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Mid-Market to the Rescue

We are pleased to share the latest edition of our Quarterly Overview which provides you with updates and analysis on current private equity market trends, as well as information regarding investment activity within Sagard Private Equity's programmes.

For qualified institutional buyers, accredited, professional and institutional investors only. Not for use by retail clients.
Sagard PE Activity · End Q3 2026
Global Market Data · Q3 2026
2,250
Portfolio Companies Monitored
127 / 141
Exits / New Companies (LTM)
$294B
Global PE Deal Value
▲ +43% YoY
$139.2B
Global PE Exit Value
▲ +30% YoY
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The Quarter at a Glance

Our Activity

Our activity in Q3 was defined by depth of relationships rather than volume. Highlights include a re-up commitment to Iron Path Capital Fund II, which closed at its hard cap roughly 2x oversubscribed, and primary commitments to Advent Partners 4 in Australia and Avallon MBO Fund IV in Poland, the latter marking 25 years of backing the manager. We also closed a continuation-vehicle investment in Project Sirius, Advent’s Australian diagnostic imaging platform. Year to date, Sagard Private Equity Strategies have distributed over USD 1.3 billion to investors against USD 1.0 billion called, returning more capital than we draw, despite the difficult exit environment (as end of 30/09/2026 - Source: Sagard). Further information on our transactions in Q3 2026 can be found below.

Market: Fewer Deals, Narrow Exit Window

Private equity activity moderated in Q3 2026, following a Q2 that saw the strongest exit quarter since 2021. Global deal value eased about 6% YoY to $294.6B on 12% fewer deals, while exit value was flat year on year at $139.2B, nearly a third below Q2. The number of exits was also flat at 565. Trade sales (53%) and secondary buyouts (37%) accounted for most exits, though IPOs picked up to 25 from nine a year earlier. Regional paths diverged: Asia-Pacific deal value more than doubled, Europe rose 4% to $109.0B, and North America fell 32% to $122.4B. In our view, this points to a market where regional dispersion and a still-difficult exit environment matter more than any broad recovery.

Top Market Trends This Quarter

  1. 1
    The end of the leverage buyout era debate puts value creation back at the centre. Higher financing costs, slower exits and compressed return profiles drove the sharpest public questioning of the large-cap buyout model in years, with structural critiques being raised in the market. Across the industry, views are converging: returns now depend on operational improvement rather than leverage or multiple expansion, and recent industry analysis points to the mid-market as where that case is strongest.
    At Sagard, we believe this debate is about large-cap economics, not the mid-market model. In our view, the mid-market offers more disciplined entry pricing, greater scope for operational value creation, a broader mix of exit routes and stronger liquidity potential. For more insights on this topic, read our piece ‘Investing in the Mid-Market’.
  2. 2
    The exit drought outlasts the cycle, and not all liquidity is equal. Buyout distributions have averaged about 12% of NAV since 2022 (source: Private Equity Exit Drought), less than half the prior decade’s rate, and Q3 offered little relief. Exit value was flat at $139.2B, and trade sales and secondary buyouts made up about 90% of exits by count.

    The industry’s answer is a permanent toolkit: continuation vehicles, NAV lending and semi-liquid vehicles. We now see these as baseline expectations for managers rather than premium solutions, while buyers have become more selective on pricing.
    Liquidity via a third-party sale, a continuation vehicle and a NAV loan are not economically equivalent, and we believe that NAV financing remains expensive. We think that liquidity should be judged by its source. For continuation vehicles, we proceed only where there is a genuine value creation inflection, a real liquidity need, an appropriate structure and fair terms. In direct co-investment programmes, we see mid-life capital as a source of earlier distributions, though only with independent, buyout-grade diligence.
    For more insights on Mid-life capital, read our piece, Mid-Life Capital: A New Win-Win for Mid-Market GPs and Co-Investors
  3. 3
    AI splits into two trades, and a rate reset raises the bar. AI infrastructure has moved from a capex theme to an operational reality. As reported by the Financial Times, Carlyle’s agreed sale of Copia Power, a US energy and data-centre power platform, to EQT Infrastructure VII, at a reported valuation of about USD 2.6bn and a return of more than five times Carlyle’s investment, offered a high-profile proof point that these assets can exit.1 One specialist manager described software as undergoing a significant repricing in late July, as AI raises doubts about traditional business models. Leverage can magnify the effect. As reported by the Financial Times, Thoma Bravo, which took Medallia private in 2021 at a $6.4 billion valuation, agreed to hand control of the company to its lenders, reportedly losing about $5 billion of equity in one of the largest restructurings in the history of private credit.2

    Rate increases are adding pressure to the trend: For 2027 vintages, CIOs argue the question is no longer whether exits are possible but what price investors pay to get in.
    At Sagard, we believe AI should be underwritten, not assumed. Our investment team has built a framework to assess AI-related risks and value-creation opportunities, which matters most for software and tech-enabled businesses whose competitive position may shift during a holding period. Watch the fireside chat to find out more:
1. Financial Times, Carlyle to sell $2.6bn data centre power unit to EQT for fivefold return, 9 July 2026
2. Financial Times, Thoma Bravo hands Medallia to lenders in one of private equity’s biggest losses, 19 June 2026

Q&A Feature · Mid-Life Capital: From Emergency Valve to Strategic Engine

Can investing later in a company’s ownership journey help LPs access growth while bringing distributions forward? Sagard Private Equity’s PJ Frederix and Jeff Reals explore why the mid-market offers fertile ground for mid-life capital — and how disciplined investors distinguish a genuine opportunity to accelerate value creation from a business simply seeking more funding. Read their perspectives on the potential benefits, trade-offs and execution capabilities that matter.

For qualified institutional buyers, accredited, professional and institutional investors only. Not for use by retail clients.
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Overview of Our Transactions

Sagard Private Equity highlighted four transactions in Q3 2026, spanning primary commitments and a continuation vehicle secondary, with activity across North America, Australia and Central & Eastern Europe.

On the primaries side, the quarter included a re-up commitment to Iron Path Capital Fund II — a lower middle-market industrials specialist that closed 2x oversubscribed at its hard cap — alongside inaugural commitments to Advent Partners 4 in Australia and Avallon MBO Fund IV in Poland. Each reflects Sagard's focus on managers with differentiated sourcing, repeatable value-creation toolkits, and strong alignment. Avallon marks 25 years as a Sagard GP relationship.

Project Sirius, one of the quarter's secondary transactions, extended Sagard's Advent Partners 4 commitment into the GP's single-asset continuation vehicle — an Australian diagnostic imaging platform. The investment captures structural growth in a defensive healthcare sub-sector and underscores Sagard's ability to build conviction across multiple instrument types with the same GP partner.

Primary – Re-up
Iron Path Capital Fund II
Industrials / Specialty Chemicals

Re-up primary commitment to Iron Path Capital Fund II, which closed at its hard cap of USD 425 million — approximately 2x oversubscribed — with Sagard receiving its full allocation and an LPAC seat. Iron Path targets control investments in lower middle-market, technically specialised businesses across specialty chemicals, engineered products and technical services in North America, applying a proprietary thematic sourcing approach and in-house operating team.

Primary
Advent Partners 4
Technology / Healthcare / Business Services

Primary commitment to Advent Partners 4, managed by a Melbourne-headquartered lower mid-market buyout manager focused on Australia and New Zealand. The investment thesis centres on experienced and stable leadership, differentiated bilateral and founder-led sourcing, and a repeatable operational value-creation toolkit. Sagard has tracked and built this GP relationship since 2020, including a parallel commitment to the manager's single-asset continuation vehicle.

Primary
Avallon MBO Fund IV
Diversified / Central & Eastern Europe

Primary commitment to Avallon MBO Fund IV, managed by a Poland-based value investor specialising in management buyouts across Central and Eastern Europe. The investment case highlighted a differentiated MBO-focused strategy, short investment period, strong GP alignment and preferred co-investment access. Sagard has backed Avallon since its founding 25 years ago.

Secondary – Continuation Vehicle
Project Sirius (Advent Partners)
Healthcare / Diagnostic Imaging

Secondary investment into Advent Partners' single-asset continuation vehicle for Project Sirius, with a total commitment of approximately AUD 72m / EUR 43.5m. Sirius is a premium, doctor-led diagnostic imaging platform with leading positions across South Australia and Victoria. The investment case highlighted attractive valuation, structural market growth of 7% CAGR, strong GP and doctor alignment, and a clear value-creation roadmap including new clinic openings, M&A and technology synergies.

For qualified institutional buyers, accredited, professional and institutional investors only. Not for use by retail clients.
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Private equity activity slowed moderately in Q3 2026, with deal value easing around 6% YoY to $294.6B and exit value flat at $139.2B. Valuations recovered, but pricing remains selective. Deal count fell 12% while average deal size rose 17%, pointing to larger transactions - a trend we have observed for several quarters. Asia-Pacific led regional growth as North America softened.

Market Statistics — Valuations, Deals, VC & Exits

Valuations
8.8× Eurozone mid-market EV/EBITDA

Market Valuation Dynamics

Eurozone mid-market valuations edged higher in Q2 2026, with the Argos Index rising 2.3% to 8.8× EBITDA. Investment funds paid a median 10.2×, compared with 7.9× for strategic buyers, reflecting differences in sector exposure and asset selection. Beneath this recovery, pricing remained uneven: 27% of transactions were completed below 7× EBITDA, while just 5% exceeded 15×. In our view, this dispersion reinforces the importance of disciplined underwriting and company-specific assessment.

27% of transactions below 7× EBITDA

Up from 22% in Q1
Q1 2026: 22%Increase: +5 pts

Source: Argos Index® as of Q2 2026, Argos Fund / Epsilon Research. Index multiples are medians measured on a six-month rolling basis.

Deal Activity
2,185 deals

Global Deal Activity

Global deal activity declined in Q3 2026, with 2,185 deals compared to 2,497 in Q3 2025, and deal value fell 6% to $294.6B from $315.0B compared to Q3 2025. North America led with 1,154 deals valued at $122.4B, down 32% YoY. Europe recorded 665 deals at $109.0B (+4% YoY), while Asia-Pacific recorded 366 deals at $63.2B, more than doubling YoY.

North America 42%
Europe 37%
Asia-Pacific 21%

Share of deal value

Exit Activity
$139B

Exit Flow

Aggregate exit value was flat YoY at $139.2B (from $139.3B), though 31% below Q2's $203.2B. The number of exits was also flat at 565, against 564 in Q3 2025. Trade sales remained the leading exit route, followed by secondary buyouts. Twenty-five IPOs were completed, versus nine a year earlier.

Trade Sales 53%
Secondary Buyouts 37%
IPOs (25) 4%

Share of exits by count

Venture Capital
$135B

VC Exits

Q3 2026 saw 337 VC exits globally ($134.6B), up 111% by value YoY from Q3 2025 ($63.9B, 326 exits), though 43% below Q2. In Venture as well, trade sales dominated the exit landscape. Secondary buyouts of VC-backed companies lowered marginally from Q3 2025.

Trade Sales 62%
IPO 15%
Secondary Buyout 8%

Share of VC exits

Secondary Buyouts
210 deals

Secondary Buyouts

Secondary buyouts remained the second most common exit route in Q3 2026, with 210 transactions, or 37% of all exits. This compares with 216 (38%) in Q3 2025.

Q3 2026 (210 deals) 37%
Q3 2025 (216 deals) 38%

Share of exits by count

Sources: Preqin, Q3 2026
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Deals by Sector — Q3 2026

Q3 2026 deal value was concentrated by sector. Telecoms & Media, Financial Services and Consumer together accounted for roughly half of the global sector total, with activity clustered in a small number of subsectors within each.

Telecoms & Media
$51.3B
Financial Services
$37.8B
Consumer
$33.1B
Healthcare
$25.1B
Industrials
$22.3B
Business Services
$22.0B
IT & Software
$18.6B
Raw Materials
$12.5B
Energy & Utilities
$6.7B
Unknown
$6.3B
Real Estate
$3.9B
Source: Preqin · Q3 2026 · Global deal value by sector
Telecoms & Media — Dominant

Telecoms and media led at $51.3B, with media contributing roughly 36% of value and telecoms 55%. Media activity centred on digital platforms and content, while telecoms deals focused on network infrastructure such as fibre, towers and data centres. A small number of very large transactions shaped the sector total.

Financial Services — Broad-Based

Financial services reached $37.8B, with US targets making up 58% of value. Activity centred on asset and investment management, advisory and insurance, with insurance businesses contributing around 26% of the sector total. Insurance distribution, life and reinsurance featured prominently.

Consumer — Third, Led by Concentration at the Top

Consumer deal value reached $33.1B, with consumer products contributing 31%, led by beauty and hygiene products. Food, travel and leisure and food made up much of the remainder. US targets represented 37% and UK 10% of sector value.

For qualified institutional buyers, accredited, professional and institutional investors only. Not for use by retail clients.
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Mid-Life Capital: From Emergency Valve to Strategic Engine

As exits remain slow and alternatives grow scarce in the mid-market, mid-life capital has evolved from emergency valve into strategic engine. PJ Frederix and Jeff Reals, Co-Heads of Direct Investments at Sagard Private Equity, on what LPs need to understand.

PJ Frederix
PJ Frederix
Co-Head of Direct Investments
Sagard Private Equity
Jeff Reals
Jeff Reals
Co-Head of Direct Investments
Sagard Private Equity
Related Themes
Liquidity & DPI under pressure Mid-market as a structural advantage Value creation beyond entry Structured equity for asymmetric returns

Key Takeaways

Mid-life capital has become a structural feature of private equity, not a cyclical workaround. LPs should understand it as an independent, differentiated return stream with a distinct risk–return profile.

  • We believe the mid-market often presents particularly compelling opportunities: alternative capital solutions can scale poorly at smaller deal sizes, which can create a gap that specialist investors are positioned to address.
  • These are acceleration investments, not rescues. Capital is deployed into businesses with a demonstrated track record, at a clear value-creation inflection point.
  • For LPs, the key benefits are shorter duration, earlier distributions, and greater visibility into underlying performance — a complement to traditional co-investment exposure, not a substitute for it.
  • Execution is the differentiator: sourcing through long-standing relationships and conducting full buyout-grade diligence are prerequisites, not optional extras.
Distributions have been under pressure for years. Is mid-life capital the answer, or is it a symptom of a market that simply isn't working?

Mid-life capital is both a response to today’s environment and structurally important in its own right. By 2024, buyout distributions as a share of NAV had fallen to their lowest level in more than a decade, leaving a growing pool of mature, well-run businesses being held for longer than originally planned. Mid-life capital gives sponsors a way to continue backing those businesses without being forced into a suboptimal exit. But this isn't a patch on a broken market — even in a normalised exit environment, managers would still want a tool that lets them fund their best assets on their own timeline. Mid-life capital is now a proactive instrument for compounding value, not an emergency valve.


Why is the mid-market where this opportunity is most compelling? Surely larger managers have the same problem.

They do — but they have more tools to address it. Larger managers can access continuation vehicles, NAV facilities, and structured credit at scale. In the mid-market, those options either become too expensive or aren't viable: continuation vehicles require significant transaction sizes and syndication that rarely make sense for mid-market assets. The capital need is identical — funding M&A, accelerating organic growth, simplifying ownership — but the solution set is narrower. Mid-life capital fills that gap. And because fewer investors are set up to operate at this level of transaction complexity relative to deal size, there is a natural premium for those who can.


How should LPs think about these investments versus traditional co-investments? Is this simply co-investment by another name?

The structure looks familiar, but the underwriting is fundamentally different. In a traditional co-investment, you are largely investing alongside a manager's thesis and their diligence. In a mid-life transaction, you cannot rely on inherited underwriting — you need your own independent view on valuation, full third-party diligence, and bespoke governance terms. That's closer to leading a buyout than passively co-investing. The risk–return profile also differs: because you are investing into a business with one to three years of operating history, you have meaningfully more visibility than at entry, shorter holding periods, and earlier distributions. Absolute return potential may be somewhat lower than longer-duration primary investments. We view that as a deliberate and attractive trade-off.


What makes a strong mid-life deal — and how do you distinguish a genuine value-creation opportunity from a situation where a manager simply needs capital?

That distinction is everything. The deals we want are acceleration investments — businesses at a clear inflection point where additional capital can create meaningfully more value than simply waiting. Three characteristics tend to recur: a high-quality, proven business with stable earnings and a manager that knows the asset intimately; a specific, executable value-creation catalyst that can move equity value materially within less than three years; and bespoke structuring — preferred equity or liquidation preferences — that creates greater risk management alongside meaningful upside participation. The diligence process and the quality of the manager relationship are what allow you to make that distinction confidently.


Where does mid-life capital sit in an LP's portfolio — and as this market develops, what should investors be watching for?

We see it as a genuine complement to traditional co-investment exposure. The shorter duration and earlier distributions can meaningfully improve the DPI profile of a direct co-investment programme over time, and the greater visibility into underlying assets means it behaves differently in a portfolio. As for what to watch: the market is still maturing, which means quality dispersion is high. The key question for any investor evaluating this space is whether the manager has the infrastructure to conduct independent, buyout-grade diligence, or whether they are effectively relying on the sponsor. The former is a differentiated capability; the latter is repackaged co-investment risk. Investors should also distinguish acceleration capital from situations where a manager is looking for a lifeline — the diligence process and structuring discipline matter enormously.

For professional investors only.

For qualified institutional buyers, accredited, professional and institutional investors only. Not for use by retail clients.
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Find Us on the Ground — Q4 2026

Our team will be present at the key industry forums and investor conferences this summer and fall. We look forward to connecting with GPs, LPs, and allocators across Europe and North America.

Oct 29 & Nov 12, 2026
Mid-Life Opportunities: The Unfair Advantage
Virtual · English & German editions
Hosting

A mid-life opportunity is like being able to bet on the winning horse mid-race – and your capital may actually improve the outcome. Our speakers explore why mid-life transactions have moved from a niche tool to a core feature of private equity portfolio management: not a temporary response to liquidity challenges, but a shift in how private equity can preserve momentum, protect alignment and manage timing — and why we believe mid-life capital may become one of the most exciting growth trends in the asset class.

We are delighted to offer two versions of this webinar. Our English version, which took place on October 29 is available by request only, please see the details below. You may still register below for the German version on November 12.

ENGLISH
Mid-life opportunities - The Unfair Advantage (English webinar)
Date & time
Oct 29, 2026
11:00 EST | 15:00 GMT | 16:00 CET
Speakers
Jeff Reals and PJ Frederix, Co-Heads of Direct Investments, with Paul Newsome, Head of Investment Solutions

To find out more, please get in touch: clientservice@sagard.com

DEUTSCH
Mid-Life Opportunities – Der entscheidende Wettbewerbsvorteil (German webinar)
Date & time
Nov 12, 2026
11:00 CET
Speakers
Dr. Ralf Gleisberg and Philipp Scheier, Partners, with Dr. Florian Rehm, Managing Director
Register (Deutsch)
Nov 5, 2026
Unlocking Liquidity Through the Secondary Market: A Practical Workshop for LPs Considering Portfolio Rebalancing
Virtual · Investor-only workshop
Hosting

A practical workshop for LPs considering portfolio rebalancing: how the LP-stake market is evolving, when selling can make sense, how an LP sale works from start to finish, and how secondary buyers assess portfolios and price transactions.

Date & time
Thursday, Nov 5, 2026
16:00 Zurich (CET)
Speakers
Ralph Büchel, Head of Secondary Investments, and Paul Newsome, Head of Investment Solutions (Sagard), with Gabriel Boghossian, Global Co-Head of Secondaries at A&O Shearman

To find out more or to take part, please get in touch: clientservice@sagard.com

Nov 3, 2026
PE Roundtable Paris
Paris, France
Hosting

“Investing alongside a GP: mid-life opportunities in the mid-market.” A breakfast discussion on mid-life opportunities — more visibility on the asset, a shorter investment horizon and potentially faster distributions. Our team shares what more than 20 mid-life transactions in five years, seven of them in the last 18 months, have taught us. 8:30–10:30 a.m. CET, Mandarin Oriental Paris, 251 Rue Saint-Honoré.

Nov 10, 2026
Dresden, Germany
Hosting

Dr. Ralf Gleisberg and Philipp Scheier, Partners Private Equity, on the rise of semi-liquid evergreen funds and on “Mid-Life Opportunities” — faster cash returns at lower risk? Welcome by Dr. Florian Rehm, Head of Germany & Austria. From 11:00 a.m., lunch served during the presentations. Hotel Taschenbergpalais Kempinski, Taschenberg 3.

Nov 11, 2026
Frankfurt, Germany
Hosting

Dr. Ralf Gleisberg and Philipp Scheier, Partners Private Equity, on the rise of semi-liquid evergreen funds and on “Mid-Life Opportunities” — faster cash returns at lower risk? Welcome by Dr. Florian Rehm, Head of Germany & Austria. From 11:00 a.m., lunch served during the presentations. Taj Hessischer Hof, Friedrich-Ebert-Anlage 40.

Nov 19, 2026
London, United Kingdom
Hosting

“Mid-Life Opportunities – The Unfair Advantage.” PJ Frederix, Co-Head of Direct Investments, and Paul Newsome, Head of Investment Solutions, on the rise of mid-life deals — and why it signals a shift in how private equity can preserve momentum, protect alignment and manage timing. 9:00–11:00 a.m. GMT, breakfast served. Mandarin Oriental Mayfair, 22 Hanover Square.

Reach out to us: clientservice@sagard.com

For qualified institutional buyers, accredited, professional and institutional investors only. Not for use by retail clients.
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Events & Conferences — Q3 2026 Recap

Over the third quarter our team was active across the global private-markets calendar — hosting and attending events across North America, Europe and Asia, from our Private Equity Summer Update in Düsseldorf to annual meetings for our investors.

10
Hosted/Participated Events & Conferences
IPEM Global, Paris
IPEM Global, Paris
IPEM Global, Paris
IPEM Global, Paris
PE Summer Update, Düsseldorf
PE Summer Update, Düsseldorf
Webinar: Private Equity Niche Secondaries
Sagard Webinar: Private Equity Niche Secondaries
Events shown in red were hosted by Sagard.
Event Country City When
Magog golfCanadaMagog01–03 Sep 2026
IPEM Global (incl. Emerging Manager Summit, 9 Sep)FranceParis08–10 Sep 2026
2026 European Private Equity Research SymposiumGermanyMunich10–11 Sep 2026
Sagard PE Summer Update & DrinksGermanyDüsseldorf16 Sep 2026
PEM Virtual AGMVirtual—17 Sep 2026
CAIS | Baird Evident——Sep 2026
BEX WebinarVirtual—22 Sep 2026
BEX AGM——24 Sep 2026
DACH Private Equity InsightsGermanyMunich26 Sep 2026
Singapore networking eventSingaporeSingaporeSep 2026
For qualified institutional buyers, accredited, professional and institutional investors only. Not for use by retail clients.
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particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. Since trades have not

actually been executed, results may have under- or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity, and may

not reflect the impact that certain economic or market factors may have had on the decision-making process. Further, backtesting allows the security

selection methodology to be adjusted until past returns are maximized.

If hypothetical, backtested or simulated performance is shown gross of management fees, the inclusion of fees, costs and charges will reduce such

numbers.

ASSESSMENTS

Sagard may, based on its internal analysis, make assessments of a company’s future potential as a market leader or other success. There is no

guarantee that this will be realised.

Country Specific Disclaimers

PLEASE READ CAREFULLY THE RESTRICTIONS ON THE PRIVATE PLACEMENT OF FUNDS AS THERE MAY BE LIMITED OR NO SITUATIONS IN WHICH MARKETING MAY BE PERMITTED WITHOUT THE FUND BEING REGISTERED, APPROVED OR OTHERWISE AUTHORISED IN THE JURISDICTION.

FOR UNITED STATES INVESTORS

In the United States, this document is disseminated by PEM, which is registered as an investment adviser with the U.S. Securities and Exchange Commission. Sagard Holdings Management Inc. owns a partial and controlling interest in PEM. Certain subsidiaries of Sagard Holdings Management Inc. could be considered affiliates or related persons of PEM, including Sagard Holdings Manager LP, Sagard Capital Partners Service Corp., Sagard Capital Partners Management Corp. and Sagard Holdings Manager (Canada) Inc.

To the extent any Sagard Manager that is not registered with the SEC engages in marketing activities directed at U.S. investors, such activities are conducted in accordance with the regulations. This document is intended only for institutional investors and is not adapted for retail clients.

THE EUROPEAN UNION — Unigestion and BEX

This document is disseminated in the European Union by Unigestion Asset Management (France) SA, which is authorised and regulated by the French Autorité des marchés financiers (AMF), and by BEX, which is registered as an AIFM with the AMF. It is intended only for "professional clients" and "eligible counterparties" as defined in MiFID II and has not been adapted for retail clients.

Eligible investors: "professional clients" and "eligible counterparties" as defined in MiFID II (Directive 2014/65/EU); not available to retail clients.

Data protection: Personal data of recipients will be processed by the disseminating entity as controller in accordance with applicable data protection law (including the EU General Data Protection Regulation (Regulation (EU) 2016/679) and, in the United Kingdom, the UK GDPR and Data Protection Act 2018) for the purposes of providing information about the funds and managing the relationship with the recipient. Further information is available in the disseminating entity's privacy notice.

Sustainability-related disclosures (SFDR): Where a fund is subject to Regulation (EU) 2019/2088 (SFDR), this document is a marketing communication and does not contradict the information contained in the fund's pre-contractual and website sustainability-related disclosures. Any reference to environmental or social characteristics (including any Article 8 classification) is qualified in its entirety by those disclosures, and no sustainability claim should be construed in a manner inconsistent with them.

Marketing communication: This document is a marketing communication. Information on risks and rewards is presented with equal prominence, and recipients should refer to the fund's offering documents before making any investment decision.

FOR UNITED KINGDOM INVESTORS — Unigestion Only

This document is disseminated in the United Kingdom by Sagard UK Management Ltd.., an Appointed Representative of Unigestion (UK) Ltd, which is authorised and regulated by the Financial Conduct Authority (FCA). It is intended only for professional clients and eligible counterparties and has not been adapted for retail clients.

Eligible investors: "professional clients" and "eligible counterparties" as defined in the FCA Handbook (implementing MiFID II); not available to retail clients.

Data protection: Personal data of recipients will be processed by the disseminating entity as controller in accordance with applicable data protection law (including the EU General Data Protection Regulation (Regulation (EU) 2016/679) and, in the United Kingdom, the UK GDPR and Data Protection Act 2018) for the purposes of providing information about the funds and managing the relationship with the recipient. Further information is available in the disseminating entity's privacy notice.

FOR SWITZERLAND INVESTORS — Unigestion Only

This document is disseminated in Switzerland by Unigestion SA, which is authorised and regulated by the Swiss Financial Market Supervisory Authority (FINMA) to operate as a fund manager and representative of foreign collective investment schemes; it is intended for qualified investors only. The legal documents and the latest annual and semi-annual financial reports (if any) of any applicable fund may be obtained free of charge from the Swiss representative. In the context of any offer and marketing in Switzerland, the place of performance is at the registered office of the Swiss representative, and the place of jurisdiction is at the registered office of the Swiss representative or at the seat or domicile of the investor. Swiss representative: Unigestion SA, 8C avenue de Champel, CP 387, CH-1211 Genève 12, Switzerland. Paying agent: NPB Neu Private Bank AG, Limmatquai, am Bellevue 1, 8001 Zürich, Switzerland.

Eligible investors: "qualified investors" within the meaning of the Swiss Collective Investment Schemes Act (CISA).

FOR SWITZERLAND INVESTORS — PEM Only Funds

The shares [or units] of the Fund shall be offered or advertised in Switzerland exclusively to qualified investors as defined by Article 10 of the Collective Investment Schemes Act, as amended from time to time ("CISA") ("Qualified Investors"). The Fund has not been approved by the Swiss Financial Market Supervisory Authority ("FINMA") for offering in Switzerland to non-qualified investors.

The Fund has appointed as Swiss Representative Waystone Fund Services (Switzerland) SA, Av. Villamont 17, 1005 Lausanne, Switzerland, Tel: +41 21 311 17 77, switzerland@waystone.com. The Fund's paying agent is Helvetische Bank AG. Any Fund Documentation may be obtained free of charge from the Swiss Representative in Lausanne. In respect of the Shares distributed in or from Switzerland, the place of performance and jurisdiction is at the registered office of the Swiss Representative.

FOR CANADA INVESTORS

This Presentation is being provided to you for informational purposes only and is not, and under no circumstances should be construed as, an advertisement, offering or solicitation for purchasers of securities in Canada. Investments in any securities referenced in this Presentation may only be made through a dealer that is registered, or exempt from registration, as a dealer in your jurisdiction of residence, pursuant to applicable Canadian private placement offering documents. No securities commission or similar authority in Canada has reviewed this material or has in any way passed upon the merits of any securities referenced in this material and any representation to the contrary is an offence. The information contained herein is intended solely for "accredited investors" within the meaning of applicable securities legislation.

Sagard Holdings Manager (Canada) Inc. is registered as an exempt market dealer in the provinces of Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island, Quebec, and Saskatchewan. It will act as the dealer in respect of purchases of interests in certain funds advised by the Company in the Canadian provinces in which it is registered. The Ontario Securities Commission is the principal regulator of Sagard Holdings Manager (Canada) Inc.

FOR ARGENTINA INVESTORS, BRAZIL INVESTORS, AND MEXICO INVESTORS

This presentation and the information contained herein does not constitute and is not intended to constitute an offer of securities and accordingly should not be construed as such. The Fund and any other products or services referenced in this presentation may not be licensed in all jurisdictions, and unless otherwise indicated, no regulator or government authority has reviewed this document or the merits of the products and services referenced herein. This presentation and the information contained herein has been made available in accordance with the restrictions and/or limitations implemented by any applicable laws and regulations. This presentation is directed at and intended for institutional investors (as such term is defined in each jurisdiction in which the Fund is marketed). This presentation is provided on a confidential basis for informational purposes only and may not be reproduced in any form. Before acting on any information in this presentation, prospective investors should inform themselves of and observe all applicable laws, rules and regulations of any relevant jurisdictions and obtain independent advice if required. This presentation is for the use of the named addressee only and should not be given, forwarded or shown to any other person (other than employees, agents or consultants in connection with the addressee's consideration thereof).

FOR CHILE INVESTORS

This Presentation and the information contained herein does not constitute and is not intended to constitute an offer of securities and accordingly should not be construed as such. The Fund and any other products or services referenced in this Presentation may not be licensed in all jurisdictions, and unless otherwise indicated, no regulator or government authority has reviewed this document or the merits of the products and services referenced herein. This Presentation and the information contained herein has been made available in accordance with the restrictions and/or limitations implemented by any applicable laws and regulations. This Presentation is directed at and intended for institutional investors (as such term is defined in each jurisdiction in which the Fund is marketed).

This Presentation is provided on a confidential basis for informational purposes only and may not be reproduced in any form. Before acting on any information in this Presentation, prospective investors should inform themselves of and observe all applicable laws, rules and regulations of any relevant jurisdictions and obtain independent advice if required. This Presentation is for the use of the named addressee only and should not be given, forwarded or shown to any other person (other than employees, agents or consultants in connection with the addressee's consideration thereof). Date of the offer: [date of PPM] (i) This offer is made pursuant to Rule 336 issued by the Comisión para el Mercado Financiero of Chile (CMF); (ii) This offer deals with securities that are not registered in the Securities Registry nor in the Foreign Securities Registry kept by the CMF, and that are, therefore, not subject to the supervision of the CMF; (iii) Given that the securities are not registered, there is no obligation for the issuer to disclose in Chile public information about said securities; and (iv) The securities may not be publicly offered as long as they are not registered in the corresponding Securities Registry.

FOR PERU INVESTORS

Specifically, the Fund will not be subject to a public offering in Peru. The Fund described herein have not been and will not be approved by or registered with the Peruvian Superintendency of Capital Markets (Superintendencia del Mercado de Valores, or the "SMV") or the Lima Stock Exchange (Bolsa de Valores de Lima). Accordingly, the Fund may not be offered or sold in Peru except, among others, if such offering is considered a private offer under the securities laws and regulations of Peru. The Fund cannot be offered or sold in Peru or in any other jurisdiction except in compliance with the securities laws thereof. In making an investment decision, institutional investors (as defined by Peruvian law) must rely on their own examination of the terms of the offering of the Fund to determine their ability to invest in the Fund. This Presentation and the information contained herein has been made available in accordance with the restrictions and/or limitations implemented by any applicable laws and regulations. This Presentation is directed at and intended for institutional investors (as such term is defined in each jurisdiction in which the Fund is marketed). This Presentation is provided on a confidential basis for informational purposes only and may not be reproduced in any form. Before acting on any information in this Presentation, prospective investors should inform themselves of and observe all applicable laws, rules and regulations of any relevant jurisdictions and obtain independent advice if required. This Presentation is for the use of the named addressee only and should not be given, forwarded or shown to any other person (other than employees, agents or consultants in connection with the addressee's consideration thereof).

NOTICE TO RESIDENTS OF KUWAIT

The offering of interests in the Fund has not been approved or licensed by the Kuwait Capital Markets Authority or any other relevant licensing authorities in the state of Kuwait, and accordingly does not constitute a public offer in the state of Kuwait in accordance with law no. 7 for 2010 regarding the establishment of the Capital Markets Authority and the regulating securities activities ("CMA law"). This pitch book is strictly private and confidential and is being issued to a limited number of professional investors: Who meet the criteria of a professional client by nature as defined in article 2-6 of module 8 of the executive regulations no. 72 of 2015 of the CMA law; Upon their request and confirmation that they understand that the interests have not been approved or licensed by or registered with the Kuwait Capital Markets Authority or any other relevant licensing authorities or governmental agencies in the state of Kuwait; and must not be provided to any person other than the original recipient, and may not be reproduced or used for any other purposes whatsoever.

NOTICE TO RESIDENTS OF ABU DHABI GLOBAL MARKET AND/OR DUBAI INTERNATIONAL FINANCIAL CENTRE

This pitch book relates to a fund which is not subject to any form of regulation or approval by the Financial Services Regulatory Authority ("FSRA") nor Dubai Financial Services Authority ("DFSA"). This pitch book is intended for distribution only to persons of a type specified in the FSRA's and/or DFSA's rules (i.e. "Professional clients") and, therefore, must not be delivered to, or relied on by, any other type of person. This pitch book is for the exclusive use of the persons to whom it is addressed and in connection with the subject matter contained therein. The FSRA and/or DFSA has no responsibility for reviewing or verifying any pitch book or other documents in connection with this fund. Accordingly, the FSRA and/or DFSA has not approved this pitch book or any other associated documents nor taken any steps to verify the information set out in this pitch book, and has no responsibility for it. The interests to which this pitch book relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers should conduct their own due diligence on the interests. If you do not understand the contents of this document you should consult an authorized financial adviser. Sagard (MENA) Ltd., an affiliate of Sagard, is regulated by the ADGM Financial Services Regulatory Authority (the "FSRA"). To the extent this material is made available to Sagard (MENA) Ltd., the financial products or services to which this material relates will only be made available to Professional Clients or Market Counterparties as such terms are defined by the FSRA and no other person should act upon it.

NOTICE TO RESIDENTS OF UNITED ARAB EMIRATES

As per the rules stated in UAE Securities and Commodities Authority ("SCA") Decision No. (13) of 2021 on the Regulations Manual of the Financial Activities and Status Regularization Mechanisms Rule Book ("SCA Rule Book") and SCA Decision No. (04/RM) of 2023 concerning the promotion of foreign funds, the promotion of a fund to retail investors is prohibited. The promotion of a fund to "professional investors" and "counterparties" within the state ("UAE"), each term as defined in the SCA rule book, shall be limited to only funds that are registered with SCA for marketing on a private placement basis. SCA approval for promotion of a fund in the UAE should not be considered a recommendation by the SCA to invest in the Fund, and the SCA shall not be responsible for any relevant party's failure to perform its functions and duties or for the accuracy of the information contained in the Fund's offering documents. The Fund and the interests have not been approved by or licensed or registered with the UAE Central Bank, the SCA, the Dubai Financial Services Authority, the Financial Services Regulatory Authority or any other relevant licensing authorities or governmental agencies in the UAE (the "authorities"). The authorities assume no liability for any investment that the named addressee makes as a professional investor. This pitch book is for the use of the named addressee only and should not be given or shown to any other person (other than employees, agents or consultants in connection with the addressee's consideration thereof). The interests may be illiquid or subject to restrictions on their resale. Prospective investors should conduct their own due diligence on the interests. If you do not understand the contents of this pitch book you should consult an authorised financial advisor.

NOTICE TO RESIDENTS OF BAHRAIN

The central bank of Bahrain, the Bahrain bourse and the ministry of industry and commerce of the kingdom of Bahrain take no responsibility for the accuracy of the statements and information contained in this or the performance of the fund, nor shall they have any liability to any person, investor or otherwise for any loss or damage resulting from reliance on any statements or information contained herein. This pitch book is only intended for accredited investors as defined by the central bank of Bahrain. We have not made and will not make any invitation to the public in the kingdom of Bahrain to subscribe to the interests in the fund and this pitch book will not be issued, passed to, or made available to the public generally. The central bank of Bahrain has not reviewed, nor has it approved, this pitch book or the marketing thereof in the kingdom of Bahrain. The central bank of Bahrain is not responsible for the performance of the fund.

NOTICE TO RESIDENTS OF SAUDI ARABIA

This pitch book and the information contained herein does not constitute and is not intended to constitute an offer of securities and accordingly should not be construed as such. The Fund and any other products or services referenced in this pitch book may not be licensed in all jurisdictions, and unless otherwise indicated, no regulator or government authority has reviewed this document or the merits of the products and services referenced herein. This pitch book and the information contained herein has been made available in accordance with the restrictions and/or limitations implemented by any applicable laws and regulations. This pitch book is directed at and intended for the persons allowed to receive it under the applicable laws and regulations. This pitch book is provided on a confidential basis for informational purposes only and may not be reproduced in any form. Before acting on any information in this pitch book, prospective investors should inform themselves of and observe all applicable laws, rules and regulations of any relevant jurisdictions and obtain independent advice if required. This pitch book is for the use of the named addressee only and should not be given, forwarded or shown to any other person (other than employees, agents or consultants in connection with the addressee's consideration thereof).

FOR ISRAEL INVESTORS

Specifically, capitalized terms that are used in the following paragraphs and are not otherwise defined herein, shall have the meaning ascribed to them under the Regulation of Investment Advice, of Investment Marketing, and of Portfolio Management Law, 1995 (the "Investment Advice Law").

This presentation, as well as investment in the Fund described herein, is directed at and intended for Investors that fall within at least one category in each of: (1) the first Schedule of the Israeli Securities Law, 1968 ("Sophisticated Investors"); and (2) the First Schedule of the Investment Advice Law ("Qualified Clients").

No action has been taken or will be taken in Israel that would permit the public offering of the Funds, or distribution of materials that relate to investment therein to the public in Israel. Neither this document, nor any other document that relates to the Fund, has been approved by the Israel Securities Authority.

It is hereby noted that with respect to Qualified Clients, the Marketer is not obliged to comply with the following requirements of the Investment Advice Law: (1) ensuring the compatibility of service to the needs of client; (2) engaging in a written agreement with the client, the content of which is as described in section 13 of the Investment Advice Law; (3) providing the client with appropriate disclosure regarding all matters that are material to a proposed transaction or to the advice given; (4) a prohibition on preferring certain Securities or other Financial Assets; (5) providing disclosure about "extraordinary risks" entailed in a transaction (and obtaining the client's approval of such transactions, if applicable); (6) a prohibition on making Portfolio Management fees conditional upon profits or number of transactions; (7) maintaining records of advisory/discretionary actions.

By receiving this document you hereby declare that you are a Sophisticated Investor and a Qualified Client, that you are aware of the implications of being considered a Sophisticated Investor and a Qualified Client (including the implications mentioned in the above paragraph), and consent thereto. Any Investor which is either: (1) not a Sophisticated Investor; or (2) not a Qualified Client — must immediately return this presentation to: Ittai Dissentshik, 6 Masryk Blvd., Tel-Aviv, Israel. This presentation is for the use of the named addressee only and should not be given, forwarded or shown to any other person (other than employees, agents or consultants in connection with the addressee's consideration thereof). In any case, the Fund shall not be offered or sold to any investor in Israel which is not a Sophisticated Investor.

This presentation is not intended to serve, and should not be treated as Investment Advice or Investment Marketing. Accordingly, the content of this presentation does not replace and should not serve as substitution for Investment Marketing or Investment Advising that take into account the special characteristics and needs of each investor. The Marketer is affiliated with the Fund, has a personal interest in the sale of the Fund and might prefer the Fund over other Financial Assets, due to the fact that the Marketer may receive a financial benefit from the issuer.

OTHER JURISDICTIONS

This document may not be distributed in, and securities may not be offered or sold to investors located in, any other jurisdiction except where such distribution or offer complies with applicable law.

For qualified institutional buyers, accredited, professional and institutional investors only. Not for use by retail clients.