EFTA01389936.pdf

GLDUS132 EverWatch Financial Introductiont" Glendower Capital Secondary Opportunities Fund IV, LP ("SOF IV") Glendower Capital is an independent secondary private equity manager owned by its partners - Fully funded and operational since its team spun-off from Deutsche Asset Management on August 1st, 2017 - Glendower continues to advise and manage the legacy SOF Program with US$3 billion of third-party client assets Our mission is to deliver outstanding results for its investors - Strong buyout-like performance with an attractive risk profile, early cash flows and negligible loss ratio - Mature SOF Funds show 1.7x Net Multiple and over 20% Net IRR, overall program shows 1.5x Net Multiple and 23% Net IRR Glendower Capital is launching SOF IV to continue the successful value-investing strategy pursued since 2006 - Disciplined bottom-up underwriting of attractive assets managed by quality managers globally - Across a range of transactions: traditional fund secondaries, GP-led transactions and single asset deals - With focus on value creation through in-depth fundamental analysis as opposed to deal structuring and leverage The Fund is seeking US$1.75 billion in commitments with same key terms as prior fund - In the process of closing US$1.3 billion in a first close in May with ca. 50 investors - Second close before the summer at or above target and final closing in 4Q18 - Active pipeline with two deals for US$200 million closing in May / June and two near term opportunities for additional US$200 million ;• (2) Perfoiniance lytires have been calculated bas-:-..-3 ‘;rE tine unaudted mforniarce resulta of ScF.. .i.Alt. a(iF. Ii ai e, :iepten!tim A v.:. L, * ani,u* be read are: P.:,...111..Itti0n the 0, :ta", information" and -Notes to the Investment Performance" sections of this presentation. The "Notes to Investment Performance" section in particular includes. among other things. a desciiption of the terms tared in tie tables above and sets forth roars-tam. gtudefines and lb.:rulers as to the performamie described above. Net perforrnanze data relleas amourds net of expenses. feel and CEETISti interest. Imieslors should consult with lilts' own kittOWer₹ as to lie appcpriate ,actors to be vatwide.-ed in twatiatiri this iniarnzdion Pest perframance is not a prediction of the Vtra per of 40F. SOF D. SOF II a SOF tit but is included to demonstrate the track record of the Glendower SOF Team and there can be no assurance that SOF IV will achieve comparable results or that any target results will be achieved 0) (Trentham Capita Secondary Opportunities Fund IV. L P. fSOF IV or the "Ftesirl is being foymed by GiVirdo'brig Capta€. LIP r-Gienr weri. which is authorized and regulated by the United Kingdom Financial Comics:I Authority The Fund is sec km USS1 7$ billion in total commitments with the aim of generating attractive risk adjusted investment returns principally in the form of capital appreciation. through the acquisition hokling and disposition of a averse porteho a investments incitAna buyout growth Ainti.se capital special sitstdions, tuinamund. mezzanine. distressed opportunities. real estate and irdiastructure assets tram the secondary market The Fund will target globally Dui primarift in the (15 and Europe (0 the acquisition of inteiests in established generalist and specialist private equity fund stiuctures tincludiro funds of funds. feerlei funds and other similar siructurest on the secondary market tech such fund or stnature. a 'Fisid Secondaryi. the acquisition of interests in Dortibles of private toulyassels on the secondary market in transaction's with greater coinplexity eicluding Spinnfi SpfrOttS. tadi-end 65situctizing, assetaquidatiasi. and LP tenders teach inve v ment interest. a . GT.--led Secoridarvi. arid inveginents a- an individuai pattolio company alongside prorate equity fund si-4411.ois (each such invei:Inient. a 'Single. Asset Dear). Glendower STRICTLY CONFIDENTIAL Capital CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0094304 CONFIDENTIAL SDNY_GM_00240488 EFTA01389936