Welsh, Carson, Anderson & Stowe XII, L.P.

WCASVINTAGE 2015

NET IRR

23.9%

TVPI

2.47x

DPI

1.99x

COMMITMENT

$150M

LP SOURCES

3

VALUATION SPREAD2.45x – 2.55x TVPI across 3 sources

CROSS-REFERENCE TABLE

LP SOURCE	AS OF	COMMITMENT	PAID IN	NET IRR	TVPI	DPI	DOC
Minnesota SBI	2025-12-31	$150M	$150M	23.9%	2.47x	1.99x	SOURCE ↗◆
CalPERS	2025-09-30	$350M	$350.2M	25.3%	2.55x	2.07x	SOURCE ↗◆
CalSTRS	2025-06-30	$150M	$150M	24.1%	2.45x	1.99x	SOURCE ↗◆