EFTA01390158.pdf

GLDUS138 Ian Slome Section 1: Executive Summery 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$3 billion in over 350 fund interests in more than 80 cleats and having screened thousands of funds over 10 years.22 • Unique sell-side experience. having participated in the restructuring of Deutsche Bank's 65.1 billion proprietary private equity portfolio from 2003 to 2006.n Disciplined and selective investment process • Targets attractive risk-adjusted returns in excess of 20% Net IRR (after all fees. expenses and carried interest) on a portfolio-wide basis.24 Source, Cambridge Associates Secondaries Benchmark sumacs as ci September 30. 2017 The information reflects a companson 0$ the performance of the SOF Funds against one benchmark only SOF Funds' performance may differ when compared to other berimmark data Performance of the SOF Finds s not included in the data set used to calcaate the benchmark data Please refer to Section 2. Exhibit 2 for halter information The performance frames have not been atiined and are based on the unawake(' aggregated performance results of SOF. SOF 0 and SOF H and SOF Ill. collectively the SOF Funds. as of September X. 2017 and should be read and reviewed ri conjunction with Appendix 5: Important Performance intimation which sets lath amongst other things. rnportant information regaling the performance deicnbed above Further. rote that the calculation methodology adopted to calculi. Net RR in respecter the SOF Funds is impacted by the SOF Funds use of subscription line ebonies The SOF Funds use (and SOF fV • expected to use) such realities to manage capita draiwkwns as described in 'Crawckowns and use of subscripbon line Liciiium: in Salon 7: RAW Factors. The SOF Funds- performance data is rot expected to be reixesertative or the investment returns that will be expenerced by investors in the Fund Gross returns are gross of fees. expenses and carried interest which are not charged at the investment level investors should consult with their own achw.ors as to the appropriate factors to be considered in evaluating this information Past performance of the SOF Furds a net a prediction of their future performance or that ci the Fund Carlo Pato-Sock Charles Smelt Ch Champ and Deirdre Davies have worked together since 2003 Adam Graev Wane part of the SOF Team in 2207 and Joshua Glaser in 2013 Source Dien/lower Camara proprietary information The Deutuke Bark proprietary more equly restructunng took pace between 2CO3 and 2006 Charles Smith and Carlo Piare.Droli played a rote alongside ether Deutsche Bank colleagues in the trans.achons that contributed to the disposition of Deutsche Bank's proprietary pnvate equity pordobo Charles Smith and Carlo PiraiBroli were not invoked in all such transactions and the efforts described in this Mernegandum in respect of ihe proprietary private &Key restructunng ate atributabk to the whole Deutsche Bark learn rat man any individual within it rt There can be no assurance that the Fund wall achieve es investment obsectore or its target return Confidential Prnrate Placement Memorandum 5 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0094555 CONFIDENTIAL SDNY_GM_00240739 EFTA01390158