EFTA01392545.pdf

Glendower Capital Glendower Capital Secondary Opportunities Fund IV, LP The Offering Fund key terrns 10 Glendower Capital Secondary Opportunities Fund IV, PI ("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 buyout:like performance with an attractive risk profile. earn/ cash flows, arw negligible loss ratio 4 years Iron., final closing • Mature program at 1.7x TVPI and >20% Net IRR and overall program at 1.5x TVPI and 23% Net IRR.' SOF IV will continue the successful secondary strategy pursued since 2006: Term: • Aiming to build a globally C iversifled portfolioof seasoned funds, GP-led transactions anc 7 years - extensions iSiclyearI co-investments on the secondary market • Value creation through in-cepth fundamental analysis as opposec to creel structuring Structure: • Seeking US$1.75 billion in commitments with same key terms as prior lune English l..P. General partner share: Strong and consistent track record? • 1.25% p.a. of con, rnitrren:s during Investment Period tar:: so, SCf D' SC" a SCI 14,21 2006 2010 /011 7014 • 1.00% p.a. of Invested Capital1l in fateitor^w^.:““ thoretscrtgj (hancatmpl tradurre') (rarrystor) the following two years Further US$S65r vS$14/r OS$614m US$1.654r US$1.9SCri • 'hereafter greater of 90% of liar-awns. Va:.% (organic?' 11I1541:.774 lf/8/193 /9/ 75/ 737 15(149/2.837 previous year and 0.25% of Net roultyle(TVP) lax 2 34 154 134 54 Invested Capital 65141buta0(DPII lax 2 Ix 1.h 0.3x 09. Carded Interest: Net IRR 22% 1976 20% 30% 23% 12.S% or a whole fund basis Pea re:car tnla.rdc.a, 75% 51% 41% 44% Hurdle rate: Consistent top returns among peers: SOF Funds vs Cambridge Associates' secondaryfunds performance mg Vats hetIRR., tr j C•ctaiodia fano f Nee abaft.* to Mated pirtnet0 Team commitment: MM 1% of total fund sire ICI. ,W4 MR•lf Woo IN6P•1 MD V. • O -iM tin• 01•6). Contacts: Y!. VNi Caro Pirrio-E;roli Managirg Partner & CEO 4.44.2C-3947-7CC1 I 4 2 I carlo.oirzio.birotifaelendowercaoital.corn • • ; Smitn OX Oa ,• Is :4 Managing Partner & CIO 444.2C-3947.70C2 charges setthfioglendowercaoital con"( Joshua C Laser Partner. Client Relaticrs cf,x...etorit r(, nwy ,te rOirec. re Icrento: Mvem,;+: f Th,s :s ;zr.‘ ) +1-212-653.8402 ;lie, 7:%:ae IC' %MA: .11t4 f. ".; te.?!/' P,..c.e ;.ir- % t' • 3 fls r ./4ft itATUIVO:: postperformance b not un josh.glaserreklendowercanit tom CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0097784 CONFIDENTIAL SDNY_GM_00243968 EFTA01392545