EFTA01383140.pdf

GLDUS238 SOUTHERN FINANCIAL LLC 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 The information set out in this ..Aide is for dlusm Tiosep 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-0082787 CONFIDENTIAL SDNY_GM_00228971 EFTA01383140