We understand how important it is to keep your information safe and secure and we take this very seriously. We have taken steps to make sure your information is looked after in the best possible way and we review this regularly. Please read this Privacy Notice (‘Privacy Notice’) carefully, as it contains important information about how we use the information about you we collect, store and use.
In this Privacy Notice the following words are used as set out below:
We are required to provide you with this Privacy Notice by Law. It explains how we use the information we collect, store, and hold about you. If you are unclear about how we process or use your information, or you have any questions about this Privacy Notice or any other issue regarding your information, then please contact our Data Protection Lead (see paragraph 3 below). The Law says:
We are Inconf a company registered in England and Wales with company number 12399032 and our registered address is 28 Alexandra Terrace, Exmouth, Devon, EX8 1BD. We deliver virtual event platforms and live streaming services for brands, corporations, associations, rights-holders, event management agencies and production companies. (‘the Service’). We receive data from Our Clients or their event production companies or agencies. Other data collected includes but is not limited to questions submitted, polling responses, surveys, profiles and instant messages directly from the data subject during their interaction with the Inconf Platform. When delivering virtual events on behalf of Our Clients, we are the Data Processor and our Client (and/or their event management company / agency) is the Data Controller. We also collect data about our sales prospects and targets . This data is typically collected via LinkedIn, websites and our personal networks of contacts and is stored in our CRM (Customer Relationship Management) system. We are the Data Controller of our sales and marketing information unless we are a Data Processor as referred to above. The purposes for which we collect and use your information are set out in this Privacy Notice.
Our Data Protection Lead is Daniel Cave, Chief Experience Officer If you have a query or need any further information about this Privacy Notice or wish to make a complaint, please email the Data Protection Lead at: dpo@inconf.tv
All information collected will only be used for the purpose of providing the Service as described in this Privacy Notice. We will collect and use the information you have provided for the purposes of:
We may collect the following information either from Our Clients or on behalf of Our Clients
In addition, we may collect the following:
The law states that we must collect and use your information in accordance with a legal basis. We will only use any information that you provide in accordance with the retained EU law version of the General Data Protection Regulation ((EU) 2016/679) (‘UK GDPR’), the Data Protection Act 2018 and any other relevant legislation, regulation, code of practice or guidance. The legal basis for collecting and using your information will depend on the information concerned and the specific context in which it is collected. We will normally use your information where:
We will keep your information for as long as necessary but in any event in accordance with our data retention and disposal policy, with current law and national guidance. All event data is deleted within 6 months days following the end of an event or project.
We typically pass to Our Clients any data collected during their event, together with an analytics ‘insight report’ which gives them a summary of the key insights drawn from the data collected. We may pass on your information if we have a legal obligation to do so.
Your information may be used to report trends or reports to Our Clients. The data is used for analytics as a key part of the service to Our Clients and includes which delegates watched which sessions / downloaded which documents / visited which expo stands and submitted which questions. This information will not be anonymized which means it can identify you as an individual. Clients are offered the option for their delegates or visitors to be excluded from tracking if they wish.
We will not share your information for marketing purposes unless we have your consent.
For further information on your rights please go to:https://ico.org.uk/your-data-matters/
You have the right to object to your information being used in some or all of the ways as described in this Privacy Notice. Please contact the Data Protection Lead should you have any questions or issues with the use of your information as described here.
You have the right to complain about the management of your information. In the first instance, please refer your complaint to the Data Protection Lead as detailed above. If you remain dissatisfied with our response you have a right to raise any concern or complaint with the Information Commissioner’s Office:https://ico.org.uk/
If English is not your first language, you can request a translation of this Privacy Notice. Please contact our Data Protection Lead for further information.
Our website uses cookies to enable certain core functionality such as allowing you to log in to the virtual event platform and to network with other participants. These cookies do not contain any sensitive or personal information and only act as a mechanism for our server to identify your user account as you move around the website.
When you visit our website, you are also prompted to allow us to collect additional information about how you use the website. This data is anonymized and is used to allow us to identify trends on our website and make improvements. For example, this anonymized data allows us to see how many people have visited a certain page on our website in a given month. Unless you click the “Allow cookies” option, we do not collect this data or store the Google Analytics tracking cookie that enables this functionality on your device.
For more information on ‘Cookies and similar technologies’ go to;https://ico.org.uk/your-data-matters/online/cookies/
Our website contains hyperlinks to other third-party websites. If you go to another website from our website, it is important that you read their Privacy Notice on that website to find out what it does with your information and their policies may differ from ours. We take no responsibility legal or otherwise for the content or use of information, personal or otherwise, on other websites.
Where we use third parties to process or use your information on our behalf, we ensure that we have a robust agreement in place which makes it clear that they must be compliant with the UK GDPR and any other relevant data protection legislation. We also make it clear that the information they may receive about you from us is only used in a manner consistent with the aims of Inconf and this Privacy Notice.
We take the security of your information very seriously and we do everything we can to ensure that your information is always protected and secured. We regularly update our processes and systems and we also ensure that our staffs are properly trained. We also carry out assessments and audits of the information that we hold about you and make sure that, if we provide any other services, we carry out proper assessments and security reviews. The website is maintained by WordPress who are the website hosts and providers however they do not process any data on behalf of Inconf Ltd. Your information is held electronically. It is password protected and held securely on either our internal computer systems or on a third-party secure server. The data we collect can only be accessed by the key Inconf project team members including the Project Manager, Data Analyst, Developers and Senior Leadership Team.
We are obliged to protect any confidential information that we hold about you and we take this very seriously. It is imperative that you let us know immediately if you change any of the contact details you have given us or given to others to give us so as to ensure that the information, we hold about you is up to date and correct.
Please note that this Privacy Notice will be regularly reviewed and updated in line with current data protection legislation, regulation, and guidance. You should check this Notice occasionally to ensure you are aware of the most recent version that will apply each time you access this website.
This Privacy Notice was last updated on 1 July 2021
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You can block cookies by activating the setting on your browser that allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or parts of our website. Except for essential cookies, all cookies will expire after various time periods. This Cookies Policy was last updated on 1 July 2021
Who we are and how to contact us
We are Inconf Ltd (“We”). We are registered in England and Wales under company number 12399032 and have our registered office at 28 Alexandra Terrace, Exmouth, England, EX8 1BD Our main trading address is 15 Victoria Road, Exmouth, England, EX8 1DL.
What’s in these terms?
This acceptable use policy sets out the standards that apply when you log in to this Platform or interact with our Platform in any other way.
By using our Platform you accept these terms:
By using our Platform, you confirm that you accept the terms of this policy and that you agree to comply with them. If you do not agree to these terms, you must not use the Platform.
We may make changes to the terms of this policy
We amend these terms from time to time. Every time you wish to use the Platform, please check these terms to ensure you understand the terms that apply at that time.
Prohibited uses
You may use the Platform only for lawful purposes. You may not use the Platform:
You also agree:
Interactive services We may from time to time provide interactive services on the Platform, including, without limitation:
Any moderation of Interactive Services will be undertaken by our client and you should refer to them for details.
Content standards
These content standards apply to any and all material which you contribute to the Platform (Contribution), and to any interactive services associated with it. The Content Standards must be complied with in spirit as well as to the letter. The standards apply to each part of any Contribution as well as to its whole. If applicable our client will determine, in its discretion, whether a Contribution breaches the Content Standards.
A Contribution must:
Breach of this policy
When we consider that a breach of this acceptable use policy has occurred, we and/or our client may take such action as we deem appropriate.
Failure to comply with this acceptable use policy may result in our taking all or any of the following actions:
We exclude our liability for all actions we may take in response to breaches of this acceptable use policy. The actions we may take are not limited to those described above, and we may take any other action we reasonably deem appropriate.
How this contract can be transferred
We can transfer our rights and obligations under these terms to any third party, provided this does not adversely affect your rights under these terms.
Which country’s laws apply to any disputes?
If you are a consumer, please note that the terms of this policy, its subject matter and its formation are governed by English law. You and we both agree that the courts of England and Wales will have exclusive jurisdiction except that if you are a resident of Northern Ireland you may also bring proceedings in Northern Ireland, and if you are a resident of Scotland, you may also bring proceedings in Scotland. If you are a business, the terms of this policy, its subject matter, and its formation (and any non-contractual disputes or claims) are governed by English law. We both agree to the exclusive jurisdiction of the courts of England and Wales.
Legal Considerations
This presentation (this “Presentation”) is being furnished on a confidential basis solely for informational purposes and may not be reproduced or provided to others without the prior written consent of Warburg Pincus LLC (together with certain of its affiliates, “Warburg Pincus” or the “Firm”). By accepting delivery of this Presentation, each recipient agrees to the foregoing and that it will cause its representatives and advisors to so agree. This Presentation does not constitute an offer to sell, or a solicitation of an offer to buy, an interest in any security or Warburg Pincus private equity fund or other investment vehicle. The information set forth herein does not purport to be complete and is subject to change. The Firm has no responsibility to update any of the information provided in this Presentation. An investment in a Warburg Pincus Fund may only be made on the basis of the information contained in a confidential private placement memorandum, as and when available.
Historical return information in this Presentation is not necessarily indicative of future performance. Investments in private equity do not have the same diversification and liquidity profiles as the indices selected for general comparison purposes. This Presentation may also include pro forma values and forward-looking statements, which are inherently uncertain and based on assumptions that could change as a result of a portfolio company’s operating performance, capital markets risks and general economic conditions. Unless otherwise indicated, financial information is as of June 30, 2026, and Warburg Pincus funds or individual portfolio companies may have experienced, in certain instances, negative performance since such date. There can be no assurance that future Warburg Pincus funds or individual portfolio companies will achieve comparable results as those presented herein or will be able to implement their investment strategies or achieve their investment objectives. A full list of the firm’s investments and private equity track record since inception are available upon request.
Gross and net IRRs and multiples include the value of unrealized investments, and aggregate IRRs for more than one fund are computed on a sequential cash flow basis unless otherwise noted. Individual fund IRRs are calculated on a sequential cash flow basis. Net IRRs and net multiples are after fees, expenses and general partner carried interest. Fund-level returns do not necessarily reflect the return achieved by any individual investor. Please see “Important Disclosures and Notes to Performance Information” at the end of this presentation for important disclosures and related information regarding the performance information set forth herein. Additional information regarding the calculation of financial metrics and comparisons presented herein is available upon request.
In addition to the private equity funds described in this Presentation, Warburg Pincus raised separate real estate funds in 2006 – Warburg Pincus Real Estate I, L.P., in 2021 – Warburg Pincus Asia Real Estate, L.P. and in 2025 – Warburg Pincus Asia Real Estate II, L.P. Performance data presented herein does not include the results of such real estate funds.
The recipient acknowledges it is aware that federal and state securities laws prohibit any person who has material, non-public information about a company from purchasing or selling securities of such a company or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities.
Select investments presented herein are provided to illustrate the investment strategies of Warburg Pincus as they have been applied to investments of prior Warburg Pincus funds, and to illustrate the types of investments that have been made employing investment strategies similar to those detailed in this Memorandum. The selected example investments, including the performance shown herein, may not be representative of all transactions of a given type or types of investments generally. Actual results may differ materially from any forward-looking statements herein. References to portfolio companies are presented to illustrate the application of Warburg Pincus’ investment process only, may not be representative of all transactions of a type or types of investments generally and should not be relied on in any manner as legal, tax, regulatory or investment advice and should not be considered a specific recommendation of any particular security or portfolio company. Past performance is not necessarily indicative of future results and there can be no assurance that WP Funds will be able to achieve its investment objectives.
This Presentation has not been approved by an authorized person in the United Kingdom in accordance with Section 21 of the Financial Services and Markets Act 2000 and therefore it is being delivered in the United Kingdom for information purposes only to a very limited number of persons and companies who are persons who have professional experience in matters relating to investments and who fall within the category of persons set out in Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or are high net worth companies within the meaning set out in Article 49 of the Order or are otherwise permitted to receive it. Any other person who receives this Presentation should not rely or act upon it.
EX-DISCONTINUED ENERGY TRACK RECORD METHODOLOGY & PROCESS
Data herein is presented on an Ex-Discontinued Energy basis for all Warburg Pincus Global Funds. In 2020, the firm repositioned its energy investing strategy away from investments which are highly correlated to hydrocarbon pricing. The firm determined that businesses with revenues heavily correlated to hydrocarbon prices were inconsistent with the desired return profile of its Global Funds given the inherent volatility of those prices. Warburg Pincus refers to such investments as “Discontinued Energy”. The Energy Transition & Sustainability team will continue to focus on investments in businesses supported by secular trends to diversify energy sources, create reliable supply, and operate businesses more efficiently and sustainably, including such themes as electrification, decarbonization, and sustainability. Additional information on the go-forward investment strategy of the Energy Transition & Sustainability team is available upon request. For the avoidance of doubt, actively investing and future funds are not expected to make Discontinued Energy investments. Please see the disclaimers of this Presentation for deriving returns for Ex-Discontinued Energy. Past performance is not necessarily indicative of future results. A full list of the firm’s investments and track record from inception to date is available upon request.
Following the firm’s decision for the Global Funds to transition away from investing in energy companies whose value is highly correlated to hydrocarbon commodity prices, the firm reviewed each of the 99 investments made by the Warburg Pincus energy group since the inception of our energy program in 1971 (EMWV)
Distinguished between types of investments the firm does not plan to invest in through the Global Funds, beginning with WPGG 14, and types of deals the firm may continue to invest in
Identified 63 companies representing $13.2 billion of invested capital in discontinued areas of energy investing, and 36 companies representing $4.5 billion of invested capital in areas the firm may continue to pursue
Note: the Warburg Pincus track record excluding all Discontinued Energy investments is available on the previous slide.
IMPORTANT DISCLOSURES AND NOTES TO PERFORMANCE INFORMATION
Gross IRRs and gross Investment Multiples presented throughout this Presentation are calculated before fund-level fees, expenses and carried interest, which would reduce returns to an investor. Net IRRs, unlevered net IRRs, net Investment Multiples and net Fund Multiples reflect the effects of fees, expenses and carried interest. Past performance can provide no assurance of future results, and there can be no assurance that WPGG 15 will achieve comparable results, that returns generated by WPGG 15 will equal or exceed those of other investment activities of Warburg Pincus or that WPGG 15 will be able to implement its investment strategy and approach or achieve its investment objectives. Certain aggregate returns shown herein reflect aggregate performance across multiple Private Equity Funds which were not managed as a single fund or portfolio, with investments that were made over a long period of time and over the course of various market and macroeconomic circumstances. These circumstances may have differed from those applicable to WPGG 15.
For purposes of this Presentation, with respect to Private Equity Funds (i) “Completed” refers to Private Equity Funds which Warburg Pincus believes have finished investing and have distributed substantially all proceeds to such funds’ investors or are in liquidating trusts (i.e., EMW Ventures, WPA, WPCP, WPCC, WPI, WP Ventures, WPVI, WPEP, WPIP, WP VIII and WP IX), (ii) “Mature” refers to Private Equity Funds which Warburg Pincus believes have primarily finished investing and have distributed (including any write-offs) an amount in excess of such funds’ paid-in-capital but which are still in the process of realizing proceeds from the net asset value of such funds (i.e., WP X and WP XI), (iii) “Recent” refers to Private Equity Funds which have completed their investment period and/or are no longer making new portfolio investments but are early in the process of realizing proceeds (i.e., WPE, WP XII, WPC, WPFS and WPGG) and (iv) “Active” refers to Private Equity Funds which are actively making new portfolio investments (i.e., WPC-SEA II, WPFS II and WPGG 14).
Gross IRRs, net IRRs, unlevered net IRRs and gross and net Multiples include the value of unrealized investments. Actual returns on unrealized investments described herein will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, legal and contractual restrictions on transfer that may limit liquidity, any related transaction costs or taxes and the timing and manner of sale, all of which may differ from the assumptions and circumstances on which the valuations used in the prior performance data contained herein are based. Accordingly, the actual realized returns on unrealized investments may differ materially from the returns indicated herein. Prospective investors should review carefully the notes and other qualifying information accompanying the performance information throughout this Presentation.
Net investment performance herein is generally shown in respect of limited partners in the aggregate at the applicable fund- or funds-level; however, net investment performance for subsets of investments are estimated (as hereinafter described). The performance of an individual investor in a fund may also differ from fund-level returns due to factors including: (i) the timing of an investor’s capital contributions, including as a result of a later subscription and related charges or, for performance measures other than unlevered net IRR, the fund’s use of borrowing, (ii) various structuring elections, including the use of one or more blocker entities on a particular transaction that were not common to all investors or other tax determinations, (iii) differences in fees or expenses allocable to certain investors as a result of fee rebates, taxes or other considerations, including fee discounts or reduced carried interest and (iv) the excuse or exclusion of an investor for one or more of such fund’s investments. Accordingly, no investor, even if participating in a fund, necessarily achieved the exact net IRR, net Investment Multiple or net Fund Multiple shown.
The investment-level performance of investments held for a period of less than one year has been annualized for purposes of inclusion in performance presentation of this Presentation. Such annualized performance represents an estimate, and actual performance of any such investment will likely differ, even materially, from such estimate.
“Gross profits” are presented on a “gross” basis (i.e., they do not reflect management or other fees, expenses and carried interest, which will reduce returns and, in the aggregate, are expected to be substantial).
For purposes of this Presentation, loss ratios are defined as the ratio of realized and unrealized write-downs and write-offs to total dollars of invested capital in the relevant set of investments to date.
Valuation Methodology
Except as otherwise noted in this Presentation, IRRs, Multiples and total returns include realized investments and the value of unrealized investments. Investments held at June 30, 2026 are valued at their carrying value in accordance with the relevant fund’s U.S. GAAP financial statements as of that date giving effect to ASC 820 “Fair Value Measurement.” In the absence of special circumstances, all portfolio investments are valued at fair value. Fair value for publicly traded portfolio investments is determined based on the closing price of the underlying public security on the exchange that the security is principally traded. Privately held warrants on publicly traded portfolio investments are valued at fair value using various methods including option pricing models such as Black-Scholes. The fair value depends upon the contractual terms of the warrants, as well as the availability of observable inputs. Such inputs include the market value of the referenced public securities, measures of volatility (historic volatility of the referenced public securities and/or the implied volatility of comparable publicly traded options) and correlations of such inputs. Restricted and privately held portfolio investments, which may not have readily ascertainable market values, are valued at fair value, which is the estimated amount that would be received in a sale of the portfolio investment in an orderly transaction between willing market participants at the measurement date. Generally, the fair value of private investments is adjusted when a significant third-party investment or financing event has occurred or there is a significant change in the financial condition or operating performance of the portfolio investment which would indicate either an increase or decrease in fair value. Various valuation techniques and inputs are considered in valuing private portfolio investments, including purchase multiples paid in other comparable third-party transactions, comparable public company trading multiples, discounted cash flow analysis, market conditions, liquidity, current operating results and other pertinent information. When utilizing a multiples-based approach, multiples are applied to the most recent and relevant operating performance metrics of the portfolio investment as appropriate, including historical and/or forecasted revenue, EBITDA, production reserves, net income or other relevant operating performance metrics. Consideration is also given to exchange rate fluctuations for investments denominated in foreign currencies. However, because of the inherent uncertainty of valuation, the carrying values may differ significantly from values that would have been used had a ready market for the restricted and privately held portfolio investments existed and may differ significantly from the amounts realized upon disposition, and the differences could be material.
Warburg Pincus’ valuations of unrealized investments are based on assumptions that Warburg Pincus believes are reasonable under the circumstances, although actual realized returns will depend on factors such as market conditions, future operating results, the value of the assets at the time of disposition, any related transaction costs or taxes and the timing and manner of sale, all of which may differ from the assumptions on which the unrealized values or returns are based. Accordingly, no assurance can be given that unrealized valuations or returns will be achieved and the actual realized return of unrealized investments may differ materially from the returns indicated herein. Summary statements of Warburg Pincus’ investment performance, as well as references to “Invested Capital”, unless otherwise indicated, include the total amount invested across all applicable Warburg Pincus funds.
Calculation of Gross and Net IRRs
Gross IRRs for Private Equity Funds are calculated based upon the actual dates of cash outflows from a fund to make investments in portfolio investments and cash inflows to a fund prior to deductions for blocker-level taxes and expenses, if any, from realization events such as dispositions of securities in portfolio investments or distributions made by such portfolio investments. The value associated with the realization is the U.S. dollar equivalent of cash consideration as and when received or in the case of a distribution in kind, the realized value is determined based upon the valuation methodology determined under the limited partnership agreement for the relevant Warburg Pincus fund that distributed the securities. The valuation of in-kind distributions is determined based upon the closing price on the date of distribution for EMW Ventures, WPA, WPCP, WPCC and WPI. For WP Ventures, WPVI and WPEP, distributions in kind are valued based upon the average closing price on the 20 trading days subsequent to the date of the distribution. For WPIP, WP VIII, WP IX, WP X, WP XI, WPE, WP XII, WPC, WPFS, WPGG, WPC-SEA II, WPFS II and WPGG 14, distributions in kind are valued based upon the average closing price on the ten trading days commencing with the date of the distribution. Unrealized portfolio investments are assumed to be realized at their carrying value as of June 30, 2026, as described above under “Valuation Methodology.”
Net IRRs for Warburg Pincus funds are calculated based upon the actual due dates of capital call payments by Limited Partners to the funds and the actual distributions, net of fees, expenses and carried interest, from the funds to Limited Partners as of the dates they occurred and the remaining net asset value, if any, attributable to the Limited Partners as determined for each fund as of June 30, 2026. Because net IRRs are based on the dates of contribution by Limited Partners rather than the dates of fund investments, the use of credit facilities in certain circumstances has the effect of increasing the reported net IRR of a fund.
Unlevered net IRRs for Warburg Pincus funds utilize the same assumptions as net IRRs, except that they are calculated based upon the dates the funds received cash from credit facility drawdowns, and the dates the funds made credit facility repayments. Interest expenses associated with credit facilities borne by the funds are treated as capital distributions and the net asset value as of the end of each quarter is adjusted for the relevant borrowing amount.
As described above, distributions in kind are valued as per the methodologies set forth in the relevant fund agreements. The net asset value represents the fair value of the fund’s portfolio investments and cash and other assets less its liabilities. The net asset value for each fund as of June 30, 2026 is determined after all fees, expenses and unrealized carried interest have been allocated.
There are a number of factors that can impact the difference between gross IRRs on one hand, and net IRRs and unlevered net IRRs on the other hand. These include carried interest, fees and expenses, the timing of capital calls versus investments, the timing of distributions versus realizations from portfolio investments and the amount, timing and investment performance associated with recycling realized proceeds. The difference between gross and net Multiples is impacted by all of the same factors except timing.(1)
As with all performance data, past performance can provide no assurance of future results.
IRR Aggregation Methods
For aggregate gross and net IRRs, aggregate gross Investment Multiples, net Fund Multiples and net Investment Multiples and distribution information based on investments made by separate funds, no single investor necessarily participated in each of such funds and/or invested the necessary amounts in any such fund so as to result in the returns and/or distributions described in this Presentation. Aggregate IRRs for more than one fund are generally computed on a sequential cash flow basis.
Sequential Cash Flow Basis. Unless otherwise indicated for the purpose of presenting IRRs over time in order to compare returns of multiple Warburg Pincus funds or investments from multiple funds to an index, as well as IRRs with respect to investment performance attributed to certain Warburg Pincus investment professionals, IRRs are based upon the actual dates that cash flows of the fund to or from the portfolio investments occurred during the period presented. Unrealized portfolio investments are assumed to be realized at their carrying value as of June 30, 2026, as described above.
Fund Concurrent Basis. For calculations on a fund concurrent basis, the IRRs for multiple funds were calculated by aggregating the cash flows as they occurred relative to each fund’s inception date and determining the resulting IRR as though they were one fund with the same inception date. Unrealized portfolio investments are assumed to be realized after a timeframe equal to their actual holding period based upon their carrying value as of June 30, 2026, as described above.
Calculation of Gross Investment Multiples and Net Fund Multiples
Gross Investment Multiple is calculated to reflect the gross return on one or more portfolio investments as a multiple of the total amount invested in such investments by the applicable funds. Gross Investment Multiple reflects the total realized proceeds to the applicable fund and the remaining carrying value of such portfolio investment divided by the total cost of such portfolio investment.
Net Fund Multiples are calculated to reflect the net return on investment to Limited Partners. Distributions to paid-in capital (“DPI”) reflect the dollars distributed from a fund to its Limited Partners divided by the amount of capital paid into the fund by such Limited Partners. Remaining value to paid-in capital (“RVPI”) reflects the amount of a fund’s remaining net asset value attributable to its Limited Partners (after all fees, expenses and carried interest allocations as of June 30, 2026 divided by the amount of capital paid into the fund. Total value to paid-in capital (“TVPI”) reflects the sum of dollars distributed from a fund to its Limited Partners and the amount of a fund’s remaining net asset value attributable its Limited Partners divided by the amount of capital paid into the fund by such Limited Partners. The sum of DPI and RVPI is equal to TVPI. Net Fund Multiples as presented in this Presentation are equal to TVPI and is net of recycled capital (i.e., the denominator used to calculate Net Fund Multiples only reflects the amount of capital called from Limited Partners and does not include amounts that have been recalled from the proceeds distributed or retained from the proceeds available for distribution to Limited Partners).
As with all performance data, past performance can provide no assurance of future results.
Calculation of Estimated Net IRRs, Estimated Net Unlevered IRRs and Estimated Net Investment Multiples
Estimated net IRRs and net Multiples are estimated to reflect fees, expenses and carried interest, as further explained below. Exact net returns which reflect portfolio investments or subsets of such investments and the circumstances pertaining thereto cannot be calculated due to the lack of a mechanism to properly allocate the relevant portions of aggregate fees, expenses and carried interest to each investment or to such investments collectively as a subset of investments made by different funds, as net returns can only be calculated on an exact basis for each fund. Except as with respect to negative performance figures, net unlevered IRRs are estimated to be 75% of gross IRR on a sequential cash flow basis and estimated net Investment Multiples are estimated to be 90% of gross Investment Multiples for individual portfolio investments. Warburg Pincus estimated net unlevered IRR and estimated net Investment Multiple for subsets of portfolio investments are estimated as the midpoint of the range of the net IRR to gross IRR (72.5-77.5%) and net Fund Multiple to gross Investment Multiple (85-95%) ratios of actual and expected performance of the three most recent Global Funds (WP XII, WPGG and WPGG 14) with broadly similar economic terms. Estimated net IRRs and estimated net Investment Multiples for performance figures, either for a single portfolio investment or subset, that have a gross performance of 0% or 1.0x, as applicable, or below, are presented as the same value as the gross presentation. Investments which have been permanently written off will be presented with an estimated net IRR and an estimated net Investment Multiple of (100%) and 0.0x, as applicable, provided the investment is more than one year old. In the rare event when investments are held less than a year and the IRR is incalculable (for example, when an investment is made on the last day of a quarter), both gross and estimated net IRR will be noted as “NM” with both gross Investment Multiples and estimated net Investment Multiples marked as 1.0x. Estimates of net IRR and net Investment Multiples are hypothetical estimates for which a variety of assumptions have been made to simplify the presentation, and no individual investor has received such returns; as is the case with any performance model, there are significant limitations on the application and uses of hypothetical fees and expenses in calculating hypothetical performance returns, and there can be no assurance that actual fees and expenses applicable to WPGG 15 or any particular investor will reflect the hypothetical assumptions presented herein. Actual returns may differ materially from any hypothetical returns presented herein. The ratio of net unlevered IRR to gross IRR for the firm’s three most recent Global Funds (WP XII, WPGG and WPGG 14) may differ from the estimates used. Warburg Pincus believes that it is reasonable to evaluate the performance information included herein using the methods and assumptions described herein. However, there is no guarantee that such ratio will be the same or even a similar ratio of the net returns to gross returns of WPGG 15 given that there are a number of factors that can impact the difference between gross and net returns of WPGG 15 and those of the Private Equity Funds, and such factors and items related thereto may be different as between the Private Equity Funds to which the foregoing ratio so relates and WPGG 15.
In certain circumstances, except as with respect to negative performance figures, Warburg Pincus also calculates an estimated net IRR for the performance of subsets of portfolio investments. Such estimated net IRR is estimated to be 80% of gross IRR on a sequential cash flow basis. Such an estimate, like the ratio for estimated net unlevered IRR, is based on the ratio of levered net IRR to gross IRR for actual and expected performance of the three most recent Global Funds (WP XII, WPGG and WPGG 14) with broadly similar (i) economic terms and (ii) expected subscription credit facility usage.
As with all performance data, past performance can provide no assurance of future results.
Ex-Discontinued Energy Investments
Certain performance information contained in this Presentation is presented on an Ex-Discontinued Energy Investments basis (i.e., excluding performance of companies whose business models are correlated to hydrocarbon pricing as the principal driver of revenue, specifically, oil and gas exploration and production companies, most midstream investments, oilfield services and mining companies). In 2020, the firm repositioned its energy investing strategy away from investments which are highly correlated to hydrocarbon pricing. The firm determined that businesses with revenues heavily correlated to hydrocarbon prices were inconsistent with the desired return profile of its Global Funds given the inherent volatility of those prices. Warburg Pincus refers to such investments as “Discontinued Energy”. The Energy Transition & Sustainability team will continue to focus on investments in businesses supported by secular trends to diversify energy sources, create reliable supply and operate businesses more efficiently and sustainably, including such themes as electrification, decarbonization and sustainability. Additional information on the go-forward investment strategy of the Energy Transition & Sustainability team is available upon request. Following the firm’s decision for the Global Funds to transition away from investing in energy companies whose value is highly correlated to hydrocarbon commodity prices, the firm reviewed each of the 99 investments made by the Warburg Pincus energy group since the inception of the firm’s energy program in 1971 (EMWV). The firm distinguished between types of investments the firm does not plan to invest in through the Global Funds, beginning with WPGG 14 (i.e., the first Global Fund to not pursue Discontinued Energy investments), and types of deals the firm may continue to invest in. The firm identified 63 companies representing $13.0 billion of invested capital in discontinued areas of energy investing, and 36 companies representing $4.2 billion of invested capital in areas the firm may continue to pursue. The Ex-Discontinued Energy Investments track record is hypothetical and is intended to illustrate the impact of removing Discontinued Energy Investments from the hypothetical portfolios of the Global Funds, given that, while not limited with respect to their investment mandate, actively investing and future Warburg Pincus funds (including WPGG 15) are not expected to make Discontinued Energy investments. Warburg Pincus believes that it is reasonable to evaluate the performance information included presented on an Ex-Discontinued Energy Investments basis given the expected investment profile for WPGG 15 using the methods and assumptions described herein, including those set forth above with respect to subsets of investments.
Sharpe Ratio and Average Delta
Sharpe ratios and average delta are calculated by Warburg Pincus performing an analysis based on publicly available data which includes 121 funds across 26 anonymized similarly situated private equity sponsors since 2006 (i.e., the vintage year prior to WP X). The peer group of sponsors was selected by Warburg Pincus for illustrative purposes only and includes private equity sponsors with similarly sized funds and who pursue similar investments as the Global Funds. The funds selected include only flagship and growth funds of the peer group private equity sponsors whose vintage year is within 1 year of the vintage year of WP X (2007), WP XI (2012), WP XII (2015) or WPGG (2019). The selection of the peer group of private equity sponsors is inherently subjective and others might select other peers based on their assessment of the market, and a selection of a different comparison group, selection of different funds within the comparison group or the exclusion of Discontinued Energy Investments made by the comparison group may reflect materially different results. Additional information regarding the set of funds and similarly situated private equity sponsors is available upon request. Actual results may differ, perhaps materially, from the trends and results presented herein. Net IRRs for the included funds, including the Global Funds, are calculated as of June 30, 2026, the most recently available public data. Source: “Has Persistence Persisted in Private Equity?” November 2022, University of Chicago, Becker Friedman Institute for Economics Working Paper, Robert Harris, Tim Jenkinson, Steven Kaplan, and Ruediger Stucke.
The Sharpe ratio is calculated by subtracting the risk free rate of return (assumed to be 2.7%, which is the average 10 year Treasury Bill Return for the period analyzed) from the average net IRR of the set of funds of the similarly situated private equity sponsor (or, in the case of Warburg Pincus, the average net IRR of WP X, WP XI, WP XII and WPGG on an Ex-Discontinued Energy basis), and dividing that figure by the standard deviation of the net IRRs of the applicable set of funds. The Sharpe ratio for the Global Funds spanning WP X through WPGG is 5.0x on an Ex-Discontinued Energy basis and 4.0x when including Discontinued Energy Investments.
The average delta is calculated by taking the average of the differences between the net IRRs of each fund for each similarly situated private equity sponsor as compared to the mean of such set (or, in the case of Warburg Pincus, the net IRR of WP X, WP XI, WP XII and WPGG on an Ex-Discontinued Energy basis). The average delta for the Global Funds spanning WP X through WPGG is 4% on an Ex-Discontinued Energy basis and 5% when including Discontinued Energy Investments.
Comparison with Indices and Benchmarks. Because the Warburg Pincus funds are actively managed and Warburg Pincus has been investing over a long period and in various sectors and geographies, there is no single index or set of indices that are directly comparable to the funds. However, Warburg Pincus believes that the comparisons to public market indices, including on a PME+ basis (as hereinafter described) can provide useful information to investors. Investors should, however, be aware of the limitations of the comparisons. Investments in private equity do not have the same diversification and liquidity profiles as the indices selected for general comparison purposes herein and investors generally cannot invest directly in an index. The MSCI ACWI captures large and mid-cap representation across 23 Developed Markets and 27 Emerging Markets countries. Warburg Pincus is presenting this benchmark given the firm’s global strategy and that it may be used for various comparison purposes by certain investors, although the index does not reflect the impact of the smaller capitalization companies in which Warburg Pincus has invested. Index data was obtained from Datastream as provided by Thomson Reuters. While the aforementioned index is used as a comparison in this Presentation, the comparison of Warburg Pincus returns to any index provides only one approach to comparison of returns and investors should consider comparisons to other indices and benchmarks. The MSCI ACW Financials Index has 483 constituents and captures large and mid-cap representation across 23 Developed Markets and 24 Emerging Markets countries. All securities in the index are classified in the Financials as per the Global Industry Classification Standard (GICS). The MSCI ACWI Healthcare Index has 220 constituents and captures large and mid-cap representation across 23 Developed Markets and 24 Emerging Markets countries. All securities in the index are classified in the Healthcare sector as per the Global Industry Classification Standard (GICS). The MSCI ACWI Information Technology Index has 313 constituents and captures large and mid-cap representation across 23 Developed Markets and 24 Emerging Markets countries. All securities in the index are classified in the Information Technology sector as per the Global Industry Classification Standard (GICS). The MSCI ACWI Industrials Index has 442 constituents and captures large and mid-cap representation across 23 Developed Markets and 24 Emerging Markets countries. All securities in the index are classified in the Industrials sector as per the Global Industry Classification Standard (GICS). The MSCI India Index has 156 constituents and captures large and mid-cap segments of the Indian market. The index covers approximately 85% of the Indian equity universe.
*Developed Markets countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the US. Emerging Markets countries include: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.
Public Markets Equivalents (PME+). Certain comparisons to public equity indices in this Presentation present an index on a PME+ basis, meaning that the index has been used to calculate a “public market equivalent” of the relevant Warburg Pincus fund(s) or subset of Warburg Pincus fund portfolio investments. The most commonly used performance metric for private equity investments has been IRR, but IRR is not generally used as a performance metric for other asset classes. IRR is derived from a time value of money calculation which is based upon the timing of investment decisions by the fund’s investment manager. In the case of a private equity fund, the fund’s manager has significant control over when investments and realizations are made.
As a result of this control over the timing of investments, comparisons of private equity investments to public market indices (which generally reflect investments held for the length of the period presented), other asset classes or even among other private equity funds is challenging. The PME+ method was devised to compare private equity returns to a public market index and thereby providing a more meaningful comparison of private equity returns to both a commonly used benchmark and to other private equity funds. A PME+ calculation is intended to show the general outperformance or underperformance of a private equity fund relative to a comparable investment in a public market index. With respect to an index, PME+ assumes buying an index on the same dates and in the same amounts as limited partner capital calls and selling an index on the same dates as limited partner distributions but with distribution amounts adjusted at a constant proportion. The constant proportion is determined by scaling distributions up or down until the terminal value of the investment in the index is equal to the net asset value of the private equity fund at the measurement date. For purposes of this Presentation, PME+ returns are calculated as described in an article titled “Private Equity Benchmarking with PME+” by Christophe Rouvinez as published in the Venture Capital Journal in August 2003.
If you have any questions, please contact wpportfolioreview@warburgpincus.com
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