The Fund invests in private companies at various stages of maturity. As our portfolio companies mature, they move from the "early/development stage" to the "middle/revenue stage" and then to the "late stage." We expect that this progression may create a pipeline of potential exit opportunities through initial public offerings (IPOs) or acquisitions. The illustration below describes typical characteristics of companies at each stage of maturity and where our current portfolio companies fit within these categories. Information is current as of December 31, 2022.

Early Stage	Middle Stage	Late Stage
Developing product or service for market, high level of research and development, little or no revenue.	Established product, customers, business model; limited revenues.	Appreciable revenue; may be break-even or profitable; IPO or acquisition candidate.