Asset Value</u> – Tangible assets and cash flow are crucial to assigning value\n\n✖️ <u>Binary Outcomes</u> – Particularly energy, biotech - those dependent on commodity prices or regulatory approvals\n\n✖️ <u>Early Stage / Venture</u> – We generally do not like valuations based on revenue multiples or previous financing rounds\n\n✖️ <u>Emerging or frontier Markets</u> – need to be able to rely on rule of law and avoid currency exposure\n\n✖️ <u>Longer Recovery Timelines</u> – Avoid longer dated recoveries where path to liquidity is >4 years\n\n✖️ <u>Suspicion of Fraud or Other Illegal Activity</u> – unless we see a clear path to whistle-blowing or manager replacement\n\n***\n\n**Footer**\nStrictly Confidential.\nNot for Public Distribution.\n7",
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"gemini_markdown": "# Seek to Apply 10 years of Cumulative Due Diligence\n**Warana Capital**\n\n**_Bid experience and recognizing due diligence limitations are key - entry price is crucial in illiquid, non-controlling assets_**\n\n| Phase | Component | Details |\n| :--- | :--- | :--- |\n| **Building the Model Price** | **Expected Recovery** | <ul><li>Stand alone expected sale price of asset</li><li>Rarely assumes audited manager value to be recovered in full</li><li>Rarely incorporates cash flow growth or value appreciation</li></ul> |\n| | **+** | |\n| | **Liquidity Timing** | <ul><li>Challenging to estimate</li><li>Vast majority of recoveries take longer than initial manager guidance</li></ul> |\n| | **+** | |\n| | **Manager Overlay** | <ul><li>As important as asset level analysis</li><li>Numerous examples of interest divergence between manager / investor – leads to discount or pass</li><li>Quality of managers / GPs varies – evaluated over our decade of experience</li></ul> |\n| | **+** | |\n| | **Discount Rate** | <ul><li>Usually >20% gross return (>1.3x multiple) target but can increase for additional perceived risk</li></ul> |\n\n| Phase | Details |\n| :--- | :--- |\n| **Bid Evaluation** | <ul><li>Generally try not to get too “cute” in bid process – our level is our level; important to firm’s reputation</li><li>May discount from model price for small size, transaction complexity, portfolio construction and other situational factors</li><li>Discounts on discounts in the current environment</li></ul> |\n\n*(Downward arrows leading to outcomes)*\n\n| Success - Execution | Missed Opportunities |\n| :--- | :--- |\n| <ul><li>Aim to provide simple, seamless execution process</li><li>Sellers may sell other assets in future</li><li>Managers may refer additional investors</li></ul> | <ul><li>Seek to understand why – may yield market intelligence / opportunity to re-bid later if deal fails to close</li><li>Consider alternative structures – loans, deferred payment plans, etc.</li></ul> |\n\n***\n\n**Footer**\nStrictly Confidential.\nNot for Public Distribution.\n8",
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"markdown": "# Seek to Apply 10 years of Cumulative Due Diligence\n**Warana Capital**\n\n**_Bid experience and recognizing due diligence limitations are key - entry price is crucial in illiquid, non-controlling assets_**\n\n| Phase | Component | Details |\n| :--- | :--- | :--- |\n| **Building the Model Price** | **Expected Recovery** | <ul><li>Stand alone expected sale price of asset</li><li>Rarely assumes audited manager value to be recovered in full</li><li>Rarely incorporates cash flow growth or value appreciation</li></ul> |\n| | **+** | |\n| | **Liquidity Timing** | <ul><li>Challenging to estimate</li><li>Vast majority of recoveries take longer than initial manager guidance</li></ul> |\n| | **+** | |\n| | **Manager Overlay** | <ul><li>As important as asset level analysis</li><li>Numerous examples of interest divergence between manager / investor – leads to discount or pass</li><li>Quality of managers / GPs varies – evaluated over our decade of experience</li></ul> |\n| | **+** | |\n| | **Discount Rate** | <ul><li>Usually >20% gross return (>1.3x multiple) target but can increase for additional perceived risk</li></ul> |\n\n| Phase | Details |\n| :--- | :--- |\n| **Bid Evaluation** | <ul><li>Generally try not to get too “cute” in bid process – our level is our level; important to firm’s reputation</li><li>May discount from model price for small size, transaction complexity, portfolio construction and other situational factors</li><li>Discounts on discounts in the current environment</li></ul> |\n\n*(Downward arrows leading to outcomes)*\n\n| Success - Execution | Missed Opportunities |\n| :--- | :--- |\n| <ul><li>Aim to provide simple, seamless execution process</li><li>Sellers may sell other assets in future</li><li>Managers may refer additional investors</li></ul> | <ul><li>Seek to understand why – may yield market intelligence / opportunity to re-bid later if deal fails to close</li><li>Consider alternative structures – loans, deferred payment plans, etc.</li></ul> |\n\n***\n\n**Footer**\nStrictly Confidential.\nNot for Public Distribution.\n8",
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"gemini_markdown": "**Warana Capital**\n\n# LP Friendly Fund Terms\n\n* **Management Fees Only on Called Capital**\n* **Short Investment Period**\n* **Fund Sized Appropriately for Opportunity Set**\n* **Performance Fees on Cash Returns, not on Valuation**\n\n| | Previous Warana Fund Terms |\n| :--- | :--- |\n| **Investment Period** | ▪ Investment Period – 18 months from initial call<br>▪ No recycling post investment period |\n| **Management fees** | ▪ 2% management fee on <u>called</u> capital for investment period plus 4 years only (max 6 years including all extensions) |\n| **Carried interest** | ▪ 20% carried interest over an 8% per annum (non-compounding) hurdle with catch-up |\n| **Distributions** | ▪ During investment period, generally distributions will be netted against capital calls<br>▪ Post investment period, distributions made as cash received (generally when cash available in excess of over 1% of invested capital) |\n| **Investor reporting** | ▪ Quarterly summary report and commentary<br>▪ Annual audited financial statements (master/feeders)<br>▪ Annual tax statements for onshore feeder investors |\n| **Vehicle Term** | ▪ Full term – 5 years with two two-year extensions<br>▪ GP has ability to sell fund ‘tail’ when NAV falls below $5mm (when holding costs outweigh recovery) |\n| **Co-Investments** | ▪ Intention to create additional Co-Investment vehicles for large investments that are only partially allocated to the Fund due to size or investments with a different return profile than the Fund (e.g. infrastructure funds with a lower target IRR) |\n| **Foreign Exchange** | ▪ Expected to largely have USD exposure but underlying assets can vary<br>▪ Not expected to be hedged; any perceived FX risk to be included in upfront asset pricing |\n\n---\nStrictly Confidential.\nNot for Public Distribution.\n**9**",
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"gemini_markdown": "# Warana Team Biographies\n**Warana Capital**\n\n## Tim Ivers, Founder & CEO\n* Founded Warana in 2016\n* Founded Axle Capital, Co-founded Dakota Capital in 2010\n* Head of Investment, Everest Financial Group – managed 19 funds in wind down\n* Previously UBS, Merrill Lynch and Ernst & Young\n* Chartered Financial Analyst (CFA) & Certified Practicing Accountant (CPA), Australia\n* Graduate Diploma of Applied Finance and Investment, Securities Institute (now FINSIA)\n* Bachelor of Commerce, University of Queensland\n* Bachelor of Economics, University of Queensland\n\n## Grant Gillespie, Partner\n* Completed over 200 transactions since joining Warana at inception\n* Director, Structured credit & real estate hedge fund\n* President & COO, Kristian Regale, Inc.\n* Associate, Merrill Lynch\n* Chartered Financial Analyst (CFA)\n* MBA, Columbia Graduate School of Business\n* BA, History, Duke University\n\n---\n\n### Team Structure Layout\n*The bottom section of the slide features an organizational layout grouped by functional department, denoted by blue chevron headers. Each team member is represented by a circular black-and-white headshot with their name and title positioned below.*\n\n**Investments**\n* **Tim Ivers**, Founder & CEO\n* **Grant Gillespie**, Partner\n* **Bjorg Klem**, Managing Director\n* **Mark Downey**, Investment Analyst\n* **Robin Dong**, Investment Analyst\n\n**Finance & Operations**\n* **Sun Chin**, CFO & COO\n* **Brandon Bo Lee**, Controller\n* **Ruchama Bin-Nun**, Senior Associate\n* **Andrew Chen**, Senior Associate\n* **Kevin Wang**, Analyst\n* **Vita Pan**, Analyst\n\n**Origination**\n* **Daniel Nolan**, Managing Director, Head of Origination\n\n**IR & Marketing**\n* **Jennifer Howrigan**, Head of Investor Relations & Business Development\n\n**Advisory Committee**\n*(Represented in a distinct rectangular box on the bottom right)*\n* **Lawrence Myers**\n* **Michael Sternberg**\n\n---\nStrictly Confidential. \nNot for Public Distribution.\n10",
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"markdown": "# Warana Team Biographies\n**Warana Capital**\n\n## Tim Ivers, Founder & CEO\n* Founded Warana in 2016\n* Founded Axle Capital, Co-founded Dakota Capital in 2010\n* Head of Investment, Everest Financial Group – managed 19 funds in wind down\n* Previously UBS, Merrill Lynch and Ernst & Young\n* Chartered Financial Analyst (CFA) & Certified Practicing Accountant (CPA), Australia\n* Graduate Diploma of Applied Finance and Investment, Securities Institute (now FINSIA)\n* Bachelor of Commerce, University of Queensland\n* Bachelor of Economics, University of Queensland\n\n## Grant Gillespie, Partner\n* Completed over 200 transactions since joining Warana at inception\n* Director, Structured credit & real estate hedge fund\n* President & COO, Kristian Regale, Inc.\n* Associate, Merrill Lynch\n* Chartered Financial Analyst (CFA)\n* MBA, Columbia Graduate School of Business\n* BA, History, Duke University\n\n---\n\n### Team Structure Layout\n*The bottom section of the slide features an organizational layout grouped by functional department, denoted by blue chevron headers. Each team member is represented by a circular black-and-white headshot with their name and title positioned below.*\n\n**Investments**\n* **Tim Ivers**, Founder & CEO\n* **Grant Gillespie**, Partner\n* **Bjorg Klem**, Managing Director\n* **Mark Downey**, Investment Analyst\n* **Robin Dong**, Investment Analyst\n\n**Finance & Operations**\n* **Sun Chin**, CFO & COO\n* **Brandon Bo Lee**, Controller\n* **Ruchama Bin-Nun**, Senior Associate\n* **Andrew Chen**, Senior Associate\n* **Kevin Wang**, Analyst\n* **Vita Pan**, Analyst\n\n**Origination**\n* **Daniel Nolan**, Managing Director, Head of Origination\n\n**IR & Marketing**\n* **Jennifer Howrigan**, Head of Investor Relations & Business Development\n\n**Advisory Committee**\n*(Represented in a distinct rectangular box on the bottom right)*\n* **Lawrence Myers**\n* **Michael Sternberg**\n\n---\nStrictly Confidential. \nNot for Public Distribution.\n10",
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"analyst_summary": "Warana Capital capitalizes on liquidity mismatches in the secondary market by purchasing illiquid fund interests at deep discounts averaging approximately 50% of NAV to target gross returns of over 20% IRR. The firm leverages over a decade of proprietary GP relationships and historical diligence data to underwrite complex, off-the-run portfolios while maintaining strict pricing discipline. Value creation is primarily driven by discount capture and structural arbitrage rather than reliance on underlying asset growth.",
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"gemini_markdown": "**Warana Capital**\n\nThe Warana Opportunity\n\nOctober 2023\n\nwww.WaranaCap.com\n\nThe enclosed information is confidential and should not be disseminated to any third parties without Warana’s consent",
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"gemini_markdown": "**Warana Capital**\n\n# Disclosures / Definitions / Calculation Methodologies\n\nThis presentation shall not constitute an offer to sell nor the solicitation of any offer to buy any securities or interest in any entities described herein. Any such offer will be made solely by the appropriate offering and disclosure documents. These materials have been prepared by Warana Capital, LLC and affiliates (“Warana Capital”) from sources and data believed to be reliable. Warana Capital makes no express or implied warranty as to the completeness or accuracy of the information in this presentation. Any projections, market outlooks or estimates in this presentation are based on certain assumptions. Other events which were not taken into account may occur and may significantly affect the risk profile, returns or performance of the Fund. Any projections, outlooks and assumptions should not be construed as indicative of the actual events that will occur. Past performance is not a guarantee, nor necessarily indicative, of future results. There is no assurance that the portfolio characteristics, ranges and limitations referenced in these materials will be achieved and such information provided herein is subject to change without further notice. Furthermore, the terms of the Fund and the offering are subject to change. We have no obligation (express or implied) to update any of the information or to advise you of any changes. The information presented herein is for illustrative purposes only and does not constitute an exhaustive explanation of the investment process, investment strategies or risk management. These materials contain non-public and proprietary information and are being shared with you on the express condition that such materials not be disclosed, reproduced or distributed, in whole or in part, for any purposes without the express prior written consent of Warana Capital. Any reproduction or disclosure of these materials without Warana Capital’s express prior written consent is strictly prohibited. These materials do not constitute investment, legal, tax, accounting or other advice. Potential investors should consult with their own professional advisors for advice on any investment, legal, tax, accounting or other issues relating to an investment in the Fund. Before making a decision to invest in the Fund, prospective investors should carefully review the appropriate offering and disclosure documents (including the risk factors described therein). It is possible that the performance goals will not be achieved and that you could lose all of your investment. Market index information shown herein, such as that of the S&P 500 Index and MSCI World Index, is included to show relative market performance for the periods indicated and not as standards of comparison, since these are unmanaged, broadly based indices which differ in numerous respects from the portfolio composition of the Fund. Market index information was compiled from sources that Warana Capital believes to be reliable. No representation or guarantee is made hereby with respect to the accuracy or completeness of such data.\n\n<u>Definitions and Calculation Methodologies Notes:</u>\n* Unless otherwise stated, all data is as of June 30, 2023, is in US Dollars (“USD”), is unaudited and shown net of all applicable management, performance, and other fund expenses.\n* Prior to the Warana 2023 Fund, all references to each vintage Warana fund (e.g. “Warana 2021 Fund”) refer to that vintage’s respective segregated portfolio within the Warana SP Master Fund Segregated Portfolio Company (e.g. “Warana SP Master Fund SPC – 2021 Segregated Portfolio”). The Warana 2023 Master Fund LP is a Cayman Islands Exempted Limited Partnership. Please note that each respective Warana fund is only accessible via one of its feeder funds.\n* Throughout this presentation, “Predecessor Dakota Funds” or simply “Dakota Funds” includes all of the Dakota and Axle related funds, except as otherwise noted. All Dakota Funds are in harvest mode. Timothy Ivers was CEO of both Axle Capital Pty Limited (“Axle”) and Dakota Capital Pty Limited (“Dakota”) and his role included primary day-to-day responsibility for investment decisions for both firms across all vehicles. As of July 1, 2021, Warana was appointed trustee of the Dakota Funds. Warana funds are managed in a substantially similar manner as the Dakota Funds.\n* Raised capital amounts in Dakota Funds, which used Australian Dollars (“AUD”) as their functional currency, have been converted to USD from AUD at Reserve Bank of Australia (“RBA”) closing exchange rates on relevant dates. Dakota Fund projections, where applicable, reflect the latest RBA USD:AUD rate of 0.6630.\n* Warana Funds’ functional currency is USD and returns include both actual cash returned and projections based upon internal estimates and calculations.\n* NAV = Net Asset Value as determined by the underlying funds’ investment manager or general partner.\n* IRRs = Internal Rates of Return. IRRs have been calculated using XIRR function in Microsoft Excel by combining dates / amounts of actual and projected cash flows from each fund.\n* DPI = Distributions to Paid-In capital, excluding any future value or return projections; TVPI = Total value (cash plus future value projections) to Paid-In capital.\n* IRR, DPI and TVPI are reported net of all applicable management, performance, and other fees and expenses.\n\nStrictly Confidential.\nNot for Public Distribution.\n1",
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"markdown": "**Warana Capital**\n\n# Disclosures / Definitions / Calculation Methodologies\n\nThis presentation shall not constitute an offer to sell nor the solicitation of any offer to buy any securities or interest in any entities described herein. Any such offer will be made solely by the appropriate offering and disclosure documents. These materials have been prepared by Warana Capital, LLC and affiliates (“Warana Capital”) from sources and data believed to be reliable. Warana Capital makes no express or implied warranty as to the completeness or accuracy of the information in this presentation. Any projections, market outlooks or estimates in this presentation are based on certain assumptions. Other events which were not taken into account may occur and may significantly affect the risk profile, returns or performance of the Fund. Any projections, outlooks and assumptions should not be construed as indicative of the actual events that will occur. Past performance is not a guarantee, nor necessarily indicative, of future results. There is no assurance that the portfolio characteristics, ranges and limitations referenced in these materials will be achieved and such information provided herein is subject to change without further notice. Furthermore, the terms of the Fund and the offering are subject to change. We have no obligation (express or implied) to update any of the information or to advise you of any changes. The information presented herein is for illustrative purposes only and does not constitute an exhaustive explanation of the investment process, investment strategies or risk management. These materials contain non-public and proprietary information and are being shared with you on the express condition that such materials not be disclosed, reproduced or distributed, in whole or in part, for any purposes without the express prior written consent of Warana Capital. Any reproduction or disclosure of these materials without Warana Capital’s express prior written consent is strictly prohibited. These materials do not constitute investment, legal, tax, accounting or other advice. Potential investors should consult with their own professional advisors for advice on any investment, legal, tax, accounting or other issues relating to an investment in the Fund. Before making a decision to invest in the Fund, prospective investors should carefully review the appropriate offering and disclosure documents (including the risk factors described therein). It is possible that the performance goals will not be achieved and that you could lose all of your investment. Market index information shown herein, such as that of the S&P 500 Index and MSCI World Index, is included to show relative market performance for the periods indicated and not as standards of comparison, since these are unmanaged, broadly based indices which differ in numerous respects from the portfolio composition of the Fund. Market index information was compiled from sources that Warana Capital believes to be reliable. No representation or guarantee is made hereby with respect to the accuracy or completeness of such data.\n\n<u>Definitions and Calculation Methodologies Notes:</u>\n* Unless otherwise stated, all data is as of June 30, 2023, is in US Dollars (“USD”), is unaudited and shown net of all applicable management, performance, and other fund expenses.\n* Prior to the Warana 2023 Fund, all references to each vintage Warana fund (e.g. “Warana 2021 Fund”) refer to that vintage’s respective segregated portfolio within the Warana SP Master Fund Segregated Portfolio Company (e.g. “Warana SP Master Fund SPC – 2021 Segregated Portfolio”). The Warana 2023 Master Fund LP is a Cayman Islands Exempted Limited Partnership. Please note that each respective Warana fund is only accessible via one of its feeder funds.\n* Throughout this presentation, “Predecessor Dakota Funds” or simply “Dakota Funds” includes all of the Dakota and Axle related funds, except as otherwise noted. All Dakota Funds are in harvest mode. Timothy Ivers was CEO of both Axle Capital Pty Limited (“Axle”) and Dakota Capital Pty Limited (“Dakota”) and his role included primary day-to-day responsibility for investment decisions for both firms across all vehicles. As of July 1, 2021, Warana was appointed trustee of the Dakota Funds. Warana funds are managed in a substantially similar manner as the Dakota Funds.\n* Raised capital amounts in Dakota Funds, which used Australian Dollars (“AUD”) as their functional currency, have been converted to USD from AUD at Reserve Bank of Australia (“RBA”) closing exchange rates on relevant dates. Dakota Fund projections, where applicable, reflect the latest RBA USD:AUD rate of 0.6630.\n* Warana Funds’ functional currency is USD and returns include both actual cash returned and projections based upon internal estimates and calculations.\n* NAV = Net Asset Value as determined by the underlying funds’ investment manager or general partner.\n* IRRs = Internal Rates of Return. IRRs have been calculated using XIRR function in Microsoft Excel by combining dates / amounts of actual and projected cash flows from each fund.\n* DPI = Distributions to Paid-In capital, excluding any future value or return projections; TVPI = Total value (cash plus future value projections) to Paid-In capital.\n* IRR, DPI and TVPI are reported net of all applicable management, performance, and other fees and expenses.\n\nStrictly Confidential.\nNot for Public Distribution.\n1",
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"gemini_markdown": "# Warana Capital – Firm Overview\n\n* One of the most active global buyers of unlisted illiquid fund interests\n* Founded in 2016 by Tim Ivers with headquarters in New York and offices in Los Angeles, London and Sydney\n * Previous experience from 2011 raising and investing 12 Dakota branded Funds (and 4 co-investment vehicles), with the same investment focus \n* SEC registered investment adviser and an Australian Financial Services License holder\n* Approximately $525mm of assets under management across multiple fund vehicles \n* Team of thirteen professionals across Investments, Operations and Investor Relations\n* Warana’s competitive advantages stem from significant information asymmetries, superior sourcing/relationships and barriers to entry that limit competition in an opportunity set that can deliver outsized returns\n* Our advantages have been developed over our decade+ long experience in unlisted hedge fund secondaries investing under both the Warana and Dakota Capital brands\n\n| TRACK RECORD¹ | GP RELATIONSHIPS | INFO ADVANTAGE | HIGH BARRIERS TO ENTRY | SOURCING CAPABILITIES |\n| :--- | :--- | :--- | :--- | :--- |\n| *Dakota + Warana Funds cumulative performance: 20.7% IRR / 1.5x TVPI net of fees and expenses* | *Have ~500 LP interests managed by over 200 different managers* | *13+ years of cumulative data and diligence materials* | *Limited access to supply, transfer approvals and diligence info* | *Proprietary relationships and strong reputation in the hedge fund secondary market* |\n\n***\n\n¹ Data is as of June 30, 2023 is unaudited and shown net of all applicable management, performance, and other expenses. Past performance is not a guarantee, nor necessarily indicative, of future results. There is no assurance that portfolio characteristics, ranges or limitations referenced in these materials will be achieved. All figures in USD.\n\nStrictly Confidential. \nNot for Public Distribution.\n2",
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"gemini_markdown": "# Warana Capital – Track Record\n\n**Core Strategy & Value Proposition**\n* Warana Capital’s core strategy involves buying existing investors out of illiquid funds at a discount to NAV published by the manager of those funds\n* By offering liquidity to investors who are otherwise “trapped” in illiquid funds, Warana is able to invest at discounts to underlying asset values in an inefficient market\n* Value is created through capturing a portion of the purchase discount over the longer-term\n* Opportunity set provides an attractive risk / return profile and low correlation with broader public markets\n\n**INVESTMENT TRACK RECORD¹**\n\n| | USD RAISED | % Cash Calls | AVG. PURCHASE PRICE² | PROJ. NET IRR | NET TVPI | NET DPI | NET CASH MULT.³ |\n| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |\n| **Warana 2023 Fund** | $106.0mm | NA | 59% | Targeting Net <br>>15-20% | Targeting Net 1.3x | NA | NA |\n| **Warana 2021 Fund** | $106.0mm | 78% | 59% | 22% | 1.62x | 0.55x | 1.79x |\n| **Warana 2019 Fund** | $77.5mm | 66% | 24% / 38%⁴ | 18% | 1.44x | 0.93x | 1.66x |\n| **Warana 2018 Fund** | $50.5mm | 70% | 51% | 15% | 1.40x | 1.19x | 1.55x |\n| **Warana 2017 Fund** | $34.4mm | 89% | 56% | 12% | 1.29x | 1.29x | 1.32x |\n| **Dakota Funds** | $252.6mm | NA | 40% | 28% | 1.70x | 1.69x | NA |\n\n*Warana 2017 is fully closed; Dakota funds have <1% NAV remaining*\n\n***\n\n¹ Data is as of June 30, 2023 (except DPI which is as of October 18, 2023) is unaudited and shown net of all applicable management, performance, and other expenses. Past performance is not a guarantee, nor necessarily indicative, of future results. There is no assurance that portfolio characteristics, ranges or limitations referenced in these materials will be achieved. All figures in USD.\n² Average purchase price as a percentage of Manager NAV on a look-through, unadjusted basis as at the time of purchase, including trades agreed as of June 30, 2023.\n³ Net Cash Multiple is defined as the ratio of an investor’s net profit (realized and projected) divided by total cash funded calls (i.e. drawn capital less distributions during Investment Period) and is shown net of all fees/expenses.\n⁴ 2019 Fund included an outlier trade acquired at a large discount, skewing the average purchase price to 24%. Excluding that trade, the average purchase price would have been 38%.\n\n*Strictly Confidential. Not for Public Distribution.*\n*3*",
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"markdown": "# Warana Capital – Track Record\n\n**Core Strategy & Value Proposition**\n* Warana Capital’s core strategy involves buying existing investors out of illiquid funds at a discount to NAV published by the manager of those funds\n* By offering liquidity to investors who are otherwise “trapped” in illiquid funds, Warana is able to invest at discounts to underlying asset values in an inefficient market\n* Value is created through capturing a portion of the purchase discount over the longer-term\n* Opportunity set provides an attractive risk / return profile and low correlation with broader public markets\n\n**INVESTMENT TRACK RECORD¹**\n\n| | USD RAISED | % Cash Calls | AVG. PURCHASE PRICE² | PROJ. NET IRR | NET TVPI | NET DPI | NET CASH MULT.³ |\n| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |\n| **Warana 2023 Fund** | $106.0mm | NA | 59% | Targeting Net <br>>15-20% | Targeting Net 1.3x | NA | NA |\n| **Warana 2021 Fund** | $106.0mm | 78% | 59% | 22% | 1.62x | 0.55x | 1.79x |\n| **Warana 2019 Fund** | $77.5mm | 66% | 24% / 38%⁴ | 18% | 1.44x | 0.93x | 1.66x |\n| **Warana 2018 Fund** | $50.5mm | 70% | 51% | 15% | 1.40x | 1.19x | 1.55x |\n| **Warana 2017 Fund** | $34.4mm | 89% | 56% | 12% | 1.29x | 1.29x | 1.32x |\n| **Dakota Funds** | $252.6mm | NA | 40% | 28% | 1.70x | 1.69x | NA |\n\n*Warana 2017 is fully closed; Dakota funds have <1% NAV remaining*\n\n***\n\n¹ Data is as of June 30, 2023 (except DPI which is as of October 18, 2023) is unaudited and shown net of all applicable management, performance, and other expenses. Past performance is not a guarantee, nor necessarily indicative, of future results. There is no assurance that portfolio characteristics, ranges or limitations referenced in these materials will be achieved. All figures in USD.\n² Average purchase price as a percentage of Manager NAV on a look-through, unadjusted basis as at the time of purchase, including trades agreed as of June 30, 2023.\n³ Net Cash Multiple is defined as the ratio of an investor’s net profit (realized and projected) divided by total cash funded calls (i.e. drawn capital less distributions during Investment Period) and is shown net of all fees/expenses.\n⁴ 2019 Fund included an outlier trade acquired at a large discount, skewing the average purchase price to 24%. Excluding that trade, the average purchase price would have been 38%.\n\n*Strictly Confidential. Not for Public Distribution.*\n*3*",
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"gemini_markdown": "**Warana Investment Philosophy**\nWarana Capital\n\n---\n\n### **Target Investment Criteria**\n\n* **Gross Returns of >20% IRR & 1.3x MOIC**\n* **Avg. ~50% Discount to NAV**\n* **Downside Protection / Wide Margin of Safety**\n* **No/Limited Reliance on NAV Growth**\n* **\"Fund\" Related**\n\n---\n\n### **Selected Circumstances That Give Rise to Deep Discounts**\n\n* Target fund has been in liquidation for an extended period, limited visibility to finish line, investors feel trapped\n* Existing investors offered no other ways to get liquidity, often initially had redemption rights\n* Asset quality can be mixed but consists of some “underwritable” positions that can meet target return threshold within 2-3 years\n* Ideally situations with limited buyer interest (possibly) due to:\n * Small Size / Sub $10mm\n * Out of favor asset classes / strategies\n * Hedge funds or “leftover” private equity\n * Multi-asset portfolios outside of others’ buy boxes\n * Seller confidentiality requirements / discretion\n * Complex (re)structuring requirements\n\n---\n\n### **Returns Driven by Discount Capture and Arbitrage (willingness to deal with complexity) – Asset Price Growth is Bonus**\n\n**[Bar Chart: Track Record Realized & Projected Net Results]**\n* **Y-axis:** Multiplier values from 0.00x to 1.20x, with gridlines at 0.20x increments.\n* **X-axis:** Three categories: NAV, Cost, Recovery.\n* **Data Series & Estimated Values:**\n * **NAV:** A single solid blue bar reaching exactly **1.00x**.\n * **Cost:** A single solid blue bar reaching approximately **0.45x**.\n * **Recovery:** A stacked graphical representation consisting of three parts:\n * A solid blue base reaching approximately **0.60x**.\n * A solid green section stacked on top of the blue, reaching approximately **0.75x**. This section contains the text \"Recovery\".\n * A red dashed box stacked on top of the green section, extending from **0.75x** to exactly **1.00x** (level with the NAV bar). Inside this box is a red warning triangle with an exclamation point. An arrow from the text box on the right points directly to this red dashed section.\n\n*(Chart Annotations / Callout Boxes to the right of the chart)*\n* **Top Callout Box** *(pointing to the red dashed box in the chart)*: Warana rarely forecasts recovery above a given fund manager’s current net asset value\n* **Bottom Callout Box**:\n * Warana targets >1.3x gross multiples\n * Net TVPIs for all funds >1.4x\n\n*Source: Dakota and Warana internal data as of June 30, 2023*\n\n---\nStrictly Confidential.\nNot for Public Distribution.\n4",
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"markdown": "**Warana Investment Philosophy**\nWarana Capital\n\n---\n\n### **Target Investment Criteria**\n\n* **Gross Returns of >20% IRR & 1.3x MOIC**\n* **Avg. ~50% Discount to NAV**\n* **Downside Protection / Wide Margin of Safety**\n* **No/Limited Reliance on NAV Growth**\n* **\"Fund\" Related**\n\n---\n\n### **Selected Circumstances That Give Rise to Deep Discounts**\n\n* Target fund has been in liquidation for an extended period, limited visibility to finish line, investors feel trapped\n* Existing investors offered no other ways to get liquidity, often initially had redemption rights\n* Asset quality can be mixed but consists of some “underwritable” positions that can meet target return threshold within 2-3 years\n* Ideally situations with limited buyer interest (possibly) due to:\n * Small Size / Sub $10mm\n * Out of favor asset classes / strategies\n * Hedge funds or “leftover” private equity\n * Multi-asset portfolios outside of others’ buy boxes\n * Seller confidentiality requirements / discretion\n * Complex (re)structuring requirements\n\n---\n\n### **Returns Driven by Discount Capture and Arbitrage (willingness to deal with complexity) – Asset Price Growth is Bonus**\n\n**[Bar Chart: Track Record Realized & Projected Net Results]**\n* **Y-axis:** Multiplier values from 0.00x to 1.20x, with gridlines at 0.20x increments.\n* **X-axis:** Three categories: NAV, Cost, Recovery.\n* **Data Series & Estimated Values:**\n * **NAV:** A single solid blue bar reaching exactly **1.00x**.\n * **Cost:** A single solid blue bar reaching approximately **0.45x**.\n * **Recovery:** A stacked graphical representation consisting of three parts:\n * A solid blue base reaching approximately **0.60x**.\n * A solid green section stacked on top of the blue, reaching approximately **0.75x**. This section contains the text \"Recovery\".\n * A red dashed box stacked on top of the green section, extending from **0.75x** to exactly **1.00x** (level with the NAV bar). Inside this box is a red warning triangle with an exclamation point. An arrow from the text box on the right points directly to this red dashed section.\n\n*(Chart Annotations / Callout Boxes to the right of the chart)*\n* **Top Callout Box** *(pointing to the red dashed box in the chart)*: Warana rarely forecasts recovery above a given fund manager’s current net asset value\n* **Bottom Callout Box**:\n * Warana targets >1.3x gross multiples\n * Net TVPIs for all funds >1.4x\n\n*Source: Dakota and Warana internal data as of June 30, 2023*\n\n---\nStrictly Confidential.\nNot for Public Distribution.\n4",
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"gemini_markdown": "Here is the extracted text and detailed structural description of the visual data from the slide, preserving the reading order and hierarchy.\n\n# Warana Capital\n## Favorable Market Environment for Significant Secondary Activity\n\n---\n\n### Left Panel: U.S. SEC Restrictions\n\n**U.S. SEC: RESTRICTIONS ON HEDGE FUND ASSETS ($bn)**\n*Hedge funds are increasingly restricting investor redemptions…*\n\n#### Visual Data Description: Stacked Bar Chart\n* **Chart Type:** Stacked Bar Chart\n* **X-axis:** Years (2017 to 2022)\n* **Y-axis:** Dollar amount in billions, ranging from $- to $200 in increments of $50.\n* **Legend:**\n * Dark Blue (Bottom portion): Side-Pocketed\n * Light Gray (Top portion): Gated / Suspended\n* **Chart Trend:** The chart shows relatively stable total restricted assets from 2017 to 2019, followed by a noticeable increase from 2020 to 2022, primarily driven by a significant expansion in side-pocketed assets. \n\n**Estimated Values Table:**\n\n| Year | Side-Pocketed (Estimated $bn) | Gated / Suspended (Estimated $bn) | Total Restricted Assets (Estimated $bn) |\n| :--- | :--- | :--- | :--- |\n| 2017 | $45 | $55 | $100 |\n| 2018 | $45 | $55 | $100 |\n| 2019 | $50 | $60 | $110 |\n| 2020 | $75 | $65 | $140 |\n| 2021 | $110 | $70 | $180 |\n| 2022 | $95 | $85 | $180 |\n\n**Summary Text Box (Dark Gray Background):**\n> *U.S. SEC hedge fund reporting data reflects a 15% annualized growth rate resulting in a 2x increase of gated/suspended and side-pocketed assets to **$191 billion** as of December 2022*\n\n**Source Note:**\n*Source: United States Securities & Exchange Commission Q42022 Private Fund Statistics, July 18, 2023*\n\n---\n\n### Right Panel: Hedge Fund Participation\n\n**HEDGE FUND PARTICIPATION IN PRIVATE MARKETS**\n*…and, importantly, have larger illiquid exposures*\n\n#### Visual Data Description: Combination Bar and Line Chart\n* **Chart Type:** Combination Bar (Light Gray) and Line (Dark Blue) Chart.\n* **X-axis:** Years (2011 to 2021)\n* **Left Y-axis (Bar):** Deal Count, ranging from 0 to 1,600 in increments of 200.\n* **Right Y-axis (Line):** Capital Invested ($bn), ranging from $0 to $200 in increments of $50.\n* **Legend:**\n * Light Gray Bars: Deal Count (lhs)\n * Dark Blue Line with circular markers: Capital Invested ($bn, rhs)\n* **Line Graph Trajectory (Peaks and Valleys):**\n * **2011 - 2013:** Starts low (~$20bn), dips to a minor valley in 2012 (~$10bn), and begins to rise.\n * **2014 - 2015:** Reaches a local peak at roughly $50bn-$55bn.\n * **2016:** Drops to a local valley at roughly $30bn.\n * **2018:** Climbs sharply to a significant peak of roughly $80bn.\n * **2019:** Drops back down to a valley of roughly $55bn.\n * **2020 - 2021:** Climbs steeply, ending at a massive peak of roughly $185bn in 2021.\n\n**Estimated Values Table:**\n\n| Year | Deal Count (lhs, Light Gray Bars) | Capital Invested (rhs, Blue Line, $bn) |\n| :--- | :--- | :--- |\n| 2011 | 180 | $20 |\n| 2012 | 200 | $10 |\n| 2013 | 200 | $25 |\n| 2014 | 250 | $50 |\n| 2015 | 350 | $55 |\n| 2016 | 300 | $30 |\n| 2017 | 350 | $40 |\n| 2018 | 550 | $80 |\n| 2019 | 450 | $55 |\n| 2020 | 800 | $75 |\n| 2021 | 1,500 | $185 |\n\n**Summary Text Box (Dark Gray Background):**\n> *Hedge funds participated in significantly more private market transactions presumably to enhance returns in a competitive, low-interest rate environment*\n\n**Source Note:**\n*Source: Pitchbook, Morgan Stanley Research. Data as of December 31, 2021.*\n\n---\n\n### Footer\n* Strictly Confidential. Not for Public Distribution.\n* Page Number: 5",
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"markdown": "Here is the extracted text and detailed structural description of the visual data from the slide, preserving the reading order and hierarchy.\n\n# Warana Capital\n## Favorable Market Environment for Significant Secondary Activity\n\n---\n\n### Left Panel: U.S. SEC Restrictions\n\n**U.S. SEC: RESTRICTIONS ON HEDGE FUND ASSETS ($bn)**\n*Hedge funds are increasingly restricting investor redemptions…*\n\n#### Visual Data Description: Stacked Bar Chart\n* **Chart Type:** Stacked Bar Chart\n* **X-axis:** Years (2017 to 2022)\n* **Y-axis:** Dollar amount in billions, ranging from $- to $200 in increments of $50.\n* **Legend:**\n * Dark Blue (Bottom portion): Side-Pocketed\n * Light Gray (Top portion): Gated / Suspended\n* **Chart Trend:** The chart shows relatively stable total restricted assets from 2017 to 2019, followed by a noticeable increase from 2020 to 2022, primarily driven by a significant expansion in side-pocketed assets. \n\n**Estimated Values Table:**\n\n| Year | Side-Pocketed (Estimated $bn) | Gated / Suspended (Estimated $bn) | Total Restricted Assets (Estimated $bn) |\n| :--- | :--- | :--- | :--- |\n| 2017 | $45 | $55 | $100 |\n| 2018 | $45 | $55 | $100 |\n| 2019 | $50 | $60 | $110 |\n| 2020 | $75 | $65 | $140 |\n| 2021 | $110 | $70 | $180 |\n| 2022 | $95 | $85 | $180 |\n\n**Summary Text Box (Dark Gray Background):**\n> *U.S. SEC hedge fund reporting data reflects a 15% annualized growth rate resulting in a 2x increase of gated/suspended and side-pocketed assets to **$191 billion** as of December 2022*\n\n**Source Note:**\n*Source: United States Securities & Exchange Commission Q42022 Private Fund Statistics, July 18, 2023*\n\n---\n\n### Right Panel: Hedge Fund Participation\n\n**HEDGE FUND PARTICIPATION IN PRIVATE MARKETS**\n*…and, importantly, have larger illiquid exposures*\n\n#### Visual Data Description: Combination Bar and Line Chart\n* **Chart Type:** Combination Bar (Light Gray) and Line (Dark Blue) Chart.\n* **X-axis:** Years (2011 to 2021)\n* **Left Y-axis (Bar):** Deal Count, ranging from 0 to 1,600 in increments of 200.\n* **Right Y-axis (Line):** Capital Invested ($bn), ranging from $0 to $200 in increments of $50.\n* **Legend:**\n * Light Gray Bars: Deal Count (lhs)\n * Dark Blue Line with circular markers: Capital Invested ($bn, rhs)\n* **Line Graph Trajectory (Peaks and Valleys):**\n * **2011 - 2013:** Starts low (~$20bn), dips to a minor valley in 2012 (~$10bn), and begins to rise.\n * **2014 - 2015:** Reaches a local peak at roughly $50bn-$55bn.\n * **2016:** Drops to a local valley at roughly $30bn.\n * **2018:** Climbs sharply to a significant peak of roughly $80bn.\n * **2019:** Drops back down to a valley of roughly $55bn.\n * **2020 - 2021:** Climbs steeply, ending at a massive peak of roughly $185bn in 2021.\n\n**Estimated Values Table:**\n\n| Year | Deal Count (lhs, Light Gray Bars) | Capital Invested (rhs, Blue Line, $bn) |\n| :--- | :--- | :--- |\n| 2011 | 180 | $20 |\n| 2012 | 200 | $10 |\n| 2013 | 200 | $25 |\n| 2014 | 250 | $50 |\n| 2015 | 350 | $55 |\n| 2016 | 300 | $30 |\n| 2017 | 350 | $40 |\n| 2018 | 550 | $80 |\n| 2019 | 450 | $55 |\n| 2020 | 800 | $75 |\n| 2021 | 1,500 | $185 |\n\n**Summary Text Box (Dark Gray Background):**\n> *Hedge funds participated in significantly more private market transactions presumably to enhance returns in a competitive, low-interest rate environment*\n\n**Source Note:**\n*Source: Pitchbook, Morgan Stanley Research. Data as of December 31, 2021.*\n\n---\n\n### Footer\n* Strictly Confidential. Not for Public Distribution.\n* Page Number: 5",
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"gemini_markdown": "Warana Formula for Success\nWarana Capital\n\n---\n\n### Left Column\n\n**Growing Target Market**\n* The ‘liquidity mismatch’ seen when investors want money out of private funds earlier than available has grown over the years as private market investments, including hedge funds, have grown in investors’ allocations\n* Overall pipeline <u>volumes have increased 3.7x</u> since the closure of our first fund in 2017\n\n**[ + ]**\n\n**Consistent, Conservative Underwriting**\n* Remain discipline in our underwriting approach\n* As the pipeline has grown, so have deals with exposure outside our core criteria. We attempt to avoid style drift by passing on more deals earlier in the process, allowing us to focus our efforts on the most attractive opportunities\n* <u>Winning bids have been ~5% or lower of total NAV volume</u> across our funds\n\n**[ + ]**\n\n**Pick Up “Free” Optionality**\n* Can often price funds in portfolio at zero or nominal cost\n* Most ultimately recover minimal value, but some do generate meaningful upside\n* Examples include:\n * Litigation claims / Cash held for contingent liabilities\n * Agricultural land in emerging markets (e.g. Brazil)\n * Levered real estate\n\n---\n\n### Right Column\n\n**WARANA CAPITAL BID VOLUME & STATISTICS**\n\n*Chart Description:* \nA combination clustered bar chart and scatter plot. \n* **X-axis:** Funds (2017 Fund, 2018 Fund, 2019 Fund, 2021 Fund).\n* **Primary Y-axis (Left):** Bid Volume in billions ($0 bn to $10 bn, in increments of $2 bn). This corresponds to the clustered bars.\n* **Secondary Y-axis (Right):** Won / Total (%) from 0% to 6%, in increments of 2%. This corresponds to the diamond scatter markers.\n* **Legend:** Total Volume (Dark Gray bar), Passed (Light Gray bar), Lost (Very Light Gray bar), Won (Dark Blue bar), Won / Total (%) (Dark Blue diamond).\n\n*Estimated Values:*\n\n| Fund | Total Volume ($ bn) | Passed ($ bn) | Lost ($ bn) | Won ($ bn) | Won / Total (%) |\n| :--- | :--- | :--- | :--- | :--- | :--- |\n| **2017 Fund** | ~3.6 | ~1.8 | ~1.0 | ~0.2 | ~3.8% |\n| **2018 Fund** | ~5.9 | ~3.5 | ~2.0 | ~0.1 | ~1.8% |\n| **2019 Fund** | ~8.0 | ~5.0 | ~2.5 | ~0.4 | ~5.3% |\n| **2021 Fund** | 10.0 | ~6.0 | ~3.5 | ~0.4 | ~4.2% |\n\n*Source: Internal Warana Data as of September 30, 2023*\n\n---\n\n**# OF “OPTIONS” PER FUND; COST 0% OF NAV**\n\n*Chart Description:*\nA standard column/bar chart showing the number of options for each fund.\n* **X-axis:** Funds (2017 Fund, 2018 Fund, 2019 Fund, 2021 Fund).\n* **Y-axis:** Count of options, ranging from 0 to 60 in increments of 10.\n\n*Estimated Values:*\n\n| Fund | Number of \"Options\" |\n| :--- | :--- |\n| **2017 Fund** | ~9 |\n| **2018 Fund** | ~32 |\n| **2019 Fund** | ~48 |\n| **2021 Fund** | ~46 |\n\n*Source: Warana internal data as of September 30, 2023*\n\n---\n\nStrictly Confidential.\nNot for Public Distribution.\n6",
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"markdown": "Warana Formula for Success\nWarana Capital\n\n---\n\n### Left Column\n\n**Growing Target Market**\n* The ‘liquidity mismatch’ seen when investors want money out of private funds earlier than available has grown over the years as private market investments, including hedge funds, have grown in investors’ allocations\n* Overall pipeline <u>volumes have increased 3.7x</u> since the closure of our first fund in 2017\n\n**[ + ]**\n\n**Consistent, Conservative Underwriting**\n* Remain discipline in our underwriting approach\n* As the pipeline has grown, so have deals with exposure outside our core criteria. We attempt to avoid style drift by passing on more deals earlier in the process, allowing us to focus our efforts on the most attractive opportunities\n* <u>Winning bids have been ~5% or lower of total NAV volume</u> across our funds\n\n**[ + ]**\n\n**Pick Up “Free” Optionality**\n* Can often price funds in portfolio at zero or nominal cost\n* Most ultimately recover minimal value, but some do generate meaningful upside\n* Examples include:\n * Litigation claims / Cash held for contingent liabilities\n * Agricultural land in emerging markets (e.g. Brazil)\n * Levered real estate\n\n---\n\n### Right Column\n\n**WARANA CAPITAL BID VOLUME & STATISTICS**\n\n*Chart Description:* \nA combination clustered bar chart and scatter plot. \n* **X-axis:** Funds (2017 Fund, 2018 Fund, 2019 Fund, 2021 Fund).\n* **Primary Y-axis (Left):** Bid Volume in billions ($0 bn to $10 bn, in increments of $2 bn). This corresponds to the clustered bars.\n* **Secondary Y-axis (Right):** Won / Total (%) from 0% to 6%, in increments of 2%. This corresponds to the diamond scatter markers.\n* **Legend:** Total Volume (Dark Gray bar), Passed (Light Gray bar), Lost (Very Light Gray bar), Won (Dark Blue bar), Won / Total (%) (Dark Blue diamond).\n\n*Estimated Values:*\n\n| Fund | Total Volume ($ bn) | Passed ($ bn) | Lost ($ bn) | Won ($ bn) | Won / Total (%) |\n| :--- | :--- | :--- | :--- | :--- | :--- |\n| **2017 Fund** | ~3.6 | ~1.8 | ~1.0 | ~0.2 | ~3.8% |\n| **2018 Fund** | ~5.9 | ~3.5 | ~2.0 | ~0.1 | ~1.8% |\n| **2019 Fund** | ~8.0 | ~5.0 | ~2.5 | ~0.4 | ~5.3% |\n| **2021 Fund** | 10.0 | ~6.0 | ~3.5 | ~0.4 | ~4.2% |\n\n*Source: Internal Warana Data as of September 30, 2023*\n\n---\n\n**# OF “OPTIONS” PER FUND; COST 0% OF NAV**\n\n*Chart Description:*\nA standard column/bar chart showing the number of options for each fund.\n* **X-axis:** Funds (2017 Fund, 2018 Fund, 2019 Fund, 2021 Fund).\n* **Y-axis:** Count of options, ranging from 0 to 60 in increments of 10.\n\n*Estimated Values:*\n\n| Fund | Number of \"Options\" |\n| :--- | :--- |\n| **2017 Fund** | ~9 |\n| **2018 Fund** | ~32 |\n| **2019 Fund** | ~48 |\n| **2021 Fund** | ~46 |\n\n*Source: Warana internal data as of September 30, 2023*\n\n---\n\nStrictly Confidential.\nNot for Public Distribution.\n6",
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"gemini_markdown": "**What Do We Buy? Investment Criteria**\nWarana Capital\n\n***\n\n### <u>SITUATIONS / FUND ASSETS WE TARGET</u>\n\n✔️ <u>Private Equity</u> – Equity manager awaiting liquidity event or credit manager who owns post-restructuring equity\n\n✔️ <u>Listed Equity</u> – Manager may not be willing / able to sell if below valuation or under sale restrictions (post-IPO related lock-up, too large relative to trading volume, board seat\n\n✔️ <u>Corporate Debt</u> - Debt that has yet to mature or has defaulted but not yet resolved and / or in midst of bankruptcy / restructure\n\n✔️ <u>Real Estate</u> - Commonly a direct purchase out of funds or in credit funds where RE was used as collateral but borrower defaulted\n\n✔️ <u>Cash</u> - Funds frequently hold excess cash reserves against future fees, operating expenses, taxes and potential litigation claims\n\n✔️ <u>Legal / Liquidation Claims</u> - Lehman estate claims historically popular; sizeable lawsuits, bankruptcy claims, tax claims and other leftover litigation\n\n***\n\n### Center Graphic: Deal Flow & Philosophy Flowchart\n*The center of the slide features a flowchart-like structure representing the core investment filter. An inverted gray triangle labeled \"**Deal Flow**\" acts as a funnel at the top, pointing downwards into a solid blue rectangular block. Two tall gray triangles flank the left and right sides of this central block, pointing outward towards the \"Target\" (left) and \"Avoid\" (right) columns.*\n\n**<u>Warana</u>**\n**<u>Approach / Philosophy</u>**\n\n* There is generally a price (which may be zero) for everything, especially when pricing a portfolio\n* Bottom-up, earnings / asset – based approach creates wide margin of safety and a floor for any losses:\n * Limited binary outcomes\n * Also means upsides tend to be range-bound\n* Our focus on shorter dated trades helps manager risk profile and get cash off the table\n\n***\n\n### <u>SITUATIONS WE AVOID / PRICE NOMINALLY</u>\n\n✖️ <u>No Earnings or Asset Value</u> – Tangible assets and cash flow are crucial to assigning value\n\n✖️ <u>Binary Outcomes</u> – Particularly energy, biotech - those dependent on commodity prices or regulatory approvals\n\n✖️ <u>Early Stage / Venture</u> – We generally do not like valuations based on revenue multiples or previous financing rounds\n\n✖️ <u>Emerging or frontier Markets</u> – need to be able to rely on rule of law and avoid currency exposure\n\n✖️ <u>Longer Recovery Timelines</u> – Avoid longer dated recoveries where path to liquidity is >4 years\n\n✖️ <u>Suspicion of Fraud or Other Illegal Activity</u> – unless we see a clear path to whistle-blowing or manager replacement\n\n***\n\n**Footer**\nStrictly Confidential.\nNot for Public Distribution.\n7",
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"markdown": "**What Do We Buy? Investment Criteria**\nWarana Capital\n\n***\n\n### <u>SITUATIONS / FUND ASSETS WE TARGET</u>\n\n✔️ <u>Private Equity</u> – Equity manager awaiting liquidity event or credit manager who owns post-restructuring equity\n\n✔️ <u>Listed Equity</u> – Manager may not be willing / able to sell if below valuation or under sale restrictions (post-IPO related lock-up, too large relative to trading volume, board seat\n\n✔️ <u>Corporate Debt</u> - Debt that has yet to mature or has defaulted but not yet resolved and / or in midst of bankruptcy / restructure\n\n✔️ <u>Real Estate</u> - Commonly a direct purchase out of funds or in credit funds where RE was used as collateral but borrower defaulted\n\n✔️ <u>Cash</u> - Funds frequently hold excess cash reserves against future fees, operating expenses, taxes and potential litigation claims\n\n✔️ <u>Legal / Liquidation Claims</u> - Lehman estate claims historically popular; sizeable lawsuits, bankruptcy claims, tax claims and other leftover litigation\n\n***\n\n### Center Graphic: Deal Flow & Philosophy Flowchart\n*The center of the slide features a flowchart-like structure representing the core investment filter. An inverted gray triangle labeled \"**Deal Flow**\" acts as a funnel at the top, pointing downwards into a solid blue rectangular block. Two tall gray triangles flank the left and right sides of this central block, pointing outward towards the \"Target\" (left) and \"Avoid\" (right) columns.*\n\n**<u>Warana</u>**\n**<u>Approach / Philosophy</u>**\n\n* There is generally a price (which may be zero) for everything, especially when pricing a portfolio\n* Bottom-up, earnings / asset – based approach creates wide margin of safety and a floor for any losses:\n * Limited binary outcomes\n * Also means upsides tend to be range-bound\n* Our focus on shorter dated trades helps manager risk profile and get cash off the table\n\n***\n\n### <u>SITUATIONS WE AVOID / PRICE NOMINALLY</u>\n\n✖️ <u>No Earnings or Asset Value</u> – Tangible assets and cash flow are crucial to assigning value\n\n✖️ <u>Binary Outcomes</u> – Particularly energy, biotech - those dependent on commodity prices or regulatory approvals\n\n✖️ <u>Early Stage / Venture</u> – We generally do not like valuations based on revenue multiples or previous financing rounds\n\n✖️ <u>Emerging or frontier Markets</u> – need to be able to rely on rule of law and avoid currency exposure\n\n✖️ <u>Longer Recovery Timelines</u> – Avoid longer dated recoveries where path to liquidity is >4 years\n\n✖️ <u>Suspicion of Fraud or Other Illegal Activity</u> – unless we see a clear path to whistle-blowing or manager replacement\n\n***\n\n**Footer**\nStrictly Confidential.\nNot for Public Distribution.\n7",
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"gemini_markdown": "# Seek to Apply 10 years of Cumulative Due Diligence\n**Warana Capital**\n\n**_Bid experience and recognizing due diligence limitations are key - entry price is crucial in illiquid, non-controlling assets_**\n\n| Phase | Component | Details |\n| :--- | :--- | :--- |\n| **Building the Model Price** | **Expected Recovery** | <ul><li>Stand alone expected sale price of asset</li><li>Rarely assumes audited manager value to be recovered in full</li><li>Rarely incorporates cash flow growth or value appreciation</li></ul> |\n| | **+** | |\n| | **Liquidity Timing** | <ul><li>Challenging to estimate</li><li>Vast majority of recoveries take longer than initial manager guidance</li></ul> |\n| | **+** | |\n| | **Manager Overlay** | <ul><li>As important as asset level analysis</li><li>Numerous examples of interest divergence between manager / investor – leads to discount or pass</li><li>Quality of managers / GPs varies – evaluated over our decade of experience</li></ul> |\n| | **+** | |\n| | **Discount Rate** | <ul><li>Usually >20% gross return (>1.3x multiple) target but can increase for additional perceived risk</li></ul> |\n\n| Phase | Details |\n| :--- | :--- |\n| **Bid Evaluation** | <ul><li>Generally try not to get too “cute” in bid process – our level is our level; important to firm’s reputation</li><li>May discount from model price for small size, transaction complexity, portfolio construction and other situational factors</li><li>Discounts on discounts in the current environment</li></ul> |\n\n*(Downward arrows leading to outcomes)*\n\n| Success - Execution | Missed Opportunities |\n| :--- | :--- |\n| <ul><li>Aim to provide simple, seamless execution process</li><li>Sellers may sell other assets in future</li><li>Managers may refer additional investors</li></ul> | <ul><li>Seek to understand why – may yield market intelligence / opportunity to re-bid later if deal fails to close</li><li>Consider alternative structures – loans, deferred payment plans, etc.</li></ul> |\n\n***\n\n**Footer**\nStrictly Confidential.\nNot for Public Distribution.\n8",
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"markdown": "# Seek to Apply 10 years of Cumulative Due Diligence\n**Warana Capital**\n\n**_Bid experience and recognizing due diligence limitations are key - entry price is crucial in illiquid, non-controlling assets_**\n\n| Phase | Component | Details |\n| :--- | :--- | :--- |\n| **Building the Model Price** | **Expected Recovery** | <ul><li>Stand alone expected sale price of asset</li><li>Rarely assumes audited manager value to be recovered in full</li><li>Rarely incorporates cash flow growth or value appreciation</li></ul> |\n| | **+** | |\n| | **Liquidity Timing** | <ul><li>Challenging to estimate</li><li>Vast majority of recoveries take longer than initial manager guidance</li></ul> |\n| | **+** | |\n| | **Manager Overlay** | <ul><li>As important as asset level analysis</li><li>Numerous examples of interest divergence between manager / investor – leads to discount or pass</li><li>Quality of managers / GPs varies – evaluated over our decade of experience</li></ul> |\n| | **+** | |\n| | **Discount Rate** | <ul><li>Usually >20% gross return (>1.3x multiple) target but can increase for additional perceived risk</li></ul> |\n\n| Phase | Details |\n| :--- | :--- |\n| **Bid Evaluation** | <ul><li>Generally try not to get too “cute” in bid process – our level is our level; important to firm’s reputation</li><li>May discount from model price for small size, transaction complexity, portfolio construction and other situational factors</li><li>Discounts on discounts in the current environment</li></ul> |\n\n*(Downward arrows leading to outcomes)*\n\n| Success - Execution | Missed Opportunities |\n| :--- | :--- |\n| <ul><li>Aim to provide simple, seamless execution process</li><li>Sellers may sell other assets in future</li><li>Managers may refer additional investors</li></ul> | <ul><li>Seek to understand why – may yield market intelligence / opportunity to re-bid later if deal fails to close</li><li>Consider alternative structures – loans, deferred payment plans, etc.</li></ul> |\n\n***\n\n**Footer**\nStrictly Confidential.\nNot for Public Distribution.\n8",
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"gemini_markdown": "**Warana Capital**\n\n# LP Friendly Fund Terms\n\n* **Management Fees Only on Called Capital**\n* **Short Investment Period**\n* **Fund Sized Appropriately for Opportunity Set**\n* **Performance Fees on Cash Returns, not on Valuation**\n\n| | Previous Warana Fund Terms |\n| :--- | :--- |\n| **Investment Period** | ▪ Investment Period – 18 months from initial call<br>▪ No recycling post investment period |\n| **Management fees** | ▪ 2% management fee on <u>called</u> capital for investment period plus 4 years only (max 6 years including all extensions) |\n| **Carried interest** | ▪ 20% carried interest over an 8% per annum (non-compounding) hurdle with catch-up |\n| **Distributions** | ▪ During investment period, generally distributions will be netted against capital calls<br>▪ Post investment period, distributions made as cash received (generally when cash available in excess of over 1% of invested capital) |\n| **Investor reporting** | ▪ Quarterly summary report and commentary<br>▪ Annual audited financial statements (master/feeders)<br>▪ Annual tax statements for onshore feeder investors |\n| **Vehicle Term** | ▪ Full term – 5 years with two two-year extensions<br>▪ GP has ability to sell fund ‘tail’ when NAV falls below $5mm (when holding costs outweigh recovery) |\n| **Co-Investments** | ▪ Intention to create additional Co-Investment vehicles for large investments that are only partially allocated to the Fund due to size or investments with a different return profile than the Fund (e.g. infrastructure funds with a lower target IRR) |\n| **Foreign Exchange** | ▪ Expected to largely have USD exposure but underlying assets can vary<br>▪ Not expected to be hedged; any perceived FX risk to be included in upfront asset pricing |\n\n---\nStrictly Confidential.\nNot for Public Distribution.\n**9**",
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"markdown": "**Warana Capital**\n\n# LP Friendly Fund Terms\n\n* **Management Fees Only on Called Capital**\n* **Short Investment Period**\n* **Fund Sized Appropriately for Opportunity Set**\n* **Performance Fees on Cash Returns, not on Valuation**\n\n| | Previous Warana Fund Terms |\n| :--- | :--- |\n| **Investment Period** | ▪ Investment Period – 18 months from initial call<br>▪ No recycling post investment period |\n| **Management fees** | ▪ 2% management fee on <u>called</u> capital for investment period plus 4 years only (max 6 years including all extensions) |\n| **Carried interest** | ▪ 20% carried interest over an 8% per annum (non-compounding) hurdle with catch-up |\n| **Distributions** | ▪ During investment period, generally distributions will be netted against capital calls<br>▪ Post investment period, distributions made as cash received (generally when cash available in excess of over 1% of invested capital) |\n| **Investor reporting** | ▪ Quarterly summary report and commentary<br>▪ Annual audited financial statements (master/feeders)<br>▪ Annual tax statements for onshore feeder investors |\n| **Vehicle Term** | ▪ Full term – 5 years with two two-year extensions<br>▪ GP has ability to sell fund ‘tail’ when NAV falls below $5mm (when holding costs outweigh recovery) |\n| **Co-Investments** | ▪ Intention to create additional Co-Investment vehicles for large investments that are only partially allocated to the Fund due to size or investments with a different return profile than the Fund (e.g. infrastructure funds with a lower target IRR) |\n| **Foreign Exchange** | ▪ Expected to largely have USD exposure but underlying assets can vary<br>▪ Not expected to be hedged; any perceived FX risk to be included in upfront asset pricing |\n\n---\nStrictly Confidential.\nNot for Public Distribution.\n**9**",
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"gemini_markdown": "# Warana Team Biographies\n**Warana Capital**\n\n## Tim Ivers, Founder & CEO\n* Founded Warana in 2016\n* Founded Axle Capital, Co-founded Dakota Capital in 2010\n* Head of Investment, Everest Financial Group – managed 19 funds in wind down\n* Previously UBS, Merrill Lynch and Ernst & Young\n* Chartered Financial Analyst (CFA) & Certified Practicing Accountant (CPA), Australia\n* Graduate Diploma of Applied Finance and Investment, Securities Institute (now FINSIA)\n* Bachelor of Commerce, University of Queensland\n* Bachelor of Economics, University of Queensland\n\n## Grant Gillespie, Partner\n* Completed over 200 transactions since joining Warana at inception\n* Director, Structured credit & real estate hedge fund\n* President & COO, Kristian Regale, Inc.\n* Associate, Merrill Lynch\n* Chartered Financial Analyst (CFA)\n* MBA, Columbia Graduate School of Business\n* BA, History, Duke University\n\n---\n\n### Team Structure Layout\n*The bottom section of the slide features an organizational layout grouped by functional department, denoted by blue chevron headers. Each team member is represented by a circular black-and-white headshot with their name and title positioned below.*\n\n**Investments**\n* **Tim Ivers**, Founder & CEO\n* **Grant Gillespie**, Partner\n* **Bjorg Klem**, Managing Director\n* **Mark Downey**, Investment Analyst\n* **Robin Dong**, Investment Analyst\n\n**Finance & Operations**\n* **Sun Chin**, CFO & COO\n* **Brandon Bo Lee**, Controller\n* **Ruchama Bin-Nun**, Senior Associate\n* **Andrew Chen**, Senior Associate\n* **Kevin Wang**, Analyst\n* **Vita Pan**, Analyst\n\n**Origination**\n* **Daniel Nolan**, Managing Director, Head of Origination\n\n**IR & Marketing**\n* **Jennifer Howrigan**, Head of Investor Relations & Business Development\n\n**Advisory Committee**\n*(Represented in a distinct rectangular box on the bottom right)*\n* **Lawrence Myers**\n* **Michael Sternberg**\n\n---\nStrictly Confidential. \nNot for Public Distribution.\n10",
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"markdown": "# Warana Team Biographies\n**Warana Capital**\n\n## Tim Ivers, Founder & CEO\n* Founded Warana in 2016\n* Founded Axle Capital, Co-founded Dakota Capital in 2010\n* Head of Investment, Everest Financial Group – managed 19 funds in wind down\n* Previously UBS, Merrill Lynch and Ernst & Young\n* Chartered Financial Analyst (CFA) & Certified Practicing Accountant (CPA), Australia\n* Graduate Diploma of Applied Finance and Investment, Securities Institute (now FINSIA)\n* Bachelor of Commerce, University of Queensland\n* Bachelor of Economics, University of Queensland\n\n## Grant Gillespie, Partner\n* Completed over 200 transactions since joining Warana at inception\n* Director, Structured credit & real estate hedge fund\n* President & COO, Kristian Regale, Inc.\n* Associate, Merrill Lynch\n* Chartered Financial Analyst (CFA)\n* MBA, Columbia Graduate School of Business\n* BA, History, Duke University\n\n---\n\n### Team Structure Layout\n*The bottom section of the slide features an organizational layout grouped by functional department, denoted by blue chevron headers. Each team member is represented by a circular black-and-white headshot with their name and title positioned below.*\n\n**Investments**\n* **Tim Ivers**, Founder & CEO\n* **Grant Gillespie**, Partner\n* **Bjorg Klem**, Managing Director\n* **Mark Downey**, Investment Analyst\n* **Robin Dong**, Investment Analyst\n\n**Finance & Operations**\n* **Sun Chin**, CFO & COO\n* **Brandon Bo Lee**, Controller\n* **Ruchama Bin-Nun**, Senior Associate\n* **Andrew Chen**, Senior Associate\n* **Kevin Wang**, Analyst\n* **Vita Pan**, Analyst\n\n**Origination**\n* **Daniel Nolan**, Managing Director, Head of Origination\n\n**IR & Marketing**\n* **Jennifer Howrigan**, Head of Investor Relations & Business Development\n\n**Advisory Committee**\n*(Represented in a distinct rectangular box on the bottom right)*\n* **Lawrence Myers**\n* **Michael Sternberg**\n\n---\nStrictly Confidential. \nNot for Public Distribution.\n10",
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