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The private equity program was developed on a multi-manager (or
fund of funds) basis over time, with the aim of building a well
diversified portfolio of private equity funds managed by a
selection of professional private equity managers. The
current position is:
- commitments were originally made to 16 private equity funds in
order to build the Company's exposure to private equity
- commitments were made to ensure steady "vintage year"
diversification, but there were no further commitments following
the change in strategy announced in June 2009;
- as private equity funds generally operate on a partly paid
basis, the Company's private equity commitments were funded
gradually over many years;
- similarly, private equity funds sell their investments
gradually over a number of years and then terminate;
- funding for the remaining modest level of commitments will be
generated by recycling cash that may be generated by the portfolio
- dividends and capital returns are being paid to investors as
the portfolio is wound down.
From 1 July 2011 Pomona Australia Pty Limited ACN 146 787 091
AFSL 390402 ("Pomona") has acted as manager to implement the
Company's investment strategy.