Global Index Methodology
Index membership and maintenance is determined by the Red Rocks Capital Index Committee. The Index is rebalanced at the end of each calendar quarter. There are no intra-quarter additions. Intra-quarter deletions occur only following de-listings from major stock exchanges.

Index Membership
Private Equity.Companies must have, or a stated intention of reaching, a majority of their assets invested in, or loans to, private businesses. Investments or loans must be made with at least five unrelated privately held businesses.
Domicile.Companies may be domiciled anywhere but the publicly traded stock must be listed on a recognized exchange outside the United States.
Market Capitalization.Must be greater than $100 million in market capitalization.
Business Type.The publicly traded stocks within the Index may be, but are not limited to, the following: Business Development Companies, publicly traded limited partnership interests, Investment Holding Companies, Special Purpose Acquisition Corporations, publicly traded Venture Capital Funds, Closed End Funds, Financial Institutions, Real Estate Investment Trusts, and any other vehicle whose primary purpose is to invest in, or lend capital to, privately held companies.
Excluded Business Types.Investment vehicles for the sole purpose of representing pooled investments or fund-of-funds of privately held businesses will be avoided in order to minimize additional layers of investment fees.

Index Removal
Index Violations.Substantial violations to the criteria stated above are removed from the Index.
Private Equity Purity.Changes in or prolonged interruptions to focus of investments from private equity.

Modified Market Capitalization Weighting
Market Capitalization.Primary weighting of stocks within the Indexis based on stock market capitalizations.
Diversification.Market capitalization may be modified in the interest of consolidated exposure of the underlying investments of Index constituents. Sector diversification is targeted to be similar to recognized industry weightings by other major Indices. Consolidated stage of investment is to be similar to the typical large institutional private equity portfolio: 65% late stage, 25% mid stage, and 10% early stage.
Private Equity Purity.Further adjustments to market capitalization may be made to companies experiencing diminishing exposure to private businesses or relatively unclear direct exposure versus other companies.
Restrictions.The Index holds a minimum of thirteen securities and a 10% maximum weight of individual securities. Companies that represent a 5% or greater weighting will not in aggregate equal more than 50% of the index.