EFTA01354827.pdf

Glendower Capital Glendower Capital Secondary Opportunities Fund IV, LP The Offering Fund key terms30 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 Iron., 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 • Value creation through in-cepth fundamental analysis as opposec to creel structuring Structure: • Seeking US$1.75 billion in commitments with same key terms as prior lunc English I..P. General partner share: Strong and consistent track record2 • 1.25% p.a. of cor rnitmert:s during Investment Period lurd sOF SC+ D' Sc.,' Sc'Sc{Iii 14,21 vnaer 2006 2010 2011 7014 • 1.00% pa. of Invested Capital1l in fonttopmenesto5r, thoretscepj thannungj (monolog) (rarrystor) the following two years Further US$S65r US$14/r OS$614m GS$1.654r US$2.4Sern • "hereafter greater of 90% of Tr4r-auers. %or% corp4ron't 111154/ :.774 108/193 29/75/737 15/ 149 / 2,837 previous year and 0.25% of her roult4:4e (TWO lax 2 3x 15o 13x 5. Invested Capital 6suibutr0(DPO lax 2 Ix 1.h 0.34 094 Carried Interest: Net IRR 22% 2916 20% 30% 23% 12.5% or a whole fund basis Praire; car trib.ted capr.31 76% 51% 12% 44% Hurdle rate: Consistent top returns among peers: 8% SOF Funds vs Cambridge Associates' secondary funds performancew pa:WES SA.03.;:e. y 'void Ne:inultilk to kruted pig:WO Team commitment: Min 1% of total fund size %di nn. s> Woo nro•Ift :kr II. 01•6). Contacts: l! . Caro Pirzio-E;roli Managirp, Partner & CEO +44.2C-&947-7CC1 carlo.oezioibirotifaglerdowercaraital.corn Cnyles &min 03 ie w r A y r i. t, a :4 Managing Partner & CIO 444.2C-3947.70C2 charges sritthre)glendowercaoital corn Joshua C 6 aser Partner. Client Relaticrs 7?pi:; cf,x.;rrtorit. rt,g, (iv lw rOi...reo Aztrerto: Mvest,;+: Qui26(..:d f :in:1;430n Th,s nv..:O,:oi IS ;zr.‘) +1-212-653.8702 tC .•, e• LX :aro 'nay onik r•-• eitii rkr.e. s;:f .; -at. St;.:ty lc? ifr:.• o'f 1.!` p 3 ji>. :nftirma.V-: PD$t pefformonce b not an josh glasergglendowercaoita:scm fiisli0rite of futweresete. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0039425 CONFIDENTIAL SDNY_GM_00185609 EFTA01354827