EFTA01354241.pdf

GLOUS143 Henry Nicholas Section 1: Executive Summery 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$147 million, in harvesting stage) has generated top decile performance with a 3.0x gross multiple and 37% gross IRR and a 2.3x TVPI, 2.1x DPI and 29% Net IRR. ■ SOF II (2011, USS614 million, in maturing stage) has generated top quartile performance with a 1.7x gross multiple and 23% gross IRR and a 1.5x TVPI, 1.2x DPI and a 20% Net IRR. ■ SOF III (2014, USS1,654 billion, in early stage — completing investment period) has generated top quartile performance with a 1.4x gross multiple and 31% gross IRR and a 1.3x TVPI. 0.3x DPI and 30% Net IRR. Experienced, independent team dedicated to secondaries • Newly established, independent firm wholly owned by its Partners. ■ Glendower Capital acts as adviser and sub•delegated manager to the SOF Funds. generating meaningful fee income for Glendower Capital ■ Privately owned by its partners who worked together for 15 years$' 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 USS3 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 information reflects a =ripens*, of the perlormance of the SOF Funds against one benchmark only SOF Funds' performance may differ when compared to Other benchmark data. Performance of the SOF Fuels not included in the data set used to calWate the benchmark data Please refer to Section 2. Exhibit 2 for father 'demob:el The performance lodes have not been atkleed and are based on the unedited aggregated performance results of SOF. SOF 0 and SOF H and SOF III. collecOvely the SOF Funds. as of September X. 2017 and should be read and reviewed in conjunction with Appendix 5: Important Performance intimation which sets lath, amongst dher things. Bromism information regaling the performance deecnbed above Further. note that the calculation methodology adopted to calculate Net RR in respect d the SOF Funds is impacted by the SOF Funds' tee of subscription line racket The SOF Funds use (and SOF ft/ a expelled to use) such fealties to manage capes drawrkwns as described in 'fkawcovins and use of subscription line facilibes: in Sector 7: Risk Factors. The SOF Funds- performance data es rot expected to be redesertative of the inveStment returns that will be expenerced by wiveslors in the Fund Gross returns are gross ore fees. expenses and carried interest whch are not charged at the investment level investors should consult wilh their own adesors as to the appropriate factors to be considered in evaluating this information Past performance of the SOF Furds is not a prediction of their ItAure performance or that d the Fund Carlo Pero-Beck Charles Smelt Ch Cheung and Deirdre Davies have waked together since 2003 Adam Grater became part of the SOF Team in 2007 and Joshua Glaser in 2013 Source Glendower Capita* proprietary information The Ceulune Bath proprietary private equty restructunng took dace between 2003 and 2006 Chanel Smith and Carlo Pirtioaroli played a rote alongside other Deutsche Bank cdleagues in the transactions that contributed to the dispassion of Deutsche &inlet, proprietary pnvate equity pordobo Cherie. Smith and Carlo PiraciBroli were not invoked in Si Saco transactions and the efforts described in this Memorandum in respect of the proprietary pnvate &hey restructunng are attributable to the whole Deutsche Bar* team rather ban any inssdu• warm it rt There can to no assurance that the Fund will achieve es investment el:tense or as target return Confidential Private Placement Memorandum 5 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0038835 CONFIDENTIAL SONY GM_00185019 EFTA01354241