EFTA01353848.pdf

GLDUSIB3 Dimension Capital Management Section 1: Executive Stxm•ry 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$614 million, in maturing stage) has generated top quartile performance with a 1.7x gross multiple and 23% gross IRR and a 1.5x TVPI, 1.2x DPI and a 20% Net IRR. ■ SOF III (2014, USS1,654 billion, in early stage — completing investment period) has generated top quartile performance with a 1.4x gross multiple and 31% gross IRR and a 1.3x TVPI. 0.3x DPI and 30% Net IRR. Experienced, independent team dedicated to secondaries • Newly established, independent firm wholly owned by its Partners. ■ Glendower Capital acts as adviser and sub•delegated manager to the SOF Funds. generating meaningful fee income for Glendower Capital ■ Privately owned by its partners who worked together for 15 years$' 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 Earthman( remits as et September 30. 2017 The information release mavens*, ot ore 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 s not included et the data set used to caturate the benchmark data Please refer to Section 2. Exhibit 2 for ruttier 'Sonnets:el The performance figures have not been asined and are based on the unedited aggregated performance results of SOF. SOF 0 and SOF H and SOF Ill. collecOvery the SOF Funds. as et September X. 2017 and should be read and reviewed ri conjunct:cc with Appendix 5: Important Performance intimation which sets lath, amorest other things. rrportaM informal= regaling the performance described above Further. note that the calculation methodology adopted to Wake. Net RR in respecter the SOF Funds is impacted by the SOF Funds use of subserpben line Wines The SOF Funds use (and SOP ry • expected to use) such Moines to manage capes drawrkwns as described in tnernkrens aid use or subscription line facilibee: in Salon 7: Risk Factors. The SOF Funds- performance data es rot expected to be reixesertative of the investment returns that will be expenerced by smears in the Fund Gross returns are gross or fees. expenses and carried interest whch are not charged at the investment level Investors should consult with their own artesors as to the appropriate factors to be considered in evaluating this information Past performance of the SOF Funds is net a prediction of their future performance or that el the Fund Carlo Pezioaucli, Charles Sonah. Chi Cheung and Deirdre Davies have waked together since 2003 Adam Grater became pall of the SOF Team in 2007 and Joshua Glaser in 2013 Source Glendower Gaiters proprietary "OrattiOn The Deutsche Bark proprietary private equty restructunng took place between 2003 and 2006 Charles Smith and Carlo Pirtioardi played a rote alongside Sher Deutsche Bank cdleagues in the transactions that contributed to the disposition ot Deutsche Bank's proprietary pnvate equity pordobo Charles Smith and Carlo PirachBroli were not invoked In di such transactions and the efforts described In this Memorandum in respect or the proprietary private &Key restructunng are attributable to the whole Deutsche Bark team rather than any inceedual wain it rt There can te no assurance that the Fund will achieve es investment el:lectern or its target return Confidential Private Placement Memorandum 5 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0038403 CONFIDENTIAL SDNY GM_00184587 EFTA01353848