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GLOUS128 Patrick Gerschel
SOF Funds positioned as mid-sized value investor
Below large levered beta players, above small local funds
Secondary funds raised or in fundraising 1996-20181
Fund Size
(USS000)
<S1bin
10,000 $1-3bn
• Levered beta play
L • PE market index • >$3bn -10 players
• Volume-driven • Glendower Capital
3,000
• Alpha play
M •
•
Value investing
Selective sourcing • SOF III
•
SOF IV
-10 players
1,000
Cis '
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SOF,...
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il
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ri
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• Low barriers to entry
• Smaller deals
13 a
r SO
;. and SOF
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0 .,
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S Local sourcing
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ti 0
,
8
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>50 players
• Very competitive ? O O O C r ' 14. O o
O o o o ris
O .%. O
c el
c; Q C: P,
c c'.
Jim, 4 100
1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018
(I; Clendrmer Capital own market segmentation analysis. Data source: Preqin database end Glendower Capital own market intelligence as of November 2017. Includes target fund sizes for funds that are currently raising
Glendower STRICTLY CONFIDENTIAL 22
Capital
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0097815
CONFIDENTIAL SDNY_GM_00243999
EFTA01392568
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EFTA01392568
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