EFTA01394771.pdf

GLOUS140 Lawrence Hirsch GP-led transactions are a growing source of supply Secondary bespoke liquidity solutions are now part of the GP toolkit GP-led transactions now represent 20-25% of the secondary market Illustrative transachons % of Secondary ......... USSIdn market deal volume he Paltrier% FEC:7 15 30% GPs seeking Grand-name liquidity for worse DIAMOND CAIST1.! 14.0 14 managers performing funds or One Ecp.hty Partners fund term extension 13 WARMINGPI:W2)N 25% 12 18% 11 CAGR DNUANC, • . • 10 8.2 9.0 20% Lt^zir12/ .t.1 Can in!. Mid-market GPs looking to provide a DUKE 9 STREET Quality • liquidity option in ilka:Yr-..• :Anna 8 7.1 mid-market year 10+ or GMT 15% managers • bespoke solution . 7 after a bump in the 6 road Zurmont Madison SbnA • 4:4,Y4n1 5 10% STAGE 4 3 a 2.4 2.7 1.9 1.9 5% Under- Zombies looking for 2 performing solutions make ZOMBIE GPs 1 0.6 managers unlikely targets 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 0% GP-led secondaries —GP-led secondaries as % of total (I; Glendower Capital analysis based on Gt eenhil Secondary Market -II~is. 3 Outlook. January MIS; and Dow Jones Private Equity Amtlyst Guide to the Secondary Market, June 2017 Glendower STRICTLY CONFIDENTIAL Capital CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0100813 CONFIDENTIAL SDNY_GM_00246997 EFTA01394771