Growth Equity

Fund III
Connecting People,
Capital and Ideas

February 2023

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Disclaimer

This presentation has been prepared solely to determine preliminary investor interest in a new growth equity fund (the “Fund”); it is not an offer or solicitation and may not be used or relied upon in connection
with any offer or solicitation, with respect to the Fund or any other future investment partnership. An offer or solicitation with respect to the Fund, if made, will be made only through the Private Placement
Memorandum, Limited Partnership Agreement and Subscription Agreement of the Fund (together, the “Offering Documents”). This presentation does not constitute or forms part of an offer nor a prospectus
for the sale of securities /interests in the Fund. Investment in the Fund will involve significant risks, including risks of loss of the entire investment. Investors should have the financial ability and willingness to
accept the risk characteristics of investment in the Fund.
The interests in the Fund have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or any U.S. state securities laws and may not be offered or sold in the
United States by the Fund or its investors unless registered under the Securities Act or an exemption from the registration requirements of the Securities Act is available. The offer and sale of interests by the
Fund to investors will be exempt from registration pursuant to Regulation D or Regulation S promulgated under the Securities Act.
This presentation is confidential, proprietary and a trade secret. By acceptance hereof, you (and your employees and affiliates) agree not to release or reveal it (or any of the information in it) to any third party
and will return or destroy such presentation and all copies thereof upon request.
This presentation, including any performance data presented herein, is qualified in its entirety by reference to the Offering Documents, and all of the information presented herein is subject to change without
notice to you or any other recipient hereof. Some of the information presented herein may constitute “forward-looking information.” Forward-looking information is based on numerous assumptions and is
speculative in nature and may vary significantly from actual results.
Certain performance data contained herein is based upon or includes the value of unrealized investments. In many cases, the value of the unrealized investment is estimated due to the lack of a trading market.
There can be no assurance that estimated values or returns based on those values can be realized or that actual returns or results will not be materially lower than those stated herein. Certain assumptions
have been made to simplify the presentation and, accordingly, actual results may differ, perhaps materially, from those presented. This presentation includes a summary of the past performance of investments
managed by the principals. In considering any performance information contained herein, prospective investors should bear in mind that past performance is not indicative of future results, there can be no
assurance that the Fund will achieve comparable results in the future and that the return may increase or decrease as a result of currency fluctuations where the information is being distributed into a country
that has a currency other than that used in the past performance information. There can be no assurance that the Fund’s investment strategy will achieve profitable results.
CERTAIN ECONOMIC AND MARKET INFORMATION CONTAINED HEREIN HAS BEEN OBTAINED FROM PUBLISHED SOURCES PREPARED BY OTHER PARTIES. WHILE SUCH SOURCES ARE BELIEVED TO BE
RELIABLE, NEITHER THE FUND NOR ITS RESPECTIVE AFFILIATES ASSUME ANY RESPONSIBILITY FOR THE ACCURACY OR COMPLETENESS OF SUCH INFORMATION. NEITHER DELIVERY OF THIS
PRESENTATION NOR ANY STATEMENT HEREIN SHOULD BE TAKEN TO IMPLY THAT ANY INFORMATION CONTAINED HEREIN IS CORRECT AS OF ANY TIME SUBSEQUENT TO THE DATE HEREOF.
Target returns are on a per deal basis and based on current market data, deal pipeline and active portfolio construction, and are for illustrative/discussion purposes. Additional information is available upon
request. Past and target performance are not reliable indicators of future performance and there can be no assurance that any investment achieves its objectives or avoids substantial losses
No representation or warranty is made, express or implied, as to the accuracy or completeness of the information contained herein. No obligation to update the information contained herein is owed and
nothing contained herein should be relied upon as a promise or representation as to past or future performance. In consideration of the preceding paragraphs, we shall not assume any liability for the accuracy
or completeness of the information provided in this presentation or of any other written or oral communication in the course of the preliminary discussion regarding the Fund, except to the extend such liability
cannot be excluded by law.
The information in this presentation is intended to be current only as of the date of this presentation.

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DTCP is a European Investment Platform

Founded in 2015, DTCP is an independent investment firm

running complementary investment strategies focused on:
Growth Equity & Digital Infrastructure

€2.2bn 50
AUM Professionals Hamburg
London

Luxembourg

San Francisco Tel Aviv

60+ 19 24%
Investments LP’s1 Net-IRR2

1) Across the platform | 2) Average across all funds managed across the platform
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Growth Equity Focuses on Enterprise Software
Strong Performance with Limited Downside (2% loss ratio)

Enterprise Software Growth Equity Fund I (2015) Growth Equity Fund II (2018)

Europe-centric B2B SaaS • $125m fund size • $350m fund size

• 13 investments completed2 • 21 investments completed
• 4 Exits • 7 Exits
• 2 Unicorns, 3 Centaurs3 • 12 Unicorns, 9 Centaurs3
Growth Stage • 36% gross IRR / 3.3x MoIC • 42% gross IRR / 1.9x MoIC
Companies with • 24% net IRR / 2.4x TVPI • 29% net IRR / 1.6x TVPI
$10 – 50m recurring revenues1
• 0.4x net DPI • 0.6x net DPI

Category Winners
Defensible positions
and tech advantages
Growth Equity Fund III Will Continue to Build on Our Success
• Growth Equity Fund III (“GE III”) is targeting a
Data-Driven Assessment Process fund size of $500m with a hard cap of $600m First Growth Equity Fund III Deal
• $300m already raised & closed Leading provider of global
Predictable returns
Conversational AI solutions
and low loss ratios • First deal funded in June 2022

Note: Fund KPIs as of Q3-22 | 1) Annual Recurring Revenue “ARR” | 2) Excluding a small and one-time fund of fund investment in eValue being divested | 3) Unicorn: valuation over $1bn, Centaur: ARR over $100m
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