EFTA01390812.pdf

GLDUS113 CM1115,9 Section 2: Investment Performance Glendower Capital Secondary Opportunities Fund At LP Investment Performance Secondaries Performance Highlights The Glendower SOF Team has delivered strong buyout-like returns27 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.18 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, 2017" 3I " Fuld SOF SOFO SOF n SOF • Toted Village 2036 2010 2011 2014 (dwetomfl stage) (naniesnng) (nammting) (reaming) fee/ stage) Fun] see US5565m US:3147m US3614m USSI.664m USS2.980m Transactons. funds comperes s 21/154/1,774 It 28/ 193 29i 75i 737 35/149/2.837 Gnsnun* 2Ix 301 17x 14x IC), GoossIRR 29% 37% 23% 31% 28% Netmutlek (TVP/II 1.1* 2.3x 1.5x 1.3)f 1.Sx Net distributed (OFF) 1.Sx Lk 1St Lk Ott NetIRR 22% 20% 20% 30% 23% hell( net centrit‘teci °dotal 26% 51% 42% 44% For dxurt•on purposes only. Source Glendower Gaeta based on Preqin benchmark data for the median 1VPI and Net RR achieved by buyout funds kr vimages et 1997 to 2017 Average buyout TVPI = 1 59x. Average Net RR = 155% Data as of September 30 2017 Fot further benchmarlong of Glendower Ceptad to buyout returns. Pease refer to Extant 3 Pat, performance is not a peocici, o111* future performance of SCF. SOF D SOF II or SOF III but is included to demonstrate the !rack record of the Gkrickwer SOF Team and there can be no assurance that SOF IV wit achieve ccinpewatie results or that any target results will be achieved 'Invested' is deans as the sum d the purchase pace and 'donning unfunded ()Pigeon as of the time of deeng. or tee of expected closing for pending deals Ire performance figures have not teen audited and should be read and reineyeed in comuncton web Appends( 5 Important PerIonnance inlonnaton *rich sets forth amongst other thngs important nfamatico regaroing the performance der:cubed above The SCF Finds' performance data is not expected to be represere&rve of the investment returns that wil be expenenced by en/esters in the Fund Past performance at the SOF Funds is riot a predictor, of future performance Both SCF and SOF D are invested in the DaVino PortfOba - a von] dvervhed portfolio cr 28 prwale equity funds purchased through en SPV. prowang exposure to layout specoal situations, venture captal arid real estate strategies in North America. Europe and Asa The number of funds and companes is an estimate and shows the aggregate 01 each deal at closing and may evade sane double counting TVPI = Taal Value to Paid in Capital. DPI = Dstritutons to Pad In Capital RR = Internal Rate of Return SCF D rs a Euro denomnated fund USS valued have been converted at September 30 2017 EURAJSS rate of 1 1822 Both SOF and SOF D are Invested in the DaVino Perform - awed divers/fed portfoloo of 28 private equity funds purchased Through an SPV promang exposure to buyout. special situations venture captor and real estate strategy& in With Amenca. Europe and Asia The number at funds arid ccrnpanies is a best estimate and shows the aggregate of each deal at dosing and may include some double counbrog TVPI = Total Value to Paid in capital. DPI = Dsoitutons fo Pad In Capital. IRR = eternal Rate of Return Confidential Private Placement Memorandum 8 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0095439 CONFIDENTIAL SDNY_GM_00241623 EFTA01390812