MG Capital's track record of Fund III performance during the annualized periods from February 2014 to December 2017, is set forth below:1
MG Capital believes that its performance results are driven by the effective utilization of its proprietary analytics for asset selection and operational management, as well as the fluid nature of its portfolio to fully exit investments in the Manhattan residential real estate market through the exit of a fully-leased portfolio to institutional investors. MG Capital believes that Manhattan generally represents a deep, cyclically durable and fluid residential real estate market, which, coupled with dedicated investment capital, can provide targeted exposure to opportunities that MG Capital believes are attractive and long-term in nature.3
1There can be no assurance that Fund IV's investments will be similar to investments made on behalf of the Prior Funds. Moreover, there can be no assurance that Fund IV will achieve comparable results or avoid substantial losses, or that its objectives will be achieved. Certain of the material terms with respect to Fund IV, including the waterfall structure, distribution policy and fee loads are substantially different than the terms applicable to the Prior Funds. Had such terms been applicable to Fund IV, the performance of those funds may have been substantially different. Further information is available upon request.
2Fund III is subject to fair value accounting rules that went into effect in January 2013, which measures both realized and unrealized gains from equity appreciation; consequently, the investment performance of Fund III is measured using inception to date internal rate of return (IRR). IRR is the annualized implied discount rate calculated from a series of cash flows. It is the return that equates the net present value of all invested capital in an investment to the present value of all returns or the discount rate that will provide a net present value of all cash flows equal to zero. IRR data included herein reflects net returns applicable to Fund III limited partners only (excluding the General Partner and related parties who may not pay fees) after deduction of fees, expenses and carried interest borne by the Fund, including asset management fees. The US GAAP audit for the financial reporting periods 2014, 2015, and 2016 was conducted by KPMG LLP in the second quarter of 2017. The US GAAP audit for the financial reporting period 2017 was conducted by KPMG LLP in the second quarter of 2018.
3Past performance is not indicative of future results; there can be no assurance that the Fund will achieve comparable results, will avoid substantial losses or that its objectives will be achieved.
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