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GLOUS1 44 Glenn Warren
Section 4. Glendower Capital Secondary Opportunities Fund IV, LP Glendower Capital Secondary Opportunities Fund IV, LP
Exhibit 14: 2017: Seller composition breakdowno Exhibit 15: Funds marketed by vintage
100% -
2016 >2006 P041-466.4
General 80% 39%
Panes
24%
Firmly 064.4 60%
aria 20:36.06 Pieces*
Se%
40% 43%
VrnoI
instaatiens
12% 20% .
Asset 14Ineger
11% <2006 PM-COSI'
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
USSon
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 Madre( Trends & Oilerak January 2016
2017 Prison Global Ferrate Equity & Verdure Captal Report - Pixie &wily and Venture Caviar Unrealized Value by Fund Waage Teat as ct
June 2016.
Confidential Private Placement Memorandum 22
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0097211
CONFIDENTIAL SDNY_GM_00243395
EFTA01392061
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