General Partners may decide to participate in a secondary transaction for a number of reasons, including but not limited to:

• Securing follow-on capital for portfolios
• Helping limited partners who need to make strategic changes to their portfolios
• Obtaining relief from limited partners who are no longer supportive
• Obtaining liquidity for end of life funds
• Engaging in stapled secondaries – secondary transactions with primary commitment – in order to facilitate fundraising
• Providing captive general partners with a platform to raise and manage third party capital
• Accessing Paul Capital's broader limited partner base through the secondary program
• Accessing additional capital for co-investments