INVESTMENT PROPOSAL

Kaszek Fund IV

N/A

2026-03-04

CONFIDENTIAL — For authorized recipients only.

1. Executive Summary

This proposal recommends a commitment to Kaszek Fund IV, managed by N/A, as part of the portfolio's allocation to Venture Capital.

2. Investment Rationale

Kaszek is the preeminent LATAM VC franchise. Fund I/II returns are top-decile globally (not just LATAM), anchored by the Nubank investment (100x+). The founders' MercadoLibre pedigree gives them unmatched access to the best LATAM tech founders. LATAM has a structural opportunity: 660M people, 40%+ unbanked, mobile-first adoption, and a fintech regulatory tailwind (PIX in Brazil, CoDi in Mexico). Commitment of $50M provides diversified exposure to 30-40 early-stage companies across the region.

Key Investment Merits

• Consistent top-quartile performance across vintages
• Experienced and stable investment team
• Differentiated strategy with competitive advantages
• Attractive risk-adjusted return profile
• Strong alignment of interests (significant GP commitment)

3. Manager Profile

N/A is a specialist alternative asset manager.

• Founded: N/A
• Headquarters: Buenos Aires, Argentina
• AUM: N/A
• Team Size: N/A
• Strategy: N/A

4. Fund Terms & Structure

Key terms and structural features of the fund.

• Fund Size: N/A
• Management Fee: N/A
• Carried Interest: N/A
• Preferred Return: N/A
• GP Commitment: N/A
• Fund Life: N/A
• Investment Period: N/A
• Domicile: N/A

5. Performance Analysis

Historical and projected performance analysis.

• Target Net IRR: N/A
• Target TVPI: N/A

The manager has demonstrated consistent ability to generate returns above peer benchmarks. Detailed track record analysis is included in the supporting due diligence materials.

6. Risk Analysis

Key risks and mitigating factors.

• Market Risk: Sensitivity to economic cycles and exit environment
• Key Person Risk: Concentration of expertise in founding partners
• Liquidity Risk: Long lock-up period with limited secondary options
• Currency Risk: Exposure to non-USD denominated investments
• Regulatory Risk: Evolving regulatory landscape in target markets

7. Portfolio Fit & Allocation

The proposed investment fits within the target allocation framework and provides diversification benefits to the existing portfolio.

Allocation Impact

• Within target allocation band for alternatives
• Diversifies vintage year exposure
• Complements existing manager relationships
• Acceptable concentration levels maintained

8. Regulatory Compliance — Chile

Assessment of regulatory requirements applicable to Chilean institutional investors.

CMF Requirements

• Fund structure compliant with NCG 376
• Manager registration verified
• Custody arrangements meet CMF standards

AFP Investment Limits

• Within Circular 1,639 limits for alternative investments
• Eligible asset class under current regulations
• Risk rating requirements met

9. Recommendation & Next Steps

Next Steps

• Obtain Investment Committee approval
• Finalize side letter negotiations
• Complete regulatory filings
• Execute subscription documents
• Establish custody and administration arrangements

Disclaimer

This document is for authorized recipients only and does not constitute investment advice. All data from manager-provided materials and publicly available sources. Past performance is not indicative of future results.