Kensington Capital Partners Ltd.

Kensington Global Private Equity Fund
(ex-dividend)

Total Fund Size: $58,004,388
NAV per Class A Unit = $22.48
NAV per Class E Unit = $22.73
NAV per Class F Unit = $23.17
NAV per Class G Unit = $22.74
As of May 15, 2012

Distribution Paid per Unit (2011) = $0.68

Global Private Equity Fund Fact Sheet

Fundgrade A

Kensington Global Private Equity Fund
vs. Public Market Performance
March 31, 2011 - May 15, 2012

Kensington Global Private Equity Fund
vs. Public Market Performance
Since Inception
April 20, 2007 - May 15, 2012

Interpretation Note: The Net Asset Value (NAV) of the Kensington Global Private Equity Fund is determined by Kensington based on the reported values and additional information provided by the General Partners who control and manage these investments. The stock market indices are based on publicly traded values. Kensington believes that it is interesting for investors to contrast the relative values of these data sets, however, readers should note that they may not necessarily be directly comparable. Readers should also note that the S&P500 index is reported in US dollars.

Kensington calculates and publishes the Net Asset Value of the Fund twice monthly: (i) on the 15th day of each month (or if not a business day, on the preceding business day), and (ii) on the last business day of each month.

Click here to view the Kensington Global Private Equity Fund Valuation Policy

Kensington is a Toronto based investment firm in the business of wealth creation, providing our investors with access to high quality investments that are not otherwise readily available to them. Our alternative investment program is now open to new investors seeking opportunities in private equity, infrastructure and hedge funds. Kensington also provides financial and strategic advisory services to clients in our target markets.

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KENSINGTON GLOBAL FUND QUARTERLY CONFERENCE CALL

On Friday, April 27 Kensington held a quarterly conference call to provide an update on the progress of the Kensington Global Private Equity Fund to date.

The call was recorded and available for replay for 30 days:
Local: 416.915.1035
North America: 1.866.245.6755
Passcode: 438115#

KENSINGTON GLOBAL FUND GAINS 6.6% DURING Q1 2012

The Kensington Global Private Equity Fund finished the first quarter of 2012 with a net asset value (NAV) gain of 6.6% above the December 31, 2011 close. This continues the strong performance of the past several quarters, which saw the Fund gain 15.1% through all of 2011 (11.7% in 2010). "As we move through year 4 and year 5 of the Fund's life, our private equity investments are now maturing and paying off for our investors," said Kensington Managing Director Tom Kennedy, "We believe that the portfolio is very well positioned for continued gains in the future."

Gains in the recent quarter were broadly based across several portfolio holdings, including funds and direct investments, Canadian and US investments, leveraged buyouts and venture capital. A significant portion of these gains were driven by realized investments from companies that were sold during the quarter, setting the stage for distributions to Unitholders later in 2012.

During the quarter, the Fund completed one new Fund investment, in the Whitecastle New Urban Fund II, L.P. The Fund currently has several different investment opportunities at various stages of review, some of which may lead to completed investments in Q2.

KENSINGTON LAUNCHES NEW CLASS OF UNITS FOR INVESTORS

The Kensington Global Private Equity Fund, launched in April 2007, is approaching its 5-year anniversary. Our experience with the Fund, and our ongoing dialogue with investors and their Advisors, has found that the Fund is generally well received by our investors, who appreciate the opportunity to diversify their portfolios through efficient and effective access to private equity.

However, we have also identified three areas where the Fund's fee structure could be improved:

Investors want to see a path, over time, to full redemption at their Unit's Net Asset Value (NAV), with no discount or redemption fee.
The management fee, including the Service Fee to Advisors (where applicable), was "off market" relative to other specialized investment funds.
The performance fee payable in Units vesting over a 5-year period was viewed as overly complex and, from Kensington's perspective, ineffective.

These observations have led us to a decision to update the Fund's structure with the launch of two new classes of Units: the "Class E Units" and "Class G Units" with new features designed to address each of these areas. The new classes of Units will fully participate in the Fund's portfolio alongside all other classes, with the only differences between classes being their fee structures. ....more