Composition of Portfolio Investments

We believe that our portfolio is distinguished by its maturity, diversity and quality. Since our inception, the portfolio was constructed in accord with the long-term, core principles described below. While we are currently operating under a realization strategy, we will continue to follow these core principles, to the extent applicable, and we will actively manage the portfolio accordingly. Under the realization strategy, we will discontinue substantially all investments and new commitments to focus on realizing the value of the existing portfolio by applying cash flow to fund capital calls and expenses, repay debt and, over time, return capital to unit holders through unit repurchases and cash distributions. We will continue to actively manage the current portfolio of funded investments and unfunded commitments as well as our liquidity and capital resources to maximize unit holder value. During this phase, we will continue to gain exposure to the attractive opportunities we believe are presented by the market through the unfunded commitments that will be called and deployed by our top-tier general partners over the next several years.

CCAP intends to invest across multiple geographic locations and among various investment strategies as outlined below:

Primary Investments / Commitments

CCAP's core investment strategy will be to invest in new private equity funds managed by fund managers with a history of strong performance. CCAP will make most of its private equity investments through primary commitments to purchase private equity fund interests in new private equity funds, which are expected (taken together with the fund interests in CCAP's initial fund portfolio) to comprise between 60-75% of CCAP's total investments. CCAP and CAM believe that investing in private equity funds at an early stage in the investment process will provide CCAP with important opportunities to share in the value created by new funds over time.

Secondary Investments / Commitments

CCAP expects to acquire interests in existing private equity funds in the secondary market. Over time, fund interests purchased in the ordinary course of business in the secondary market (excluding fund interests in CCAP's initial fund portfolio) are expected to comprise 15-25% of CCAP's total investments. Because secondary interests generally represent claims to more seasoned portfolios, they may in some cases offer more appealing risk-reward-liquidity profiles than their primary counterparts. Secondary market investments may also allow vintage year, investment stage, industry, geographic and other diversification.

Direct Investments

CCAP expects to invest 10-25% of its total investments in direct private equity investments. A majority of CCAP's direct private equity investments are expected to be investments in individual operating companies in the form of equity, mezzanine debt, equity-linked securities and PIPEs. CCAP and CAM expect that the majority of its investments in individual operating companies to be co-investments in portfolio companies of private equity funds in its portfolio. In addition to direct private equity investments in operating companies, CCAP's investment policies and procedures allow other kinds of direct investments in private equity-related assets, including:

• Investments in fund managers. CCAP may make direct investments in fund managers and other entities that would allow it to participate in the performance of fund managers on attractive terms. As a permanent capital vehicle, CCAP and CAM believe that CCAP is well-positioned to provide capital to fund managers that are seeking long-term equity investments as seed capital. However, CCAP's ability to make such direct investments in fund managers and other entities may be curtailed or precluded as a result of pending tax legislation.
• Investments in publicly traded private equity securities. CCAP may make direct investments in publicly traded private equity securities.
• Investments in private equity-related derivatives and synthetic securities. CCAP may make direct investments in private equity-related derivatives and synthetic securities.

Investment Diversification Guidelines

Although CCAP's investment policies do not contain fixed requirements for investment diversification, no more than 7.5% of CCAP's total investments are expected to be invested in any single fund investment, no more than 5% of CCAP's total investments are expected to be invested in any single direct private equity investment and no single private equity fund manager is expected to be the manager of private equity funds constituting more than 15% of CCAP's total investments.