EFTA01393992.pdf

GLDUS137 Forrestal Capital LLC Introductiont" Glendower Capital Secondary Opportunities Fund IV, LP ("SOF IV") Glendower Capital is an independent secondary private equity manager owned by its partners - Fully funded and operational since its team spun-off from Deutsche Asset Management on August 1st, 2017 - Glendower continues to advise and manage the legacy SOF Program with US$3 billion of third-party client assets Our mission is to deliver outstanding results for its investors - Strong buyout-like performance with an attractive risk profile, early cash flows and negligible loss ratio - Mature SOF Funds show 1.7x Net Multiple and over 20% Net IRR, overall program shows 1.5x Net Multiple and 23% Net IRR Glendower Capital is launching SOF IV to continue the successful value-investing strategy pursued since 2006 - Disciplined bottom-up underwriting of attractive assets managed by quality managers globally - Across a range of transactions: traditional fund secondaries, GP-led transactions and single asset deals - With focus on value creation through in-depth fundamental analysis as opposed to deal structuring and leverage The Fund is seeking US$1.75 billion in commitments with same key terms as prior fund - In the process of closing US$1.3 billion in a first close in May with ca. 50 investors - Second close before the summer at or above target and final closing in 4Q18 - Active pipeline with two deals for US$200 million closing in May / June and two near term opportunities for additional US$200 million ;• (2) Perfamance tytires have been calculated bas-:-..-3 ‘;rE tine uneudted mforniarce results of ScF.. U. Li. SC,I is as Sapterut.fra A ',f. ancua, be lead arto P.:,...111..Itti0n the :tan, Information" and -Notes to the Investment Performance" sections of this presentation. The "Notes to Investment Performance" section in particular includes. among other things. a desciiption of the terms tared in the tables above and sets forth anal:a-tank guidelines and lb.:Satiate. as to the performarsie described above. Net p-erlorrname data reflects amourds net of expenses. feel end CEETISti interest. Imieslors should consult with lila' own kittOWer₹ as to ttw appropriate factors to be ocefredtsed eveatiri si this inianyzdion Past perfcesiance is not a pie:action of the kfla performance of SOF. SOF O. SOF II a SOF lit but is included to demonstrate the track record of the Glendower SOF Team and there can be no assurance that SOF IV will achieve comparable results or that any target results will be achieved C-iendower Capita Secondary Opportunities Fund IV. L P. fSOF IV or the "Fteei'l * being foymed by Gkindower Capital. LIP r-Gienr weri. which is authorized and iegulated by the United Kingdom Financial Corwiust Authority The Fund is sec kiru USS1 75 billion in total commitments with the aim of generating attractive risk adjusted investment returns principally in the form of capital appreciation. through the acquisition. hokling and disposition of a averse port*lio of investments incitAno buyout growth Ainti.se capital special siteedions, tuntdieund mezzanine. deafressed opportunities. realestate art infrastructure assets from tie secondary market The Fundwill target globally but primarif: in the (15 and Europe (0 the acquisition of interests in established generalist and specialist private equity fund structures tincludirg funds of funds. feeder fords and other similar siructures1on the secondary market wy:li fund or Imo:aura. a 'Fuld Secondaryi. the acquisition of °tem in DOIMAXA of private eouty assets on the secondary market in transaction's with greater complexity eicluding Spin-rn SpfrOttS. .as-end fr5stuctizing. assetriquidati‘-n. and LP tenders teachsth invevment interest. a . C;F-led Secoridarci. arid oil) inveginents is an individuai portfolio company alongside private equity fund sponsois teach such invealment. a 'Single. Asset Dear). Glendower STRICTLY CONFIDENTIAL 13 Capital CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0099912 CONFIDENTIAL SDNY_GM_00246096 EFTA01393992