2020 HIGHLIGHTS Investments GGW HOLDING Investment date: November 2020 Sector: B2B Insurance brokerage Country: Germany — GGW Holding is a leading platform of insurance brokers focused on B2B non-life insurance services across Germany. Founded in early 2020 by Hg, as sponsor and manager, its aim is to consolidate the highly fragmented sector. At the time, Ardian Private Debt provided additionaldebt capitalto fund further value accretive add-on acquisitions to grow the company, which consisted of four brokerage QUINTES firms. GGW Holding offers mission critical servicesInvestment date: October 2020 around insurance policies for SMEs, underpinned Sector: Insurance brokerage by local long-term relationships with high cross/ Country: Netherlands upselling potential for a highly diversified and loyal — customer base. Quintes is a leading independent insurance broker and Managing General Agent in the Netherlands. The company was founded in 2012 and acquired by Aquiline Capital Partners in July 2020 as part of a buy-and-build strategy in a fragmented sector, in which Quintes is one of the main consolidators, CITY & COUNTY having completed 25 acquisitions in the past Investment date: September 2020 3 years. Quintes focuses mostly on commercial lines Sector: Healthcare insurance products targeted at SMEs in more rural Country: United Kingdom areas where it can achieve superior underwriting — performance because of lower price elasticity and City & County is the UK’s largest provider of socialstickier customer relationships, and where it can care for predominantly elderly individuals withinbecome the local broker of choice. their own home, with over 25,000 service users and 12,500 carers providing 17 million care hours per annum through 20 brands. The company was founded in 2009 and acquired by Graphite Capital as part of a buy-and-build strategy, and has grown significantly since, both organically and through M&A. 104 INVESTMENT ACTIVITIES