EFTA01391859.pdf

GLDUS142 Ironsides Asset Mgmt Why invest in secondary private equity today? Secondaries market is strong at with US$58 - US$2.8 trillion of primary private equity NAV + unfunded billion of deal volume in - US$600 billion locked in funds 9+ years old 2017 Secondary market remains strong, increasingly driven by post crisis funds Pricing for funds - Secondary pricing steady at 93% of NAV in 2017 stable but differentiated - Price dispersion between high & low quality GPs / funds is increasing GP-led secondary transactions growing faster than market - Bespoke liquidity solutions including spin-outs, tail-end restructuring, asset GP-led deals are liquidations, LP replacements, bespoke fund extensions evolving and growing - These deals represent 24% of the market Distinctive investment strategies continue to seek attractive deals - Number of tail-end funds coming to market increasing, but overall US$ value Steady supply of decreasing due to smaller remaining NAV tail-end funds - Lack of NAV growth results in trading at moderate discounts e informetico set out in this slide is for lawny -. wows only and summarizes Glendower's analysis of certain information set out over the slides in Section 3 'Secondary Market Update' of thd presentation Glendower STRICTLY CONFIDENTIAL Capital CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0096941 CONFIDENTIAL SDNY_GM_00243125 EFTA01391859