EFTA01390924.pdf

Glendower Capital Glendower Capital Secondary Opportunities Fund IV, LP The Offering Fund key terrnslo Glendower Capital Secondary Opportunities Fund IV, 1P1 ("S0F IV" or the "Fund") is Target size: being formed by Glendower Capital ("GC"): USS1.75 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 from final closing • Mature program at 1.7x TVPI and >20% Net IRR and overall program at 1.Sx TVPI 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 Structure: • Value creation through in-cepth fundamental analysis as opposec to creel structuring • Seeking USS1.75 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 tor rnitrren:s during Investment Period lurd SOF SC+ 0' SC1 it Sef Ill last •Arr.44 2006 2010 2011 1014 • 1.00% p.a. of Invested Capital1l in fonttopmenesto5r, thoretscepj Marta-U.0GO (monolog) (earrystoge) the following two years Further US5S65r t/S$14/r, OS$614m US$1.6540 t/S$15.40ri • Thereafter greater of 90% of 04r-auens. %or% werpoion't 211 154/ 1,74 1f 22/193 29/25/737 35114912,837 previous year and 0.25% of Net roultyle (TWO 18. 23x 1.5. 13. 5. Invested Capital Net ilsulbutrif(DPO lax 21. 12* 034 09. Carded Interest: Net IRR 22% 29% 20% 30% 23% 12.S% or a whole fund basis Praire; car lob. 'et! carrel 16% 51% 11% 44% Hurdle rate: Consistent top returns among peers: 8% SOF Funds vs Cambridge Associates' secondary funds performancew vscm. nu, twt iRR Irii:tc pa:frets SrO3r: do y ' void S Net inultik to 0-..ted wines' Team commitment: Min 1% of total fund size rot wn•lf Woo nro•Ift O.-; :kr l? 01•6). Contacts: Caro Managirg Partner & CEO • +44.2C-3947-70C1 • carlo.oirzio-bireelPelendowercaoital.com • • Cnales Sant, 03 ie w er A y r i. t. Is :4 Managirg Partner & 00 444.2C-3947.70C2 ;banes srittnio)elendowercaoital corn Joshua C Laser Partner, Client Relation cf,x.;rrtorit. rt,g, rOi...reo rC Aztrerirea Mvest,;+: Qui26(..:d f :in:1;430n Th,s nv..:0,:oi IS ;zr.‘) +1-212-653-8402 IQ -It ,: eije, f.1- :aro terry oniy rt--• ern:re r.f.1.:Lis -art. St;.,:ty egve.27f c!` 2, 3 ji>. .:Ift".!•-r :nftorna:0:: Pot pefformonce b not an josh RlaserPRIendowercaoitaccom iirliGrite of (utter rt, ,:tr:, CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0095594 CONFIDENTIAL SDNY_GM_00241778 EFTA01390924