EFTA01389355.pdf

GLDUS1 33 Georgetown University Endowment Section 4. Glendower Capital Secondary Opportunities Fund IV. LP Glendower Capital Secondary Opportunities Fund IV. LP million, make it a potential buyer of choice in these transactions. Maturity of fund interests The mid-sized fund segment of the market is further differentiated through the maturity of fund interests targeted. Some strategies target interests in immature buyout funds which are between 15% and 50% drawn down. These strategies do a primary style analysis of the blind pool portion of the portfolio - focusing on the capability of the Fund Sponsor to invest the remaining commitments well, alongside a secondary pricing analysis of the existing assets. Complementary to this. some secondaries funds target interests in Fund Sponsors that are considered by their primary fund investment businesses to be of high quality on the basis that these interests, even if bought at close to par value, represent a compelling purchase. In contrast to these approaches, the Fund will focus only on mature fund interests (at least 50% drawn, typically over 80% drawn). This approach provides the Manager with visibility on the underlying assets and reduces reliance on the Fund Sponsor to select strong investment opportunities (reduces 'blind pool risk'). Investment Process Overview The Glendower SOF Team has developed a robust and selective investment process to support its focused and disciplined investment strategy. Exhibit 20: Secondaries Investment Process Deal Screening Irnestment frbfeliniftra and due Insv.stvent VIIghtili011 decision & and risk fealizaticnn and soimng ditger , clostng mgml Apperal by Resew of Too two Woddy meow cd Investment realisations and identecabon ot Committee Ptehne uPla:04 on attracts* assets Finer negotiant.* pertooneree at - Renew cashdowe Stalling and weekly nVoling from unckelyind Focus on key Sinoresation funds seder seaman • Si-mongol tarmac ton Grodong Cetaled bottom- dreloaton cd sale Ekaluate and Frownre caling enorls up duct dlfgence GP consent /otter OPPORuntlieS execute closing conamons realisatrons Ater, 'transit eon Formal monody we ham CISCIetiCei Lone" dad nervation and msliatco and potential deb onto FX !redirect pipeline Structuring perfotrance fiNew Cooing Valuation model PSA and Valuarten memo IC memo Popolew suteencton 8 IC memo CbCtstnentS CASIOrly resew Sale documents Deal origination and sourcing The Glendower SOF Team will seek to purchase funds in exclusive or minimally competitive negotiated transactions through its own extensive network of industry relationships. which includes financial sponsors. Fund Sponsors, portfolio companies, intermediaries/placement agents, and investment banks. The Glendower SOF Team will seek to proactively identify private equity funds through a combination of top-down and bottom-up analysis. Top-down identification of assets: an extensive private equity database listing certain funds is maintained with recent Confidential Predate Placement Memorandum 26 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0093711 CONFIDENTIAL SDNY GM_00239895 EFTA01389355