EFTA01390810.pdf

GLDUS113 Cliff INC Section 1: ExeCulive 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.n 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 mambos as of September 30. 2017 This id:emotion reelects a =mensal of the peel:mance of the SOF Funds against one benchmark only SOF Funds' performance may differ when compared to other benchmark data. Performance of the SOF Finds is not included m the data set used to celebrate the benchmark data Please refer to Section 2. Exhibit 2 for ruttier informatedi The performance lanes have not been aced and are based on the unatkI*0 aggregated performance results of SOF. SOF 0 and SOF H and SOF collectively the SOF Funds. as of September X. 2017 and should be read and reviewed ri conjunction with Appendix 5: Important Performance intimation which sets lath amorget dher things. rnportant informal= regaling the performance described above Father. rote that the calculation methodology adopted to oak:Sete Wet RR in respect d the SOF Funds is impacted by the SOF Funds use of subscrcom line Mottoes The SOF Funds use (and SOF n/ s expected to use) such realities to manage capes drawdoms as described in 'Craw:sown and use of subscription line facilibes: in Secbon 7: Risk Factors. The SOF Funds- performance data is not expected to be redeeertative of the inveetmert returns that will be expenerced by investors in the Fund Gross returns are gross ore fees. expenses and carried newest whch are not charged at the investment level investors should consult with their own adrisors as to the appropriate factors to be considered in evaluating this information Past performance of the SOF Furds is rot a prediction of their Mule performance or that cl the Fund Carle Przio-Bodi, Charles Smith. Chi Cheung and Deirdre Davies hove waked together since 2003 Adam Grater teams part of the SOF Team in 2007 and Joshua Glaser in 2013 Source Glendower Capitals proprietary "OrattiOn The Deutsche Bath proprietary smote equty restructunng took dace between 2CO3 and 2006 Charles Smith and Carlo faigioaroli played a rote alongside ether Deutsche Bank cdleagues in the transactions that coKributed to the disposition or Deutsche Bank's proprietary pnvate equity pordobo Charles Smith and Carlo PiraciBroli were not invoked in all such transactions and the efforts described in this Merncrandum in respect or the proprietary pnvate emery restructunng are atributade to the whole Deutsche Bar* learn rather than any inandual within it rt Tnere can te no assurance that the Fund will achieve es investment el:tense or its target return Confidential Prnrate Placement Memorandum CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0095436 CONFIDENTIAL SDNY_GM_00241620 EFTA01390810