📄 Extracted Text (256 words)
GLDUS238 SOUTHERN FINANCIAL LLC
Section 4. Glendower Capital Secondary Opportunities Fund IV, LP Glendower Capital Secondary Opportunities Fund IV. LP
Exhibit 14: 2017: Seller composition breakdowno Exhibit 15: Funds marketed by vintage
100% -
2016 >2008 P041-406.4
Entkmmems 80% 39%
General Fo.oclallan
Pones
24%
Fray 064.4, /30%
aim 93% 21:06.06 Oncost;
40% 43%
Franoal
insteutiena
12% 20%
Assollftneger Cci
11% •2006
0%
2016 2017
Emergence of tail-end sales
There has been a recent emergence of traditional secondary buyers and funds-of-funds entering the market as sellers.
While these seller types may be emerging, motivations for doing so are not new and are consistent with the broader
asset management sub-segment, where sellers are looking to wind down older vehicles to either lock in gains, return
capital to LPs. or both. Glendower estimates that here is a significant supply of secondary opportunities in pre-crisis
bubble funds as evidenced by ca. USS600 billion of private equity assets still locked in 2003.2008 vintage funds.
Exhibit 16: PE Assets by Fund Vintage Yearo
USSan
250
226
200
201
188 193
150
149 144
137
129
100
92
50 67
48
S 11
0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
iiimrtmairoain
" Greenhill Cogent Secondary Market Trends & Outer( January 2016
2017 Preps Global Pena* Equity 8 Venture Centel Report - Private Reidy and Venture Coda] Unrealized Value by Fund Vintage Year as or
June 2016.
Confidential Prnrate Placement Memorandum 22
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0088410
CONFIDENTIAL SDNY GM_00234594
EFTA01386635
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EFTA01386635
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