EFTA01393889.pdf

GLDUS137 Forrestal Capital LLC Section 1: ExeCulive Summary Glendower Capital Secondary Opportunities Fund N. 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 €5.1 billion proprietary private equity portfolio from 2003 to 2006.21 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, Camonage Associates Secondaries Benchmark sumacs as of September 30. 2017 This information reflects a companson of tie performance of the SOF Funds against one benchmark only SOF Funds' performance may differ when compared to Other benchmark data. Performance of the SOF Funds is not included in the data set used to caturate the benchmark data Please refer to Sec ion 2. Exhibit 2 for hitter informabon The performance haves have not been aced and are based on the unedited aggregated performance results of SOF. SOF D and SOF II and SOF III. collectively the SOF Funds. as of September X. 2017 and should be read and reviewed in conjunction vnth Appendix 5: Important Performance intimation which sets lath. amongst other things. rnportam informal= regaling the performance deicnbed above Furt er. note that the calculation methodology adopted to calculfte Net RR in respect d the SOF Funds is impacted by the SOF Funds use of subscription line fatale% The SOF Funds use (and SOP ry s opened to use) such haloes to manage capital drewrkwns as described in 'Dowd:mns and use of subscrebon line Lacunas' in Saxon 7: RAW Factors. The SOF Funds- performance data is not expected to be represertative Cl the investment returns that will be expenerced by investors in the Fund Gross returns are gross or fees. expenses and carried interest whch are not charged at the investment level investors should consult with their own aerators as to the appropriate factors to be considered in evaluating this information Past pee: mane of the SOF Funds is not a prediction of their future cert.:mance or that d the Fund Carlo Pero-Buck Charles Sough. Ch gifting and Deirdre Davies have waked together since 2003 Adam Greer Wane part of the SOF Team in 2607 and Joshua Glaser in 2013 Source Glendower Capitals proprietary information The Deutsche Bark proprietary pmnste equty restructunng took dace between 21:03 and 2006 Charles Smith and Carlo Fraroarob played a rote alongside ether Deutsche Bank cdleagues in the Bansactiors that contributed to the disposition or Deutsche Bank's proprietary private equity port:ow Charles Smith and Carlo Pirao.Broli were not invoked in an sum transactions and the efforts described in this Memorandum in respect or the proprietary private equty restructunng ate attributable to the whole Deutsche Bark team rather than any individual within it rt There can be no assurance that the Fund will achieve es Investment a/acorn or as target return Confidential Private Placement Memorandum 5 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0099732 CONFIDENTIAL SDNY_GM_00245916 EFTA01393889