Assets under Management ("AUM") are calculated on the basis of the latest available valuations of the portfolio investments at the date to which the AUM relates, for which AlpInvest provides continuous and regular supervisory or management services adjusted for interim cash flows up to December 31, 2016, plus unfunded capital subscriptions to underlying portfolio investments, plus uncommitted capital available for investment under existing mandates of AlpInvest's investors with investment periods that have not expired.