EFTA01393999.pdf

GLDUS137 Forrestal Capital LLC Disciplined barbell approach adjusted to market cycles Dialling up / down deal types relative to segment attractiveness Fund Secondaries GP-led Secondaries Single Asset Deals Description Traditional purchase of fund interests: Be-spoke liquidity solutions: Purchase of interests in single assets: • Single LP position • Restructuring of existing funds • GP-led secondaries of one asset • Portfolios of LP positions • Spin-outs • Fundless sponsor deals • Fund of funds • Recapitalizations • Secondary co-investments • LP tenders • Portfolios of assets • Co-investments Markets • Many participants • Fewer participants with demonstrated underwriting capabilities • 10-15% IRR / 1.3-1.4x MOIC gross • 15-20% IRR / 1.6-1.7x MOIC gross Buy aggressively during periods of Buy selectively during periods Glendower Capital high volatility and illiquidity of low volatility and high liquidity Deal size US$5-100m US$100-250m US$25-50m Expected allocation 40-60% Up to 40% Up to 20% Deals since nor 52 transactions 15 transactions 15 transactions Gross returns2 SOF (harvested)3 42% IRR and 2.2x MOIC 9% IRR and 1.4x MOIC 18% IRR and 3.0x MOIC SOF II (maturing)3 20% IRR and 1.5x MOIC 30% IRR and 1.9x MOIC 21% IRR and 1.7x MOIC SOF III (early stage)3 48% IRR and 1.4x MOIC 36% IRR and 1.5x MOIC 2% IRR and 1.0x MOIC 0; es, i ,: !.,i!i“Cf market :Awn based on own triarkeit intelligence. i2) As of September X30. 711:. Gross returns do not reflect the priority profit share, carried inter ,,st. taxes transaction costs and other expenses. Performance trines have been calculated based on the unaudited pert-out:erica recut. and shoald be read and revtewed conpalction %lab the 'Importers Inforrnaon" aryl 'Notes the investment Perforrnanc-s' sections -a preeentatiqt Er* investment Perlormarr.e' e section in particular Includes. among other things. a desorption of the terms used in the tables above and sets forth important guidelines and limitations as to the per descrbedabove Past performance rs not a of the lutuie p.erfarnance (3) For fund-levet net returns please refer to the overall transaction summaries for SOF. SOF II and SOF III on pages 43. 45 and 47. Glendower 24 STRICTLY CONFIDENTIAL Capital CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0099923 CONFIDENTIAL SDNY_GM_00246107 EFTA01393999