EFTA01354262.pdf

GLDUSI43 Henry Nicholas Section 4. Glendower Capital Secondary Opportunities Fund IV. LP Glendower Capital Secondary Opportunities Fund IV. LP million, make it a potential buyer of choice in these transactions. Maturity of fund interests The mid-sized fund segment of the market is further differentiated through the maturity of fund interests targeted. Some strategies target interests in immature buyout funds which are between 15% and 50% drawn down. These strategies do a primary style analysis of the blind pool portion of the portfolio - focusing on the capability of the Fund Sponsor to invest the remaining commitments well, alongside a secondary pricing analysis of the existing assets. Complementary to this. some secondaries funds target interests in Fund Sponsors that are considered by their primary fund investment businesses to be of high quality on the basis that these interests, even if bought at close to par value, represent a compelling purchase. In contrast to these approaches, the Fund will focus only on mature fund interests (at least 50% drawn, typically over 80% drawn). This approach provides the Manager with visibility on the underlying assets and reduces reliance on the Fund Sponsor to select strong investment opportunities (reduces 'blind pool risk'). Investment Process Overview The Glendower SOF Team has developed a robust and selective investment process to support its focused and disciplined investment strategy. Exhibit 20: Secondaries Investment Process Deal Screening irp,estment Manitoram and due Inwstruent VI IclinditIOn decision and risk realizaticn and sourcing dikgerce closing moot Apre04.1 by Redoes or Too dam Weekly °now ce Investment Committee realssations and identecation or attractne assets Ptehne UPIA:0s on Final negatialaCen pcdoenance at - Revew carillon Stalling and needy meeting from unckeloc%) Focus on key Pnontreation funds Sellere)rmals &prod trans/Keen Geo ne Detailed battCen- exeluaton col Sale &striate and Preece. eating Kens uadva dIrconce oCloolunthes execute GP consent ;other closing condemns realisatrons weer. Transition Fennel coadorly he hoe CISCIWIC41 Lonna or as neeptoton and MatatKKI and oorenear date onto FX nedaino name SlruCtunN p0/10'MaDZO fiNew posing ValuabOn Mader PSA and ValUttr011 memo IC memo Pipeline suMenotion 8 IC memo CbCUTOrtS CASIOdy WOW Sale documents Deal origination and sourcing The Glendower SOF Team will seek to purchase funds in exclusive or minimally competitive negotiated transactions through its own extensive network of industry relationships. which includes financial sponsors. Fund Sponsors, portfolio companies, intermediaries/placement agents, and investment banks. The Glendower SOF Team will seek to proactively identify private equity funds through a combination of top-down and bottom-up analysis. Top-down identification of assets: an extensive private equity database listing certain funds is maintained with recent Confidential Prnrate Placement Memorandum 26 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0038856 CONFIDENTIAL SONY GM_00185040 EFTA01354262