Exhibit 2

U.S. Buyout Dollar-Weighted IRR on Vintage Year Companies (as of September 30, 2008) (Pooled Gross Mean of Companies Receiving Initial Investment in)

199519961997199819992000200120022003200420052006AvgStandard deviation
Chemicals153.56-19.49-2.42-9.57-4.029.8830.3226.6955.30136.3132.820.7234.1756.01
Consumer/retail29.2912.0211.499.744.9224.8531.2439.7629.7231.2414.5512.3620.9311.26
Electronics26.6634.9330.18-43.9015.450.8286.3126.4321.9242.2513.30-23.8519.2132.68
Energy16.0617.1720.1021.1312.6425.9431.2365.2678.82154.4254.0611.0142.3241.65
Financial services-2.9360.261.0431.090.5420.3026.3622.73-1.3716.4431.961.7912.3418.86
Hardware/systems67.13-0.1816.46-3.5378.9838.6830.69609.765.9323.25100.1384.95177.91
Health care10.339.5120.3019.3519.4718.0516.8043.5931.8428.9624.977.6120.9110.29
o/w Pharmaceuticals43.6459.3056.7027.6426.5641.111.9663.761.672.6023.7355.6033.6923.18
Industrial16.3289.637.076.0830.3217.3942.5214.8028.3726.3733.4917.2627.4822.36
Information technology62.2943.0098.0614.241.75-8.0610.9210.9340.0992.9234.66-1.3033.2935.67
o/w Telecom systems92.5739.8472.8914.0730.51-2.658.4120.3618.4268.072.46-15.1129.1533.16
o/w Telecom products26.656.37100.5015.98-6.51-10.9118.4713.4653.21105.71151.2943.8043.1750.67
Manufacturing24.080.5614.606.6910.21-0.06-0.6223.9740.0726.6832.4117.2316.3313.44
Media52.3037.9415.192.574.52-2.9710.3140.5036.3013.7234.578.4421.1118.12
Software/services17.0945.4496.8820.288.93-0.ll26.5047.1136.6731.1915.6322.2930.6625.11
All firms 37.50 17.61 27.42 12.69 7.39 7.36 22.45 35.09 38.27 44.21 28.35 7.05 23.78 13.34
Real GDP Growth 2.5 3.7 4.5 4.2 4.5 3.7 0.8 1.6 2.5 3.6 2.9 2.8 3.1 1.15
Number of firms2813584685387851,155425395488635724845591
  • Source: Cambridge Associates; authors’ calculations.