RRJ Capital Master

RRJ Capital Master Fund III, L.P.

RRJ Capital MasterVINTAGE 2015

NET IRR

7.7%

TVPI

1.22x

DPI

0.95x

COMMITMENT

$150M

LP SOURCES

5

VALUATION SPREAD1.10x – 1.22x TVPI across 4 sources

CROSS-REFERENCE TABLE

LP SOURCEAS OFCOMMITMENTPAID INNET IRRTVPIDPIDOC
Oregon OPERF2025-09-30$150M$154.3M7.7%1.22x0.95xSOURCE ↗
CalSTRS2025-06-30$200M$204.8M7.3%1.21x0.91xSOURCE ↗
Illinois TRS2025-06-30SOURCE ↗
NJ DOI2025-04-30$150M$153.6M1.11x0.91xSOURCE ↗
PA SERS2024-09-30$50M$51.2M4.7%1.10x0.89xSOURCE ↗