EFTA01393358.pdf

GLDUS1 30 Aspen Grove Capital, LLC Section 4. Glendower Capital Secondary Opportunities Fund IV, LP Glendower Capital Secondary Opportunities Fund IV, LP Exhibit 14: 2017: Seller composition breakdowns' Exhibit 15: Funds marketed by vintage 100% - 2016 >2006 P041-4t1S.4 Entkmmells 80% 39% General Fcundricen Panes 24% Firmly 064. 60% aloe 20:36.06 nixes* Se% 40% 43% Vrnoi instaatiens 12% 20% . Asset riFcl 11% <2006 PIIKIISIS 0% 2316 2017 Emergence of tail-end sales There has been a recent emergence of traditional secondary buyers and funds-of-funds entering the market as sellers. While these seller types may be emerging, motivations for doing so are not new and are consistent with the broader asset management sub-segment, where sellers are looking to wind down older vehicles to either lock in gains, return capital to LPs, or both. Glendower estimates that here is a significant supply of secondary opportunities in pre-crisis bubble funds as evidenced by ca. USS600 billion of private equity assets still locked in 2003.2008 vintage funds. Exhibit 16: PE Assets by Fund Vintage Yearo USW 250 226 200 201 188 193 150 149 144 137 129 100 92 50 67 48 S 11 0 20 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 iiimrtmairoain " Greenhill Cogent Secondary Market Trends & °Wool( January 2016 2017 Preen Glotel Pirate Equity 8 Verdure Captal Report - Private Equity and Verdure Caviar Unrealized Value by Fund Waage Year as et June 2016. Confidential Private Placement Memorandum 22 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0098884 CONFIDENTIAL SDNY_GM_00245068 EFTA01393358