CD PRIVATE EQUITY FUND I — Management Reports 2023

Feb 9, 2023

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SERIES UPDATE – February 2023

CD Private Equity Fund I (ASX:CD1) CD Private Equity Fund II (ASX:CD2) CD Private Equity Fund III (ASX:CD3) CD Private Equity Fund IV (CD4)

10 February 2023

Disclaimer

This presentation has been prepared and authorised for release by E&P Investments Limited as Responsible Entity (ACN 152 367 649, AFSL 410 433) of the CD Private Equity Fund Series ( Funds or Fund Series ), which includes CD Private Equity Fund I (ARSN 158 625 284) ( ASX:CD1 ), CD Private Equity Fund II (ARSN 162 057 089) ( ASX:CD2 ), CD Private Equity Fund III (ARSN 612 132 813) ( ASX:CD3 ), and CD Private Equity Fund IV (ARSN 624 474 531) ( CD4 ).

This presentation may contain general advice. Any general advice provided has been prepared without taking into account your objectives, financial situation or needs. Before acting on the advice, you should consider the appropriateness of the advice with regard to your objectives, financial situation and needs. Past performance is not a reliable indicator of future performance. All figures in this presentation are in AUD unless stated otherwise.

This presentation may contain statements, opinions, projections, forecasts and other material (forward looking statements), based on various assumptions. Those assumptions may or may not prove to be correct. Neither the Responsible Entity, the Investment Manager or their advisers (including all of their respective directors, consultants and/or employees, related bodies corporate and the directors, shareholders, managers, employees or agents of any of them) ( Parties ) make any representation as to the accuracy or likelihood of fulfillment of the forward-looking statements or any of the assumptions upon which they are based. Actual results, performance or achievements may vary materially from any projections and forward-looking statements and the assumptions on which those statements are based. Readers are cautioned not to place undue reliance on forward looking statements and the Parties assume no obligation to update that information.

The Parties give no warranty, representation or guarantee as to the accuracy or completeness or reliability of the information contained in this document. The Parties do not accept, except to the extent permitted by law, responsibility for any loss, claim, damages, costs or expenses arising out of, or in connection with, the information contained in this presentation. Any recipient of this presentation should independently satisfy themselves as to the accuracy of all information contained in this presentation.

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CD Private Equity Fund Series Update – February 2023

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Summary overview

• Recent meetings with our underlying managers are cautiously positive, despite macro economic headwinds. Underlying managers continue to be active in looking for opportunities for both realisation and investment.

• There were 24 realisations across the Fund series over the 12 months to 31 December 2022 ,with two investments written down to zero.

  • Average hold period for the realisations was 5.4 years

  • 16 of the 22 were realised at or above the last reported value, and 18 of 24 returned positive Multiples on Invested Capital (MOIC)

  • On average, investments were realised at a MOIC of 1.4x greater than the previously reported MOIC implied by the holding value of those assets, the median was 0.3x greater

• On the whole underlying managers are aware of the risks associated with a possible recession and have been preparing accordingly

Note: Past performance is not a reliable indicator of future performance

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CD Private Equity Fund Series Update –February 2023

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Performance summary at 31 December 2022

					3 YEARS	5 YEARS	INCEPTION
FUND		3 MONTHS	6 MONTHS	1 YEAR	P.A.	P.A.	P.A.
CD Private Equity Fund I (CD1)	NTA	-6.2%	-4.2%	3.6%	15.8%	18.5%	13.4%
CD Private Equity Fund II (CD2)	NTA	-5.1%	-3.3%	8.4%	12.9%	15.0%	12.2%
CD Private Equity Fund III (CD3)	NTA	-5.2%	4.8%	26.0%	29.1%	22.2%	16.1%
CD Private Equity Fund IV (CD4)	NTA	-7.8%	-5.8%	10.1%	21.6%	-	15.4%

Note: All figures as of 31/12/2022. NTA figures are post-tax NTA and are net of fees and costs. Total returns are inclusive of distributions. Past performance is not a reliable indicator of future performance. CD1 inception date August 2012. CD2 inception date April 2013. CD3 inception date July 2016. CD4 inception date April 2018.

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CD Private Equity Fund Series Update –February 2023

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CD1 Highlights

• CD1 had five portfolio sales in the 12 months to 31 December 2022. The realisations were in Peppertree Capital Fund IV, Fort Point Capital I, Encore Consumer Capital Fund II and US Select Direct Private Equity Fund I.

• The average realised gross MOIC across the realisations was 2.6x

• Fort Point Capital I sold portfolio company Sullivans, a home décor retail and wholesale provider

• Encore Consumer Capital Fund II portfolio company Brownie Brittle to Second Nature Brands in early December 2022.

• CD1 has 30 portfolio companies remaining.

Note: All figures as of 31/12/2022, data provided 10/01/2023. Performance data is at the LP level, not the Australian Unit Trust. Past performance is not a reliable indicator of future performance. Returns are in USD.

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CD Private Equity Fund Series Update –February 2023

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CD1 LP Performance summary

CD1 invests in U.S. Select Private Opportunities Fund, L.P. (LP1)

		TOTAL VALUE TO PAID IN	DISTRIBUTION TO PAID IN	NET IRR – LP1
Fund	A*	2.9x	2.9x	35.0%
Fund Fund	B C	1.5x 2.8x	0.9x 2.2x	8.6% 25.5%
Fund	D	2.6x	2.6x	35.1%
Fund	E	1.4x	0.8x	6.2%
Fund	F	1.7x	1.4x	11.5%
Fund	G*	0.8x	0.8x	(7.9%)
Fund	H	2.9x	2.1x	33.8%
Fund	I	1.9x	1.2x	18.5%

Third party funds 8	Third party funds 8
Underlying Investments (excl. USD11)	81
Co-Investments I (USD1)	15
Exits to date (incl. USD1)	66
Remaining Investments	30
Avg. Age of Remaining Investments (Years)	6.9
Median Gross MOIC (realised deals)	2.6x
1.US Select Direct Private Equity Fund (US), L.P.

Note: All figures as of 31/12/2022, data provided 10/01/2023. Return figures are net of all underlying fees and expenses of the individual managers, but before fees and expenses of the LP and Australian Unit Trust. Past performance is not a reliable indicator of future performance. Returns are in USD. *Zero remaining investments.

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CD Private Equity Fund Series Update –February 2023

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CD2 Highlights

• CD2 had 8 realisations in the 12 months to 31 December 2022, these realisations were across 4 of the 11 managers: High Road Capital Partners Fund II, Chicago Pacific Founders Fund, RFE Investment Partners VIII and US Select Direct Private Equity Fund I in the portfolio:

• The average realised gross MOIC across the realisations was 3.6x.

• High Road Capital Partners has sold Radix Wire & Cable, manufacturer of specialty wires and cables serving numerous demanding and rugged applications, to Windjammer Capital

• Chicago Pacific Founders sold SAGE Veterinary Centers, a specialty and emergency medicine provider to National Veterinary Associates (NVA). The transaction was announced in 2021 and closed in mid-2022.

• CD2 has 47 portfolio companies remaining.

Note: All figures as of 31/12/2022, data provided 10/01/2023. Performance data is at the LP level, not the Australian Unit Trust. Past performance is not a reliable indicator of future performance. Returns are in USD.

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CD Private Equity Fund Series Update –February 2023

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CD2 LP Performance summary

CD2 invests in U.S. Select Private Opportunities Fund II, L.P. (LP2)

TOTAL VALUE TO PAID IN DISTRIBUTION TO PAID IN NET IRR – LP2 Fund A 1.7x 1.3x 17.5% Fund B 4.0x 0.6x 34.9% Fund C 2.9x 2.9x 36.6% Fund D 1.7x 1.0x 15.0% Fund E 1.8x 0.8x 16.4% Fund F 1.5x 0.9x 9.8% Fund G 1.5x 1.5x 8.2% Fund H 1.5x 0.7x 20.6% Fund I 1.5x 1.0x 9.2% Fund J 2.4x 2.1x 30.0% Fund K 2.7x 2.6x 37.2% Fund L 1.9x 1.2x 18.8%	Third party funds 11	Third party funds 11
	Underlying Investments (excl. USD11)	107
	Co-Investments I (USD1)	15
	Exits to date (incl. USD1)	75
	Remaining Investments	47
	Avg. Age of Remaining Investments (Years)	5.7
	Median Gross MOIC (realised deals)	2.7x
	1.US Select Direct Private Equity Fund (US), L.P.

Note: All figures as of 31/12/2022, data provided 10/01/2023. Return figures are net of all underlying fees and expenses of the individual managers, but before fees and expenses of the LP and Australian Unit Trust. Past performance is not a reliable indicator of future performance. Returns are in USD. * Zero remaining investments.

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CD Private Equity Fund Series Update –February 2023

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CD3 Highlights

• CD3 had 7 realisations in the 12 months to 31 December 2022, these realisations were across 5 of the 11 managers in the portfolio: Encore Consumer Capital Fund III, Growth Street Partners I , Gemspring Capital Fund I, Elephant Partners Fund I and Trive Capital Fund II, L.P.;

• The average realised gross MOIC across the 7 realisations was 5.8x

• Gemspring Capital Fund I sold down part of its holding in portfolio company Radancy, an enterprise software and services solutions for end-to-end talent sourcing. Gemspring Capital remain a minority investor in the company.

• CD3 has 93 remaining portfolio companies

Note: All figures as of 31/12/2022, data provided 10/01/2023. Performance data is at the LP level, not the Australian Unit Trust. Past performance is not a reliable indicator of future performance. Returns are in USD.

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CD Private Equity Fund Series Update –February 2023

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CD3 LP Performance summary

CD3 invests in U.S. Select Private Opportunities Fund III, L.P. (LP3)

TOTAL VALUE TO PAID IN DISTRIBUTION TO PAID IN NET IRR – LP3 Fund A 2.5x 1.8x 36.9% Fund B 1.7x 1.1x 15.4% Fund C 6.2x 2.5x 49.2% Fund D 1.8x 0.8x 19.3% Fund E 2.9x 1.1x 69.4% Fund F 2.7x 0.9x 52.1% Fund G 1.7x 0.8x 26.8% Fund H 3.0x 2.3x 38.6% Fund I 1.8x 0.2x 33.5% Fund J 2.7x 1.0x 28.7% Fund K 3.4x 0.7x 65.3% Fund L 2.3x 1.8x 30.4% Fund M 2.6x 0.5x 30.4%	Third party funds	12
	Underlying Investments (excl. USD22)	119
	Co-Investments II (USD2)	23
	Exits to date (incl. USD2)	49
	Remaining Investments	93
	Avg. Age of Remaining Investments (Years)	3.7
	Median Gross MOIC (realised deals)	2.9x
	2.US Select Direct Private Equity Fund II (US), L.P.

Notes: All figures as of 31/12/2022, data provided 10/01/2023. Return figures are net of all underlying fees and expenses of the individual managers, but before fees and expenses of the LP and Australian Unit Trust. Past performance is not a reliable indicator of future performance. Returns are in USD.

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CD Private Equity Fund Series Update –February 2023

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CD4 Highlights

• CD4 had 5 realisations in the 12 months to 31 December 2022, these realisations were in Gainline Fund I, Quad Partners Fund V, Nosara Capital Fund I, and CORE Industrial Partners Fund I.

• The average realised gross MOIC across the 5 realisations was 2.2x

• CORE Industrial Partners sold portfolio company MedLit Solutions, a full-service provider of pharmaceutical packaging, labeling and printing solutions to Resource Label Group.

• Underlying fund’s portfolios are now largely invested, with only Incline Elevate Fund and U.S. Select Direct Private Equity II, LP adding to their portfolios in the six months to 31 December 2022.

• CD4 has 109 remaining portfolio companies.

Note: All figures as of 31/12/2022, data provided 10/01/2023. Performance data is at the LP level, not the Australian Unit Trust. Past performance is not a reliable indicator of future performance. Returns are in USD.

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CD Private Equity Fund Series Update –February 2023

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CD4 Performance summary

CD4 invests in U.S. Select Private Opportunities Fund IV, L.P. (LP4)

	TOTAL VALUE TO PAID IN	DISTRIBUTION TO PAID IN	NET IRR – LP4
Fund A	1.0x	0.0x	(1.6%)
Fund B	3.1x	0.3x	102.1%
Fund C	2.7x	0.4x	49.1%
Fund D	2.2x	0.2x	43.7%
Fund E	2.6x	1.7x	152.9%
Fund F	2.8x	0.0x	52.1%
Fund G	1.4x	0.5x	20.0%
Fund H	1.1x	0.0x	5.7%
Fund I	1.9x	0.5x	76.9%
Fund J	1.7x	0.0x	36.4%
Fund K	1.8x	0.2x	33.3%
Fund L	2.6x	0.5x	32.6%

Third party funds	11
Underlying Investments (excl. USD22)	103
Co-Investments II (USD2)	23
Exits to date (incl. USD2)	17
Remaining Investments	109
Avg. Age of Remaining Investments (Years)	2.7
Median Gross MOIC (realised deals)	3.0x
2.US Select Direct Private Equity Fund II (US), L.P.

Note: All figures as of 31/12/2022, data provided 10/01/2023. Return figures are net of all underlying fees and expenses of the individual managers, but before fees and expenses of the LP and Australian Unit Trust. Past performance is not a reliable indicator of future performance. Returns are in USD.

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CD Private Equity Fund Series Update –February 2023

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All exits since inception to 31 December 2022

All exits since inception – Return distribution^ TOTAL INVESTMENTS # OF REALISATIONS % REALISED AVERAGE REPORTED GROSS MOIC MEDIAN REPORTED GROSS MOIC AVERAGE HOLD PERIOD Fund I 96 66 69% 3.8x 2.6x 4.7 Fund II 122 75 61% 3.4x 2.9x 4.9 Fund III 142 49 35% 4.4x 2.9x 3.6 Fund IV 126 17 13% 4.1x 3.0x 2.5 Total 486 207 43% 4.0x 2.9x 4.2 USD1 15 9 60% 3.0x 2.0x 4.7 USD2 21 2 10% 3.6x 3.6x 3.6 30 30 45 45 46 - 5 10 15 20 25 30 35 40 45 50 0-1x 1-2x 2-3x 3-5x 5x+	All exits since inception – Return distribution^ TOTAL INVESTMENTS # OF REALISATIONS % REALISED AVERAGE REPORTED GROSS MOIC MEDIAN REPORTED GROSS MOIC AVERAGE HOLD PERIOD Fund I 96 66 69% 3.8x 2.6x 4.7 Fund II 122 75 61% 3.4x 2.9x 4.9 Fund III 142 49 35% 4.4x 2.9x 3.6 Fund IV 126 17 13% 4.1x 3.0x 2.5 Total 486 207 43% 4.0x 2.9x 4.2 USD1 15 9 60% 3.0x 2.0x 4.7 USD2 21 2 10% 3.6x 3.6x 3.6 30 30 45 45 46 - 5 10 15 20 25 30 35 40 45 50 0-1x 1-2x 2-3x 3-5x 5x+	All exits since inception – Return distribution^ TOTAL INVESTMENTS # OF REALISATIONS % REALISED AVERAGE REPORTED GROSS MOIC MEDIAN REPORTED GROSS MOIC AVERAGE HOLD PERIOD Fund I 96 66 69% 3.8x 2.6x 4.7 Fund II 122 75 61% 3.4x 2.9x 4.9 Fund III 142 49 35% 4.4x 2.9x 3.6 Fund IV 126 17 13% 4.1x 3.0x 2.5 Total 486 207 43% 4.0x 2.9x 4.2 USD1 15 9 60% 3.0x 2.0x 4.7 USD2 21 2 10% 3.6x 3.6x 3.6 30 30 45 45 46 - 5 10 15 20 25 30 35 40 45 50 0-1x 1-2x 2-3x 3-5x 5x+
	- 5 10 15 20 25 30 35 40 45 50	30 30 45 45 46 0-1x 1-2x 2-3x 3-5x 5x+

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 Since inception there have been 207 realisations at a median reported gross MOIC of 2.9x with an average hold period of around four years.

Note: All figures as of 31/12/2022, data provided 10/01/2023. MOIC figures are on realisations. Return figures are net of all underlying fees and expenses of the individual managers, but before fees and expenses of the LP and Australian Unit Trust. Returns are in USD. Past performance is not a reliable indicator of future performance. * Includes exposure to US Select Direct Private Equity (US) L.P. (Fund I and Fund II) and US Select Direct Private Equity II (US) L.P. (Fund III and Fund IV). ^Holdings in USD1 and USD2 are only counted once, not per Fund.

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CD Private Equity Fund Series Update – February 2023

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Distributions

CD Private Equity Fund IV units are now fully paid. All Funds announced distributions on 1 February 2023.

					ESTIMATED
		TOTAL		TOTAL DISTRIBUTIONS	POST TAX NTA AFTER
	FEBRUARY 2023	DISTRIBUTIONS*	APPLICATION	(SINCE INCEPTION) AS A %	FEBRUARY
FUND	DISTRIBUTION	(SINCE INCEPTION)	PRICE	OF APPLICATION PRICE	DISTRIBUTION^
CD Private Equity Fund I (CD1)	$0.08	$2.660	$1.60	166.3%	$1.17
CD Private Equity Fund II (CD2)	$0.06	$2.065	$1.60	129.1%	$1.72
CD Private Equity Fund III (CD3)	$0.11	$1.469	$1.60	91.8%	$2.06
CD Private Equity Fund IV (CDIV)	$0.07	$0.230	$1.60	14.4%	$2.31

Note: All figures as of 31/12/2022. NTA figures are post-tax NTA and is net of fees and costs. Total returns are inclusive of distributions. Past performance is not a reliable indicator of future performance. The February distributions are due to be paid on approximately 3 March 2023. During July 2022 the Responsible Entity made the fifth and final capital call of 32 cents per unit, with payment (offset by the initial 16 cent per unit distribution) due 2 August 2022. CD1 inception date August 2012. CD2 inception date April 2013. CD3 inception date July 2016. CD4 inception date April 2018. *includes distributions announced 1 February 2023, due to be paid early March. ^Estimated post tax NTA after February distribution is based on the 31 December 2022 NTAs.

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CD Private Equity Fund Series Update –February 2023

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Glossary

ACRONYM	DEFINITION
DPI	Distribution to Paid In Capital
EBITDA	Earnings Before Interest, Taxes, Depreciation, and Amortization
IRR	Internal Rate of Return
MOIC	Multiple of Invested Capital
TVPI	Total Value to Paid In Capital
TTM	Trailing Twelve Months
USD1	Co-Investment I - US Select Direct Private Equity Fund (US), L.P.
USD2	Co-Investment II - US Select Direct Private Equity Fund II (US), L.P.

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CD Private Equity Fund Series Update –February 2023

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info@cdfunds.com.au

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CD Private Equity Fund Series Update – February 2023

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