EFTA01386465.pdf

GLOUS238 SOUTHERN FINANCIAL LLC GP-led transactions are a growing source of supply Secondary bespoke liquidity solutions are now part of the GP toolkit GP-led transactions now represent 20-25% of the secondary market iiiusiraiivir,, transactions % of Secondary USSIdn market deal volume Paitnerk EC:7 15 30% GPs seeking Grand-name DIAMOND CA511.! 14.0 liquidity for worse 14 managers performing funds or One Equity Partners fund term extension 13 WARMINGPM2A 25% 12 18% 11 CAGR LNN ANC:lit) • . 10 8.2 9.0 20% Lt^zir12/ .t.1 Can in! Mid-market GPs DUKE 9 looking to provide a STREET Quality • liquidity option in ilka:Yr-..• :Anna 8 7.1 mid-market year 10+ or GMT 15% managers • bespoke solution 7 after a bump in the g 6 road RAI] Zurmont Madison SbnA • 4:4,Y4n1 5 10% STAGE 4 3 a 2.4 2.7 1.9 1.9 5% Under- Zombies looking for 2 performing solutions make ZOMBIE GPs 1 0.6 managers unlikely targets 0 0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 GP-led secondaries —GP-led secondaries as % of total (I; Sourne. Glendower Capital analysis based on Gieenhil Secondary Marker!' ery.ls 3 Outlook, January 201S; and Dow Jones Private Equity Antilyst Guide to the Secondary Market, June 2917 Glendower STRICTLY CONFIDENTIAL Capital CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0088179 CONFIDENTIAL SDNY_GM_00234363 EFTA01386465