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Kudu Makes Minority Investment in Private Equity Firm Creation Investments

NEW YORK and CHICAGO, March 31, 2020 – Kudu Investment Management, LLC, a New York-based
provider of long-term capital solutions to asset and wealth managers worldwide, today announced it has
made a strategic investment in Creation Investments Capital Management, LLC, a private equity firm
specializing in impact investments. Financial terms of the transaction, which closed on March 30, were
not disclosed.

Chicago-based Creation is a leader in the use of private capital to support micro lending, small- and
medium-enterprise credit and other financial services in developing markets where access to capital is
limited. The firm is aligned with the United Nations Sustainable Development Goals that aim to
significantly affect those living at the bottom of the economic pyramid.

As of Dec. 31, 2019, Creation managed $707 million in private funds and other vehicles on behalf of
individuals, family offices and institutional investors. Its portfolio companies directly serve more than 21
million micro and small businesses, with $13.6 billion in loans outstanding, and support more than 8.3
million jobs in the developing world.

“Our mission is to promote financial inclusion efforts in the developing world working alongside our
portfolio companies on behalf of our investors,” said Patrick Fisher, founder and managing partner of
Creation Investments. “In Kudu, our team has found a supportive strategic partner to help us accelerate
our growth.”

“We are pleased to partner with Creation to help enhance the next phase of the firm’s growth,” said
Rob Jakacki, Kudu’s CEO. “Patrick and his talented team have demonstrated an exceptional ability to
drive impact investments while also delivering strong financial returns to investors.”

Kudu’s 12 partner firms, including Creation, employ multiple investment strategies across asset and
wealth management.

PL Advisors, through its relationship with M&A Securities Group, an unaffiliated broker dealer, served as
financial advisor, and Mayer Brown LLP served as legal advisor to Creation. Seward & Kissel LLP served
as legal advisor to Kudu.

About Creation Investments

Creation Investments Capital Management, LLC is a leading impact investment management company
dedicated to private equity investments in the financial services industry. Leveraging its deep industry
experience, Creation partners with management teams to inject growth equity and facilitate buyout
transactions in firms specializing in microfinance, small- and medium-enterprise credit, leasing, factoring,
insurance, savings, payments and mobile money. www.creationinvestments.com.

About Kudu Investment Management

Kudu is an independent firm specializing in providing permanent capital solutions—including
generational ownership transfers, management buyouts, acquisition and growth finance, as well as
liquidity for legacy partners—to asset and wealth managers. Kudu is backed by capital partner White
Mountains Insurance Group, Ltd. (NYSE: WTM). For more information, please visit Kudu’s website.

Media Contacts

Sarah Lazarus
CL-Media Relations, LLC
M: +1 617-335-7823
sarah@cl-media.com

Margaret Kirch Cohen
CL-Media Relations, LLC
M: +1 847-507-2229
margaret@cl-media.com

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