EFTA01355289.pdf

GLOUSI27 Annandale 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 Mar!cell • 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 US$5-100m US$100-250m US$25-50m Expected allocation 40-60% Up to 40% Up to 20% Deals since 20072 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 ;'nark,bt :..turns Lased on Veil triarkibi (2) As of September X30. 2°17. Gross returns do not reflect 914 priority profit share. carried 'merest. taxes transaction costs and c4hsr expenses. Performance figs-es have been calculated based on the unaudited peifornance resutsard should be read and leviewer:i in corps:don with the 'Important Inforrnat ri" and 'Notes to the Investment Performance'. sections of Ifs presentation Dv totes to Investment Performance' section in particular includes. among other things. a desorption of the terms used in the tables above and sets forth importer/ guidelines and limitations as to the performance deserted above. Past performances not a or:kiloton of the luttin.. r.wifamance (33 For fund-level net returns ptease refer to the overall transaction summaries for SOF, WE 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-0040335 CONFIDENTIAL SDNY_GM_00186519 EFTA01355289