EFTA01394777.pdf

GIOUS140 Lawrence Hirsch SOF IV — Project Klein Exclusive deal El Fund Secondary StreGP-led Secondary ❑ Single Anet Deal Expected Glosing Date: June 2018 Seller type: Alternative funds Key investment data Transaction summary Invested Capital at dose E60-100m (US$80-120m) Number of companies 4 Discount to NAV at close >5% Strategy Mid-market buyout Gross multiple at close 1.1x Region Europe / UK 0/0 funded at close 80% Industries Business services / Healthcare services Use of leverage No Average age at purchase 9 years Description Investment rationale / Glendower Team angle - Motivated quality GP aiming to recapitalize and extend their 2007 mid- Glendower Team angle market pan-European fund while providing liquidity to LPs - Ability to quickly deliver a bespoke solution leveraging Glendower's - Key value driver is largest independent UK premium distributor in its track record in complex transactions segment, well positioned to benefit from market tailwinds - Ability to perform extensive diligence, including onsite visits, full access to companies' management and industry specialists - Second largest asset is a network of medical and cosmetics UK clinics with a private and affluent customer base - Long 15-year relationship with the GP founder Investment rationale - The portfolio also includes an Italian digital marketing company and a management consulting company with blue chip customers - Four well-invested companies positioned to capture growth opportunities arising from ongoing changes in industry landscape - Glendower Capital retains discretion on use of follow-on capital - Key value driver led by industry veteran with a solid track record - Value-add potential from recently implemented cost efficiency initiatives - Opportunity to invest in identified follow-ons at closing, and to contribute additional capita! to exploit market dislocations —'o: r disc-km.5km perposebrgy. The irra:eti-ned ~ed above I. s.rme m'rei there is no se-latsida-e Mal investinent wgi cemmliÅe or rorm part og si Lagra invested Fortie:4m that blbe, airaibibge pr. arte furthren due diligence, prove statabe for :3OF This. slide hauld be [end and meie-wc-d in conjunetion with the important Information and "Important Perfcgmance Inforrnabon' and • Notes to Investment Pedormance sectione. Glendower STRICTLY CONFIDENTIAL 41 Capital CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0100819 CONFIDENTIAL SDNY_GM_00247003 EFTA01394777