EFTA01390268.pdf

Glendower Capital Glendower Capital Secondary Opportunities Fund IV, LP The Offering Fund key terrnslo Glendower Capital Secondary Opportunities Fund IV, 1P1 ("S0F IV" or the "Fund") is Target size: being formed by Glendower Capital ("GC"): US$1.75 briber' • 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. ear& cash flows, arw negligible loss ratio 4 years from final closing • Mature program at 1.7x TVPI and >20% Net IRR and overall program at 1.Sx 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-let transactions anc 7 years - extensions (5xlyeari 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 lunc English I. General partner share: Strong and consistent track record2 • 1.25% p.a. of nor rnitrrert:s during Investment Period I urd SOF SC+ D' Sc.,' Sc' Virr.444 2006 2010 2011 2014 • 1.00% pa. of Invested Capital' 1 in foNvoLopmenes<e4r, thorwescro Mann:AG0 (monolog) (earystor) the following two years Furd4or US$565r US$14in US$614m 1451.654r US$2.441Crn • "hereafter greater of 90% of Titration. %cc% corpson't 2111541:,774 1118/193 29/25/737 35/ 149 / 2•37 previotis year and 0.25% of Net maple (TWO 18x 2 3ir 1.5. I 3x 5. Invested Capital Net ilsolbuteCI(DPII 18* 2 Ix 1.h 0.34 09' Carded Interest: Net IRR 22% 29% 20% 30% 23% 12.5% or a whole fund basis Peak re: cart/4,4,4d capr4I 76% 51% 12% 44% Hurdle rate: Consistent top returns among peers: 8% SOF Funds vs Cambridge Associates' secondary funds performancew iwt iRR to InKt• y 'u Wt Ne:inultilk to irote4 hirtnet0 Team commitment: Min 1% of total fund size %di n4P•14i wn•lf Woo 14o Wr :kr II. 01•6). Contacts: o'N S 0.1 • Can° Pirric-E;roli Manaflire Partner & CEO 11ll • I •, I • 03 ie w r A y r i. t, a :4 1111 Smitn Managing Partner & CIO lost ia C G aser Partner. Client Relaticrs 7?•:; cf,x.;,•orit. rt,g, (iv ,te rOi...rec. Aztrerito: Mvest,;+: Qui26(..:d f Th,s nv.•:.., ?cd is ;tr.,..) OVCI: NS:. - tieoy 0:1iy •;:fA: .; ihr4fri ecyro 7f c!? C 3 ji>. .:I3c.!•-•nc; :rdirirmacr: Post perforynorpg ts not we inekgrion on fiisliCrite Of tut002 fr30t0. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0094714 CONFIDENTIAL SDNY_GM_00240898 EFTA01390268