EFTA01354875.pdf

GLDUS125 Gerald Ford 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 ......... USSbn GPs seeking le '3, Partners YE C:7 15 market deal volume 30% Brand-name DIAMOND CAIST1.! 14.0 liquidity for worse 14 managers performing funds or One Ecpady Partners fund term extension 13 WARMINGPlait1p. 25% 12 18% 11 DNUANCED CAGR • . • 10 8.2 9.0 20% Lt^zir12/ .t.1 Can in!. Mid-market GPs DUKE 9 looking to provide a 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 g 6 road RAI] 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 managers unlikely targets 1 0.6 0 0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 GP-led secondaries —GP-led secondaries as % of total (1) Sd-Am ce. Glendower Capital analysis based on Greenhil Secondary Market !' eay.ls. 3 Outlook. January 201S; and Dow Jones Private Equity Anislyst Guide to the Secondary Market, June 2917 Glendower STRICTLY CONFIDENTIAL Capital CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0039473 CONFIDENTIAL SDNY_GM_00185657 EFTA01354875