EFTA01391242.pdf

GLDUS139 Third Lake Capital Disciplined barbell approach adjusted to market cycles Dialling up / down deal types relative to segment attractiveness Fund Secondaries GP-led Secondaries Single Asset Deals Description Traditional purchase of fund interests: Be-spoke liquidity solutions: Purchase of interests in single assets: • Single LP position • Restructuring of existing funds • GP-led secondaries of one asset • Portfolios of LP positions • Spin-outs • Fundless sponsor deals • Fund of funds • Recapitalizations • Secondary co-investments • LP tenders • Portfolios of assets • Co-investments Markets • Many participants • Fewer participants with demonstrated underwriting capabilities • 10-15% IRR / 1.3-1.4x MOIC gross • 15-20% IRR / 1.6-1.7x MOIC gross Buy aggressively during periods of Buy selectively during periods Glendower Capital high volatility and illiquidity of low volatility and high liquidity Deal size USS5-100m US$100-250m US$25-50m Expected allocation 40-60% Up to 40% Up to 20% Deals since nor 52 transactions 15 transactions 15 transactions Gross returns2 SOF (harvested)3 42% IRR and 2.2x MOIC 9% IRR and 1.4x MOIC 18% IRR and 3.0x MOIC SOF II (maturing)3 20% IRR and 1.5x MOIC 30% IRR and 1.9x MOIC 21% IRR and 1.7x MOIC SOF III (early stage)3 48% IRR and 1.4x MOIC 36% IRR and 1.5x MOIC 2% IRR and 1.0x MOIC 0; es , i ,: !.,i!i“Cf market :,tuns based on veal triarkeit intelligence. i2) As of September X30. 2017. Gross returns do not reflect the priority profit share, carried irser ,,st. taxes transaction costs and other expenses. Performance trines have been calculated based on the unaudited performarice recut. and shoald be read and revtewed corpmction %lab the 'Importers Inforrnaon" aryl 'Notes the investment Perforrnanc-s' sections Er* investment Ferlorroarr.e' e section in particular Includes. among other things. a desorption of the terms used in the tables above and sets foith important guidelines and limitations as to the per the performance descrbedabove Past performance rs not a el the lutuie p.erfamance (3) For fund-levet net returns please refer to the overall transaction summaries for SOF. SOF II and SOF III on pages 43. 45 and 47. Glendower 24 STRICTLY CONFIDENTIAL Capital CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0096059 CONFIDENTIAL SDNY_GM_00242243 EFTA01391242