EFTA01386624.pdf

GLDUS238 SOUTHERN FINANCIAL LLC Section 2: Investment Performance Glendower Capital Secondary Opportunities Fund IV, 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.28 Through September 30. 2017. the SOF Program had invested29 USS3.3 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 SOFO SOF n SOF • Toted Voltage 20/6 2010 2011 2014 (devehoevect stage) (harvested) (hant-Wm) (mating) fee/ stage) Fun] see LISS565m US:3147m LIS3614m 0651654m USS2.980m Transactons. funds comperes • 21/154/1174 It 28i 193 29/75/737 35/149/2.837 Gossmutt-0e 21x 3 Or 17x 14x ICs Gross IRR 29% 37% 23% 31% 28% Net mutIpk (WPM tag 2.3: 1.5x 1.3)r 14: Not elstributord (OFF) ttx Lk 1St Lk tilx NotIRR 22% 20% 20% 30% 23% Peas net centrested °dotal 26% 51% 42% 44% For diroutnon purposes cnly Source Glendower Capital based on Preqin benchmark data for the median 1VPI and Net RR achevod by buyout funds tor vimages et 1997 to 2017 Average buyout TVPI = 159x Average Net RR = 155% Data as of September 30 2017 Fot further benchmariong VI Glendower Canted to tuyoul returns. Pease refer to Went 3 Pau performance is not a psocicil of Ile future performance of SCF. SOF D SOF II or SOF Ill but is included to demonstrate the track record of the Gkndowee SOF Team and there can be no assurance that SOF IV wil achieve cemperatie results or that any target results well be achieved 'Invested' is dens as the sum et me purchase pnca and iernanong unfunded obligation as of the time of dosed. or tore at expected closav for pending deals The performance figures have net teen audited and sfould be read and resnewed on coibuncton wet) Apperda 5 Important Pertonnance inlonnaton whet, sets forth amongst other dugs important taro:matte regaicIng me performance described above The SCF Funds' performance data is not expected to be representente of the investment returns that wit to expenenced by :greeters in the Fund Past performance of the SOF Funds is riot a prediction of future performance Both SCF and SOF D are invested in the Dathrio Por11010 - a wool dverghed portfoho cf 28 prwate equity funds purchased through en SPV. providing exposure to knout soecoal situations, venture central and real estate strategies on North America. Europe and Asa The number of funds and companes is an estimate and shows the aggregate of each deal at dosing and may include sane double counting TVPI = Taal Value to Paid in Caeca'. DPI = Dstritutons 10 Pad in Capital RR = Internal Rate of Return SCF D es a Ebro denominated fund US$ valued have been converted at September 30 2017 EURAJSS rate of 1 1822 Both SOF and SOF D are invested in the Deltas, P041/01), - awed divers/fed porthole of 28 provide equity funds purchased through an SPV pravidng exposure to buyout. spetal srtuations venture captor and real estate straieges in North Amenca. Europe and Aso The number ce funds and companies is a best estimate and shows the aggregate el each deal at closing and may include sorne Caere comma TVPI = Taal Value to Paid in Capital. DPI = Dseitutons fo Pad in Caplan IRR = Internal Rate ot Return Confidential Prnrato Placement Memorandum 8 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0088396 CONFIDENTIAL SDNY_GM_00234580 EFTA01386624