EFTA01386434.pdf

Glendower Capital Glendower Capital Secondary Opportunities Fund IV, LP The Offering Fund key terrnslo Glendower Capital Secondary Opportunities Fund IV, 1P1 ("S0F IV" or the "Fund") is Target size: being formed by Glendower Capital ("GC"): US$1.75 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 fror 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 t 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. General partner share: Strong and consistent track record2 • 1.25% p.a. of nor rtitrren:s during Investment Period lurd SOF SC+ 0' SC1 it SC. 01 last •Arr.42 2006 2010 2011 1014 • 1.00% p.a. of Invested Capital1l in fonttopmenesto5r, thorwescrtgj thanC14.10 (monolog) IVOI•StOft9 the following two years Further US5S65r t/S$14/r, OS$614m US$1.6540 t/S$1.S.SCrn • Thereafter greater of 90% of Trtr-auens. %or% werpsion't ill 154/ 1,24 1f 28/193 29/25/737 35114912,837 previous year and 0.25% of Net roultyle (TWO 18. 23x 1.5. 13. 5. Invested Capital Net 6•10butriffDPO lax 21. lb 03* 09. Carded Interest: Net IRR 22% 29% 20% 30% 23% 12.S% or a whole fund basis Praire; car to% 'et! carrel 16% 51% 11% 44% Hurdle rate: Consistent top returns among peers: 8% SOF Funds vs Cambridge Associates' secondary funds performancew twt iRR Irii:tc pa:WES S•03“: do y 'voids Ne:multik to kruted ;mimes' Team commitment: Min 1% of total fund size %di %I.P•Ift nn.ta Woo O.-; txi•t3. 01.2% Contacts: Caro Managirg Partner & CEO • 4414.2C-3947-7CCI • carlo.oinio.biro:IPRIendowerCarktal.COrn • • Cuales Stnitn m a u. er t. Is :4 Managirg Partner & 00 444.2C-3947.70C2 charges snttnitactlendowercaoital corn Joskua C 6 aser Partner, Client Relation 7?pi:; cf,x.;rrtorit. rt,g, roiy,te rOi...reo tCActrerito: Mvest,;+: Qui26(..:d f :in:1;430n Th,s nv..:0,:oi IS ;zr.‘) +1-212-653-8402 -1.0: eije, LI- : ro 4:oy 0:1iy .•;:f .; -art St;.,:ty egve.27f c,!` 2, 3 ji>. .:Ift".!•-rof ftorna.V-: Pot peffornonceb not an josh glasegaglendowPrcaoitaccom iirliGrite of (utter rt! ,:tr:, CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0088135 CONFIDENTIAL SDNY_GM_00234319 EFTA01386434