EFTA01353970.pdf

Glendower Capital Glendower Capital Secondary Opportunities Fund IV, LP The Offering Fund key terms10 Glendower Capital Secondary Opportunities Fund IV, 1P1 ("SOF 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 buyout:like performance with an attractive risk profile. earn/ cash flows, arw negligible loss ratio 4 years Iron., final closing • Mature program at 1.7x TVPI and >20% Net IRR and overall program at 1.5x TVPI and 23% Net IRR.' SOF IV will continue the successful secondary strategy pursued since 2006: Term: • Aiming to build a globally C iversifled portfolio of seasoned funds, GP-led transactions anc 7 years - 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 lune English l..P. General partner share: Strong and consistent track record? • 1.25% p.a. of con, rnitrren:s during Investment Period lar.1 so, SCf D' SC, a SCI III 14,21 2006 2010 /011 7014 • 1.00% p.a. of Invested Capital1l in fdeveJorwriJ,“ thoretscrtgj (hancatmpl (niverg) (tarry star) the following two years Further US5S65r I.S$14/n 055614m 1451.654r • 'hereafter greater of 90% of liar-acts:oh rcoc%ciarparin't 211 154/ :.774 /9/ 75/ 737 15/149/2.837 previous year and 0.25% of her roultyle (TWO lax 13x 54 Invested Capital 651libuta0(DPII lax 1.h 0.3x 09. Carded Interest: Net IRR 22% 20% 30% 23% 12.S% or a whole fund basis Pea re: car tnla.k.dc.a, 76% 51% 42% 44% Hurdle rate: Consistent top returns among peers: SOF Funds vs Cambridge Associates' secondary funds performancemg secohda, %rah hetIRR., t. ... j . J C.“14,Thefuncf Nee abaft.* to Mated partnet0 Team commitment: MM 1% of total fund sire ,W. IN6P•1 MR•lf Woo WO. O.- tr.II. Contacts: MD 3,3 01•6). • Caro Pirrio-E;roli Y!. VNi Managirg Partner & CEO 4.44.2C-3947-7CC1 I 4 2 I carlo.oirzio.birotifaelendowercaoital.corn • • ; Smitn OX 03 0, ,• Is :3 Managing Partner & CIO 444.2C-3947.70C2 charges setthfioglendowercaoital con"( Joshua C Laser Partner. Client Relaticrs cf,x...etorit rt,”(Y1:5',te rOirec. re Icrento: Mvem,;+: f Th,s ;.Yr.‘ ) +1-212-653.8402 ;lie, rX .6;0y 0:ay 4. :•it.)..0. 7:%aae (.1`Sa 're7. te.?!/' P,..c.e ;.ir- t' • 3 fl ..:41'• ./4ftitATUIVO:: Pa{tperformance $ not un josh.glaserreklendowercanita:.coni CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0038562 CONFIDENTIAL SDNY_GM_00184746 EFTA01353970