EFTA01389489.pdf

Glendower Capital Glendower Capital Secondary Opportunities Fund IV, LP The Offering Fund key terrnslo Glendower Capital Secondary Opportunities Fund IV, 1P1 ("S0F IV" or the "Fund") is Target size: being formed by Glendower Capital ("GC"): US$1.75 bailer' • An independent secondary manager spun-off from Deutsche Asset Management in August 2017 • fully owned by its partners who worked together for IS years Currency: • Established 23-strong team with US$3 billion in total client assets and offices in London arc New York US$ Glendower's mission is to deliver outstanding results for its investors Investment Period: • Strung IN, yout•like performance with an attractive risk profile. earn/ cash flows, arw negligible loss ratio 4 years Iron., final closing • Mature program at 1.7x TVPI and >20% Net IRR and overall program at 1.Sx TVPI and 23% Net IRIV SOF IV will continue the successful secondary strategy pursued since 2006: Term: • Aiming to build a globally C iversifled portfolio of seasoned funds, GP-let transactions anc 7 years - extensions (5xlyear( co-investments on the secondary market • Value creation through in-cepth fundamental analysis as opposec to creel structuring Structure: • Seeking US$1.75 billion in commitments with same key terms as prior lune English I. General partner share: Strong and consistent track record2 • 1.25% p.a. of cor rnitmert:s during Investment Period lurd SOF SCf 0' Sc.,' Sc'Sc411i Iasi Vint4ht 2006 2010 2011 7014 • 1.00% pa. of Invested Capital1l in fonttopmenesto5r, thoretscro thannungj (monolog) (rarrystor) the following two years Further US$565r liS$14/r, OS$614m 1451.654r liS$2.4Sern • "hereafter greater of 90% of Tr4r-ations. %or% corp4ron'ir 211 1541:.774 1/28/193 29/75/737 15/:49/$837 previous year and 0.25% of her roult4:4e(TVPI) lax 2 3x 154 13x 5. Invested Capital 6suibutr0(DPO lax 2 Ix 1.h 0.34 094 Carded Interest: Net IRR 22% 29% 20% 30% 23% 12.5% or a whole fund basis Praire; car trib.ted carrel 76% 51% 42% 44% Hurdle rate: Consistent top returns among peers: 8% SOF Funds vs Cambridge Associates' secondary funds performancew twt IRR Irii:ec pa:WES SA.03“:d. y 'u Wt Ne:riultik to kruted pinnet0 Team commitment: Min 1% of total fund size 101, 1.011 TIPP•Ifl MR•lf Woo 01•6). Contacts: att Car'o Pirric-E;roli Mann irk, Partner & CEO Charles Smitn Oa t. a :4 a a Managing Partner & O0 n-... •ta ap li pai a0.16.4 5 a%. lost ua C. G aser Partner, Client Relations 7?pi:; cf,x.;rrtorit. rt,g, (q)4,te rOi...reo Aztrerto: Mvest,;+: Qui26(..:d f :in:1;430n Th,s f.0: • k, "1'0: :fjt, Lir inoy onik rt--• nit.) rixeie s;:f .; -at St; .,:ty egfrfkif 3 ji>i :rd..corr.:4.V; Post pefformonce b not an ;refry:elan on flan:torte:of futeritnearei CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0093848 CONFIDENTIAL SDNY_GM_00240032 EFTA01389489