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CamberView Partners

Country: U.S.

Sector: Advisory

www.camberview.com

CamberView Partners (“CamberView”) is a leading corporate governance advisory firm focused on providing shareholder engagement strategies to management and boards of directors of large publicly traded companies, particularly around events requiring shareholder votes. The CamberView team includes former senior corporate governance professionals from the largest asset managers in the world including Blackrock, Vanguard, State Street, Goldman Sachs, and Wellington. CamberView is based in San Francisco and has offices in New York and London.

In 2016, Corsair Capital acquired a large minority stake in CamberView to assist the company in its next stage of growth.

Repay Holdings

Country: U.S.

Sector: Payments

www.repayonline.com

REPAY Holdings (“REPAY”) is a leading provider of payment solutions to the $535+ billion U.S. consumer finance industry. Its offering includes credit and debit cards, Automated Clearing House (“ACH”), electronic bill payment and instant funding. Since inception REPAY has processed over $7.0 billion of credit card payment volumes and currently manages 2,500 customer relationships across 8,000+ locations in all 50 states. The company was founded in 2006 by its current management team and is headquartered in Atlanta, Georgia.

In 2016, Corsair Capital acquired a control stake in REPAY from its existing institutional owner. Founding shareholders rolled a significant portion of their equity in the company as part of the transaction and remain part of the senior leadership team.

Currencies Direct Holdings

Country: U.K.

Sector: Payments

www.currenciesdirect.com

Currencies Direct Holdings (“Currencies Direct”) is a leading provider of foreign exchange solutions to retail and business clients in Europe, South Africa, Australia, and the United States in a faster, simpler, and more cost effective fashion than traditional banks. Currencies Direct is a top 10 specialist provider by volume in the U.K. and one of the largest players by operating profit in the country. Currencies Direct is headquartered in London.

In 2015, Corsair Capital and Palamon Capital Partners, L.P. (“Palamon”) acquired Currencies Direct from its founding shareholders. Following the acquisition, Corsair Capital and Palamon jointly control Currencies Direct alongside the company’s founder and management, each of whom rolled a significant portion of their equity as part of the transaction in the form of a minority investment in the company.

First Eagle Investment Management

Country: U.S.

Sector: Asset Management

www.feim.com

First Eagle Investment Management (“First Eagle”) is an independent, privately-held asset management firm with more than $90 billion of assets under management and a heritage dating back to 1864. The company is based in New York City and focuses on fundamental, flexible, and benchmark agnostic investing across equities, fixed income, and multi-asset strategies.

In 2015, private equity funds managed by Corsair Capital and the Blackstone Group acquired a control stake in First Eagle at a $4 billion enterprise valuation through its holding company, Arnhold and S. Bleichroeder Holdings Inc.

Personal Capital Corporation

Country: U.S.

Sector: Asset Management

Personal Capital Corporation (“Personal Capital”) is a leading, technology-enabled provider of wealth management services to mass-affluent customers in the U.S. Personal Capital was founded in 2009 and is based in Denver and San Francisco and is an SEC Registered Investment Advisor.

In 2014, Corsair Capital led an equity capital raise by the company.

NoteMachine Financial Technology Services

Country: U.K.

Sector: Financial Infrastructure

www.notemachine.com

NoteMachine Financial Technology Services (“NoteMachine”) is a specialist independent ATM deployer and provider of foreign currency and international payment solutions to retail and business customers. It operates a network of more than 8,000 ATMs and 110 branches in the UK, and more than 500 ATMs in Germany. The company has developed a high quality fully integrated business model with market leading technology, which enables it to provide its services more efficiently and cost-effectively.

In 2012, Corsair Capital completed the full acquisition of NoteMachine from Rutland Partners.

Enstar Group Limited

Country: Bermuda

Sector: P&C Insurance

www.enstargroup.com

Enstar Group Limited (“Enstar”) is a Bermuda-based holding company that was formed in 2001 and became publicly traded on the NASDAQ in 2007. The company’s primary operating subsidiaries are located in Bermuda, the United Kingdom, the United States and Australia. Enstar’s core focus is to acquire and manage insurance and reinsurance companies in run-off. In 2013, the company expanded into the active underwriting business.

In 2010, Corsair Capital bought a large minority stake in Torus Insurance Holdings Ltd. (“Torus”), a privately-held global property and casualty insurance company with operations in the United States, United Kingdom, Lloyd’s insurance markets and Bermuda. In 2013, Torus entered into an agreement to be acquired by Enstar. Following the completion of the acquisition, Corsair Capital rolled over its Torus investment into Enstar shares, thus becoming a minority shareholder in Enstar.

CapStar Bank

Country: U.S.

Sector: Banking

www.capstarbank.com

CapStar Bank is a U.S. community bank focused on owner operators serving primarily commercial and high net worth customers in the Nashville, Tennessee market. CapStar Bank was established in 2008 at which time it was the highest capitalized start-up bank in Tennessee history.

In 2008, Corsair Capital participated as an anchor investor in this initial capital raise.

Kyobo Life Insurance

Country: Korea

Sector: Life Insurance

www.kyobo.co.kr

Established in 1958, Kyobo Life Insurance Co., Ltd. (“Kyobo”) is a privately-held, unlisted life insurance company based in Korea that offers a broad range of savings and protection products targeted at middle- and upper-income consumers. In addition to its core insurance products, which include whole life and fixed and variable annuities, as well as health protection products, Kyobo also maintains a complementary lending business, which provides policyholder, real estate, and mortgage loans.

In 2007, Corsair Capital acquired a large minority stake in Kyobo. The Kyobo transaction represented the first private equity investment in the Korean life insurance industry.

NewStar Financial

Country: U.S.

Sector: Specialty Finance

www.newstarfin.com

NewStar Financial, Inc. (“NewStar”) is a Boston-based commercial finance company that provides customized financing solutions to mid-sized borrowers through four focused groups: Leveraged Finance, Business Credit, Equipment Finance and Real Estate.

In 2004, Corsair Capital partnered with U.S. private equity firm Capital Z to assemble and lead an investor consortium seeking to capitalize and control the board of directors of NewStar. In 2006, NewStar completed an IPO on the NASDAQ.

Williams & Glyn

Country: U.K.

Sector: Banking

The Williams & Glyn (“W&G”) business is comprised of branch-based retail and SME banking operations throughout the United Kingdom. It is a fully deposit funded franchise with a network of 314 branches across England, Wales, and Scotland. W&G currently operates as a subsidiary of the Royal Bank of Scotland Group (“RBS Group”). In 2013, an investor group led by Corsair Capital and Centerbridge Partners was selected by RBS Group to acquire a large stake in its W&G business. The investor group purchased a senior ranking exchangeable bond issued by RBS Group which will convert into common equity of the newly established bank upon IPO.

In 2016, RBS Group decided not to pursue an IPO of W&G and instead chose to redeem our exchangeable bond.

United Community Banks

Country: U.S.

Sector: Banking

www.ucbi.com

United Community Banks, Inc. (“UCBI”) was the third largest bank holding company in the U.S. state of Georgia and operates more than 100 banking offices. The bank’s lending activities included residential and commercial real estate, construction, commercial, and consumer loans. In 2011, Corsair Capital and its affiliates anchored the recapitalization of UCBI. This recapitalization enabled UCBI to replenish its capital base following significant loan losses incurred during the U.S. real estate crisis, and to start growing its core business again.

In 2016, Corsair decided to fully exit its investment in UCBI through market sales.

National City Corporation

Country: U.S.

Sector: Banking

National City Corporation (“NCC”) was founded in 1845 and headquartered in Cleveland, Ohio. It was the United States’ 7th largest depository institution, with over $140 billion of assets at the time of its sale to The PNC Financial Services Group, Inc. in 2008. NCC operated through an extensive banking network of over 1,400 branches in the U.S. NCC’s core businesses included: (i) commercial and retail banking, (ii) mortgage financing and servicing and (iii) consumer finance and asset management. In 2008, Corsair led the $7 billion recapitalization of the bank to enable NCC to proactively manage its portfolio of troubled loans and withstand further dislocation in the U.S. credit markets. Later that year, the company’s board accepted an offer from The PNC Financial Services Group (“PNC”) to acquire NCC.

Following this transaction, Corsair received a combination of cash and PNC shares in exchange for its NCC shares. During 2009, Corsair sold all of its PNC shares.

Powszechny Zakland Ubezpieczen

Country: Poland

Sector: Life Insurance

Polish insurer Powszechny Zakland Ubezpieczen S.A. (“PZU”) was the largest insurance group in central and Eastern Europe in terms of both premiums written and total assets. PZU had the number one market position in Poland in both property & casualty and life insurance and served over 20 million corporate and retail customers. When Corsair made its investment, PZU was a privately-held, unlisted former state enterprise, majority-owned by the Polish State Treasury. In 2005, Corsair’s investment was executed through private purchases of PZU stock from the National Investment Fund of Poland.

In 2010, PZU listed on the Warsaw Stock Exchange. Following the IPO, Corsair exited its investment through public market sales.

CompuCredit Corporation

Country: U.S.

Sector: Specialty Finance

CompuCredit Corporation (“CompuCredit”) was an information-based direct marketer of credit card and other fee-based credit products to sub-prime customers throughout the United States. CompuCredit also offered pay-day loans, auto finance loans and pre-paid debit card products to its customers. CompuCredit began operations in 1996 and completed an IPO of its common stock in 1999. In 2000, Corsair made its first investment in CompuCredit. At the time, CompuCredit was in high growth mode with a need for new equity capital. Corsair’s second investment in the company took place in 2001 in the form of convertible preferred securities. In 2012, CompuCredit renamed itself Atlanticus Holdings Corporation.

In 2005, Corsair sold part of the common shares in a block trade and fully exited the remainder of its position in 2010.

East West Bancorp

Country: U.S.

Sector: Banking

East West Bancorp (“East West”) was the 3rd largest U.S. bank headquartered in California and the largest bank in the United States focused primarily on serving the Chinese-American community, with more than $20 billion of assets. The bank was publicly traded on the NASDAQ. In 2009, Corsair led an investment in East West as part of its Federal Deposit Insurance Corporation (“FDIC”) assisted acquisition of United Commercial Bank (“UCB”), a California-based bank with over $11 billion in assets, that also served the Chinese-American community. Corsair believed that UCB presented a compelling consolidation opportunity for East West given the complementarity of their businesses. Corsair was the first private equity firm to partner with a strategic buyer to complete an FDIC-assisted acquisition following the recently issued FDIC guidelines

In 2010, Corsair decided to fully exit its investment in East West through market sales.

MPC Capital

Country: Germany

Sector: Asset Management

MPC Münchmeyer Petersen Capital AG (“MPC”) was the largest independent closed-end fund manager in Germany, specializing in the mass affluent market. MPC’s investment products focus primarily on the shipping, real estate, life insurance, and private equity asset classes. In 2004, MPC Group, a company controlled by the Schroeder family, sought to divest part of its majority shareholding in MPC to provide liquidity for other family business activities. Corsair acquired a 20% stake in MPC and worked closely with MPC’s management on a number of strategic initiatives including acquisitions, partnerships and new product lines.

In 2007, Corsair II exited its investment through a block sale transaction. Corsair III continues to hold its investment in MPC.

Axis Capital Holdings Limited

Country: Bermuda

Sector: P&C Insurance

Axis Capital, headquartered in Bermuda, provided specialty-lines insurance and treaty reinsurance for customers around the world. Axis maintained operating subsidiaries in Bermuda, Ireland, and the United States, through which it focused on coverage for specialized classes of risk including onshore and offshore energy, aviation and aerospace, commercial property and marine. In 2001, Corsair joined a consortium with other financial parties, such as MMC Capital and J.P. Morgan Partners, LLC, to capitalize a new insurer, Axis Capital, and take advantage of a market dislocation.

In 2003, the company successfully completed an IPO on the New York Stock Exchange. Over 2003-2007, Corsair sold all of its shareholding in Axis on the public markets.

LongAcre Partners

Country: U.K.

Sector: Financial Advisory

LongAcre Partners Limited (“LongAcre”) was a financial advisory firm servicing clients in the European telecommunications, media and technology sector. The company provided investment banking services, including mergers and acquisitions, capital raising, management buy-outs, strategic alliances and shareholder restructurings to small and mid-sized companies, primarily in the media sector. In 2000, Corsair founded LongAcre in partnership with Olswang Partners, one of the United Kingdom’s pre-eminent media law firms.

In 2007, the company repurchased all shares held by Corsair and Olswang Partners.

Catlin Group Limited

Country: U.K.

Sector: P&C Insurance

Catlin Group was a Bermuda-based property and casualty insurance holding company with multiple operating platforms in the world’s major underwriting markets: Lloyd’s of London, Bermuda, and the non-Lloyd’s London market. Catlin was focused on the insurance and reinsurance markets, operating largely in specialty lines of coverage such as aviation, marine and professional liability. In early 2002, Corsair partnered with U.S. private equity firm Capital Z Partners to assemble and lead an investor consortium that recapitalized Catlin and took control of the company’s board of directors.

In 2004, Catlin successfully completed an IPO on the London Stock Exchange. Over 2004-2005, Corsair sold all of its shareholding in Catlin on the public markets.

KorAm Bank

Country: Korea

Sector: Banking

Founded in 1983 as a joint venture between the Bank of America and several Korean companies, KorAm Bank (“KorAm”) was the sixth-largest bank in South Korea prior to its acquisition by Citigroup in 2004. The company provided a wide range of corporate, retail, trust and international banking services. In early 2000, Corsair partnered with The Carlyle Group to lead an international investor consortium that recapitalized KorAm Bank in the wake of the Asian financial crisis.

In 2004, Corsair exited this investment when Citigroup acquired KorAm. At that time, Citigroup’s acquisition of KorAm was the largest foreign direct investment in Korean history.

Unibanco

Country: Brazil

Sector: Banking

Founded in 1924, Uniao de Bancos Brasilieros, S.A. (“Unibanco”) was a full-service financial institution in Brazil that provided a wide range of financial products and services to all segments of the Brazilian market. In 2008, Unibanco merged with Banco Itaú to form Itaú Unibanco. In 1999, Unibanco raised approximately $400 million of new equity to fund both internal growth and several potential acquisition opportunities. Corsair participated in this private placement.

In 2004, Corsair exited its entire position through a block trade.

Banco Hipotecario

Country: Argentina

Sector: Banking

Banco Hipotecario Nacional (“BHN”) was one of the oldest financial institutions in Argentina, established in 1886 as a state-owned bank specializing in mortgage lending. The bank pioneered mortgage lending on extended, low-interest terms, and thus contributed to consolidating a modern Argentine economy. In 1999, BHN was privatized through an international offering. Corsair participated in BHN’s 1999 offering as part of a consortium of international private investors led by a Corsair limited partner.

In 2001, Corsair completed a full exit from the investment through open market sales.

Banc Handlowy

Country: Poland

Sector: Banking

Bank Handlowy w Warszawie SA (“Bank Handlowy”) was one of Poland’s oldest financial institutions and acted as the foreign trade bank under the country’s socialist regime. Following the significant political and economic changes of the 1990s, Bank Handlowy was able to transform itself successfully into a premier corporate and mid-size business bank in the domestic Polish marketplace. In 1997, Corsair helped assemble a core shareholder group that acquired 24% of Bank Handlowy as part of the privatization of the bank by the Polish State Treasury following a banking crisis in the mid-1990s.

In 2000, Corsair, working closely with the management and the Polish State Treasury, negotiated a successful strategic sale of the company to Citibank.

Swedbank

Country: Sweden

Sector: Banking

Sparbanken Sverige A.B. (“Swedbank”) was formed in 1992 through the merger of Sweden’s central commercial bank for the savings bank sector and 11 regional savings banks. Following the company’s merger with Foreningsbanken in 1997, the new institution became the second largest banking firm and the most recognizable financial brand name in Sweden. In 1994, Corsair provided the first private sector capital for the Swedish savings bank sector by leading a recapitalization of the bank during the Swedish banking crisis of the early 1990s.

In 1997, Corsair exited this investment through a block sale.

The portfolio companies in this section are intended to be representative of the types of investments that have been made by Corsair and do not include all investments made.