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

WCASVINTAGE 2009

NET IRR

11.5%

TVPI

1.66x

DPI

1.66x

COMMITMENT

$100M

LP SOURCES

4

VALUATION SPREAD1.66x – 1.66x TVPI across 4 sources

CROSS-REFERENCE TABLE

LP SOURCE	AS OF	COMMITMENT	PAID IN	NET IRR	TVPI	DPI	DOC
Minnesota SBI	2025-12-31	$100M	$100M	11.5%	1.66x	1.66x	SOURCE ↗◆
CalPERS	2025-09-30	$125M	$125M	11.5%	1.66x	1.66x	SOURCE ↗◆
CalSTRS	2025-06-30	$250M	$251.8M	11.5%	1.66x	1.66x	SOURCE ↗◆
NJ DOI	2025-04-30	$100M	$100M	—	1.66x	1.66x	SOURCE ↗◆