ERNST AND YOUNG

TORONTO, Virginia, United States PCAOB Registered

Funds Audited

177

Total GAV

$181B

Funds Audited

Fund Name	Adviser	Type	GAV
BROADRIVER IV LP	BROADRIVER ASSET MANAGEMENT, L.P.	Other Private Fund	$425.1M
NCL INVESTMENTS III PE SERIES	ARES MANAGEMENT LLC	Hedge Fund	$419.8M
NCL INVESTMENTS III PE SERIES	ARES MANAGEMENT LLC	Hedge Fund	$419.8M
NCL INVESTMENTS III PE SERIES	ARES MANAGEMENT LLC	Hedge Fund	$419.8M
NCL INVESTMENTS III PE SERIES	ARES MANAGEMENT LLC	Hedge Fund	$419.8M
NCL INVESTMENTS III, L.P. - PE SERIES	ARES MANAGEMENT LLC	Hedge Fund	$419.8M
VOYAGER PARTNERS, LP	ACTIVANT CAPITAL GROUP LLC	Private Equity Fund	$384.5M
NCL INVESTMENTS III PE SERIES	ARES MANAGEMENT LLC	Hedge Fund	$376M
BGO PRIME INDUSTRIAL DEVELOPMENT PARTNERSHIP LP	BENTALLGREENOAK (U.S.) LIMITED PARTNERSHIP	Other Private Fund	$365.3M
BGO PRIME INDUSTRIAL DEVELOPMENT PARTNERSHIP LP	BENTALLGREENOAK (U.S.) LIMITED PARTNERSHIP	Other Private Fund	$365.3M
BENTALLGREENOAK US LENDING A LP	BENTALLGREENOAK (U.S.) LIMITED PARTNERSHIP	Real Estate Fund	$357.2M
BENTALLGREENOAK US LENDING A LP	BENTALLGREENOAK (U.S.) LIMITED PARTNERSHIP	Real Estate Fund	$357.2M
LMR MASTER FUND LIMITED	LMR PARTNERS LLP	Hedge Fund	$342M
CASTLELAKE AVIATION IV STABLE YIELD OPPORTUNITIES, L.P.	CASTLELAKE, L.P.	Hedge Fund	$310.4M
GLOBAL MACRO STRATEGY US FUND LLC	SPX CAPITAL MANAGEMENT LLC	Hedge Fund	$291.2M
GLOBAL MACRO STRATEGY US FUND LLC	SPX CAPITAL MANAGEMENT LLC	Hedge Fund	$291.2M
GLOBAL MACRO STRATEGY US FUND LLC	SPX CAPITAL MANAGEMENT LLC	Hedge Fund	$291.2M
XPV WATER FUND III LIMITED PARTNERSHIP	XPV WATER PARTNERS INC.	Private Equity Fund	$286.1M
FILLMORE MICRO-CORE PROPERTIES, LLC	FILLMORE CAPITAL PARTNERS, LLC	Real Estate Fund	$280M
CHEYNE GLOBAL EQUITY FUND MASTER ICAV	CHEYNE CAPITAL MANAGEMENT (UK) LLP	Hedge Fund	$269M
CHEYNE GLOBAL EQUITY FUND MASTER ICAV	CHEYNE CAPITAL MANAGEMENT (UK) LLP	Hedge Fund	$236.1M
DYNAMIC GLOBAL MACRO US FUND LP	SPX CAPITAL MANAGEMENT LLC	Hedge Fund	$233.6M
DYNAMIC GLOBAL MACRO US FUND LP	SPX CAPITAL MANAGEMENT LLC	Hedge Fund	$233.6M
DYNAMIC GLOBAL MACRO US FUND LP	SPX CAPITAL MANAGEMENT LLC	Hedge Fund	$233.6M
XPV WATER FUND II LIMITED PARTNERSHIP	XPV WATER PARTNERS INC.	Private Equity Fund	$221.9M