ROBECO PRIVATE EQUITY CERTIFICATE, EUR - Robeco.com

ROBECO PRIVATE EQUITY CERTIFICATE, EUR
EXPLORE THE OPPORTUNITIES OUTSIDE THE EXCHANGE
I N B R I E F :
Issuer: Robeco Bank Holding
Currency: Euro
Nominal value: EUR 1,000
Issue price: 100%
Issue date: 28 February 2006
Maturity date: 28 February 2018, with the
possibility of extension with a maximum of 3
years
QUARTERLY REPORT
Q4 2006
Payments: semi-annually on 15 January
and 15 July
The payments on the Certificates may start
as soon as total distributions from the basket
are greater than total contributions to the
basket in the previous semi-annual period
ISIN code: XS0239558819
Listing: Euronext Amsterdam
Underlying Investments:
Robeco European Private Equity
Robeco Global Private Equity
Robeco European Private Equity II
Robeco Global Private Equity II
Robeco Private Equity Opportunities
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ROBECO PRIVATE EQUITY CERTIFICATE,
OFFICIAL VALUES
Payments on the Robeco Private Equity Certificates will be made semi-annually depending on the
contributions to and the distributions from the 5 Underlying Funds in the Robeco Private Equity Basket.
In the table below the cumulative contributions and cumulative distributions up until the last business
day of each quarter are stated (per Certificate with EUR 1,000 notional value).
Cumulative Cumulative Certificate
Last Business Day of the
Contributions Distributions Payment
Quarter
(EUR)
(EUR) Amount (EUR)
March 31, 2006 270.40 -
June 30, 2006 336.13 - -
September 30, 2006 384.65 -
December 29, 2006 501.19 - -
Certificate
Payment Date
Page 2 of 8

ROBECO PRIVATE EQUITY CERTIFICATE,
REPORT FROM THE INVESTMENT MANAGER OF THE UNDERLYING INVESTMENTS
Private equity markets
The year 2006 brought another record in terms of fundraising. According to Private Equity Intelligence,
USD 365 billion was raised, up 25% from 2005. The number of funds seeking commitments grew to well
over 800 funds. In the United States USD 215 billion was raised, in Europe USD 85 billion, and the
Emerging Markets contributed USD 65 billion. The surge in private equity fundraising is largely
attributable to the good performance delivered by private equity funds, which has been notable in the
past few years in the large buyouts segment.
Notable is the concentration of assets being raised. As in 2005, the emergence of mega funds continued
in 2006. Ahead of the pack was Blackstone, with a fund that has already raised USD 16.5 billion and will
likely end its fundraising at USD 20 billion. We see more and more private equity funds coming in the
USD 10+ billion segment, both in Europe as well as in the United States.
From a thematic standpoint, the largest growth of the fundraising has been in the large buyouts
segment. In 2006 roughly half of the amounts raised was targeted towards this segment. In our opinion
the result of this trend is twofold: (i) it gives private equity access to a market segment that has only
exceptionally been touched upon historically; (ii) there will be a shift in terms of expected returns. The
latter will be driven by the fact that a large part of the transactions being available for the largest funds
are public-to-private transactions. In this segment, there is competition from hedgefunds, further setting
back returns through increasing acquisition prices.
The rate of capital being called by the funds that were raised in recent years has been faster than those
of older vintage years. This implies that the capital overhang (the unused amount of commitments given
to private equity funds) has diminished during 2006. Result of this is that funds are and will be coming
back to the market sooner than ever before, in many cases within 2-3 years.
The amount of debt that is currently available for transaction is at a very high level. The rise in purchase
prices is largely fuelled by the amounts of additional debt. There are no signals that the abundance of
capital available at low cost is stopping as of yet. At some point this will come to end, though no one
knows exactly when this will happen, and that at that moment some major defaults are likely to happen.
All in all we see that fundraising is fuelled by good performance, which is largely biased towards the large
buyout market. This market has been delivering consistent and good returns for over 20 years.
Robeco Private Equity Basket
As of December 29, 2006, the total number of private equity funds in the Robeco Private Equity Basket
was 78. In the fourth quarter of 2006, 15 new private equity funds were added. An important event was
the acquisition of a secondary portfolio with 13 funds in October 2006. Both Robeco Global Private Equity
II and Robeco Private Equity Opportunities participated in this purchase which has a positive effect on the
ramp-up on the portfolio. After the full completion of this purchase the Cumulative Contributions will rise
to EUR 578.28.
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ROBECO PRIVATE EQUITY CERTIFICATE,
ROBECO PRIVATE EQUITY BASKET OVERVIEW (data as per December 29, 2006)
Robeco Private Equity Basket
(vintage year allocation)
2007
3%
1992-1999
4% 2000-2002
21%
2006
45%
2003-2005
27%
Robeco Private Equity Basket
(category allocation)
Buyouts
29%
Venture Capital
13%
Development Capital
58%
Robeco Private Equity Basket
(regional allocation)
Rest of the World
6%
North America
33%
Western Europe
61%
Page 4 of 8

ROBECO PRIVATE EQUITY CERTIFICATE,
ROBECO PRIVATE EQUITY BASKET PORTFOLIO (as per December 29, 2006)
Robeco Global Private Equity
Fund Name Region Category Vintage Year
3i Europartners IVa, L.P. WE DC 2003
Accent Equity 2003, L.P. WE DC 2003
Advent Global Private Equity IV-D, L.P. WE DC BO 2001
Advent Global Private Equity V-C, L.P. WE DC BO 2005
APAX Europe V - A, L.P. WE VC DC BO 2001
APAX Europe VI - A, L.P. WE VC DC BO 2005
Atlas Ventures VI, L.P. NA WE VC 2000
Bain Capital VI Coinvestment Fund NA DC 1998
Barclays Private Equity European Fund 'D' WE DC 2002
Barclays Private Equity European Fund II "E", L.P. WE DC 2005
Bencis Buyout Fund II WE DC 2004
Capital International Private Equity Fund IV, L.P. RoW DC 2004
Charterhouse Capital Partners VII, L.P. WE BO 2003
Crimson @ Velocity Fund, L.P. NA RoW VC 2000
Deutsche European Partners IV (No.2), L.P. WE BO 1999
EQT IV, L.P. WE BO 2004
Exponent Private Equity Partners, L.P. WE DC 2004
Forward Ventures V, L.P. NA VC 2004
Friedman Fleischer & Lowe Capital Partners II, L.P. NA DC BO 2004
FS Equity Partners V, L.P. NA DC BO 2004
Green Equity Investors III, L.P. NA DC BO 1999
Green Equity Investors IV, L.P. NA DC BO 2003
Heartland Industrial Partners, L.P. NA DC 2000
Industri Kapital 2000 Limited Partnership III WE DC BO 2000
Institutional Venture Partners XI, L.P. NA VC 2005
J.P. Morgan Partners Global Investors (Cayman), L.P. WE DC BO 2004
Kelso Investment Associates VII, L.P. NA DC BO 2004
Lindsay Goldberg & Bessemer, L.P. NA WE BO 2002
Nordic Capital V, L.P. WE DC 2003
PAI Europe IV-B WE DC BO 2005
Permira Europe III, L.P. WE DC BO 2004
SPC Partners III, L.P. NA DC 2003
Stonebridge Partners Equity Fund II, L.P. NA DC 1997
TA Atlantic & Pacific V, L.P. NA WE VC DC 2005
The 3rd Cinven Fund US (No. 5), L.P. WE BO 2002
Warburg Pincus International Partners, L.P. NA WE RoW DC BO 2000
Wellspring Capital Partners III, L.P. NA DC 2002
Willis Stein & Partners III, L.P. NA DC BO 2001
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ROBECO PRIVATE EQUITY CERTIFICATE,
Robeco European Private Equity
Fund Name Region Category Vintage Year
3i Europartners IVa, L.P. WE DC 2003
Accent Equity 2003, L.P. WE DC 2003
Advent Global Private Equity IV-D, L.P. WE DC BO 2001
Advent Global Private Equity V-C, L.P. WE DC BO 2005
APAX Europe V - A, L.P. WE VC DC BO 2001
APAX Europe VI - A, L.P. WE VC DC BO 2005
Atlas Ventures VI, L.P. NA WE VC 2000
Barclays Private Equity European Fund 'D' WE DC 2002
Barclays Private Equity European Fund II "E", L.P. WE DC 2005
BC European Capital VIII, L.P. WE BO 2005
Bencis Buyout Fund II WE DC 2004
Charterhouse Capital Partners VII, L.P. WE BO 2003
CVC European Equity Partners IV (B), L.P. WE BO 2005
Deutsche European Partners IV (No.2), L.P. WE BO 1999
EQT IV, L.P. WE BO 2004
Exponent Private Equity Partners, L.P. WE DC 2004
Industri Kapital 2000 Limited Partnership III WE DC BO 2000
Nordic Capital V, L.P. WE DC 2003
PAI Europe IV-B WE DC BO 2005
Permira Europe III, L.P. WE DC BO 2004
Sovereign Capital Limited Partnership II WE DC 2004
The 3rd Cinven Fund US (No. 5), L.P. WE BO 2002
Robeco European Private Equity II
Fund Name Region Category Vintage Year
21 Centrale Partners III WE DC 2006
3i Europartners Va, L.P. WE DC 2006
Advent Global Private Equity V-C, L.P. WE DC BO 2005
Barclays Private Equity European Fund II "E", L.P. WE DC 2005
BC European Capital VIII, L.P. WE BO 2005
Charterhouse Capital Partners VIII, L.P. WE DC 2006
CVC European Equity Partners IV (B), L.P. WE BO 2005
EQT V, L.P. WE BO 2006
Gresham 4A, L.P. WE DC 2006
Investindustrial III, L.P. WE DC 2005
Nordic Capital VI Beta, L.P. WE DC 2006
Permira IV, L.P.2 WE BO 2006
Quadriga Capital Private Equity Fund III, L.P. WE DC 2006
Terra Firma Capital Partners III, L.P. WE BO 2006
The Fourth Cinven Fund (No. 2), L.P. WE DC 2006
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ROBECO PRIVATE EQUITY CERTIFICATE,
Robeco Global Private Equity II
Fund Name Region Category Vintage Year
21 Centrale Partners III WE DC 2006
3i Europartners Va, L.P. WE DC 2006
Advent Global Private Equity V-C, L.P. WE DC BO 2005
AIG Brazil Special Situations Fund, L.P. RoW DC 2000
APA Excelsior V, L.P. NA VC DC 1998
APAX UK VI - D, L.P. WE VC DC BO 1997
Apollo Overseas Partners VI, L.P. NA WE BO 2006
Bain Capital Fund IX, L.P. NA BO 2006
Barclays Private Equity European Fund II "E", L.P. WE DC 2005
BC European Capital VIII, L.P. WE BO 2005
Blue River Capital I, LLC RoW DC 2006
Brait IV, L.P. RoW DC 2006
Brazos Equity Fund II, L.P. NA DC 2006
Charterhouse Capital Partners VIII, L.P. WE DC 2006
Court Square Capital Partners (Offshore) II, L.P. NA DC 2007
CVC European Equity Partners IV (B), L.P. WE BO 2005
EdgeStone Capital Equity Fund III (International), L.P. NA DC 2006
Emerging Europe Convergence Fund II, L.P. RoW DC 2005
Environmental Private Equity Fund II, L.P. RoW VC 1992
EQT V, L.P. WE BO 2006
Gresham 4A, L.P. WE DC 2006
Grotech VI, L.P. NA VC DC 2000
Index Ventures (Jersey) II, L.P. WE VC 2000
Investindustrial III, L.P. WE DC 2005
Knightsbridge Integrated Holdings II, L.P. NA VC 1992
Knightsbridge Integrated Holdings III, L.P. NA VC 1996
Knightsbridge Integrated Holdings IV, L.P. NA VC 1998
Knightsbridge Integrated Holdings V, L.P. NA VC 2000
Lindsay Goldberg & Bessemer II, L.P. NA WE BO 2006
Nordic Capital VI Beta, L.P. WE DC 2006
Permira IV, L.P.2 WE BO 2006
Quadriga Capital Private Equity Fund III, L.P. WE DC 2006
Sterling Capital Partners II, L.P. NA DC 2005
Terra Firma Capital Partners III, L.P. WE BO 2006
The Fourth Cinven Fund (No. 2), L.P. WE DC 2006
The Index Special Situations Fund, Ltd. NA VC DC 1999
The Lightyear Fund II, L.P. NA DC 2005
The Lightyear Fund, L.P. NA DC 2001
The Taiwan Special Opportunities Fund II, Ltd. RoW VC DC 1994
The Taiwan Special Opportunities Fund III, Ltd. RoW VC DC 1997
VantagePoint Venture Partners 2006 (Q), L.P. NA WE VC 2006
Wellspring Capital Partners IV, L.P. NA DC 2006
Robeco Private Equity Opportunities, L.P.
Fund Name Region Category Vintage Year
AIG Brazil Special Situations Fund, L.P. RoW DC 2000
APA Excelsior V, L.P. NA VC DC 1998
APAX UK VI - D, L.P. WE VC DC BO 1997
Environmental Private Equity Fund II, L.P. RoW VC 1992
Grotech VI, L.P. NA VC DC 2000
Index Ventures (Jersey) II, L.P. WE VC 2000
Knightsbridge Integrated Holdings II, L.P. NA VC 1992
Knightsbridge Integrated Holdings III, L.P. NA VC 1996
Knightsbridge Integrated Holdings IV, L.P. NA VC 1998
Knightsbridge Integrated Holdings V, L.P. NA VC 2000
The Index Special Situations Fund, Ltd. NA VC DC 1999
The Taiwan Special Opportunities Fund II, Ltd. RoW VC DC 1994
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ROBECO PRIVATE EQUITY CERTIFICATE,
WE = Western Europe, NA = North America, RoW = Rest of the World
VC = Venture Capital, DC = Development Capital, BO = BuyOuts
IMPORTANT INFORMATION
This report provides information about investment products which may not be registered or licensed for
public offering in some jurisdiction and which are not offered hereby. This report is distributed with the
sole purpose of providing additional information regarding Robeco Private Equity Certificates (EUR).
Neither this report nor any (other) information supplied in connection with the product constitutes an
offer or invitation by or on behalf of Robeco Institutional Asset Management B.V., the issuing party, any
of its affiliates, any other entity mentioned herein, or any of the investment funds discussed herein. The
information in this report has been obtained from or based upon sources believed to be reliable, but
Robeco Institutional Asset Management B.V. or any other entity mentioned herein does not represent or
warrant its accuracy or completeness, nor shall Robeco Institutional Asset Management B.V. or any other
entity mentioned herein be liable for any inaccuracy or incompleteness of the information mentioned
herein. Investors can find more information in the final prospectus relating to the Robeco Private Equity
Certificate. Robeco Institutional Asset Management B.V. is registered with the Authority for the Financial
Markets in Amsterdam, the Netherlands. Robeco Bank Holding is a tradename of Robeco Direct N.V.
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