EFTA01354244.pdf

GLDUS143 Henry Nicholas Section 2: Investment Performance Glendower Capital Secondary Opportunities Fund fV, LP Investment Performance Secondaries Performance Highlights The Glendower SOF Team has delivered strong buyout-like returnsn to investors in the SOF Funds with an attractive risk profile, early cash flows, and negligible loss ratio. The performance of the SOF Funds in terms of the key closed-end funds metrics such as Net IRR, TVPI, and DPI is strong in absolute terms, compares favorably with its peers and shows strong consistency across fund vintages.28 Through September 30. 2017. the SOF Program had invested29 US$3.3 billion in 82 transactions resulting in distributions of over USS1.8 billion and had generated a 1.5x Net Multiple and a 23% Net IRR to investors. The mature funds in the SOF Program (SOF, SOF D, and SOF II) had generated a 1.7x Net Multiple and over 20% Net IRR. Exhibit 1: Performance of SOF Funds as of September 30, 20173, 3I. II " Fuld SOF SOF 0 SOF B SOF • Tad Vntage 2C06 2010 2011 2014 (devehomece stage) (narvesnng) (naryNtivg) (criattorio feat stage) Fund sze USS565m USS147rn USS614m USS1854m USS2.980m Transactons. funds compenes s 21/154/1,774 It 28/ 193 29i 75r 737 35/149/2.837 Gossnue* 21x 3 Cu 17x 14x Id Gross IRR 29% 37% 23% 31% 26% Net multipk (WPM ttg 2.3x 1.5x 1.3B 14: Not distributod (OFF) ttx 2.1)( 1.2F Lk OAF Not IRR 22% a% 20% 30% 23% Peak net centritsted °dotal 26% 51% 42% 44% For on-cut-on purposes only. Source Glendower Capital based on Prow benchmark data for the median 1VPi and Net RR achieved by buyout funds kr vimages et 1997 to 2017 Average buyout TVPI = 159x Average Net RR = 155% Data as of September 30 2017 For further benehmarlong of Glendower Capted to tuyoul returns. piease refer to Exhibit Pas( performance is not a prediction of the future performance of rik SOF D SOF II or SOF III but is included to demonstrate the track record of the Glendower SOF Team and there can be no assurance that SOF N wit achiever:pint:wade results or that any beget results wall be achieved 'invested is cleaned as the sum et me purchase vice and iernaming unfunded ottgaten as of the time of dosng. or tee at expected closing for pending deals The performance figures have not teen audited and should be read and reviewed in comuncton with Appenda 5 Important Pertonnance in.fonnaton which sets forth amongst other things important nramation redacting me performance described above The SOF Fads' performance data is not expected to be represeNeNe ot the investment returns that wii to expenenced by irerestos in the Fund Past performance or the SOF Funds A. Pa a prediction of future perfcrmarce Both SOF and SOF D are invested in the DaVirio Poi11010 - a viol then:died portfolio of 28 tamale equity funds purchased through en SPV. providing exposure to Iwyoul. special situations, venture caplet and real estate strategies in North America. Europe and Asa The number of funds art companes is an estimate and shows the aggregate of each deal at closing and may include some double counting TVPI = Taal Value to Paid in Capital. DPI = Ostritutons to Pad in Capital IRR if Internal Rate or Return SOF D is a Euro denomnated fund USS valued have been converted at September 30 2017 EURAJSS rate of 1 1822 Both SOF arelSOF D are invested in the DaVirci POrethe - dwell divers4 ed portfolio of 28 private equity funds purchased through an SPV prcrodng exposure to buyout. special srtuations venture captor and real estate straleges in Noah Amenca. Europe and Asia The number of funds and companies is a best estimate and shows the aggregate el each deal at closing and may include sorne douse munbnp. TVPI = Total Vail* to Paid in capital. DPI = Dsvitutons to Pad in Capital. IRR = Internal Rate ot Return Confidential Private Placement Memorandum 8 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0038838 CONFIDENTIAL SDNY_GM_00185022 EFTA01354244