EFTA01355530.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. earn/ cash flows, arw negligible loss ratio 4 years Iron., 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-led transactions anc 7 years - extensions (5xlyear( 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 cor rnitmert:s during Investment Period lurd SOF SCf D' Sc. Sc' vnaee 2006 2010 2011 7014 • 1.00% pa. of Invested Capital1l in foevotopmenesce‘r, thorwescro Mann:AGO (monolog) (earystor) the following two years k,rdue US$565r US$14/n OS$614m 1451.654r t/S$2.4SCr, • "hereafter greater of 90% of %or-awn. %No% corpson't 2111541:,774 11/8/193 29/75/737 15/ 149 / 2•37 previous year and 0.25% of Net roultyle (TWO 184 2 3x 15o 13x 5. Invested Capital Net 6•10buteel(DPII lax 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: cartnb.tM caprvl 76% 51% 42% 44% Hurdle rate: Consistent top returns among peers: 8% SOF Funds vs Cambridge Associates' secondary funds performancew vscm. nu,IwtIRRN)Irioec pa Orel SA.03“: do y h,WS Net mullilk to %%WC wanes' Team commitment: Min 1% of total fund size cal n.741 MR• Woo t•i•t3. 01•6). Contacts: o'N • CarO Pirric-E;roli Managirp, Partner & CEO V. r A v r i. t. Is Li. 11ll 1111 Ciarles Smitn Managirg Partner & CIO lostua C G aser Partner, Client Relations 7?•:; cf,x.;,•orit. rt,g, (q,;y rOi...reo Aztrerto: Mvest;',,rQui26/..:d f Th,s S;tf.0: • eije, LY :aro •;:f .; -at St;.,:ty egve.rf p 3 ji>. .:63.!•-•nc, :nftornaor: Pot pefformonce b not an i•tikiiibl a fiisliGriteof (utter fr,;42. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0040733 CONFIDENTIAL SDNY_GM_00186917 EFTA01355530