• In July 2015, Fund IX and affiliates invested $40 million in Vets First Choice, the leading provider of cloud-based prescription management, pharmacy services, marketing solutions, and business analytics for veterinary practitioners nationwide.
• In October 2014, Fund IX and affiliates, including LP Co-investors, invested approximately $600 million in CHC Group Ltd., the world's largest commercial operator of heavy and medium helicopters. The transaction implied an enterprise value for the company of approximately $1.9 billion.
• In July 2014, Fund IX and affiliates invested approximately $314 million to acquire Healogics Holding Corp., the largest hospital outsourced wound care services provider in the United States. The transaction was valued at approximately $910 million, before transaction fees and expenses.

• In July 2014, CD&R Fund IX invested $320 million to acquire Mauser Group, a global leader in industrial packaging. The transaction was valued at approximately £1.17 billion before transaction fees and expenses.
• In August 2014, CD&R Fund IX and affiliates invested $400 million to acquire Solenis (formerly known as Ashland Water Technologies) from Ashland Inc. The transaction was valued at approximately $1.8 billion.
• In January 2014, CD&R Fund IX and affiliates invested $339 million to acquire PharMEDium Healthcare Corporation, the leading provider of hospital pharmacy-outsourced sterile compounding services. The transaction was valued at approximately $950 million, including transaction fees and expenses.

Resources and Realizations

Fund IX held its final closing on May 8, 2014 with total commitments of $6 billion (excluding GP commitment).

Through March 31, 2015, $2.3 billion of capital had been called. As of March 31, 2015, the total capital available to be called from Fund IX limited partners was $3.7 billion.

There may be excess fee income received by CD&R that does not ultimately offset the management fee. Consistent with the historic approach of the CD&R fund partnership agreements, and in order to address tax concerns of certain limited partners, excess fee income (if any) would not be shared with the limited partners. Note, however, that as of the most recent management fee payment date (June 30, 2015) there is not any fee income to be carried forward and applied as a reduction of future management fees. We will continue to provide ongoing disclosure regarding any fee income-related credits that carryover to the following management fee payment period.

Liquidity Summary

The Fund IX portfolio companies have strong balance sheets, ample liquidity and minimal near-term refinancing requirements. As of March 31, 2015, available liquidity to cash interest averaged approximately 3.4x, and the average ratio of net debt to EBITDA across the portfolio was 5.7x.