Performance

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A Differentiated Private Equity Strategy Well Positioned for Today’s Challenges

Current Performance
Distribution Activity & Tax Information
Historical Performance

Current Performance

As of December 31, 2023

	Inception	QTD	YTD	1 Year	3 Year	5 Year	Since Inception¹	Standard Deviation	NAV/Share³
Class A	05/07/2015	2.38	8.99	8.99	15.21	17.27	13.60	9.17	$14.53
Class I²	04/01/2018	2.55	9.65	9.65	15.87	17.92	16.75	10.93	$15.36
Class M2²	10/01/2016	2.52	9.59	9.59	15.85	17.91	15.95	9.77	$15.35
MSCI World Index	-	11.53	24.42	24.42	7.79	13.37	9.44	16.73	-

Past performance is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Returns greater than one year are annualized.

¹ Since inception calculation for the MSCI World Index begins on May 7, 2015. All share classes utilize the applicable inception date noted above as the starting point for this calculation. The annualized total return for the MSCI World Index from October 1, 2016 through December 31, 2023 is 11.18% and 10.10% for the period from April 1, 2018 through December 31, 2023.

² Class I and Class M2 expense ratios are identical; therefore, Pomona expects performance for these share classes to be generally comparable.

³ NAV/Share is the per-share dollar amount of each share class, calculated by dividing the total value of the assets attributable to each share class, less any liabilities attributable to each share class, by the number of shares outstanding for each respective share class.

Distribution Activity & Tax Information

	Record Date	Ex-Date	Payable Date	Reinvestment Price (NAV)	Return of Capital	Short Term Capital Gains	Long Term Capital Gains	Total Distributions	Cumulative Distributions/Share*
Class A	9/30/2023	10/2/2023	12/21/2023	$14.20	N/A	N/A	$0.61	$0.61	$8.49
	9/30/2022	10/3/2022	12/23/2022	$13.44	N/A	N/A	$0.55	$0.55	$7.88
	9/30/2021	10/1/2021	12/29/2021	$14.01	N/A	N/A	$1.94	$1.94	$7.33
	9/30/2020	10/1/2020	12/31/2020	$10.53	$0.41	N/A	$0.35	$0.76	$5.39
	9/30/2019	10/1/2019	12/10/2019	$9.49	N/A	N/A	$1.31	$1.31	$4.63
	10/1/2018	12/14/2018	12/17/2018	$10.07	N/A	N/A	$1.25	$1.25	$3.32
	10/2/2017	12/15/2017	12/15/2017	$10.00	N/A	N/A	$0.95	$0.95	$2.07
	10/3/2016	12/15/2016	12/15/2016	$9.60	N/A	N/A	$1.05	$1.05	$1.12
	10/1/2015	12/15/2015	12/15/2015	$9.99	N/A	N/A	$0.07	$0.07	$0.07
Class I	9/30/2023	10/2/2023	12/21/2023	$14.97	N/A	N/A	$0.61	$0.61	$6.43
	9/30/2022	10/3/2022	12/23/2022	$14.07	N/A	N/A	$0.55	$0.55	$5.82
	9/30/2021	10/1/2021	12/29/2021	$14.56	N/A	N/A	$1.94	$1.94	$5.27
	9/30/2020	10/1/2020	12/31/2020	$10.84	$0.41	N/A	$0.35	$0.76	$3.32
	9/30/2019	10/1/2019	12/10/2019	$9.69	N/A	N/A	$1.31	$1.31	$2.56
	10/1/2018	12/14/2018	12/17/2018	$10.20	N/A	N/A	$1.25	$1.25	$1.25
Class M2	9/30/2023	10/2/2023	12/21/2023	$14.97	N/A	N/A	$0.61	$0.61	$8.42
	9/30/2022	10/3/2022	12/23/2022	$14.07	N/A	N/A	$0.55	$0.55	$7.81
	9/30/2021	10/1/2021	12/29/2021	$14.56	N/A	N/A	$1.94	$1.94	$7.26
	9/30/2020	10/1/2020	12/31/2020	$10.84	$0.41	N/A	$0.35	$0.76	$5.32
	9/30/2019	10/1/2019	12/10/2019	$9.69	N/A	N/A	$1.31	$1.31	$4.56
	10/1/2018	12/14/2018	12/17/2018	$10.20	N/A	N/A	$1.25	$1.25	$3.25
	10/2/2017	12/15/2017	12/15/2017	$10.06	N/A	N/A	$0.95	$0.95	$2.00
	10/3/2016	12/15/2016	12/15/2016	$9.60	N/A	N/A	$1.05	$1.05	$1.05

Pomona Fund Form 8397 2020

*Cumulative Distributions/Share may include a return of capital.

Definitions And Disclosures

Record Date - Record date is the date by which a shareholder must own Shares to receive the distribution.

Ex-Date - Ex-date is the date on which a shareholder who purchases Shares will not be eligible to receive the distribution.

Payable Date - Payable date is the date on which a shareholder is paid the distribution.

Reinvestment Price (NAV) - The NAV/Share prior to the distribution, less the amount of the NAV/Share of the distribution.

Short Term Capital Gains - The profit realized from the sale of securities held for less than one year.

Long Term Capital Gains - Gain on the sale of a security where the holding period was 12 months or more and the profit was subject to the long-term capital gains tax.

Cumulative Distributions/Share - Represents the aggregate amount of capital distributed (per share) since each share classes inception as of each respective distribution date. The tax treatment and characterization of the Fund's distributions may vary significantly from time to time depending on the components of the Fund's net investment income, which may include capital gains, dividends and interest and/or a return of capital. The final composition of the tax characteristics of the distributions cannot be determinded with certainty until after the end of the year, and will be reported to shareholders at that time. To the extent that distributions constitute a return of capital, such distributions will have the effect of reducing your cost basis in the Fund's shares and thereby increasing the amount of capital gain, if any, or decreasing the amount of capital loss, if any, that you will realize when selling or exchanging Fund shares. The tax treatment and characterization of the Fund's distributions may vary significantly from time to time depending on the components of the Fund's net investment income, which includes capital gains, dividends and interest and/or a return of capital when applicable. There can be no assurance that the Fund will be able to declare a distribution in any given year.

Fund distributions will vary depending upon the performance and capital activity of the Fund’s investments. Past distributions are no guarantee of future distributions or performance results.

The final determination of the source and tax characteristics of all distributions will be made after year-end and reported to you on either Form 1099-DIV or Form 1099-B, as applicable. Each Form 1099-DIV or Form 1099-B, which is mailed after the close of the calendar year, will specify how the distributions paid by the Fund during the year should be characterized and reported on your tax return (e.g., capital gain, ordinary income and/or return of capital).

Neither Voya and its affiliates nor Pomona and its affiliates provide tax advice. Always consult a tax professional regarding your specific financial or tax situation.

This information is not intended to cover the complexities of a shareholder's individual tax situation. Because tax laws vary among states, you should consult your tax advisor about the specific rules in the state(s) in which you pay income taxes.

Historical Performance

2023	Class A Net Total Return %	Class I Net Total Return %	Class M2 Net Total Return %
12/31/2023	2.38%	2.55%	2.52%
9/30/2023	2.54%	2.71%	2.68%
6/30/2023	2.91%	3.04%	3.04%
3/31/2023	0.89%	1.03%	1.03%
Calendar Year 2023	8.99%	9.65%	9.59%

2022	Class A Net Total Return %	Class I Net Total Return %	Class M2 Net Total Return %
12/31/2022	3.47%	3.60%	3.60%
9/30/2022	-1.20%	-1.07%	-1.07%
6/30/2022	-4.28%	-4.14%	-4.14%
3/31/2022	0.04%	0.18%	0.18%
Calendar Year 2022	-2.11%	-1.57%	-1.57%

2021	Class A Net Total Return %	Class I Net Total Return %	Class M2 Net Total Return %
12/31/2021	5.55%	5.69%	5.68%
9/30/2021	8.48%	8.63%	8.63%
6/30/2021	10.22%	10.37%	10.37%
3/31/2021	13.60%	13.75%	13.75%
Calendar Year 2021	43.35%	44.14%	44.12%

2020	Class A Net Total Return %	Class I Net Total Return %	Class M2 Net Total Return %
12/31/2020	11.50%	11.65%	11.65%
9/30/2020	9.32%	9.47%	9.47%
6/30/2020	13.06%	13.19%	13.19%
3/31/2020	-8.79%	-8.67%	-8.67%
Calendar Year 2020	25.69%	26.36%	26.36%

2019	Class A Net Total Return %	Class I Net Total Return %	Class M2 Net Total Return %
12/31/2019	5.59%	5.74%	5.74%
9/30/2019	1.98%	$2.12%	2.12%
6/30/2019	3.83%	3.97%	3.98%
3/31/2019	3.17%	3.31%	3.31%
Calendar Year 2019	15.36%	15.99%	15.99%

2018	Class A Net Total Return %	Class I Net Total Return %	Class M2 Net Total Return %
12/31/2018	-1.82%	-1.69%	-1.69%
9/30/2018	2.71%	2.85%	2.85%
6/30/2018	5.53%	5.68%	5.68%
3/31/2018	1.57%	N/A	1.71%
Calendar Year 2018	8.09%	N/A	8.69%

2017	Class A Net Total Return %	Class I Net Total Return %	Class M2 Net Total Return %
12/31/2017	2.81%	N/A	2.95%
9/30/2017	4.70%	N/A	4.85%
6/30/2017	3.67%	N/A	3.81%
3/31/2017	2.85%	N/A	2.99%
Calendar Year 2017	14.77%	N/A	15.40%

2016	Class A Net Total Return %	Class I Net Total Return %	Class M2 Net Total Return %
12/31/2016	2.12%	N/A	2.26%
9/30/2016	3.84%	N/A	N/A
6/30/2016	0.59%	N/A	N/A
3/31/2016	-0.26%	N/A	N/A
Calendar Year 2016	6.39%	N/A	N/A

2015	Class A Net Total Return %	Class I Net Total Return %	Class M2 Net Total Return %
12/31/2015	2.40%	N/A	N/A
9/30/2015	-0.90%	N/A	N/A
6/30/2015	1.48%	N/A	N/A

*All investor applications must be received FIVE BUSINESS DAYS before the end of the quarter for a subscription to be accepted. All wired amounts must be received THREE BUSINESS DAYS before the end of the quarter for a subscription to be accepted. Deadlines may differ depending on the custodian or broker dealer. Please discuss deadlines with your financial institution representative to ensure a subscription is received timely for acceptance by the Fund.

Performance data does not take into consideration account transaction fees or brokerage commissions. The NAV of the Fund will equal, unless otherwise noted, the value of the total assets of the Fund, less all of its liabilities, including accrued fees and expenses, each determined as of the relevant Valuation Date. Total Return based on net asset value per Share is the combination of changes in net asset value per Share and reinvested distributions at net asset value per Share, if any. These figures are net of all the Fund’s fees and expenses, including management and performance incentive fees or allocations payable pursuant to the respective organizational documents of each Investment Fund.

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, which contains this and other information, visit us at www.voyainvestments.com or call (800) 334-3444. Please read prospectus carefully before investing.

Principal Risks

An investment in the Fund involves a considerable amount of risk. A Shareholder may lose money. Before making an investment decision, a prospective investor should (i) consider the suitability of this investment with respect to the investor’s investment objectives and personal situation and (ii) consider factors such as the investor’s personal net worth, income, age, risk tolerance, and liquidity needs. The Fund is an illiquid investment. Shareholders have no right to require the Fund to redeem their Shares in the Fund and, as discussed in the Fund’s prospectus, the Fund conducts quarterly tender offers subject to Board approval. Therefore, before investing investors should carefully read the Fund’s prospectus and consider carefully the risks that they assume when they invest in the Fund’s common shares.

Investment Risk

An investment in the fund is speculative and involves a high degree of risk, including the risk that the Shareholder’s entire investment may be lost. The Fund’s performance depends upon the Adviser’s selection of Investment Funds and direct investments in operating companies, the allocation of offering proceeds thereto, and the performance of the Investment Funds, direct investments, and other assets. The Investment Funds’ investment activities and investments in operating companies involve the risks associated with private equity investments generally. Unexpected volatility or lack of liquidity, such as the general market conditions that prevailed in 2008, could impair the Fund’s performance and result in its suffering losses.

The Fund’s shares will not be listed on any national exchange or other securities exchange and it is not anticipated that a secondary market will develop. Further, the fact that shares are subject to restrictions on transferability, and liquidity, if any, may be provided by the fund only through repurchase offers, which may, but are not required to, be made from time to time by the Fund. The Fund may conduct such repurchases on a quarterly basis as of the end of each calendar quarter subject to the Board’s discretion.

The value of the Fund’s total net assets is expected to fluctuate. To the extent that the Fund’s portfolio is concentrated in securities of a single issuer or issuers in a single sector, the investment risk may be increased. The Fund’s or an Investment Fund’s use of leverage is likely to cause the Fund’s average net assets to appreciate or depreciate at a greater rate than if leverage were not used.

Closed-End Fund; Liquidity Risks

The Fund is a non-diversified closed-end management investment company designed principally for long-term investors and is not intended to be a trading vehicle. An investor should not invest in the Fund if the investor needs a liquid investment.

General Private Equity Risks

The Fund is subject to those risks that are inherent in private equity investments. These risks are generally related to: (i) the ability of each Investment Fund to select and manage successful investment opportunities; (ii) the quality of the management of each company in which an Investment Fund invests; (iii) the ability of an Investment Fund to liquidate its investments; and (iv) general economic conditions. Securities of private equity funds, as well as the portfolio companies these funds invest in, tend to be more illiquid, and highly speculative.

General Risks of Secondary Investments

There is no established market for secondaries and the Adviser does not currently expect a liquid market to develop. Moreover, the market for secondaries has been evolving and is likely to continue to evolve. It is possible that competition for appropriate investment opportunities may increase, thus reducing the number and attractiveness of investment opportunities available to the Fund and adversely affecting the terms upon which investments can be made. Accordingly, there can be no assurance that the Fund will be able to identify sufficient investment opportunities or that it will be able to acquire sufficient secondaries on attractive terms.

The Fund may also be subject to the following risks: Limited Operating History Risk, Nature of Portfolio Companies Risk, Co-Investment Risk, Leverage Utilized by the Fund Risk, Leverage Utilized by Investment Funds Risk, Investments in Non-Voting Stock/Inability to Vote Risk, Valuation of Fund’s Interests in Investment Funds Risk, Valuations Subject to Adjustment Risk, Illiquidity of Investment Fund Interests Risk, Repurchase Risk, Expedited Decision-Making Risk, Availability of Investment Opportunities Risk, Special Situations and Distressed Investments Risk, Mezzanine Investments Risk, Small- and Medium-Capitalization Companies Risk, Utilities Sector Risk, Infrastructure Sector Risk, Technology Sector Risk, Financial Sector Risk, Geographic Concentration Risk, Sector Concentration Risk, Currency Risk, Venture Capital Risk, Real Estate Investments Risk, Substantial Fees and Expenses Risk, Foreign Portfolio Companies Risk, Non-U.S. Securities Risk, Structured Finance Securities Risk, Capital Calls / Commitment Strategy Risk, ETF Risk, Unspecified Investments Dependence on the Adviser Risk, Indemnification of Investment Funds / Investment Managers and Others Risk, Termination of the Fund’s Interest in an Investment Fund Risk, Other Registered Investment Companies Risk, High Yield Securities and Distressed Securities Risk, Reverse Repurchase Agreements Risk, Other Instruments and Future Developments Risk, Dilution Risk, Incentive Allocation Arrangements Risk, Control Positions Risk, Inadequate Return Risk, Inside Information Risk, Possible Exclusion of a Shareholder Based on Certain Detrimental Effects Risk, Limitation on Transfer / Shares Not Listed / No Market for Shares Risk, Recourse to the Fund’s Assets Risk, Non-Diversified Status Risk, Special Tax Risk, Additional Tax Considerations / Distributions to Shareholders and Payment of Tax Liability Risk, Current Interest Rate Environment Risk and Regulatory Change Risk. For a complete listing of all the Fund’s risks, with their descriptions, please refer to the “Types of Investments and Related Risks” section of the Fund’s prospectus.

The Fund’s shares do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not insured by the FDIC, the Federal Reserve Board or any other government agency. You may lose money by investing in common shares of the Fund.

Standard Deviation

Is a statistical measure of volatility over time; a lower standard deviation indicates historically less volatility. Annualized Standard Deviation calculated using quarterly performance.

Index Descriptions

The MSCI World Index is a free float‐adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index consists of the following 23 developed market country indexes: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States. (https://www.msci.com/world) The MSCI World Index has not been selected to represent an appropriate benchmark to compare an investor’s performance, but rather is shown as a comparison to that of a well-known and widely recognized index. The MSCI World Index is not subject to any of the fees and expenses to which any Pomona fund would be subject and no fund sponsored by Pomona Capital will attempt to replicate the performance of the MSCI World Index.

The Barclays US Aggregate Bond Index measures the performance of the US investment-grade bond market, which includes the following types of securities and typically only includes securities that have $250 million or more of outstanding face value and at least one year remaining to maturity: investment-grade US Treasury bonds, government-related bonds, investment-grade corporate bonds, mortgage pass-through securities, commercial mortgage-backed securities and asset-backed securities that are publicly offered for sale in the US.

Past performance is no guarantee of future results.

For more complete information, or to obtain a prospectus on any Voya fund, please contact your investment professional or Voya Investments Distributor, LLC at (800) 992-0180 . The prospectus should be read carefully before investing. Consider the investment objectives, risks, and charges and expenses carefully before investing. The prospectus contains this information and other information about the funds. Check with your investment professional to determine which funds are available for sale within their firm. Not all funds are available for sale at all firms.