SOF III - 1081 Southern Financial LLC Section 5: Secondary Opportunities Fund Ill Secondary Opportunities Fund III. LP Exhibit 9: Evolution of secondary deal type 201042012 80 70 €0 50 40 30 20 • Large `plain vanilla transactrons of ., r to buyoutandventure assets 0 -At oryal Q. A1/2 r vat:. c P.., f Ova( .ha vs. Example portfolio today - - - - 201342015 Smaller, mare complex transactions acrOSS ad sub/sock:a/ IllEsiyout • Vonture &Growth " Real EMata •Infrastrirluro • Crodit The most recent driver of the secondary market sell side is the 'GP Seller category. The financial crisis has led to elongated hold times for many private equity funds, meaning that increasing numbers are reaching the end of their lives holding significant assets. The Fund Sponsors of these funds may not have raised subsequent funds and are now looking to the secondary market as they seek to reinvent themselves or maximise value in their tail-end portfolios. This generally occurs through the restructuring of the fund vehicle or portfolio when a secondary buyer (or syndicate) works together with the relevant Fund Sponsor to provide original investors with some options. The original investors can realise their interests in the fund vehicle or portfolio or instead transfer their investment in the existing fund vehicle or portfolio into a new vehicle in which such secondary buyer (or syndicate) also holds an interest. There are many buyout and venture funds that are nearing the end of their respective terms and do not have the ability to seek further term extensions. According to Preqin, there are over 150 pre-2000 vintage buyout funds and over 200 pre-2000 vintage venture funds active today and close to US$1 trillion in 2005 to 2008 vintage funds that will soon be reaching the ends of their investment periods, the Fund Sponsors of many of which have no prospect of raising a successor fund. A number of these funds are attractive candidates for sec