EFTA01391514.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 billion • 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 IN, yout•like performance with an attractive risk profile. earn/ cash flows, arw negligible loss ratio 4 years frog, final closing • Mature program at 1.7x TVPI and >20% Net IRR and overall program at 1.Sx TVPI and 23% Net IRIV SOF IV will continue the successful secondary strategy pursued since 2006: Term: • Aiming to build a globally C iversifled portfolio of seasoned funds, GP-let transactions anc 7 years t 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 rnitrrert:s during Investment Period lurd SOF SCf 0' Sc. Sc4111 las! vnaee 2006 2010 2011 7014 • 1.00% pa. of Invested Capital1l in foevotopmenesce5r, froretscro Mann:AGO (inolverg) (rarrystor) the following two years k,rdue US$565r US$14/n OS$614m 1451.654r t/S$2.4SCr, • 'hereafter greater of 90% of icor-awn. %No% werpson't 2111541:,774 1128/193 29/75/737 15/:49/2%37 previous year and 0.25% of Net roultyle (TWO 184 2 3x 15o 13x 5. Invested Capital Net ilsolbuteel(DPII lax 2 Ix 1.h 0.34 09' Carried Interest: Net IRR 22% 29% 20% Jos 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, twt IRR to Irioec pa Orel SA.03.;:e. y h,WS Ne:riultik to %%WC wines' Team commitment: Min 1% of total fund size wD 1.041 nro•Ift Mn•lf Woo 01•6). Contacts: oti C,ro - ' t Oa t. a :4 11ll 1111 (-Axles Smitn Managirg Partner & CIO lostua C aser Partner. Client Relatiors 7?pi:; cf,x.;rrtorit. rt,g, roiy,te rOi...reo rC Aztrer tte, Mvest,;+: Qui26(..:d f :in:1;430n Th,s f.‘0: • k, "1'0: eije, LX :aro s;:f .; -art St;.:ty egve.rf p 3 ji>. .:Ifo.!•-finc, :nftornaor: Pot pefformonce b not an itrlu.~~7iKM Or' fiirliGriteof (utter rt! ,:tr:, CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0096457 CONFIDENTIAL SDNY_GM_00242641 EFTA01391514