Global Alt Manager Fund Performance Tracker: Global | Brokers, Asset Mgrs & Exchanges

Research evidence excerpt

Global Alt Manager Fund Performance Tracker: Global | Brokers, Asset Mgrs & Exchanges

Global | Brokers, Asset Mgrs & Exchanges EquityJulyResearch20, 2026

Exhibit 1 - US Pvt Co. Valuations Gain +1% inGlobal Alt Manager Fund Performance Tracker

July After Falling -16% in Q2

US Private Company Valuation Index

In the latest quarterly edition of this report, we examine recent fund 145135

index

=

115performance trends for global alternative asset managers. Distribution rates Valuation 100) Co. (Dec-23 105

Pvt. 95were largely subdued in Q2 as the distribution rate gap widened further relative 85

to historic trends. US pvt company valuations declined -16% in Q2, however, May-24 Jun-24 Jul-24Q2'25Aug-24 Sep-24 Oct-24 Nov-24 Q3'25Dec-24 Jan-25 Feb-25 Mar-25 Apr-25Q4'25May-25 Jun-25 Jul-25 Aug-25 Q1'26Sep-25 Oct-25 Nov-25 Dec-25 Jan-26Q2'26Feb-26 Mar-26 Apr-26 May-26Q3'26Jun-26QTD*Jul-26

in Pvt Co. +8% +9% -4% -20% -16% +1%

Valuation Q/Q

*QTD to 15-JulJuly is showing better momentum with pvt company valuations +1% MTD. Our . Change

favorite ideas are BX & KKR in the US and BPT & ICG in Europe. Source: Biz Equity, Jefferies

Comparing fund performance of recent vintages using a lifecycle-basis across Private Equity Our dynamic excel workbook — with

(PE), Private Credit (PC), Real Estate (RE) and Infrastructure (Infra) asset classes. Using granular breakdowns and company specific

PitchBook datasets, we have analyzed aggregated fund performance across different vintages on a analyses — is available on request. See

"lifecycle-basis" (i.e. X years after initial deployment), comparing how recent vintages are performing Appendix 2 (benchmarks' performance

relative to historical ones on a like-for-like basis across their lifecycles. of recent vintages vs historic trends