EFTA01393463.pdf

Glendower Capital Glendower Capital Secondary Opportunities Fund IV, LP The Offering Fund key terrnslo Glendower Capital Secondary Opportunities Fund IV, 1P1 ("SOF IV" or the "Fund") is Target size: being formed by Glendower Capital ("GC"): US$1.75 billion • An independent secondary manager spun-off from Deutsche Asset Management in August 2017 • fully owned by its partners who worked together for IS years Currency: • Established 23-strong team with US$3 billion in total client assets and offices in London arc New York US$ Glendower's mission is to deliver outstanding results for its investors Investment Period: • Strung IN, yout•like performance with an attractive risk profile. earn/ cash flows, arw negligible loss ratio 4 years fror• final closing • Mature program at 1.7x TVPI and >20% Net IRR and overall program at 1.Sx IVPI and 23% Net IRIV SOF IV will continue the successful secondary strategy pursued since 2006: Term: • Aiming to build a globally C iversifled portfolio of seasoned funds, GP-let transactions anc 7 years • extensions (5xlyear( co-investments on the secondary market • Value creation through in-cepth fundamental analysis as opposec to creel structuring Structure: • Seeking US$1.75 billion in commitments with same key terms as prior lunc English I. General partner share: Strong and consistent track record2 • 1.25% p.a. of nor rnitrrert:s during Investment Period lurd SOF SCf D' Sc. el Sef 111 las! vnaee 2006 2010 2011 7014 • 1.00% p.a. of Invested Capital1l in foevotopmenes<e‘r, thorwescro Mann:AGO (monolog) (earystor) the following two years k,rdue US$565r US$14/n OS$614m 1451.654r I./5$),440n • 'hereafter greater of 90% of icor-awn. %cc% corpson't 2111541:,7)4 1128/193 29/75/737 15/ 149 / 2•37 previous year and 0.25% of Net roultyle (TWO 184 2 3x 15o 13x :5. Invested Capital Net 6•10buteel(DPII lax 2 Ix 1.h 0.34 09' Carded Interest: Net IRR 22% 29% 20% 30% 23% 12.5% or a whole fund basis Peak re: cartnb.tM caprvl 76% 51% 42% 44% Hurdle rate: Consistent top returns among peers: 8% SOF Funds vs Cambridge Associates' secondary funds performancew vscm. nu, twtIRRN)Irioec pa Orel y h,&t Ne:inultilk to %%WC wanes' Team commitment: Min 1% of total fund size too %di n4P•14i wn•lf Woo No 4 a.. :kr II. 01•6). Contacts: 4 to, . • Car'o t•lanagirp, Partner & CEO +44.20-3947.7001 carlo.oirzio-biroliraglendowercaoltal.corn Cnyles &min 03 ie w r A y r i. t, a :4 Managirg Partner & 00 444.2C-3947.70C2 charges smithiordendcwercaoital corn losinza C Oaser Partner, Client Relation 7?•:; cf,x.;,•orit. rt,g, lift rOi...reo Aztrerito: Mvest,;+: Qui26(..:d f Th,s nv..:O,:oi IS ;zr.‘) +1-212-653-8402 tC .•, e, f.•• :aro. tnoyorliyt-- :ntst rirerie wrrairz •;:f .; NOS.: •Irt. St‘I:::3' :Ste.: ogIf c!` C 3 ji>. Pot nonce b not an josh alasegaglendowercacitaigom i•tikiiibl or' iisliGrite of (utter n, ,;42. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0099025 CONFIDENTIAL SDNY_GM_00245209 EFTA01393463