GENERAL ENDOWMENT POOL

PRIVATE EQUITY
December 31, 2004

ISSUER SHARES MARKET VALUE

ACCEL VIII 8,848 474,790
AIG ASIAN INFRASTRUCTURE 124,144 594,528
AIG ASIAN INFRASTRUCTURE II 117,031 5,221,457
AIG GE CAP LATIN AMER 155,598 8,918,724
AIG INDIAN SEC. EQUITY 19,123 1,006,727
ALTA S D III 13,000 316,004
ARCH VENTURE FUND VI 4,688 356,705
ARSENAL CAPITAL PARTNERS B 32,977 2,261,264
BAIN CAPITAL FUND VIII 48,300 1,103,993
BAIN CAPITAL FUND VIII COINVESTM 4,255 425,500
BLACKSTONE CAPITAL PARTNERS IV 60,066 6,431,758
CHINA VEST IV 27,000 254,259
CLEARSTONE VENTURE PARTNERS IIIA 4,600 460,000
DARWIN VENTURE CAPITAL FUND 775 77,498
DE NOVO VENTURES II LP 12,461 1,027,688
DOLL CAPITAL MANAGEMENT 2,500 250,000
DOMAIN PARTNERS VI, LP 3,738 329,376
FORTRESS INVESTMENT FUND III LP 2,571 257,145
FREMONT PARTNERS III LP 21,867 1,198,100
GENSTAR CAPITAL PARTNERS IV, L.P 1,684 168,409
GLENCOE CAPITAL INSTITUTIONAL PA 2,398 236,993
GLENCOE CAPITAL PARTNERS III LP 10,136 1,019,140
GLOBESPAN CAPITAL PARTNERS IV 11,275 908,729
GOLDER THOMA CRESSEY III 13,188 15,892
GOLDER THOMA CRESSEY IV 35,165 36,994
GOLDER THOMA CRESSEY V 59,891 4,127,076
GRANITE GLOBAL VENTURES II, L.P. 5,750 575,000
HUMMER WINBLAD III 14,923 244,192
INSTITUTIONAL VENTURE IV 8,940 157,907
INSTITUTIONAL VENTURE V 12,189 6,948
INSTITUTIONAL VENTURE VI 18,800 227,386
INSTITUTIONAL VENTURE VII 27,105 1,360,563
INSTITUTIONAL VENTURE VIII 44,471 873,771
INTERSOUTH PARTNERS V 11,680 750,592
INTERSOUTH PARTNERS VI, L.P. 8,250 443,025
INTERWEST PARTNERS IV 8,400 15,070
INTERWEST PARTNERS V 22,860 390,652
INTERWEST PARTNERS VI 21,998 434,395
INTERWEST PARTNERS VII 21,722 917,966
INTERWEST PARTNERS VIII 28,000 1,974,196
INVERNESS PARTNERS II L.P. 10,808 1,011,195
INVESTMENT CO OF CHINA 117,500 122,200
KELSO INVESTMENT ASSOCIATES VII 2,198 137,747
KODIAK VENTURE PARTNERS III 3,794 332,866
KPCBGEP 114,388 10,222,468
LAKE CAPITAL PARTNERS LP 9,205 868,931
LATIN AMER CAP PART II 78,793 3,561,897
LIGHTHOUSE CAPITAL PARTNERS V LP 12,500 1,187,075
LINDSAY GOLDBERG & BESSEMER L.P. 16,397 1,254,495
MAYFIELD VIII 18,500 422,688
MPAE V 8,806 194
NOVAK BIDDLE VENTURE PARTNERS IV 750 75,000
OLYMPUS GROWTH FUND IV, L.P. 3,416 344,033
OXFORD BIOSCIENCE III 19,500 1,042,860
OXFORD BIOSCIENCE PARTNERS IV 16,875 1,261,913
Source: University of California, Office of the Treasurer of the Regents
 GENERAL ENDOWMENT POOL
PRIVATE EQUITY
December 31, 2004

ISSUER SHARES MARKET VALUE

PALOMAR VENTURES III, L.P. 2,415 241,500
PERSEUS 2000 EXPANSION 7,179 778,731
PERSEUS-SOROS BIOPHARMACEUTICAL 11,894 1,063,451
POLARIS VENTURE PARTNERS III 17,516 1,059,333
POLARIS VENTURE PARTNERS IV 15,625 1,324,859
REDPOINT VENTURES I 39,375 1,059,856
REDPOINT VENTURES II 12,840 866,032
SEQUOIA GEP 139,936 17,143,610
SKM EQUITY FUND II 78,323 3,257,614
TECHNOLOGY VENTURE IV 11,400 96,661
VENTURE STRATEGY PARTNERS II 9,840 449,904
VENTURE STRATEGY PARTNERS III 34,500 345,000
VERSANT VENTURES I 28,500 2,986,458
VERSANT VENTURES II 10,200 900,935
WARBURG PINCUS PRIVATE EQTY VIII 3,646 307,944
WCAS CAPITAL PARTNERS II 23,500 605,627
WCAS VI 67,700 1,355,896
WCAS VII 150,000 3,418,650
WELSH CARSON CP III 270,000 14,252,290
TOTAL PRIVATE EQUITY 119,210,324

Source: University of California, Office of the Treasurer of the Regents