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(1) The aggregate performance of the AV venture funds is not necessarily representative of the performance of any particular AV venture fund or the experiences of any individual AV investor. All investment involves risk, including risk of loss. Not all venture capital investments will be successful. Past performance is not necessarily reflective of future results, and achievement of investment objectives, including preservation of principal, cannot be guaranteed. RR for AV Funds is net of management fees, and net of incentive allocations applied to amounts distributed to investors, but gross of incentive allocations applicable to unrealized gains on investments held by AV Funds. IRR for AV Funds includes Uninvested Cash, Unrealized Investments, and Amounts Distributed to Investors. For additional information, please see here.

(2) The IRR shown for Nasdaq Composite, S&P 500, and Russell 2000 indices are gross fees because indices are not managed investments. It is not possible to invest directly in an index.

(3) The information and data provided herein (the “data”) is the proprietary property to Cambridge Associates, LLC, S&P Dow Jones Indices LLC and/or their respective affiliates (together, the “Data Provider”). Cambridge Associates, LLC and/or its affiliates calculate and administer the data, but are not authorized as “administrators” under any relevant benchmark regulations or principles and the data cannot be used as a “benchmark” under such regulations or principles. The data has been licensed for use in connection with the fund (or other investment vehicle) or securities referenced herein (“Fund”}. The Fund is not sponsored, endorsed or promoted by the Data Provider. The Data Provider does not make any warranties or representations as to the accuracy, fitness for purpose or results to be obtained by using the data and disclaims all liability in this regard. The data is further subject to the disclaimer available here.