EFTA01391860.pdf

GLOUS142 Ironsides Asset Mgmt Introductiont" Glendower Capital Secondary Opportunities Fund IV, LP ("SOF IV") Glendower Capital is an independent secondary private equity manager owned by its partners - Fully funded and operational since its team spun-off from Deutsche Asset Management on August 1st, 2017 - Glendower continues to advise and manage the legacy SOF Program with US$3 billion of third-party client assets Our mission is to deliver outstanding results for its investors - Strong buyout-like performance with an attractive risk profile, early cash flows and negligible loss ratio - Mature SOF Funds show 1.7x Net Multiple and over 20% Net IRR, overall program shows 1.5x Net Multiple and 23% Net IRR Glendower Capital is launching SOF IV to continue the successful value-investing strategy pursued since 2006 - Disciplined bottom-up underwriting of attractive assets managed by quality managers globally - Across a range of transactions: traditional fund secondaries, GP-led transactions and single asset deals - With focus on value creation through in-depth fundamental analysis as opposed to deal structuring and leverage The Fund is seeking US$1.75 billion in commitments with same key terms as prior fund - In the process of closing US$1.3 billion in a first close in May with ca. 50 investors - Second close before the summer at or above target and final closing in 4Q18 - Active pipeline with two deals for US$200 million closing in May / June and two near term opportunities for additional US$200 million ;• (2) Perfoiniance tyures nave been calculated based on tine unaudted mforritarce rosults of S0F.. SC:* SC,I ai Sopterutio: A any oncuy... be toad ore: P.:,...111..Itti0n no.. the :tao! Information" and -Notes to the Investment Performance" sections of this presentation. The "Notes to Investment Performance" section in particular includes. among other things. a desciiption of the terms tared in the it tables above and sets forth tam:a-tank guidelines and lb.:rulers as to the performaisre described above. Net p-erlorrname data relleas amourds net of expenses. feel and curried interest. ieslors should consult with lilts' own advisers as to ttw appropriate ,actors to be co.:51side.-eriin evatiatiri this inlarrizdion Past perfciinance is not a prediction of theVtra performance of SOF. SOF O. SOF II a SOF Ill but is included to demonstrate the track record of the Glendower SOF Team and there can be no assurance that SOF IV will achieve comparable results or that any target results will be achieved Oiendower Capita Secondary OpportuMties Fund IV. L P. fSOF IV or the "Fteen * being foymed by GiVirdo'brig LIP rOienseeri. which is authorized and regulated by the United Kingdom Financial Conchs:I Authority The Fund is sec kiru USS1 75 billion in total commitments with the aim of generating attractive risk adjusted investment returns principally in the form of capital appreciation. through the, acquisition hokling and disposition of a diverse port*lio a investments inokAno buyout growth Ainti.se capital special sitesdions, tumaieund. mezzanine. distressed Cptortunities. realestate art iediastructure assets fromLie secondary market The Fund will target globally but prIniarif: in the (15 and Europe (0 the acquisition of intelests in established generalist and specialist private equity fund stiuotures tincludiro funds of funds. feerlei funds and other similar t4ructurest on Me secondary market teeth wy:li fund or structure. a 'Fuld Secondaryi. the acquisition of interests in DOIMAXA of private eouty assets on the secor4ary market in transaction's with greater complexity eicluding Spin-rfa SpfrOttS. taii-end tsstructizing. assetaquidati‘-es. and LP tendeis teach invevment interest. a 'I'SP-led Secoridarci. arid iiiis inveginents a- an individuai portfolio company alongside private equity find si-4411.ois (each such invei:Inient. a 'Single. Asset Nat). Glendower STRICTLY CONFIDENTIAL Capital CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0096943 CONFIDENTIAL SDNY_GM_00243127 EFTA01391860