TPE Boulder Fund 2022 (Year End 2025)

Welcome to the video update on TP Boulder Fund 2022.

We've got some good news in terms of the pending first liquidity event, which Lydia will go into in more detail.

Um, and also in terms of the performance of the fund, the interim IRRa of the fund today is a 19%

annual internal rate of return.

According to pitchbook, the median performance of 2022 private equity funds is 13%.

And the top quartile of private equity funds is returning 18%. So we're very pleased that this is

18%. So we're very pleased that this is a top quartile performing fund and I'm sure you're pleased to be in a top

quartortile fund. We're now going to

quartortile fund. We're now going to cover the 11 active portfolio companies in the portfolio. We'll start with the

stars which Lydia will cover which represents 27 28% of the fund. I will

then cover the companies that are performing but aren't at least yet stars and that's about 45% of the portfolio and then Lydia will conclude with the

underperforming companies which is three or about 27 to 28% of the portfolio.

Our three best performing portfolio companies in fund 2022 make up 27% of the portfolio.

Mars solar energy company. The economic

incentives for solar at both the federal and state levels have declined since our investment. However, Mars has been able

investment. However, Mars has been able to excel despite this.

They are focused on California where solar is mandated for all new construction and Illinois where state level incentives still exist. Through

organic growth and smart M&A, Mars has eclipsed 150 million in annual revenue.

The fair value of Mars equity as of the end of the year 2025 sits at almost six times the fund's original cost.

Triage fiber optic cable laying. They

are at over 150 million annual revenue.

Half of the triage investment is being put into a continuation vehicle which will provide a 50% liquidity event for the fund.

This continuation vehicle was orchestrated by Broadree and we expected to close in March.

This would provide the fund with a four times money on money return in the 3 and 3/4 years on 50% of the triage

investment.

How these continuation vehicles are arranged is that 50% of the liquidity comes when the deal closes and then the last 50% is 6 months later.

We have high hopes for the continued success of the half of the investment which the fund will still hold.

It sync vertical software company focused on the cruise and maritime industry. They have an incredible rule

industry. They have an incredible rule of 40 of 83 driven by a 58% IBA margin.

They are finalizing legal agreements on a multi-year extension of their relationship with the cruise line Carnival.

I'm now going to cover the performing companies that are doing well but need to uh advance further to be considered a

star in the portfolio. The first is our company ERS, which is an engineering consulting firm that consults with

manufacturing companies for corporate recycling lines and the um position you know has done

our investment position and the company has done well. Ebbit uh 17% 15% growth which produces a good rule of 40 of 32.

The business model is being innovated going forward and we hope that the company can be in a position where it

can actually share in the end result of the recycling particularly in precious metals so that it has ownership in the

final flow of these recycling lines.

Southeast X-ray is our imaging company that has been uh primarily in the um VA system. It has a very good cash position

system. It has a very good cash position of 9.2 million. They did face headwinds

in 2025 due to the 20% reduction in personnel in VA uh instituted by the Trump administration. But it had a

Trump administration. But it had a pretty good year despite that because it has all these existing centers.

What the company is doing to innovate going forward is getting into the mobile X-ray marketplace which not only gives

them an additional way to access veteran populations but also opens itself up to a new patient population which is

largely the Medicare population.

US Migraine is our surgical implant company for the treatment of severe uh chronic migraine and uh the it has a

much lower rule of 40 of 15 even though it has really spectacular uh Ebbit margins of 65% because the revenue has

decreased. What we saw in the fourth

decreased. What we saw in the fourth quarter of 20 uh 25 and into the first couple of months here of 2026 is that

the most important sort of leading indicator of revenue which is patient consultations. They go through a

consultations. They go through a pipeline where they're contacted by social media. They then uh arrange a

social media. They then uh arrange a consultation. they have a first initial

consultation. they have a first initial implant that is just to see whether the patient is uh going to have any rejection issues etc. and then the final

implant which produces of course the revenue and so we look very heavily at the consultation part of that pipeline because it translates pretty well into

future revenue and that increased substantially over the last few months.

Amplify Marketing is our corporate and uh political event uh management company that focuses mostly on uh audio for

large corporate events and and also political. Um they um are a company that

political. Um they um are a company that uh has a profitable operation. They have

existing customer base that's well diversified. They had a somewhat

diversified. They had a somewhat disappointing 2025 because they uh experienced

a much lower political uh events because it was the year after a presidential election, but also um there were some

delays in their corporate events. The

company has done a good job of building the pipeline and we're convinced that 2026 is going to be a substantially better year.

Mudshare is our texting company for fundraising in politics. As we've

described before, this is a company that really lives by the four-year cycle of national politics. So 2024

national politics. So 2024 was that presidential year. That's the

best year. 2025 is the worst of the four-year cycle and and we have a midterm year now and so mudshare actually performed better than we

expected last year and in the context of this four-year political cycle is a performing asset.

The underperforming portfolio companies make up the last 28% of the portfolio.

Bear Group digital marketing focused on the e-commerce industry.

This has been a difficult market as e-commerce peaked during the pandemic and subsequently saw a correction.

Bear Group has a rule of 40 of five due to 3% year-over-year revenue shrinkage and an 8% ebidal margin. Fortunately,

Bear is the smallest remaining investment in the fund.

Growth 99, new patient acquisition and patient engagement for aesthetic physician practices.

This has been a disappointing company currently with continued high customer churn. They have a rule of 40 of one due

churn. They have a rule of 40 of one due to 3% revenue shrinkage and a 4% Ebida margin. The key initiatives today are

margin. The key initiatives today are around revenue growth, increased customer renewals and cost containment.

TBX, software for the private aviation maintenance and repair market.

They currently have flat sales. However,

unlike the last two companies, TBX is still quite promising. We believe 2026 will be the year they show revenue growth based on the great work they've done

um in 2025 and integrating the two previously competing software offerings into one conjoined offering.

>> So in conclusion, as Lydia mentioned, there's three names that uh are going to drive the returns of this fund. Mars,

Triage, and Insync, two of which are already $150 million companies, one of which is having a partial liquidity event that we project will close by the

end of the first quarter of this year.

And the second key to the fund will be getting some of these performing companies hopefully into the star category of which we think that ERS

Southeast X-ray and US Migraine are the best candidates. Finally, we're happy

best candidates. Finally, we're happy that we're in the top quartile performance for the vintage year and we look forward to updating you as the year progresses. Thank you very much.

progresses. Thank you very much.