EFTA01389331.pdf

GLDUS133 Georgetown University Endowment Section 1: Executive Summary Glendower Capital Secondary Opportunities Fund IV. LP Executive Summary Overview Glendower Capital Secondary Opportunities Fund IV, LP (*SOF IN/' or the 'Fund') is being formed by Glendower Capital. LLP ("Glendower Capital', 'Glendower or the 'Manager), an independent investment firm, privately held by its partners and focused on secondary private markets. Glendower was formed by the secondary opportunities team that spun-out from Deutsche Asset Management on August 1. 2017. The Fund is seeking US$1.75 billion in aggregate commitments with the aim of generating attractive risk-adjusted investment returns, principally in the form of capital appreciation, through the acquisition, holding and disposition of a diverse portfolio of investments including large and mid-market buyout, growth capital, venture capital, special situations. turnaround, mezzanine, distressed opportunities, real estate and infrastructure assets primarily on the secondary market. The Fund will target globally, but primarily in the U.S. and Europe, (I) the acquisition of interests in established generalist and specialist private equity fund structures (including funds of funds. feeder funds and other similar structures) on the secondary market (each such fund or structure, a "Fund Secondary and. together. 'Fund Secondaries'), (i) the acquisition of investment interests in private equity fund structures or portfolios of private equity assets on the secondary market through bespoke liquidity solutions (each such investment interest, a "GP-led Secondary and, together. 'GP-led Secondaries"), and (iii) co-investments in individual portfolio companies alongside private equity kind sponsors (each such co-investment, a 'Single Asset Dear). SOF IV will be the fourth dedicated secondary fund led by Carlo Pirzio-Biroli and Charles Smith (the 'Managing Partners") and invested by Glendower Capital's team of investment professionals. As described in *History' (immediately below), this will be the first dedicated secondary fund raised outside of Deutsche Asset Management by the Managing Partners and the Glendower SOF Team (as defined below) and managed by Glendower Capital. History Carlo Pirzio-Biroli and Charles Smith, Managing Partners of Glendower. co-founded Deutsche Asset Management's Secondary Opportunities Fund investment program (the 'SOF Business') in 2006 after having worked together from 2003 to 2006 to restructure and wind down Deutsche Bank's E5.1 billion proprietary balance sheet private equity portfolio.' Chi Cheung and Deirdre Davies (Partners of Glendower) and Francesco Rigamonti (Senior Advisor to Glendower) were pan of the team initially assembled by the Managing Partners in 2003 in London. The team was subsequently expanded to include Adam Graev and Joshua Glaser (Partners of Glendower) in 2007 and 2013, respectively, in New York, as well as certain junior professionals, to become the `SOF Team' and, on and from August 1, 2017. the "Glendower SOF Team".2 From 2006 to 2017 the Managing Partners led the SOF Team in establishing, fundraising and investing SOF, SOF D. SOF II and SOF III (collectively the "SOF Funds' or the "SOF Program') with aggregate commitments of US$3 billion. More specifically- • SOF,3 the initial SOF Program secondary fund that was formed in 2006 and held a final close in early 2007 with a US$566 million pool of commitments. ■ SOF WI a top-up secondary fund that was formed in 2010 with a US$147 million pool of commitments. The Deutsche earic proprieiary curate equty restructuring took place between 2003 am 2006 Carlo Przio-flroi and Charles Smith played a role alongside Other Deutsche Bank colleagues in the tranSaCItOnS tnat contntutei to the deposition of Deutsche Beals proprietary prrvate equity portfolio Carlo Pao-Boob and Charts Smell were net moire.] in sr such transactors and the Oats described n thee Memorandum in respect of the proprietary private equity restructuring are attritheable to the whole Deitch° Balk team rather than my individual within it References to the 'Glendower SOF Teem' may also include irweslmenl adessiontas and Other persornel that are subsequently hied by the Manager SOF is a pool or capital dedtaled to the secondary market closed in 2007, which was structured through three separate investrneM vehicles C43 Secondary Opp:Num*, Fund A L P CSOF Al DB Secondary Oppatunmes Fund B. LP (SOF 'Inane DB Secondary Opportunities Fund C LP (SOF collecavely 'SOF CB Secondary Oppolunities Rind D. L P (*SOF D'} ei a pod of capital dedicated to fix sect tarry market ebbed in 2010 SOF D s a Euro denaninatel turd LISS values have been Cawerted to Eurce et the September 33. 2017 rate ot 1.1822 Confidential Prnato Placement Memorandum 2 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0093687 CONFIDENTIAL SDNY GM_00239871 EFTA01389331