Market Overview

Golden Gate Capital to Make Majority Investment in Aperio Group

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Aperio
Group, LLC
("Aperio" or "the Firm"), a research-based investment
management firm, today announced that Golden Gate Capital ("Golden
Gate"), a leading private equity investment firm, has acquired a
majority equity interest stake in the Firm. Upon closing, Aperio will
continue to be led by its founders, Patrick Geddes, Chief Executive
Officer and Chief Tax Economist, and Paul Solli, Chief Marketing and
Strategy Officer. Mr. Geddes and Mr. Solli will each retain a
significant ownership stake in Aperio.

Aperio designs and manages highly customized public equity portfolio
solutions in separately managed accounts to meet the specific goals of
advisors and their clients, specializing in three practice areas: Active
Tax Management, Factor Tilts, and Socially Responsive Indexing/ESG.
Through advanced processes, investor-focused portfolio construction
research, and sophisticated technology, Aperio offers a level of
customization unmatched in the industry. The Firm was founded in 1999
and currently has $27 billion in assets under management.

Mr. Geddes said, "The Aperio team is excited to partner with Golden Gate
to continue executing on our core strategy of creating highly
personalized portfolios for our extensive network of advisors and
clients. After evaluating our options and holding extensive discussions,
we became confident that Golden Gate is the right partner for Aperio.
Golden Gate's unique perpetual structure, as well as its emphasis on
long-term relationships and desire to maintain Aperio's culture, provide
an excellent way for Aperio to continue serving its clients with the
same level of customization and consulting."

Rob Little, a Managing Director at Golden Gate, said, "We have long
admired the client-focused and customized solutions-oriented culture
that Aperio has perfected over nearly 20 years. Patrick, Paul, and the
entire Aperio team have built an unparalleled model in asset management
and client service. We are thrilled to support them as they continue to
build their business by emphasizing low-fee, tax-aware solutions
supported by top-notch client service, customization, and consulting
support."

UBS Investment Bank acted as financial advisor to Aperio Group, LLC.

About Aperio Group, LLC

Aperio Group, LLC, based in Sausalito, California, is a pioneer in
designing and managing custom portfolios to deliver targeted risk
factors or ESG (environmental, social, and governance) values customized
to a client's specific tax situation. As an investment manager, Aperio
works with both taxable and tax-exempt investors across a broad range of
US and international strategies. For more information, visit www.aperiogroup.com.
Form ADV Part 2A, which contains complete information regarding the
Firm's services and fees, can be obtained at www.adviserinfo.sec.gov.
This press release is for informational purposes only and should not be
considered a recommendation to buy or sell any types of securities.

About Golden Gate Capital

Golden Gate Capital is a San Francisco-based private equity investment
firm with more than $15 billion of capital under management. The
principals of Golden Gate Capital have a long and successful history of
investing across a wide range of industries and transaction types,
including going-privates, corporate divestitures, and recapitalizations,
as well as debt and public equity investments. Representative financial
services investments sponsored by Golden Gate Capital include Angel
Island Capital Management, LLC, Pluribus Labs, LLC, Nassau Reinsurance
Group, Green Street Advisors, and Makena Capital Management, LLC. For
more information, visit www.goldengatecap.com.

The information contained within this press release was carefully
compiled from sources Aperio believes to be reliable, but we cannot
guarantee accuracy. We provide this information with the understanding
that we are not engaged in rendering legal, accounting, or tax services.
In particular, none of the examples should be considered advice tailored
to the needs of any specific investor. We recommend that all investors
seek out the services of competent professionals in any of the
aforementioned areas. With respect to the description of any investment
strategies, simulations, or investment recommendations, we cannot
provide any assurances that they will perform as expected and as
described in our materials. Past performance is not indicative of future
results. Every investment program has the potential for loss as well as
gain.

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