Resolves per Preqin at fund liquidation. Market close may be extended to accommodate the ultimate fund term. The final % answer will be multiplied by 100 for purposes of this market.

Carlyle Partners VIII is a 2022 vintage, closed-end buyout fund that targets growth and technology-focused companies in retail, healthcare, and aerospace/defense.

As of market creation, Preqin lists the Net IRRs of previous Carlyle flagship funds as follows:

• Carlyle VII = 10.5%

• Carlyle VI = 16.0%

• Carlyle V = 12.9%

• Carlyle IV = 13.0%

• Carlyle III = 20.6%

• Carlyle II = 24.9%

• Carlyle I = 26.1%