Voya Financial, Inc. · NYSE:VOYA
Voya Financial — Pomona Investment Fund — Investor Presentation (June 2026)
29 slides from Voya Financial's investor presentation, Jun 30, 2026
Slide 1: Pomona Investment Fund
Pomona Investment Fund Quarter Ending June 30, 2026 An investor should consider the investment objectives, risks, charges and expenses of the Fund(s) carefully before investing. For a free copy of the Fund’s prospectus or summary prospectus, which contains this and other information, visit us at www
Slide 2: Disclosure
Disclosure TYPES OF INVESTMENTS AND RELATED RISKS The value of the Fund’s total net assets is expected to fluctuate in response to fluctuations in the value of the Investment Funds, direct investments and other assets in which the Fund invests. Discussed below are the investments generally made by I
Slide 3: Disclosure
Disclosure General Risks to Consider: Secondary investments: The ability of the manager to select and manage successful investment opportunities, underlying fund risks; these are non-controlling investments, no established market for secondaries, identify sufficient investment opportunities, and gen
Slide 4: Institutional-Quality Secondaries Fund For Individuals
Pomona Investment Fund (PIF) Institutional-Quality Secondaries Fund For Individuals 30+ years ~$2 billion Experience in secondaries Track record of PIF AUM as of 07/01/263 over 10 years 13.3% ~$21 billion 21% Pomona’s capital commitments1 Average discount at purchase4 PIF’s Class I annualized 10-yea
Slide 5: Pomona Capital: Over 30 years of private equity investing
Pomona Capital: Over 30 years of private equity investing Established presence Secondaries Multi-solution provider 30+ years of secondaries investing 11 flagship secondaries funds ~$21B* ~$21B platform* Private equity Evergreen secondaries fund (PIF) program 55+ professionals SMA customi
Slide 6: Private Equity Overview and the Secondary Market
Private Equity Overview and the Secondary Market 6
Slide 7: What Is Private Equity?
What Is Private Equity? Private equity represents investments in companies that are not publicly traded. Only ~22% of the ~16,500 companies in the US investable market are publicly traded. The remaining 78% can be accessed only through private equity.2,3 78% ~12,900 companies in US private equity in
Slide 8: What Is Secondary Private Equity?
What Is Secondary Private Equity? Secondary Investment A Limited Partner (LP) sells their private equity interest to another investor, considered to be the “second” purchaser of the LP inter Characteristics of secondaries Assets acquired Significantly funded, mature, and transparent assets Age of As
Slide 9: Drivers of opportunity in the private equity secondaries market
Today’s secondaries market Drivers of opportunity in the private equity secondaries market 6x+ growth in transaction volume What’s driving the rapid growth? B,C Secondary Market Transaction Volume over past 10 yearsB, C ≈$300B +$12 trillion in private equity capital of private equity capital raised
Slide 10: A growing number of secondary sellers across a diverse base
Today’s secondaries market A growing number of secondary sellers across a diverse base Growing seller baseA LP volume by seller typeA Pension / SWF 34% +40% Asset Manager 22% First time sellers Fund of Funds 15% 44% Financial Institution 12% YoY transaction volume increaseB Endowments & 12% Foundati
Slide 11: Investing Later in a Private Equity Fund's Life Mitigates the J-curve
Case for Secondary Private Equity Investing Later in a Private Equity Fund’s Life Mitigates the “J-curve” PRIMARY INVESTOR ENTRY SECONDARY INVESTOR ENTRY REMAINING HOLDING PERIOD Cash outflows as capital is Secondary interests are often deployed (years 1-3) purchased in years 3-7 Most capital has al
Slide 12: Secondaries have captured far more upside than downside
Secondaries have captured far more upside than downside One of the key distinctions of secondaries is their historical resilience during downturns Cambridge Secondariesvi Index vs. MSCI World Indexvii (2000-2025) Upside capture* Downside capture* 65% 0% In the 72 quarters when global equities In the
Slide 13: Historical Performance of Private Equity Secondaries
Historical Performance of Private Equity Secondaries Consistent outperformance vs public equityvi,vii Secondaries 10-year rolling returns have exceeded global equities by an average of 4.0% for calendar years ending 2015-2025 Cambridge Secondary MSCI World Index 24% 16% 13% 14% 14% 11% 12% 10% 13% 1
Slide 14: Pomona Investment Fund (PIF) Portfolio Characteristics and Investment Results
Pomona Investment Fund (PIF) Portfolio Characteristics and Investment Results We are not interested in buying a slice of the generic secondary market, but instead emphasize quality, price and a margin of safety in our investment approach. Michael Granoff, CEO and Founder of Pomona Capital 14
Slide 15: PIF: Designed for the Investing Public
PIF: Designed for the Investing Public PIF was created to overcome strategy & structural challenges faced by individuals seeking to invest in private equity Secondaries-focused Strategy Instant diversification Strong liquidity profile Compounded By fund, manager, vintage Portfolio distribution
Slide 16: Rigorous standards for both price and quality drive results
Considerations for gaining exposure to private equity Rigorous standards for both price and quality drive results High quality, growing assets . . . . . . acquired at attractive prices Revenue and earnings growth—drivers of sustainable, long-term PIF’s average discount on acquisitions performance—ar
Slide 17: Liquidity focus: Vital for compounding into fresh opportunities
Liquidity focus: Vital for compounding into fresh opportunities PIF Distribution Activity as a percent of average annual portfolio value (as of 12/31 of each year)1 First half distributions as a % of NAV (2023-2026) • 2026 distribution activity is 7.2% off to a strong start, with H1 6.0% trending hi
Slide 18: Emphasis on quality and liquidity have yielded attractive outcomes
Considerations for gaining exposure to private equity Emphasis on quality and liquidity have yielded attractive outcomes EXIT ACTIVITY Total distributions / return of capital Q1 2025 2.25x PIF distributions over the past 6 quarters show Q2 2025 2.33x that, for every $1 Q3 2025 2.44x invested, more t
Slide 19: Primarily secondaries, most of which are buyout funds
Primarily secondaries, most of which are buyout funds Investment Type Strategy Type PIF invests primarily in secondary private equity interests PIF’s composition reflects a focus on purchasing buyout funds Secondaries Buyouts As of 6/30/26 unless otherwise noted. Totals may not add due to rounding.
Slide 20: How return components stack up: Quality, discount and exit uplift
How return components stack up: Quality, discount and exit uplift QUALITY vs DISCOUNT UPLIFT ON EXIT Quality is the primary driver of PIF’s returns; Emphasis on quality and a reliable the discount helps. valuation approach contributes to uplift 2025 exits: Markup vs valuation two quarters prior to e
Slide 21: High quality managers and diverse sectors across developed markets
High quality managers and diverse sectors across developed markets Top 10 fund managers Sector exposure (as of 3/31/26)1 Geographic location 1 Eurazeo PME 6.4% North America 77% 2 Roark Capital Group 4.9% 3 Vista Equity Partners 4.2% 4 Gryphon Investors 4.1% 5 Harvest Partners 3.9% 6 Carlyle Group 3
Slide 22: Pomona Investment Fund Performance (as of 6/30/26)
Pomona Investment Fund Performance (as of 6/30/26) 1 Year 5 Year 10 Year Annualized Inception QTD Share Class Annualized Net Annualized Net Annualized Net Standard Deviation Date Net Return Return Return Return Since Inception Class A 5/7/2015 1.32% 1.02% 6.82% 12.75% 8.36% Class I 4/1/2018 1.46% 1.
Slide 23: Exposure to 90-95% of the Top-Ranked Private Equity Managers
Why Pomona Capital Exposure to 90-95% of the Top-Ranked Private Equity Managers Pomona’s Coverage of the HEC Paris – Dow Jones PE Ranking Rank 2025i 2024ii 2023iii 2022iv 1 Blue Owl GP Strategic Capital Francisco Partners TA Associates TA Associates 2 Francisco Partners TA Associates Ver
Slide 24: Inside PIF's three largest liquidity events in Q2 2026
Inside PIF’s three largest liquidity events in Q2 2026 Kioxia MasOrange Vantage Group EXIT TYPE IPO Strategic sale Strategic sale OVERVIEW One of private equity’s most successful Transformed into Spain’s largest Rapidly scaled a specialty insurer in investments in history 1 telecom operator by no. o
Slide 25: Endnotes to Presentation
Endnotes to Presentation Past performance of investments described herein is provided for illustrative purposes only and is not indicative of future investment results of any Pomona fund whose past performance is shown herein. Totals may not add due to rounding. There is no assurance that losses wil
Slide 26: Endnotes to Presentation
Endnotes to Presentation v. The Cambridge Associates U.S. Private Equity Index is based on unaudited quarterly performance data (net of fees, expenses, and carried interest) compiled from 1,769 U.S. private equity funds (buyout, growth equity, private equity energy and mezzanine funds), including fu
Slide 27: Endnotes to Presentation
Endnotes to Presentation ix. Bloomberg US Aggregate Bond Index measures the performance of the US investment-grade fixed-rate taxable bond market, which includes the following types of securities and typically only includes securities that have $300 million or more of outstanding face value and at l
Slide 28: Performance Definitions
Performance Definitions This presentation is confidential and contains proprietary information relating to Pomona Capital and one or more Pomona-sponsored funds (each, a “Fund” and collectively the “Funds”). By accepting this information, you agree that you are subject to certain fiduciary duties to
Slide 29: Disclaimer
Disclaimer This is not an offering document and is not intended for inspection by, or distribution or quotation to, the general public. Nothing contained herein should be construed as (i) an offer to buy any security or (ii) a recommendation as to the advisability of investing in, purchasing or sell
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