EFTA01355417.pdf

GLDUS141 Greg Martin Section 1: Execultre Summary Glendower Capital Secondary Opportunities Fund IV, LP Established track record"• 2° As of September 30, 2017 the SOF Program has delivered a strong performance with aggregate gross performance since inception of 1.6x gross multiple and 28% IRR (Internal Rate of Return) and 1.5x TVPI (Total Value to Paid-in Capital), 0.9x DPI (Distributions to Paid-in Capital) and 23% Net IRR to investors. More specifically: • SOF (2006, US$565 million, in harvesting stage) has generated top decile performance in the 2006 vintage peer group. with 2.1x gross multiple and 29% gross IRR and a 1.8x TVPI, 1.8x DPI and 22% Net IRR. • SOF D (2010, US$147 million, in harvesting stage) has generated top decile performance with a 3.0x gross multiple and 37% gross IRR and a 2.3x TVPI, 2.1x DPI and 29% Net IRR. ■ SOF II (2011. US$614 million. in maturing stage) has generated top quartile performance with a 1.7x gross multiple and 23% gross IRR and a 1.5x TVPI, 1.2x DPI and a 20% Net IRR. ■ SOF III (2014, US$1,654 billion, in early stage — completing investment period) has generated top quartile performance with a 1.4x gross multiple and 31% gross IRR and a 1.3x TVPI. 0.3x DPI and 30% Net IRR. Experienced, independent team dedicated to secondaries • Newly established, independent firm wholly owned by its Partners. ■ Glendower Capital acts as adviser and sub•delegated manager to the SOF Funds. generating meaningful fee income for Glendower Capital ■ Privately owned by its partners who worked together for 15 years$' before spinning-out from Deutsche Asset Management in 2017. ■ London and New York offices with established operational. integrated, self-contained processes developed by the SOF Team over 10 years. • Seasoned international 23-strong team (16 investment professionals with a 12-year average of relevant experience) targeted to grow to 26-28 by mid 2018. • Extensive database and relationships having invested around US$3 billion in over 350 fund interests in more than 80 deals and having screened thousands of funds over 10 years.22 • Unique sell-side experience, having participated in the restructuring of Deutsche Bank's €5.1 billion proprietary private equity portfolio from 2003 to 2006.n Disciplined and selective investment process • Targets attractive risk-adjusted returns in excess of 20% Net IRR (after all fees. expenses and carried interest) on a portfolio-wide basis.24 Source, Cambridge Associates Secondaries Benchmark grahams as of September 30. 2017 This information release companson of the performance of the SOF Funds against one benchmark only SOF Funds' performance may defer when compared to odor benchmark data. Performance of the SOF Finds is not included in the data set used to calciate the benchmark data Piease refer to Section 2. Exhibit 2 for fitter informabil The performance loves have not been ateined and are based on the unawake(' aggregated performance results of SOF. SOF Dana SOF H and SOF Ill. collechvely the SOF Funds. as of September X. 2017 and should be read and reviewed in conjunct:cc vnth Appendix 5: Important Performance intimation which sets fats amongst other things. rroortaM information regaling the performance described above Further. note that the calculation methodology adopted to calculi! Net RR in respecter the SOF Funds is impacted by the SOF Funds use of subscroton line Monies The SOF Funds use (and SOF fV a expected to use) such realities to manage capes drawrkwns as described in twayrckowns and use of subscription line facilities in Salon 7: Risk Factors. The SOF Funds- performance data es rot expected to be represertahve of the investment returns that will be expenenced by investors in the Fund Gross returns are gross or fees. expenses and carried interest which are not charged at the investment level investors should consult with their own actrisors as to the appropriate factors to be considered in evaluating this information Past performance of the SOF Furds is rot a prediction of their future performance or that el the Fund Carle Przioaocii, Charles &rush. Chi Chewy and Deirdre Davies have worked together since 2003 Adam Greer became part of the SOF Team in 2007 and Joshua Glaser in 2013 Source Glendower Capitals proprietary information The Deuter.he Bark proprietary private equty restructunng took place between 2CO3 and 2006 Charles Smith and Carlo Pirtioaroli played a rote alongside ether Deutsche Bank cdleagues in the trans.adons that coMnbuted to the dispassion of Deutsche Bank's proprietary pnvate equity pordobo Charles Smith and Carlo PiradBroli were not invoked In Si such transactions and the errorts described in this Memorandum in respect or the proprietary private equity restructunng are attributable to the whole Deutsche Bark team rather man any inctv4ual within it rt There can be no assurance that the Fund will achieve es Investment obsecove or es target return Confidential Prnrate Placement Memorandum 5 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0040575 CONFIDENTIAL SDNY GM_00188759 EFTA01355417