EFTA01394189.pdf

GLDUS129 DF Enterprises Section 2: Investment Performance Glendower Capital Secondary Opportunities Fund tV, LP Investment Performance Secondaries Performance Highlights The Glendower SOF Team has delivered strong buyout-like returns27 to investors in the SOF Funds with an attractive risk profile, early cash flows, and negligible loss ratio. The performance of the SOF Funds in terms of the key closed-end funds metrics such as Net IRR, TVPI, and DPI is strong in absolute terms, compares favorably with its peers and shows strong consistency across fund vintages.18 Through September 30. 2017. the SOF Program had invested29 US$3.3 billion in 82 transactions resulting in distributions of over USS1.8 billion and had generated a 1.5x Net Multiple and a 23% Net IRR to investors. The mature funds in the SOF Program (SOF, SOF D, and SOF II) had generated a 1.7x Net Multiple and over 20% Net IRR. Exhibit 1: Performance of SOF Funds as of September 30, 2017" 3I " Fuld SOF SOF 0 SOF B SOF • Tad Voltage 2036 2010 2011 2014 (06vehponte stage) (naniesnng) (nannoating) (criatanno fee/ stage) Fund see USS565rn US:5147m USS614m US51854m US52.980m Transactons. funds convenes s 21/154/1,774 It 28/ 193 29i 75! 737 35/149/2.837 Gross nue* 21x 3 Ca 17x 1 do ICs Gross IRR 29% 37% 23% 31% 28% Net multipk (WPM 1.1x 2.3x 1.5(c 1.3)r 1.Sx Not distributod (OFF) ttx 2.1)( 1.24 Lk OAF Not IRR 22% 29% 20% 30% 23% Peak net centntsted °dotal 26% 51% 42% 44% For Flircuron purposes only. Source Glendower Cap* based on Preen benchmark data for the median 1VPI and Net RR achieved by buyout funds tor 'agars et 1997 to 2017 Average buyout TVPI = 1 59x. Average Net RR = 155% Data as of September 30 2017 For further benchmarlang of Glendower Canted to tuyoul returns. peease refer to Exile* 3 Pas, performance is neat:redid* of !MIL:tare performance of SCF. SOF D SOF II or SOF III but is included to demonstrate the track record of the Skim:bate SOF Team and there can be no assurance that SOF N 8.48 achieve company* results or that any target results sill be achieved 'Invested is cleaned as the sum et the purchase once and tenoning unfunded *Igen* as of the time of dosng. or Erne of expected closav for pending deals Ire performance figures have not teen audited and should be read and renewed on conjunct* wen Appendo 5 Important Pertonnance inlonstaton which sets forth amongst other things important tie:mai:von regarding The performance described above The SCF Funds' performance data is not expected to be tepresentente ot the investment returns that wii to expenenced by arrestors in the Fund Past performance or the SOF Funds A. Pa a prediction of future perfcrmarce Both SCF and SOF D ate invested in the DaVorn Poodle* - a viol dveradied portfcbo cd 28 puree equity funds purchased through en SPV. proveng exposure lo buyout scene' situations, venture central and real estate strategies on North America. Europe and Asa The number at funds and companes is an estimate and shows the aggregate of each deal at posing and may on** sane double Odunbng TVPI = Taal Value to Paid on Capital. DPI = Deritutons to Pad in Capital IRR = Internal Rate at Return SOF D rs a Euro denominated fund US$ valued have been converted at September 30 2017 EURAJSS rate ot 1 1822 Both SOF and SOF D are divested in the DaVirso P0480148 - awed diversified porde° of 28 private equity funds purchased enough an SPY prcrodng exposure to buyout. spetal sttuations venture capes, and real estate straleges in North Amen* Europe and Aso The number at funds and companies is a best estimate and shows the aggregate al each deal at closing and may include sorne 86.81.88 °wand TVPI = Taal Value to Paid in Capital, DPI = DspitutOnS to Pad in Cantle IRR = eternal Rate ot Return Confidential Private Pbcoment Memorandum 8 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0100181 CONFIDENTIAL SDNY_GM_00246365 EFTA01394189