EFTA01354444.pdf

GLDUS143 Henry Nicholas GP-led transactions are a growing source of supply Secondary bespoke liquidity solutions are now part of the GP toolkit GP-led transactions now represent 20-25% of the secondary market Illustrative transachons % of Secondary ......... USSIdn market deal volume l3C Partners FEC:7 15 30% GPs seeking Brand-name DIAMOND CAIST1.! 14.0 liquidity for worse 14 managers performing funds or One EcpåIty Partners fund term extension 13 WARSUR6PIytaxc 25% 12 18% 11 DNUANC, CAGR • . • 10 8.2 9.0 20% Lt^zir12/ .t.1 Can in!. Mid-market GPs DUKE 9 looking to provide a STREET Quality • liquidity option in ilka:Yr-..• :Anna 8 7.1 mid-market year 10+ or GMT 15% managers • bespoke solution 7 after a bump in the RAI] 6 road Zurmoht Madison g• Sb cnyzit 5 10% STAGE 4 3 a 2.4 2.7 1.9 1.9 5% Under- Zombies looking for 2 performing solutions make ZOMBIE GPs 1 0.6 managers unlikely targets 0 0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 GP-led secondaries —GP-led secondaries as % of total (I; Glendower Capital analysis based on Gueenhil Secondary Marker!' earls. 3 Outlook. January 201S. and Dow Jones. Private Equity Anislyst Guide to the Secondary Market, June 2017 Glendower STRICTLY CONFIDENTIAL Capital CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0039038 CONFIDENTIAL SDNY_GM_00185222 EFTA01354444