Illustrated on this page is the return sensitivity for Clairmont’s GP co-investment in a multifamily development opportunity from its prior vehicle, Fund Ill. As evidenced below, Clairmont’s ability to structure participation in the GP’s promote creates the potential for its investors to earn significant alpha (“a”), or positive return differential, when compared to the returns of the elite institutional LPs it invests alongside while simultaneously limiting downside exposure to commensurate returns as those same LPs.