We continuously execute our proven investment strategy consisting of three basic elements: Execution Discipline, Risk Management and Resource Leveraging.

Execution Discipline means that APEN and its investment adviser take an active approach to identifying and accessing superior investment opportunities - both funds and direct deals - and conduct a comprehensive evaluation of the management teams, economic and legal terms, and proposed strategies of each fund and direct deal prior to making any investment. On an ongoing basis, we closely monitor each investment and, in the case of direct deals, constantly search for, or seek to create, profitable exit opportunities.

APEN also employs a formal Risk Management program designed to ensure its portfolio is well-balanced and broadly diversified. We actively seek diversification on a number of levels. The result is a fund portfolio consisting of over 90 funds managed by more than 60 different fund managers, spread over more than a decade vintage years, and broadly diversified among fund strategies and geographic focuses. We seek to enhance returns on our fund portfolio through direct investments, and we intend to increase our exposure to direct deals as a percentage of total assets over time.

Resource Leveraging - utilizing the financial strength, global reach and local insights of the AIG network - is the third and most unique element of our strategy. Through AIG Global Investment Corp., the Company's Investment Advisor, which has over 150 private equity professionals around the globe, we have had the benefit of an outstanding pipeline of potential fund and direct investments.