The Willamette University Endowment has committed a total of $89 million to 13 different private equity funds. There is exposure to all styles, types and sizes of private equity funds, from primary and secondary funds to direct private equity and fund of funds. Style Breakdown The breakdown by style of all capital committed by Willamette: seven buyout funds (54%), two mezzanine funds (16%), two venture capital funds (13%), one distressed debt fund (3 %) and a private REIT (14%). While there is a clear focus on buyout funds, this private equity portfolio is diversified across all sizes and all four types of buyout funds. Private equity funds are heavily focused on alternative energy, clean technology and healthcare. The Willamette University Endowment has primary direct exposure to these sectors through the Cadent Energy Fund, the TCW European Clean Energy Fund and the Pinnacle Ventures Equity Fund. These three funds represent approximately 30% of Willamette's committed capital and do not include indirect, secondary exposure to these sectors through the other seven funds of funds. Overall, the portfolio has a strong concentration in the alternative and clean energy sectors. This focus is also a recurring theme in the fund of funds. Additionally, there is minimal exposure to consumer staples, financials, industrials and materials. Vintage Year Analysis With the exception of Northgate Private Equity Partners, each fund has some exposure to the vintage year between 2006 and 2008. Funds with exposure to the vintage year between 2006 and 2008 were to make capital commitments and investments at the peak of the macroeconomic cycle. Historically, these funds that paid higher multiples will have a much higher cost base than funds with vintage... middle of the paper... helpful for these private equity funds to go from not meeting expectations to meeting them. and consequently higher than expectations, but this depends heavily on the future macroeconomic landscape and future credit markets. With a heavy focus on mid-sized buyout funds, private equity managers are heavily reliant on the ability to leverage and refinance their underlying investments. The 2009 financial crisis created a dampening effect on the portfolio of mid-sized buyout funds, which can be seen throughout this portfolio. This is due to a number of capital-intensive, over-leveraged investments that are, or have been, in default in recent years. If macroeconomic conditions and credit markets continue to develop, we may see an improvement in underlying positions. This would allow the transition from not meeting expectations to potentially exceeding expectations.