EFTA01391740.pdf

GLOUS142 Ironsides Asset Mgmt Section 1: Executive Summary Glendower Capital Secondary Opportunities Fund IV, LP Established track record"• 2° As of September 30, 2017 the SOF Program has delivered a strong performance with aggregate gross performance since inception of 1.6x gross multiple and 28% IRR (Internal Rate of Return) and 1.5x TVPI (Total Value to Paid-in Capital), 0.9x DPI (Distributions to Paid-in Capital) and 23% Net IRR to investors. More specifically: • SOF (2006, US$565 million, in harvesting stage) has generated top decile performance in the 2006 vintage peer group. with 2.1x gross multiple and 29% gross IRR and a 1.8x TVPI, 1.8x DPI and 22% Net IRR. • SOF D (2010, US$147 million, in harvesting stage) has generated top decile performance with a 3.0x gross multiple and 37% gross IRR and a 2.3x TVPI, 2.1x DPI and 29% Net IRR. ■ SOF II (2011. US$614 million. in maturing stage) has generated top quartile performance with a 1.7x gross multiple and 23% gross IRR and a 1.5x TVPI, 1.2x DPI and a 20% Net IRR. ■ SOF III (2014, US$1.654 billion, in early stage — completing investment period) has generated top quartile performance with a 1.4x gross multiple and 31% gross IRR and a 1.3x TVPI. 0.3x DPI and 30% Net IRR. Experienced, independent team dedicated to secondaries • Newly established, independent firm wholly owned by its Partners. ■ Glendower Capital acts as adviser and sub•delegated manager to the SOF Funds. generating meaningful fee income for Glendower Capital ■ Privately owned by its partners who worked together for 15 years$' before spinning-out from Deutsche Asset Management in 2017. ■ London and New York offices with established operational. integrated, self-contained processes developed by the SOF Team over 10 years. • Seasoned international 23-strong team (16 investment professionals with a 12-year average of relevant experience) targeted to grow to 26-28 by mid 2018. • Extensive database and relationships having invested around US$3 billion in over 350 fund interests in more than 80 deals and having screened thousands of funds over 10 years.22 • Unique sell-side experience, having participated in the restructuring of Deutsche Bank's €5.1 billion proprietary private equity portfolio from 2003 to 2006.21 Disciplined and selective investment process • Targets attractive risk-adjusted returns in excess of 20% Net IRR (after all fees. expenses and carried interest) on a portfolio-wide basis.24 Source, Cambridge Associates Secondaries Benchmark sumacs as of September 30. 2017 This en:emotion reflects a carmansca of the performance of the SOF Funds against one benchmark only SOF Funds' performance may defer when cornered to Other benchmark data. Performance of the SOF Finds is not included in the data set used to calculate the benchmark data Please refer to Section 2. Exhibit 2 for halter 'Mohnen:el The performance lanes have not been aced and are based on the unedited aggregated performance results of SOF. SOF 0 and SOF II and SOF III. collecOvery the SOF Funds. as of September X. 2017 and should be read and reviewed ri conjunction vnth Appendix 5: Important Performance intimation which sets lath, amongst other things. rroortaM information reuniting the performance described above Further. note that the calculation methoCktogy selected to °Bitola. Net RR in respect d the SOF Funds is impacted by the SOF Funds use of subscription line Wines The SOF Funds use (and SOP ry a areas to use) such haloes to manage capes drewckwns as described in trawcknins and use of subscription line facilites in Seaton 7: Risk Factors. The SOF Funds- performance data es rot expected to be reixeeertative of the investmert returns that will be expenerceo by wivezacm in the Fund Gross returns are gross or fees. expenses arid carried interest whch are not charged at the investment level investors should consult with their own whiners as to the appropriate factors to be considered in evaluating this information Past perthimance of the SOF Funds is net a prediction of their future performance or that d the Fund Carlo Pero-Buck Charles Soneh. Chi gifting and Deirdre Davies have waked together since 2003 Adam Greer became part of the SOF Team in 2007 and Joshua Glaser in 2013 Source Glendower Capitals proprietary information The (Teuirhe Bark proprietary prorate equty restructunng took dace between 2003 and 2006 Charles Smith and Carlo Pub:iamb played a re* alongside other Deutsche Bank cdleagues in the transactions that contributed to the dispassion or Deutsche Bank's proprietary private equity pordobo Charles Smith and Carlo Pirao.Broli were not invoked in Si such transactions and the effects described in this Merncrandum in respect or the proprietary private &hey restructunng are attributable to the whole Deutsche Bark team rather than any irdmdu• within it rt There can to no assurance that the Fund will achieve es Investment aseetwe or its target return Confidential Prrvato Placement Memorandum 5 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0096763 CONFIDENTIAL SDNY GM_00242947 EFTA01391740