Scale: GPFG is big. Finding enough sizable deals to directly invest in would be challenging, time intensive and costly.

Sourcing: PE firms spend a considerable amount of time and money to source and filter deals. Indirect investment allows GPFG to outsource this effort. The best PE firms will also have a strong exclusive pipeline of deals.

Diversification and Flexibility: Investing in funds with various expertise allows CPFG to easily diversify while remaining flexible, without needing to build out internal expertise.

Setting standards: As a major investor, we will be able to influence industry standards on governance.

A path to direct investing: An initial focus on indirect investment could help CPFG to build up more PE expertise and set the stage for CPFG to transition to some direct PE investing in the future.

WHY TRADITIONAL PE

Why indirect?