Parthenon 2024 Year in Review

Parthenon Capital ("Parthenon") is investing Fund VII, a $4.6 billion pool of capital, and targeting equity investments in the $100 million to $600 million range. We seek growth opportunities in our core sectors of financial services, healthcare solutions and business/tech services ("Core Sectors"). We favor dynamic subsectors, consolidation opportunities, corporate carve-outs or other opportunities with complexity and/or potential to accelerate growth. We often partner with management teams to develop market leaders in emerging subsectors and niches. We have significant resources to help build-out company infrastructure, automation, go-to-market and product/tech development. Investment theses often involve information or knowledge-based businesses, first mover advantages, regulatory complexity and/or product/tech capabilities to displace incumbents. With familiarity and experience in our industries combined with our company-building mindset, we are long-term investors that prioritize substantial and durable value-creation.

Recent highlights include:

• Parthenon named RCP Advisors' 2024 Manager of the Year
• New platform Medical Review Institute of America ("MRIoA"), leading provider of outsourced utilization management and clinical review solutions for healthcare payors
• 28 add-on acquisitions at 9 portfolio companies
• 3 major liquidity events including sale of Institutional Cash Distributors ("ICD") to Tradeweb Markets (Nasdaq: TW)
• $9.7 billion of debt issuance at 13 companies, comprised of new financings, upsizings, refinancings and A&Es
• 18 new C-suite executives at 10 portfolio companies, including 4 new CEOs
• 15 new Parthenon employees